What is LocalMonero.co? How does it work? Is it safe?
In this review, we will go through everything you need to know about this cryptocurrency platform. We will cover all the details including the payment methods you can use, the fees you’ll be charged, and much more.
What is LocalMonero.co?
LocalMonero is a safe and easy-to-use person-to-person (p2p) platform that allows anyone to trade their local currency for Monero anonymously. The service is based in Hong Kong and was launched in 2017. Now it is one of the leading XMR p2p services in crypto-community.
How does LocalMonero work?
The service allows the users to post advertisements specifying their preferred method of payment (e.g. bank transfer, cash, online payment processor like PayPal, gift cards, etc), other users reply to these advertisements, LocalMonero escrows the Monero from the user that is the Monero seller in a given trade and releases the Monero to the buyer when the seller confirms that they have received the payment from the buyer.
Is it anonymous?
The service doesn’t have KYC checks – you can simply buy Monero anonymously without ID verification with PayPal, credit card, gift card, cash by mail, or convert bitcoin to Monero, however, sometimes traders may ask for your ID. This is because in certain countries traders are required by local laws to know who their customers are. Most traders explain in the terms of the trade if they require ID verification or not, so you can see it in advance. If you don’t wish to give the trader your ID, you can always cancel the trade and search for a trader with less strict requirements.
Security: Is LocalMonero.co safe?
Localmonero.co is a safe p2p exchange. It has two-factor authentication (2FA) and provides users with the backup code. The trade chat messages are kept encrypted on the servers and are deleted after 180 days. All photographs sent to the trade chat are also marked with a watermark to prevent misuse of the images.
The service supports more than 200 countries which include the US, Europe, Australia, Asia, and more.
English, Italian, Spanish, Portuguese, Russian, Chinese, Korean.
Registering, buying, and selling Monero is completely free. LocalMonero users who create advertisements are charged a 1% fee for every completed trade.
Summary: Perfect for people who care about security
LocalMonero.co is one of the best p2p exchange for beginners. It is well-designed and has strong security features. The user interface is mobile-friendly. We highly recommend this platform for fast XMR exchange.
LocalMonero.co Review (2021)
LocalMonero.co allows residents in more than 200 countries to buy and sell Monero (XMR) anonymously and without KYC. The fee is fixed – users pay only 1% fee for every completed trade.
You can use LocalMonero even in TOR browser or I2P, it’s all been designed with beginners in mind.