LocalMonero, found online at LocalMonero.co, is a Monero exchange website that connects you with local buyers and sellers. Find out how it works today in our review.
What Is LocalMonero?
LocalMonero is a new service launched in August 2017. The service plans to work in a similar way to popular sites like LocalBitcoins: you can use LocalMonero to find Monero buyers and sellers in your area.
The website was launched by a team of Monero enthusiasts based in Hong Kong. You can access the platform today at LocalMonero.co.
Like LocalBitoins, you use LocalMonero to find local buyers and sellers dealing with Monero. Users can meet and exchange Monero for cash, or buy it online from a local seller. You pay in fiat currency – like in cash or an online transfer to the seller.
Monero, for those out of the loop, is a cryptocurrency launched in 2013. The cryptocurrency emphasizes privacy and anonymity. The currency has risen sharply in value this past summer after becoming the preferred choice for anonymous transactions on the internet. This summer, for example, the creator of a major dark web drug marketplace had all his cryptocurrency funds seized except for Monero – authorities were never able to track down that individual’s Monero funds.
LocalMonero, like the currency itself, emphasizes anonymity. The company doesn’t keep any IP logs. It also doesn’t even require users to have an email address. The company keeps trade chat logs for 180 days exclusively for the purpose of dispute mediation. The logs are encrypted, and all attachments uploaded in the chat are un-watermarked and encrypted to prevent unauthorized use.
How Does LocalMonero Work?
Obviously, it’s difficult to create an anonymous marketplace while still allowing users to transfer funds in a secure way. LocalMonero does need location data from clients.
LocalMonero uses Google APIs to track location data. However, users can manually override this feature at any time by entering their own longitude and latitude when searching for local trades.
Ultimately, LocalMonero allows you to buy Monero offline, with cash, in a public and secured place – like a library or coffee shop. You can sell Monero to a local buyer, or buy it from somebody who already has Monero.
Why Should You Use LocalMonero?
The advantage of buying Monero through LocalMonero is obvious: it makes transactions more anonymous than buying Monero through a conventional online exchange.
Today, when you buy Monero online, you’ll first need to buy bitcoin. Monero’s transactions aren’t viewable on a public ledger. However, bitcoin’s transactions are viewable for anyone to see. In other words, to purchase Monero, you first need to use bitcoin, which leaves a clear digital trail.
LocalMonero avoids this problem by making Monero transactions more anonymous (aside from the person you’re transacting with). You can pay with fiat currency – like a wad of cash or an Interac e-transfer – and walk away with Monero.
How To Use LocalMonero
LocalMonero is based in Hong Kong. The site just launched in August, so it’s still fairly new. Right now, you can use the website to find buyers in Canada, the United States, the UK, and the United Arab Emirates.
The site also allows users to top up their account with bank transfers and other conventional payment methods, if they choose to do so.
Using the site is straightforward. On the main page of LocalMonero, you can view a list of people selling and buying Monero, along with their location. At the time of writing, for example, there were several sellers in downtown Toronto selling Monero at a price of $170 to $180 CAD.
The website also features online Monero sellers. These sellers advertised buying Monero with Interac e-transfer (the Canadian online bank transfer network), PayPal, or even “cash by mail.”
Registering, buying, and selling Monero is completely free on LocalMonero.
Users who create advertisements on LocalMonero are charged a 1% fee for every completed trade.
Meanwhile, transactions to the wallets of other LocalMonero users are free (i.e., you can transfer cash between wallets on LocalMonero for free). Transactions to other Monero wallets are subject to the Monero network transaction fee. The transaction fee is paid from your LocalMonero wallet when you send a transaction.
Who’s Behind LocalMonero?
LocalMonero announced itself to the internet in a Reddit post at the end of August.
The developers don’t provide much information about themselves or their background – which is to be expected when you’re dealing with Monero. They simply describe themselves as, “a team of Monero enthusiasts based in Hong Kong.”
You can contact the team by email at [email protected]
Monero was a pretty quiet cryptocurrency all summer until August, when Korean bitcoin exchange Bithumb announced it was adding Monero as a currency pair. The currency, which had been hovering around $50 all summer, soon rose to over $140 before the end of August.
LocalMonero was also released at the end of August – so it was timed perfectly with the rise in value of Monero.
LocalMonero offers similar functionality to LocalBitcoins: it helps you find reputable Monero buyers and sellers willing to trade fiat currencies for Monero. You can visit the site online today at LocalMonero.co.