Monero (XMR), the privacy coin is trading on three exchanges in India – Bitbns, BuyUcoin and PocketBits. All three exchanges have been around for a while now. They are fiat based orderbook exchanges. However, they run a risk of losing their banking partner due to the RBI’s decree to prohibited banks from dealing with exchanges.
The solution to such a problem, if it happens, is OTC trade. If I want to buy Monero, I can find a seller, pay him/her by cash or bank transfer and get my Monero. While there are many Peer to Peer and OTC exchanges for Bitcoin, there aren’t many for Monero. So, the question is where do you find a seller or a buyer in India?
Now, you have an answer. LocalMonero
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What is LocalMonero?
LocalMonero is a peer to peer exchange for Monero. The company is based out of Hong Kong, but now you can buy or sell Monero with INR on it. LocalMonero is community driven, hence the payment methods used by the community gain prominence. For India, you can buy or sell Monero using IMPS bank transfer or even PayTM and Cash. There are additional options such as Credit cards, other cryptocurrencies, but it isn’t widely used.
If there will be more people on the platform, we can expect UPI based payments as an option too.
How does it work?
It pretty much works like many other P2P exchanges like LocalBitcoins, Remittano, Paxful, etc.
Register with/without email address and no KYC needed
You can register simply with a username, but we advice giving an email address as it will help in recovery of the account in case you forget your password.
We also recommend setting up Two-factor authentication with Authenticator for extra security.
There is no need for KYC!!!
Buy or Sell Monero
You can buy or sell Monero by choosing the existing ads or creating one yourself.
Create a New Ad
If you want to create a new ad, you can do it by clicking on ‘Create New Ad’ on the Dashboard.
Fill the details of your ad, You have to pay a fee of 1% when the trade is successful.
- Enter whether you want to buy or sell Monero, online or locally with Cash
- Enter the payment method, Indian users can try IMPS or PayTM
- Set the price as Fixed or Market (market is the USD price, you can choose to setup a % above or below the market Price)
- Set thresholds for minimum and max purchase amounts
- Enter your payment details. You can choose to not share payment details upfront and share it only via chat after the trade is open
- Review and Publish
Sending a Trade Request
When you click an ad from the listing you can choose the amount of trade and then send a trade request. Similarly if someone clicks on your ad, you receive the trade request.
Making the Trade
Once you send a trade request, you can either make a payment to the payment info provided, like the bank account or start a chat with the seller to receive details if they are not available.
After making the payment, you have to click on ‘I have Paid’.
Once the payment is made, the seller will confirm if they received the money and release the Monero coins.
If you do not want to continue, you can even cancel the trade.
What if Buyer or Seller Lies?
When a trade request is opened, the XMR coins are put in an escrow from LocalMonero. If there is a mismatch, like buyer says ‘I have Paid’ and seller does not confirm Payment, the LocalMonero team allows you to file a dispute.
In a dispute an admin will begin chat with the buyer and seller, will ask for evidence, read the chat history and make a decision. So if buyer did pay, he or she will receive the Monero.
Trade Fees:
A user who creates an advertisement pays a fee of 1%. So makers pay fees, takers can enjoy free trade.
CoinCrunch Opinion:
LocalMonero is a good P2P alternative to buy and sell Monero. Indian users on the platform are less so we created the post, to spread awareness.
With no requirement for KYC, no need for mobile number or email address, trades can be completed anonymously if done locally (offline). With online trading, you can receive money directly into your bank account or PayTM wallet. More options should be added soon.
Do try it out!
Visit LocalMonero to check it out
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