As the topic leads, how much XMR / Monero do i need to have in the wallet on the website to make trade?
Hello! Welcome to the platform!
If you want to post a sell advertisement you need to send at least 0.35 XMR to your arbitration bond wallet. If you’re responding to other people’s buy advertisements then you only need to heed their minimum trade amount.
Hello!
Okey, so if the trade is 0.35 XMR do i have to have additionally 0.35 XMR to make the trade?
Hi nallebjoern101,
No, no additional XMR is needed to make a trade. You must have at least 0.35 XMR in your LocalMonero arbitration bond wallet for a posted XMR sell ad to be visible.
Hi, i’m not sure i get it. I set my upper limit to 1 BTC for trade. That’s roughly 180 XMR.
I’m thinking once someone want’s to buy that amount i send in the XMR to the wallet.
And how do i get paid? i have filled in my BTC address but not sure how the actual trade works in steps.
Someone says they want to buy say 100 XMR.
If i understand it i need to have the 100 XMR in my wallet here. Then what? I only want to send them when i get the btc with 1 confirm. How does that work?
Hi spawn,
Someone says they want to buy say 100 XMR.
If i understand it i need to have the 100 XMR in my wallet here. Then what?
Yes, once the buyer opens a trade with you, the coins from your arbitration wallet will be taken and locked in the arbitration bond of the trade. Then you should ask the buyer to send the coins to your BTC address. Once you receive the BTC, you can finalize the trade, and the XMR will be sent to the buyer’s settlement address.
Never finalize the trade if you didn’t receive the payment.
Ok, thanks for the clarification.
Still not sure, do i need to have the 100 XMR before anyone can ask me to buy?
I really don’t like to have big amounts anywhere for long times.
I mean can i fund my wallet before we agree on exact amount and such?
do i need to have the 100 XMR before anyone can ask me to buy?
Yes, you need to have as much coins as you want to sell in your LocalMonero arbitration bond wallet. Once the buyer opens a trade, the coins will be taken from your arbitration bond wallet and will be locked in the arbitration bond of the trade.
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Thanks for info. For me this is to scary system. I will transfer smaller amount i guess. Would be great if in the future this could be changed so we can fund the account once there is a deal to be made. If i transfer so much XMR i have no idea when i get a bid and during this time i have my funds not with me (not your key not your coin thing …)
Thanks for the suggestion!
I think it’s wonderful to have a cash-by-mail option! Not scary at all to me.