How to buy or sell Monero for cash guide
LocalMonero offers two main types of advertisements, online and local advertisements. Through local advertisements you meet up physically with your trading partner and conduct the trade face to face. This guide covers the basics on how to set up local advertisements and how to trade locally.
Is there a market/demand?
It depends on where you live, in larger cities you will find more people interested in buying Monero than out in the countryside. Because Monero transactions are irreversible but most traditional forms of online payment are reversible, selling Monero locally directly for cash makes it much safer to accept payment, as cash is just as irreversible as Monero. Some people appreciate the privacy that cash trades offer. Buying a small amount of Monero with cash is also a great way to get started with Monero without too much hassle.
What if I run out of Monero?
If you run out of Monero you can purchase more quickly from a traditional Monero exchange, though that usually takes a few days as you will need to purchase using a bank transfer.
Make sure you are easily reachable! In your advertisement, specify your favourite place and time to meet. You can include your cell phone number in the advertisement.
All traditional risks that govern money exchanging also relate to Monero trading. Please consider the risks carefully, and use the feedback system and other measures to ensure your safety.
There could be cases, where counterfeit money is passed to the Monero seller. Please consider using a counterfeit detector when you do the trades.
OK, so what are the first steps?
1. Sign up if you haven't done already
2. Post a trade advertisement
3. Load Monero to your wallet, if you are selling
4. Send links to your friends, advertise on social media and locally, wait for the orders to kick in
Please note: Before you start trading as a business, research your country's legislation to see if you are required to apply for any licenses or if there are any other legal requirements.