Skip to content

Create and manage a peer-to-peer trading room on Matrix for people wanting to buy and sell Monero with no KYC

Buy and Sell Monero Matrix Room

An easy way for people to buy and sell Monero for fiat peer-to-peer with no KYC

This proposal is for myself to create and manage a peer-to-peer trading room on Matrix for people wanting to buy and sell Monero for fiat with no KYC. Features of the room include:

  • No KYC.
  • Peer-to-peer.
  • Users have the ability to buy and sell Monero with fiat.
  • Accessible from multiple clients (mobile, desktop, web).
  • Accessible over Tor.

Why Matrix?

Matrix is the obvious choice for this proposal. For those unaware of Matrix it is an open protocol for decentralized, secure communications. There is already a Monero community on Matrix.

The benefits of using Matrix to develop a P2P trading room are:

  • Matrix has an existing community of Monero users.
  • Matrix clients are available for most operating systems including mobiles.
  • Matrix can be accessed from most browsers including Tor browser.
  • Messages and files shared in private rooms are by default end-to-end encrypted (E2EE).

I am proposing the new room be created within the Monero Matrix Space.

There is precedent in the Monero Matrix Space for adding projects in the Monero Ecosystem. Rooms already in the Monero Matrix Space for example include:

  • Monero.
  • Monero Events.
  • Monero Community Workgroup.
  • Haveno.
  • Feather Wallet.
  • Monero Mining.

I am of the opinion that should this proposal be accepted, the location of the new P2P room would best fit into the existing Monero Matrix Space, however, I am open to feedback. Should it be agreed the Monero Matrix Space is best place to locate the room I would require one of the admins to create the room and give my Matrix user ID admin rights for the new room.

Bisq has also done something similar. They have a 'Buy your First BTC' room hosted on their Matrix space for users looking to aquire their first bitcoin for trading on Bisq. The P2P Monero room would function in a similar way but be for Monero rather than Bitcoin.

Why is a new peer-to-peer trading solution needed?

Fiat on and off ramps help bridge the gap between traditional finance and Monero. They serve as an essential tool for people wanting to convert their fiat to Monero and vice versa. Having fiat on ramps is also an important way to make Monero more accessible to new potential users, increase Monero's reach to a broader audience, and, accelerate adoption.

Easy on and off ramps are a good way to grow Monero's user-base. Having on and off ramps for fiat with no KYC also helps users go in and out of Monero freely.

I assume most reading this will have a good understanding of why KYC is bad. For those less familiar I would recommend reading the info provided by

Why is a new peer-to-peer trading solution needed?

Fiat on and off ramps are important for both existing and potential Monero users. Unfortunately, it is getting harder and harder for people to access these on and off ramps.

Here is a list of events that have had a negative effect on people wanting to buy and sell Monero for fiat:

These examples are the ones that come to mind from memory. I am sure there are other examples from the past, and, unfortunately there will be more examples of Monero being delisted in the future. The more fiat on and off ramps that exist for Monero the better it is for everyone.

Why now when some solutions are already available (or coming soon)?

The Monero ecosystem is healthy and new ways to trade Monero are being worked on.

Here is a comparison of some of the alternatives for people wanting to buyer and sell Monero for fiat now Local Monero is closing:

Service Fiat Tor Monero (or crypto) required to trade Trade Fees KYC Mobile friendly
Serai DEX No No** Yes Yes No Yes
Haveno* Yes Yes Yes Yes No No
Unstoppable Swap No Yes Yes No No Yes
Trocador No Yes Yes Yes No Yes
P2P Monero Matrix Room Yes Yes No No No Yes

Haveno* when launched will be a good P2P platform for buying and selling Monero. However you will need Monero to make a trade. This is because Monero will be required for the security deposit. As a result this means that a potential user with no Monero will need a good way of obtaining their first Monero. I anticipate the proposed P2P Matrix room would serve this function well. Small trades could take place in the Matrix room (<$500 or equivalent) and larger trades could then take place on Haveno.

@kayabaNerve** Users may use UIs over Tor, so users may be protected by Tor, but that's the Serai / UI distinction which isn't represented properly here.

What are the requirements of a peer-to-peer trading solution?

A good peer to peer trading solution would:

  • Be accessible from a mobile.
  • Be accessible over Tor.
  • Be accessible from multiple operating systems.
  • Require no KYC.
  • Use E2EE for messaging.
  • Have accessible support staff.
  • Be built primarily for Monero trades.
  • Support fiat from any country.
  • Support multiple payment types.
  • Allow buyers and sellers to build up reputation.

This proposal achieves all the above.

What are the benefits of this solution?

There are many benefits, including:

Quick and Easy way to buy and sell Monero for fiat

It is a quick an simple way to have a peer-to-peer trading solution for people wanting to buy and sell Monero for fiat with no KYC. People using instant payment types will be able to complete the trades within 10 minutes.

Accessible from anywhere

Users have a large choice of clients they can use to access the room. If they have a device and an internet connection they will be able to trade.

All funds will be self custodial.

Users will be expected to hold their own keys and trade from wallets they have control of. There is no need for any intermediaries. The room itself is just set up to match buyer and seller.


A P2P exchange that can be do with only two parties knowing the trade took place is pretty good for privacy.

What are the potential issues?

Here are some potential issues:


There seems to a recent, but currently unresolved, issue with how users on and homeservers can communicate with each other. I am aware of this and will take it into consideration when writing guidelines for users if the issue remains unresolved.

Legal issues

This room will be a friendly space for people wanting to buy and sell Monero. Some people might not like Monero users having an easy way to buy and sell Monero. People should ensure they abide by their own local laws etc. This room is just a place for people interested in doing a small trade between themselves. It is similar to a someone selling some Monero to a friend that is interested in gaining more financial privacy. Users coming to the room with stories about looking to cash in their dark net market gains, or find someone to help launder their money etc will be promptly removed from the room. This room will be a friendly place for users to buy and sell Monero. Any discussion about illegal activities will not be tolerated.


Sending Monero is easy. Sending fiat will be the source of more problems; delayed payments, account limit issues, frozen accounts etc. Users will be supported with any issues they experience should they require it during the trade process.


The Matrix room will be accessible to anyone. This means scammers might try and take advantages of other users. This could involve a buyer sending payment and doing a charge-back, or a seller taking payment and not sending the Monero. Generally if users follow trade guideline, start trading with small amounts, and do not always re-use the same peer the risks will be largely mitigated. When the community is established I also think it will help police itself. Scammers will be quickly called out, identified and banned. The use of fiat accounts, and low recommended trade amounts will also limit the attractiveness of the room to scammers. I do not foresee scammers being a big issue. The community will be largely made up of Monero enthusiasts, and pretty savvy when it comes to security and spotting potential red flags.

What will I do?

I will break down this proposal into two main stages; setup and management.


The initial work will be to set up the room. This will involve:

  • Liaising with Monero Matrix Space Admins regarding the creation of the room.
  • Setting up the P2P Matrix room.
  • Posting links to P2P Matrix room in relevant locations.
  • Documentation of trading rules and trading guidelines.
  • Documenting the dispute process (to include what the traders should expect).
  • Documentation of a way for buyers and sellers to link their Local Monero reputation to their Matrix IDs in the P2P room (assuming Local Monero allow people to post their Matrix IDs on their profiles).

I am expecting the above to involve about 40 hours of work.


Once the room is set up trading can commence. The work required will then be about managing the room. This involves the following:

  • Moderating the P2P room.
  • Banning spammers from room.
  • Banning scammers from room.
  • Answering questions from traders.
  • Signposting traders to relevant rules and guidelines.
  • Assisting buyers and sellers when trades enter a dispute.
  • Updating and expanding on documentation; trading rules, guidelines, payment types.

I am sure there might be a few other bits and pieces also needed, but I am happy to cover them as they arise.

I will be available for 15 hour per week on an on-going basis to deliver on the above management requirements.

What is the turn around time?

Monero users are in need of a peer-to-peer solution to be available as soon as possible. Should this proposal be accepted I will complete the first phase within approximately 30 days. This will allow trades to commence within 30 days of a propsal being accepted.

What are the dependencies?

The only dependency is for one of the three current Monero Matrix Space admins to create a room and give admin rights to the newly created room to myself.

Who am I?

I am an anon. I have created this ID to make this proposal. With regards my skill-set:

  • I have the technical ability to implement the things outlined in this proposal.
  • I am able to verify Monero payments when supplied with the relevant information.
  • I have the communication skills to provide a high level of service to users of the room and will be able effectively support any users requiring trades to enter a dispute process.
  • I am able to create effective documentation that users can refer to.
  • I am committed to the development of Monero.

Why should we trust you?

In regards to delivering on the above, there is no need to trust me. I will not make any request for payment until I have delivered upon each milestone.

In regards to users trusting me with their payment details should a trade enter a dispute they will need to trust me not to share this information. I will take this responsibility seriously. I will not keep any information longer than necessary and will delete data regularly. I would stress however that users will need to also trust their trade counter-party not to share this information. Privacy is paramount. Any users sharing private information will be banned from the room and their messages will be removed.

Should the room become popular or the workload becomes unmanageable for myself I would look to add another moderator to the room to assist myself with some of the management functions. This would be disclosed to the users of the room. Ideally this role would be taken by an active user of the room.


I thought it would be useful to put together a list of FAQs for the proposed service:

Q. Will there be any trading fees?
A. No, there will be no trading fees.

Q. If there are no trading fees how will the room make money?
A. There are no plans for the room to make money. This proposal will however funds me for the time I dedicate to this project. This CCS proposal is intended to help bootstrap the idea. If approved once the funds have been used then I am open to the idea of making another CCS proposal or having some kind of donation address that happy users can donate to.

Q. How will you ensure that the Monero buyer has sent the fiat to the Monero seller?
A. In the case of a dispute the seller will provide the following; a copy of the proof of payment to the seller. This will be used to verify the correct payment was sent. The seller's payment details can also be verified through messages sent between the buyer and seller.

Q. How will you ensure that the Monero seller has sent the XMR to the Monero buyer?
A. In the case of a dispute the seller will provide the following; transaction ID, recipient address, secret transaction key. This will be used to verify payment was sent. The recipient address can also be verified through messages sent between the buyer and seller.

Q. Who will send payment first?
A. The Monero buyer will send the payment first. Once payment is received the seller will send the Monero to the buyer.

Q. What happens if the seller does not send the Monero to the buyer?
A. The Monero buyer can open a dispute. I will then request proof of payment from the buyer and liaise with the seller. If the seller does not respond or fails to show proof of Monero payment they will be banned from the room.

Q. What happens after a trade?
A. The buyer and seller are expected to post feedback in the room, unless both agree not to. Just something simple. For example buyer posts 'Thanks XXX for the smooth trade, Monero received quickly'. The seller would post something like 'XXX sent the USD quickly, trade went well'.

Q. How does the buyer make an offer?
A. They can make a post in the room. For example 'I am looking to buy $100 USD of Monero using Zelle'. Or alternatively the can specify the XMR amount 'I want to buy 2 XMR with Euros, I can pay by SEPA Instant or Revolut' Monero sellers can then respond to the messages from buyers in the room.

Q. How does the seller make an offer?
A. They can make a post in the room. For example 'I am selling XMR for GBP. I can accept payment via Faster Payments.'

Q. What currencies are supported?
A. All currencies are supported.

Q. What payment methods are supported?
A. All payment methods are supported where charge-backs risk is low.

Q. Can this be used buy Monero with bitcoin, etherum, dodge, USDT etc?
A. Yes, any crypto used to buy Monero will need to have a provable way of verifying payment. For example provable on a blockchain explorer.

Q. Will there be any trade limits?
A. To keep users safe it will be recommend they keep each trade to under $500 or equivalent. Once the trade has completed they can make more trades. New users, or buyers wanting to trade with new sellers should keep the trades smaller to start with to reduce risk.

Q. Will there be trade rules?
A. Yes, trades rules will be created to keep things running smoothly for all users.

Q. Can I send cash in the mail?
A. It is up to users to decide what payment types they are comfortable with. The recommended payment types will be the ones that are instant as this will reduce the chance of a dispute occurring.

Q. I am interested in being a seller but do not like the idea of linking my payment method to by Matrix username.
A. I understand, you can always create a new username for trading. Creating a matrix username is easy. If someone is very privacy conscious they could even create a new username for every trade.

Q. I am an active seller on Local Monero, is there a way to import my reputation?
A. Local Monero users should be able to link to their Matrix username from their Local Monero account to veryify who they are in the room. if they want they can also choose the same username to make past Local Monero users recognize them easier.

Q. Who will know about the trades?
A. For all successful trades the only person that will no about the trades will be the buyer and seller. For trades entering disputes they will need to share the information with myself. I will only keep this information whilst the trade is in dispute. Once the dispute has finished any information provided will be destroyed. The room will also know that a trade took place if the buyer and seller agree to provide feedback for each other but they will not know any trade information.

Q. If a dispute is raised how long should I expect before I receive a reply?
A. You should expect a reply within 24 hours.

Q. Will the Monero seller charge a markup?
A. It is for buyers and sellers to agree the price between themselves. That could involve a markup or a discount. I expect most sellers will have a small markup. Similar to Local Monero. If a buyer is unhappy with the markup they can choose another seller. If the seller does not want to sell Monero for the buyers suggested price they do no have to take the trade. The marketplace will figure out the price on its own.

Q. Will there be scammers on the platform?
A. This room will be aimed at Monero enthusiasts. People interested in Monero that are looking to buy and sell Monero for fiat. If a scammer appears (either a buyer trying to make chargebacks or a seller not sending the Monero) the community of users will quickly call them out and they will be banned. It makes sense for buyer and sellers in the room to want to build up their reputation so I expect the number of scammers to be low. That being said it makes sense for all users to follow the rules and guidance to minimize the chance of being scammed. The recommended limits being low will also help to mitigate any losses.

Q. Can I get involved?
A. My plan is to keep things simple not to grow into a Binance! That being said if the room grows in users it would be useful to have additional room moderators and help with any documentation. Once the project is set up and growing I would welcome the assistance of anyone wanting to help.


I am proposing the funding for the first 2 years of the project. This will be enough time to bootstrap to ensure it becomes a useful on and off ramp for Monero.

Milestone Description Hourly rate Number of hours USD amount XMR amount
1 Setup $65/ph 40 $2,600 20.8
2 Management (0-6 months) $65/ph 390 $25,350 202.8
3 Management (6-12 months) $65/ph 390 $25,350 202.8
4 Management (12-18 months) $65/ph 390 $25,350 202.8
5 Management (18-24 months) $65/ph 390 $25,350 202.8

*Management time is based on 15 hours per week.

The total amount for setting up and managing the P2P room for the first 2 years will be $104,000 / 832 XMR.

Requests for payment will be made only after each stage has been delivered.

The Monero amounts above are what will be requested regardless on any increase or decrease in the price in USD terms.

Edited by Bald Eagle

Merge request reports