Bitcoin Forum

Edits:
4/1/21: Fixed contact information, mirrors, and PGP.
4/3/21: Provided proof of reserves, added minimum/maximum deposits.

To come: UI improvement

Reserved and I have question why not work Contact Us and Mirror URLs page?
404 Not Found

I just saw this from your home page

How will you ensure that you don't make losses due to people who perform double spending. We all know it's possible even with Bitcoin. Someone intentionally sends a transaction with a very low fee. You send him monero without the Bitcoin transaction confirmation, and then he performs a double spend.

It would also be awesome if you had some FAQs about the basics of your service. No matter how easy it looks, It's always tricky for first timers.

You shouldn't compare your fees to local cash trades, but to competing instant exchanges.
Let's compare a 0.005BTC exchange on FixedFloat (another instant exchange that doesn't require an account).
Monero.cx gives 1.17347477616 XMR.
FixedFloat.com gives 1.226862 XMR. That's 4.35% ($11.78) more.

And with that, I see no reason to use a site that was created just a month ago.

I noticed that some links on the bottom of your website like Contact Us and Mirror URLs are not working and showing 404 Not Found error page, so maybe you should first complete creation of your website before you start with advertisement on forum.
At the moment it's impossible to get any support if something goes wrong because there is no support page or any email contact.

This means that someone can try and double spend bitcoin and abuse your service or not?

I don't know about other instant exchanges but what about decentralized exchanges like Bisq or other centralized like Binance you can use to trade Bitcoin and Monero without kyc and with lower fees.

Thanks for all of the questions!



First off, everyone has to start somewhere. I understand your concerns, however we must build a reputation as legitimate and will do so slowly. That is why we are running a sig campaign, to raise awareness, and more soon. The manager is currently holding around $700 in escrow for last week - we are here for long business and will prove ourselves.

As for your your references to other sites - localmonero isnt just cash trades. It has a multitude of other methods. As for fixedfloat, from my very basic and limited research, I see on their trustpilot their 3% of negative reviews state that they were asked for KYC with their coins held. Feel free to look into that. We are opening this service after several services shut down/switched to KYC (morphtoken, xmr.to). Both were great and easy until they started blocking Tor, asking for KYC, etc. This is a nightmare for users, as giving your personal information to a site that is anonymous itself is never good, as well as these sites knowing that when they ask for KYC, some users will not do it, and lose their funds. This is part of the business model for some of the sites.

To put it in simple words, we beat all of these other services by having a .onion site setup (access site without giving us any info on yourself), no KYC ever (never lose your funds or give information to us), and still relatively very low fees - and we are transparent! Changelly charges 5% and performs KYC. So we already have them beat. Other's arent even transparent with their fees, saying it is calculated when the exchange is done. When you use our site, you already know what you are getting.

We are working on this reputation and are paying for honest reviews soon (manager will have a thread up shortly). Positive review is not what we are insinuating, we want feedback and honest reviews. It may just be the start for us but we will be here for a long time.


We have it formulated so non-RBF transactions with a high fee are completed sometimes without confirm based on factors we decide automatically. RBF transactions require a confirmation but we only wait for one. If we suffer from a loss (most likely not) this will be changed. This is a process of trial and our end goal is to make it as easy as possible for our customers.



I answered your first question above.
Bisq is difficult to use and takes more time. Your binance suggestion makes no sense, simply google binance KYC. Every single centralized exchange that is not instant has a KYC policy and can pull that trick on you anytime. Also another aspect to look at is that our fee is 4% - while trading on a centralized exchange you must pay the tx fees to get it there, tx fees to withdraw. We are simple, faster, no login, no worries of losing 2fa, etc.

As for the contact info we had to make some changes and will have that fixed within the next few hours. The support is through jabber, email, bitcointalk, or telegram.

We had these completed but didnt upload to server yet. No worries.




Anyways, thanks to all of you for your feedback. We will be working on starting a solid reputation and getting feedback from users/reviewers soon. We are here for long term business and we are specialised in this business, most likely there never will be other coins supported.

@monero.cx
How are we supposed to know how much we're going to get in exchange for our coins prior to the exchange itself?
^{- I'm not sure if I'm missing something but it doesn't even show the required deposit amounts on the "respective exchange pages (https://i.imgur.com/tCUpYtx.jpg)".}

It makes sense if you ever used Binance and if you know that for trading up to 2 BTC pre day you don't need to pass any kyc verification, but yes they can ask for it at anytime.

Sure, instant exchanges are faster but they can also pull their own trick on us, just keep coins we sent them and never send exchanged coins to our wallet, and there are no guarantees when you use instant exchanges like yours.


Sorry but I couldn't find any of that information on your website, and I check several times, so you may want to add that information.

We will add this shortly. Right now we just show exchange rates and you can calculate but as I said itll be there soon



"there are no guarantees when you use instant exchanges like yours."
Yeah there is. PGP signed proof for every single swap - would be nice if you could find me another service that offers this. Basically, when you create a swap, you get a PGP signed message which proves your deposit address, time, the rate, etc. Since this is tied to your swap and proves it, we can't say 'you never made a swap' or 'that isnt our address'.

These are fundamentally extremely important - this is one of the main issues with instant exchangers, a lack of trust as it is easy for you to prove that we are doing business. These messages cant be edited by us or you and are signed and verifiable.


As for Binance, Binance is not for your security like we are. No email required for us, a .onion, logs deleted, PGP signed proof, instant swaps, no KYC ever.

Feel free to look into the Binance horror stories where people's funds get stuck, no support responses, KYC is sent. I am sure you can find these. Our fee makes it worth it for your security, proof of deposit, and we will NEVER ever ask for this info. 1 confirm is the only requirement and our fee makes it worth it to never have to worry about this.

Sure that is interesting idea but that PGP signed proof is useless in case your website is gone or stops working for whatever reason.

Not to mention attacks if your website gets hijacked or if user sends coins to attackers phishing address.


Look, I am not supporting Binance or any other centralized exchange but your service is also centralized and I heard many horror stories from other instant exchanges.

Good luck with your service and let's see what is going happen in few months with feedback from real customers.

A signature campaign will raise awareness indeed, but doesn't mean the site can be trusted. That takes time.
That being said, I have some other concerns: your site has a field to enter the amount to receive. No matter how high it is, I get the same exchange rate. That's weird, usually exchanging a very large amount would mean the rate gets less good.
What's also weird is that there's no maximum mentioned anywhere. There has to be an upper limit to what you can handle, right?

Valid points. I don't really care if people are willing to pay a higher exchange rate, that's entirely up to them in a free market.

Agreed. I've seen several topics about this, and I don't like to provide documents to a shady site either.

I've seen too many sites pull a selective scam to easily believe this. What if someone sends you 16 Bitcoin to exchange? I've seen several people send a very high amount to a relatively unknown site (and lose their money).

I've given similar feedback to a few sites before. That doesn't mean I trust them though. Some turned out to be okay later, and some didn't.

Do you also take unconfirmed parents into account?

The 4% is only beneficial over withdrawal fees as long as you're trading small amounts. For larger amounts, the 4% quickly loses to a 0.25% (or less) trading fee at large exchanges.
I trust CoinPlaza doesn't ask for KYC for amounts up to 100 euro per day. They charge 1% fee, but add a transaction fee if you withdraw Bitcoin. For small amounts, 4% may not even be enough to cover your own transaction fees.

Instead (or on top) of PGP, can you provide a Bitcoin signed message? Those are much easier to verify for users.

Extremely good feedback from you. Thank you. Unconfirmed parents are taken into account. As for selectively scamming, we have limits that are enforced. This isnt something that we can easily prove, but as for the bitcoin signed messages, that is definitely something we will consider, however they are an extremely bad form, at least in my opinion. With PGP proof, it is verified against our main PGP key. With a signed bitcoin address message, anyone could make an address, and make a message claiming to be us with all of the info (I'm assuming you mean on an individual deposit address) therefore this doesnt seem feasible. PGP verification can be done through a browser, there is only optional software. Also, PGP proof is also not tied to the website being up, whether it is up or down or left or right, the PGP proof proves the swap and can be independently verified anywhere on the internet or your PC, same with a bitcoin message.


You bring up extremely good concerns. We will get to work on some of them and post updates frequently.


As for other exchanges, our main priority is to be entirely transparent. Transparent fees, you know going into it you have your swap verifiably proven, there will be no KYC, and it will be quick. Did you know that many 'instant exchanges' literally just use an API to deposit the funds to a centralised exchange and then send you the coins from there? We have you trade against our personally funded pool and have no problem providing proof of reserves.


The selective scamming possibility is difficult to mitigate but signed messages are undeniable.

Edit: Just realised we have the max part missing. Thanks for letting us know, this is a dynamic rate based on our reserves and will be fixed shortly.
As for the rate not changing, there is no need. We dont change it, since the rate is a flat 4% no matter how much is sent.

It works like this: you post one address on your website (and an unedited post on Bitcointalk), and sign all messages using that address. That proves you're the one signing them. Ideally, you'll use a vanity address (1MoneroCXxxxxxxxx).

Nope, that wouldn't make sense.

I don't like browser plugins, and the few times I verified PGP was a hassle. That makes me think not many people actually verify it.

My assumption was/is they use exchanges to swap the amount you swap, but usually send it from their own reserves. This way they don't risk volatility, and minimize withdrawal fees.

Great! If you want I can confirm the approximate amount from a signed message. Feel free to email LoyceVswitzerland@protonmail.com (sign with the date, your site's name, my name, and anything else to make clear what it's about). I won't post your address.
Update: see here (https://bitcointalk.org/index.php?topic=5326660.msg56698061#msg56698061).

interesting concept but still not familiar for me ^{(send some BTC get XMR and vice versa)}.  pay attention to this concept and will definitely provide a review.  love xmr, hope monero go moon.

Thanks, I was confused. I thought you meant on a per-swap basis like a PGP message would be. That will most likely be in the pipeline.

Can send reserves as well

I saw on the monero.cx site there is no minimum limit for sending Monero to BTC and BTC to Monero, maybe it can be added as a reference to find out the minimum limit and worry about a failed transaction if we try with a balance that is too low.

and I think you complete the contact data listed on the Monero.cx site in order to increase user confidence in the future.

I like the idea of having a private way to exchange your bitcoins to monero quickly with no logs and KYC. If this service gains the users' trust, which will happen over time, you should consider that it'll be very active. Work on the UI. I know that you don't care at the moment about the styling, but, personal opinion: Some people judge a book by its cover. Also, you should have added a contact button before you publish it here with a signature campaign.

I'm not sure if I ever need monero, since bitcoin does fine along with a mixer, but if I do, I'll visit your exchange, be sure.  ;)

Thanks. This was something we had forgotten, will be fixed shortly. monero > mixing

Opening the first web, it seems like an instant exchange, maybe a bit like doing a swap. I did not find whether I should register or like DEX in sync with a wallet. It seems you need to review how this works.

This isnt a dex, and yeah it is instant. You just open the swap, then send between min and max and then you get the proper amount sent to your wallet.

- I see no space for the current news or updates on the site. I think it is needed to have since it is an important part. People instantly know about everything happening on monero.cx from the news space.

- Do you have no plan for other coins? Only BTC-XMR? In my opinion, to improve the number of users faster, you need to add other top coins. By the way, I like the concept of a simple site, but it doesn't mean having two kinds of crypto coins only. IMO

Low fee, no kyc requirement, fast conversion. These all are the features that makes monero.cx best exchange available.
I am really fed up of doing kyc as it runs the risk of losing your important personal data if exchange get hacked or it is sold by exchange.
Minero.cx will set an example for other exchanges too and they will also reduce their exorbitant fees.

You bring up good points here. First off, we will add some news and updates on the second post. Fixing some stuff currently.

Second, it will only ever be Bitcoin and Monero. We are not interested in expanding to other coins currently. This is our niche. Why do we do this?

Fun fact: All other instant exchanges simply take your money, deposit it to a centralised exchange, and then withdraw it to you. At monero.cx, we fully get rid of this unneeded middleman. You are trading your coins against our coins, therefore a third party can not have any interaction or cause issues like KYC.


We believe that the above approach is not very good as you are doing something the customer could do on their own, in pretty much the exact same time. Our entire goal is to be transparent and easy so that you know what is going on behind the scenes.

You should make a post about it on Monero subreddit, that is the place where most Monero community hags. https://old.reddit.com/r/Monero/

What do you do when you run out of either Bitcoin or Monero?

There's still no maximum on the website.

I want to point out I did not receive a "proof of reserves".
Update: see here (https://bitcointalk.org/index.php?topic=5326660.msg56698061#msg56698061).

Are altcoin to altcoin trades really that expensive? I'd imagine that binance has cheaper withdrawal fees for XMR than that, no?

The design is lacking, especially compared to your main competitor (fixedfloat), but I can appreciate what you're creating here. XMR.to left a gaping hole that no one has really filled yet. (I guess fixedfloat attempts it.)

It would be interesting if you found a way to implement atomic swaps, although too nich-y maybe (but you are already very nichy)

https://www.reddit.com/r/Monero/comments/ly62tk/let_there_be_swaps_public_xmrbtc_atomic_swap_demo/
This actually looks so promising I might fiddle around with it myself & host a small demo.

Sounds interesting. Was just wondering where do you get the conversion rate from ? API ? You change it manually every few hours ?

I confirm I've received and verified a signed message that proves ownership of approximately 1 Bitcoin, on a recently funded address. I've removed the PM with the signed message.

This is the signed message:
I've censored the TXID. Note that I haven't verified XMR-holdings.

Update: Minimum and maximum swaps implemented

Is there an available thread created for this? Coz I've got a thing or two I was ready to recommend to add to my blabbering but since I've seen you will be paying for such, I'd like to spit it out where its paid.   ;D
(there aren't many service that pays while you honestly and sincerely slap them in the face! lol)

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Oh and by the way.

Welcome to bitcointalk.org

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I am not monero.cx from [Suspicious link removed] from bitcointalk

~

jamyr wanted to tell you to update your contact information, instead of


Update it with your unique bitcointalk uid which is:

monero.cx
https://bitcointalk.org/index.php?action=profile;u=3228521

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I was waiting to post this for the bounty program (https://bitcointalk.org/index.php?topic=5326776.0), but that takes too long so I'll post it already:

Your exchange can be gamed!
If I create an exchange now, the Letter of Guarantee shows:
Monero went up (https://coinmarketcap.com/currencies/monero/) about 6% in the last day. With some testing in the past week, I got 2 signed Letters with about 7% difference in exchange rate, that were still valid at the same time.
So by collecting different Letters of Guarantee, someone can wait for Monero to go up or down against Bitcoin, and exchange to a coin that's worth more. Your 4% fee is a given, but not enough to prevent a few percent profit by sending it to another (instant) exchange.

This is the reason why exchange rates usually expire after at most 15 minutes. Your site offers up to 3 days, I don't think that's sustainable.

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I'm still curious about this:

Hi, is this still working? Because, I get this error once I create a new exchange: