How does localmonero exchange platform works?

Monero is a cryptocurrency is considered as a private, secure, untraceable crypto coin in the crypto world. They are untraceable through ring signature concept is similar to the group signatures, however, there is no way to identify the actual signer for the transaction. Stealth addresses is a method gives additional security granted to the receiver by the sender to create a random one-time address for a transaction.

Localmonero exchange platform.

Localmonero is a Peer to Peer exchange platform started by monero enthusiasts based on Hong Kong. It is used to buy or sell monero through the local currency. They have 60 types of payment method like a credit card, Paypal, bank transfer etc.

The Platform has two types of model

Online trade

Local trade

Online trade

They can trade monero in online through the safe escrow support.

Local trade

They can meet face to face make a deal without an escrow.

eg: If you want to sell more than 25 monero this offline trade will useful for you its just like OTC concept.

Work flow in localmonero

You want to login or signup your account in the localmonero website. In below, new section shows just fill your local currency, country, All offers in a localmonero platform.

You can see ads for buy or sell the monero through location, payment option. If you do not see an advertisement for buy or sell monero you can create your own ad. 

Before creating the ad, you are informed a few important rules to follow

You are allowed to make 50 ads only.

If you post ads require you must have a minimum of 0.35 XMR in your particular LocalMonero wallet. otherwise, it will not be visible.

Once you fix the price its not able to change.

If you buyer/seller you can charge 1% to make an ad.

If you select the buyer/seller check the information about the trader like number of trade they have done, feedback scores, number of trading partner, account created month.

Once you fix the buyer/seller then chat system is open for both traders. After the deal, the buyer can make the payment, click the 'I have paid 'button the seller has verified that your payment has been received, your Monero will be released from escrow and they will be instantly available in your LocalMonero wallet.

The is any problem between two parties can raise a dispute resolution button then, escrow will arrive solve the problem.

I can suggest this type of business model to start your business with the help of top most software company sellbitbuy they provide localmonero clone script with KYC, AML, two-factor authentication, order matching engine.