Thanks for all of the questions!
Low fees
We charge a 4% fee on exchanges,
making us one of the most affordable
ways to get Monero. Compared to
the high markup of sites like
LocalMonero.co, a 4% conversion
fee is a great deal to get the most secure
cryptocurrency around.
You shouldn't compare your fees to local cash trades, but to competing instant exchanges.
Let's compare a 0.005
BTC 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.
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.
I just saw this from your home page
Instant exchange
For the majority of transactions, no confirmations are required for your exchange to be completed. Most exchanges are finished in less than a minute.
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.
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 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.
For the majority of transactions, no confirmations are required for your exchange to be completed. Most exchanges are finished in less than a minute.
This means that someone can try and double spend bitcoin and abuse your service or not?
We charge a 4% fee on exchanges, making us one of the most affordable ways to get Monero.
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.
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.