Monero (XMR)

What is Monero?

According to their official website, Monero is a secure, private and untraceable cryptocurrency.  Its official ticker is XMR. Monero was launched in 2014 but started seeing a rapid growth two years after, reaching its peak price of $531.27 in December 2017. Its main feature is complete operational anonymity: all transactions are guaranteed to be untraceable because the source, the amount and the destination of the transaction are available to the public.

How is Monero private?

To guarantee complete anonymity of the transactions, Monero uses ring signature technology. In cryptography, a ring signature is a type of digital signature that can be performed by any member of a group in which each of the users has a key. In a “ring” of signatories, all the members are valid and equal, and it is computationally infeasible to determine which of the users’ key was used to sign the transaction. Thus, the combination of ring confidential transactions and ring signatures hides the origin, destination, and quantity of every transaction. 

Where can I see my Monero keys?

Freewallet is a custodial wallet. That’s why it’s not possible to provide private keys to the individual wallet addresses. Doing so would prevent you from taking advantage of our secure cold-storage technology, which is crucial to the safety of your funds.

Where can I see my Monero balance?

To see your current Monero balance, please login to your Freewallet account via our Multiwallet, mono XMR wallet or the web wallet at freewallet.org.

What is Monero payment ID?

Payment ID is an arbitrary and optional transaction attachment that consists of 32 bytes (64 hexadecimal characters) or 8 bytes (in the case of integrated addresses).

The Payment ID is used to identify transactions to merchants and exchanges. Given the intrinsic privacy features built into Monero, where a single public address is usually used for incoming transactions, the Payment ID is especially useful in tying incoming payments with the user’s account.

What types of Monero Payment ID do you support?

Currently, we do not support Compact Payment IDs, so please use the old-style 64 hexadecimal character IDs in order to send your XMR coins.

What are the transaction fees?

The network fee amounts to 0.01 XMR. It is paid so that your transactions are confirmed by the blockchain.

Did you support the Monero hard fork?

Monero, just like many other cryptocurrencies, has hard forked. Freewallet only supports XMR and XMO coins right now.

Why can’t I make a transaction?

There are several reasons why your transaction could have failed or not be posted to your receiving wallet.

  • The address

Once you decide to make a transaction, please check the address to which you’re trying to send your XMR. As we have previously mentioned, we do not support Compact Payment IDs. To make a transaction, please use the old-style 64 hexadecimal character IDs in order to send XMR coins.

You can check your destination XMR wallet here: https://xmr.llcoins.net/addresstests.html

  • Type the wallet address in the field 8

  • Click Check Address

  • If your wallet address is an Integrated one, a Payment ID is not required

  • If it's Standard then you can send your coins without a Payment ID or use the Payment ID that is definitely correct.

  • Maintenance

In order to keep the trading process comfortable for our customers, we have to perform regular maintenance on our wallets. This might also be the reason why you are not able to send or receive your XMR. If you have not received a transaction or you can't make one, please check the notifications in the app and the status page.

P.S. Don't worry, you should receive your transaction once the maintenance is over. If you're still having any issues, you can always contact our support team, and they will help you locate your transaction.

  • Smart Exchange

Freewallet provides a Smart Exchange option, which gives you the opportunity to exchange cryptocurrencies within your app. This option is provided by our exchange partner, though they sometimes disable the exchange for certain cryptocurrencies due to technical issues on their side. Don't worry, you will be able to exchange your Monero later, once this option is enabled again.

  • Insufficient amount for exchange

While making an exchange, please make sure you're transferring enough coins for an exchange to be completed. You can always see the minimum transfer amount in the app. Try sending a little more to have your transaction successfully completed.

  • Cross-chain transactions

One of the most typical issues that occur with Monero is cross-chain transactions between XMR and XMO. Please be careful: XMO and XMR are two different coins now. You can not send XMO to an XMR wallet address or vice versa because these two coins have different blockchains, so the transaction will not be posted properly and the refund process might take up to several months. 

 

Official website: getmonero.org

Alternative website: monero.org


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