LocalMonero cryptocurrency exchange – October 2020 review
Should you buy and sell Monero (XMR) on this peer-to-peer exchange?
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|Product Name||LocalMonero Exchange|
|Fiat Currencies||USD, GBP, AUD, EUR, INR, ARS, BRL, CAD, CNY, NZD & 160+ more|
Electronic Funds Transfer
Bank transfer (SEPA)
Posting advertisements - 1% fee for every completed trade
May refer to fixed fees, buy/sell fees or maker/taker fees. All fees are subject to change, so check the platform's website before placing any trades.
- Exchange local fiat currencies with Monero
- Low fees
- Fast transactions
- Wide array of payment methods
- Uses two-factor authentication
- Mobile notifications
- Can be risky, be on the lookout for fraudulent buyers
- No mobile app
What is LocalMonero?
LocalMonero is a peer-to-peer Monero trading marketplace based in Hong Kong. It’s designed to offer a more direct trading experience than a conventional crypto exchange, giving you greater control and flexibility when managing transactions.
How it works is simple: users create advertisements with the price and payment method they want, and you can then browse the marketplace for a trade that meets your needs. If you can’t find a suitable deal among those listed, you can create an ad of your own.
More than 60 different payment methods are supported, and the platform is designed to allow transactions between Monero and the local currencies of users all around the world.
You also have the flexibility to choose either online trades or local (face-to-face) trades. For online trades, the platform automatically escrows the Monero from the seller and only releases it to the buyer when the seller confirms that they have received full payment. LocalMonero also mediates any disputes that may arise between users.
Which cryptocurrencies can I buy/sell?
LocalMonero is specifically designed for the buying and selling of Monero.
LocalMonero offers its service to users in countries all around the world, but the onus is on you to work out the legality of using the platform in your region.
When you visit its website, LocalMonero detects your location and the platform automatically displays buying and selling ads for your country of residence. You can change the country displayed by typing in your desired location in the “Showing advertisements in” box at the bottom of the screen.
Which payment methods are accepted?
LocalMonero accepts an extensive range of payment methods, including:
- Bank transfer
- Cryptocurrency transfer
- Cash by mail
- Cash at ATM
- Credit card
- Gift card
- Apple Pay
- SolidTrust Pay
- Western Union
- RIA Money Transfer
- International wire transfer (SWIFT)
- Perfecy Money
How much will it cost me to use LocalMonero?
It’s free to create an account on LocalMonero and buy and sell XMR.
However, users who create a buy or sell advertisement on the platform are charged a 1% fee on every completed trade. This means that if you use an existing ad to buy or sell Monero, you won’t have to pay any fees.
If you need to send a transaction from your LocalMonero wallet to someone else’s LocalMonero wallet, no fee applies. However, sending XMR from your LocalMonero wallet to Monero wallets outside the platform incurs a Monero network transaction fee. Please note that this fee applies to all transactions on the Monero network and has nothing to do with LocalMonero.
Are there any transfer limits?
When you place an ad on LocalMonero, you have the freedom to specify the minimum and maximum transaction limit for your trade. This allows you to set the parameters when buying or selling and helps other users choose the ad that is right for their needs.
It’s also worth pointing out that you must have at least 0.35 XMR in your LocalMonero wallet for your posted ad to be visible to other users.
Is it safe to use LocalMonero?
As a peer-to-peer marketplace for one of the world’s best-known privacy coins, LocalMonero doesn’t comply with any KYC (Know Your Customer) or AML (Anti-Money Laundering) standards. As a result, you can register for an account on the platform without needing to provide any ID or personal details. However, if you want to trade anonymously you’ll need to choose a payment method that isn’t linked to your identity.
LocalMonero offers an escrow system to help prevent fraud, with the system automatically used for online trades but not local trades. 2-factor authentication is also supported, providing an extra layer of security for your LocalMonero account.
I2P and Tor network accessibility are also available for users who value their privacy, but there’s limited information provided about any other security features. Of course, you’ll need to make sure you follow all essential safety precautions if trading face-to-face or accepting a high-risk payment method.
If you need to contact the LocalMonero customer support team, you can do so by submitting a support ticket. A decent range of FAQs and “getting started” guides are provided online, but the support centre knowledge base is empty.
You also have the option of asking and answering questions on the LocalMonero Forums, which are easily accessible from the side menu.
Pros and cons
- Buy Monero in your local currency all around the world
- Supports a huge range of payment methods
- Interface is simple and straightforward
- XMR held in escrow by the platform until the seller confirms payment has been received
- Feedback system to help you identify legitimate buyers and sellers
- No ID verification required
- Only for Monero
- 1% fee for every completed trade when you create an advertisement
- No information provided about team behind the platform
- Doesn’t have the same advanced trading features you can find on a conventional crypto exchange
Compare the features of LocalMonero with those of a range of other crypto exchanges to decide whether it’s the right platform for you. If you decide you like the flexibility and high level of control offered by peer-to-peer trading, visit the LocalMonero website to sign up for an account.
You’ll need to create a username and password to register, and it’s a good idea to enable 2-factor authentication before you start browsing the buy and sell ads or post an ad of your own.
Disclosure: At time of writing the author holds ADA, ICX, IOTA and XLM.