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LocalMonero Review 2024

Our veredict

LocalMonero is a peer-to-peer exchange platform that specializes in facilitating the trade of Monero (XMR). It stands out for its simplicity and user-friendliness, making it particularly suitable for beginners. The platform allows users to buy and sell Monero using a wide variety of local payment methods without requiring extensive verification processes. This ease of access, combined with a strong focus on privacy—users can even operate without JavaScript and through Tor or I2P—makes LocalMonero an attractive option for those who prioritize anonymity and a straightforward trading experience. However, the 1% fee for posting advertisements is higher than average, which might be a downside for some users.

Despite its strengths, LocalMonero has its limitations. The platform does not implement any KYC/AML procedures, which, while attractive to privacy-focused users, could raise concerns about regulatory compliance and potential security risks. Additionally, its peer-to-peer nature means that transaction times and reliability can vary based on the individual sellers and buyers. Overall, LocalMonero is ideal for those looking for a hassle-free and private way to trade Monero, especially beginners and privacy enthusiasts, but it may not be the best fit for those seeking more comprehensive security measures and lower fees.

Pros

No KYC/AML Required: LocalMonero does not require users to undergo any KYC/AML verification, making it ideal for those who prioritize privacy.
High Privacy Features: Users can access the platform via Tor and I2P, enhancing their privacy and security during transactions.
Multiple Local Payment Methods: The platform supports over 30 different payment methods, providing users with extensive flexibility in how they choose to pay.

Cons

3,5

Threenvest Score

Network

Monero

Fees

Variable

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Why choose LocalMonero?

LocalMonero stands out as a premier choice for trading Monero (XMR) due to its strong emphasis on privacy, user-friendliness, and flexibility in payment methods. The platform does not require any KYC/AML procedures, making it an ideal option for those who prioritize their privacy. Additionally, its support for Tor and I2P ensures that users can trade with an added layer of anonymity, which is rare among cryptocurrency exchanges. This focus on privacy is a significant advantage for users who are concerned about their data security and want to avoid extensive verification processes.

Another compelling reason to choose LocalMonero is its ease of use. The platform operates much like an online marketplace, allowing users to post ads to buy or sell Monero. This straightforward approach, combined with a user-friendly interface, makes it accessible even for beginners. Transactions are facilitated through an escrow service, ensuring that both parties fulfill their obligations before the Monero is released. This mechanism not only simplifies the trading process but also provides a level of security that can be reassuring for new users.

Lastly, LocalMonero offers a wide range of payment methods, accommodating various preferences and making it highly convenient for users worldwide. With support for over 30 different payment options, including local bank transfers, PayPal, and cash transactions, users can choose the method that best suits their needs. This flexibility, along with the platform’s reputation for reliability and positive user reviews, makes LocalMonero a top choice for those looking to trade Monero efficiently and securely.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert in the field of cryptocurrency, I highly recommend LocalMonero for trading Monero (XMR). The platform’s commitment to user privacy is exceptional, with no KYC/AML requirements, making it a standout choice for those who value anonymity. The user-friendly interface is perfect for beginners, and the variety of payment methods ensures flexibility and convenience. Moreover, the escrow service provides an added layer of security, making transactions safe and reliable. For anyone looking to trade Monero efficiently and privately, LocalMonero is a top-notch choice.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.