LocalMonero, the platform that facilitated anonymous, no-KYC, P2P Monero (XMR) trades, has announced it is shutting down. And with it goes one of the last remaining bastions of truly anonymous P2P crypto services. The shuttering of the platform has expectedly raised concerns for privacy-conscious traders and investors as they scramble to find LocalMonero alternatives.
In 2024, options are somewhat limited due to the relentless crackdown by global financial regulators on privacy coins and services. However, there are still a few LocalMonero alternatives out there that you may want to try out. Let’s take a quick look at some of these options.
Why consider LocalMonero alternatives?
Everything was more or less normal with LocalMonero until May 7, 2024, when the platform announced that it was time to wind up operations permanently.
LocalMonero didn’t offer any specific rationale behind the decision, although it briefly mentioned that a mix of “internal and external factors” led to it. While the announcement didn’t make any such reference, it is believed that growing hostility against privacy-centric crypto and blockchain products likely played a big role in forcing that move.
So, where does it leave LocalMonero users now? Here’s a roundup:
- The platform confirmed that it was not accepting new users and ads (buy and sell offers) starting May 7, 2024.
- Existing orders continue to be listed, and new trades are allowed until May 14, 2024.
- All trades have to be finalized (or canceled) by Nov. 7, 2024.
- The LocalMonero support team will continue providing support until Nov. 7, 2024.
- You must withdraw all funds on or before Nov. 7, 2024. If you don’t withdraw the funds by then, they will be considered abandoned or forfeited.
Essentially, the shutdown is effective immediately. Therefore, it’s crucial to find suitable LocalMonero alternatives quickly if you want to continue enjoying privacy-focused features for your XMR trades.
Top LocalMonero alternatives
LocalMonero has been a trusted platform for buying and selling XMR since 2017. Several factors contributed to its immense popularity. These include its ability to allow anonymous transactions while being backed by an end-to-end encryption messaging system. The platform hosted a wide spectrum of global traders, offering varying rates and payment options. You could filter buy and sell offers by your preferred country, payment method, and desired fiat/crypto pair.
So make sure that whichever LocalMonero alternative you switch to offers most of these advantages — if not all. Primarily, you should look for a platform that:
- Doesn’t require KYC. Keep in mind that you will likely come across many “no-KYC” platforms that will later require you to go through KYC verification to access XMR transactions (or perhaps even their P2P services).
- Supports P2P transactions.
- Supports Monero transactions.
Additionally, the ideal LocalMonero alternative should offer you the option to buy and sell XMR for fiat.
As of May 2024, not many LocalMonero alternatives meet these criteria. A tightening regulatory grip on privacy coins has squeezed some previously compliant platforms to abandon their user-friendly, anonymous approach when it comes to XMR and P2P.
So, with those factors in mind, we do have to remind you that there are no real alternatives to LocalMonero — not yet, at least. These listed options are only those that come close.
1. Bisq
Bisq is definitely the closest it gets when it comes to LocalMonero alternatives. It is a decentralized trading platform that allows you to buy and sell XMR relatively easily. However, the interface is probably not as beginner-friendly as LocalMonero’s offering.
Bisq doesn’t require you to go through KYC processes. It has a decent amount of liquidity for XMR trades — not nearly as high as what LocalMonero used to offer, but the odds are high that it will get there eventually, considering it is one of the few remaining options as of May 2024.
Trades involving altcoins on Bisq typically have a default settlement period of one day. However, for those seeking faster transactions, Bisq offers an “Altcoins Instant” account option, which reduces the trade period to just one hour. This option is crucial for traders prioritizing speed and efficiency in their XMR transactions.
The platform requires that Monero sellers actively provide proof of payment. This proof includes a transaction key, transaction ID, and the recipient’s address. This unique approach is required because Monero’s stringent privacy features obscure certain transaction details on the blockchain, which, in turn, complicates dispute resolution. Sellers can generate the proof from several compatible Monero wallets, including the official Monero GUI and CLI wallets, among others. Overall, this process ensures that in the event of a dispute, mediators or arbitrators have the necessary information to make a fair judgment.
Bisq streamlines Monero transactions with an automated confirmation feature, expediting the verification of XMR payments. This feature eliminates the manual verification process for the buyer, which means the process only requires a valid transaction key from the seller and activation of this setting by the buyer. That said, manual confirmation remains an option if you prefer more old-school methods.
2. TradeOgre
Heads up before you read any further: Despite TradeOgre’s established presence and user base, the platform has raised red flags on multiple occasions in the past. It has faced criticism for its lack of transparency, and there have even been claims of users losing money due to alleged malpractices. So, make sure to do your research before trusting the TradeOgre with your money. The platform appears on this list because it is one of the few no-KYC platforms around that still supports XMR.
The platform has been around since 2018. It claims to prioritize user anonymity and, therefore, doesn’t require any KYC verification. TradeOgre supports a wide range of cryptocurrencies, including XMR. It offers a simple, minimalistic user interface that makes processes easy for new users. It’s not the prettiest or the most modern interface, but it is functional and straightforward.
You can buy XMR on TradeOgre using cryptocurrencies like Bitcoin or USDT. However, the platform does not support transactions via PayPal or credit cards. You only need an email address and a password to register. Once registered, you can deposit a compatible cryptocurrency and trade for Monero directly on the exchange.
Additionally, users can store their Monero on TradeOgre or withdraw it to a private wallet if they are not actively trading. However, you can not buy Monero with physical cash directly through TradeOgre.
3. Haveno
Haveno is a promising but incomplete LocalMonero alternative. In fact, the LocalMonero shutdown announcement even mentioned it as one of the upcoming platforms to look out for.
“Fortunately, the Monero ecosystem has matured a lot over these years, and with the imminent launch of Haveno and other DEXs like Serai, atomic swaps, the coming addition of FCMP (full blockchain anonymity set replacing rings of 16) as well as the continuing and rapidly accelerating development of the Monero protocol, we’re confident that Monero’s future is bright, with or without our platform.”
– Local Monero team: Reddit
Put simply, Haveno is a decentralized exchange (DEX) that leverages Monero’s privacy features to offer anonymous and secure trading. Haveno provides a platform for exchanging cryptocurrencies like Bitcoin, Ether, and Bitcoin Cash with fiat currencies such as USD, EUR, and GBP, all paired against XMR. The exchange is designed to be non-custodial, meaning users can retain control of their funds without undergoing KYC.
As of May 2024, Haveno is still in development and not yet fully operational for public use. It’s anticipated to be ready by the end of 2024. The documentation for the Mainnet was released on May 12, 2024 — so there is a fair amount of work still to be done.
The platform will support a range of payment methods that do not require a bank account, like cash in person or cash by mail, which may greatly enhance its accessibility for peer-to-peer transactions.
All said, Haveno remains a work in progress. Its future as a reliable trading platform depends on the completion of development and community acceptance.
Looking ahead in a post-LocalMonero market
As this guide shows, Bisq stands out as the closest real LocalMonero alternative. Platforms like TradeOgre (despite its user base) and the in-development Haveno, while promising, lack the complete package LocalMonero provided.
The abrupt closure of LocalMonero has certainly stirred significant activity within the privacy coin community. Regulatory pressure might be rising, but it’s also likely to further fuel innovation and ingenuity. There’s a strong likelihood that we will witness a surge of new platforms attempting to address these challenges and emerge as viable LocalMonero alternatives. We will continue to monitor these developments closely to keep you posted on any significant progress. Until then, weigh your options carefully before going all in.
Frequently asked questions
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