LocalMonero.co

Closed 7 May 2024

LocalMonero is a peer-to-peer cryptocurrency exchange offering Monero transactions through user-created ads and escrow services. LocalMonero, founded in 2017 and based in the British Virgin Islands, operates as a cryptocurrency exchange platform facilitating peer-to-peer transactions involving Monero (XMR). Similar to platforms like LocalBitcoins, it allows users worldwide to trade their local currency for Monero. Users on LocalMonero can create advertisements specifying exchange rates and preferred payment methods for Monero transactions. These ads serve as listings, and when a buyer or seller finds an ad that matches their criteria, the seller holds the required XMR in an escrow account until the transaction is completed. Upon completion of the transaction and confirmation of payment by the seller, LocalMonero releases the escrowed XMR to the buyer. This system ensures secure transactions without LocalMonero gaining ownership of the cryptocurrencies involved. Key features of LocalMonero include a user-friendly interface, global accessibility, educational resources, custody of cryptocurrency, acceptance of various local payment options, a community forum, arbitration bonds for trade security, multiple trade options (online and local), mobile app support, and a feedback mechanism for rating trading partners. While LocalMonero offers high liquidity and a range of services, including a straightforward UI and trade options, it also has drawbacks such as high trading fees, limited customer support, and the anonymity of its founders. Nonetheless, it remains a popular and secure platform for Monero trading, catering to diverse preferences and needs within the cryptocurrency community.