MoneroForCash Exchange Review
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People always look for a platform where they can carry out a transaction without being traced and also exercise total privacy. Banks and other financial institutions are working hard to improve their security systems but are still susceptible to hacking since hackers can access some information from the banks. Monero uses stealth addresses to make sure no one can trace the address of the sender and the recipient. There is total anonymity of the two transacting parties.
What is MoneroForCash?
Moneroforcash is a platform where people can buy and sell Monero cryptocurrency. The platform does not store any coins so even if it is hacked, users will not lose anything. It gives you a chance to meet with potential buyers and sellers. It delivers 100% privacy for the senders and recipients. There is no traceability of the transactions. The site enables the users to set their Monero/fiat exchange rates.
Moneroforcash distinguishes itself from the rest of the cryptocurrency exchanges with its high level of privacy. The exchange’s user transaction data is secured accordingly. Moneroforcash supports only the transaction of the Monero. It does not help a transaction of other cryptocurrencies. It is a website, not a company. It operates anywhere in the world.
The site was developed by Monero fans who want to promote Monero and provide a platform for the sellers and buyers. The owners are not part of the Monero team. It was launched in 2016 by a developer called u/c-789 and was redesigned in 2017 by tficharmers and took the responsibility of running it.
How MoneroForCash Works?
Moneroforcash allows its users to buy and sell Monero from one person to another with cash. The website links the sellers and the buyers. It also provides the current value of the Monero in the market. It does not store any Monero on the site. The transactions are on a buyer to seller basis thus emails are not required.
The website offers nearly free advertisement for anyone willing to sell Monero. There is “I want to buy Monero” and “I want to sell Monero” box that you click if you want to sell or buy Monero. The box directs you to a log in an option where you must log in to sell or buy the cryptocurrency.
I decided to go deeper and register as a Moneroforcash user to know what exactly happens. After I logged in, a welcome message popped on my screen. I had zero adverts since I was new in the system. I noted the website shows the number of adverts posted on it, the number of enquires made and the number of buyers and sellers active.
Once buyers and sellers post their adverts on the website, you can view them. If you have made any inquiries on the seller or buyer, you can see their response.
You follow the same procedure when selling your monero. You post your advert which is free if someone is interested in buying it, he/she reaches you. All the advert messages are deleted once the advert expires. They are programmed to autodelete so that they can facilitate the safety of the users and enhance confidentiality. If you are interested in receiving all the advert messages, you add your email address to your settings. A copy of each message would be sent to you.
The buying and selling of Monero in this platform are done privately. A third party cannot view your transactions since it is done on the website. Speaking from the Moneroforcash users’ point of view, the site is limited to buying and selling. After reading their opinions, I understood it only connects people. The website is still in the process of being developed.
Posting an advert on Moneroforcash is free. The exchange does not appear to have any other types of fees except for miners’ fees.
Moneroforcash does not require any verification. You register to be a member and you are done. You can carry out transactions. They do not even need your email address not unless you want to be receiving all the advertisement messages.
Is MoneroForCash safe?
After tficharmers redesigned the website, it is easy to use the website. Many users are recommending its simplicity. The site does not store any coins making it impossible for anyone to steal from you. If the site is hacked; your coins are safe since the transaction is from person to person. The website owners also cannot tell if the deal between the seller and the buyer was successful or not since they do not want privy to any transactions between the two. People trust Moneroforcash. It also works perfectly well on mobile phone.
Moneroforcash developers gave a thought the issue of security. The site does not store any coins so you cannot lose funds once it is hacked. Transactions are peer-to-peer. You must first rate your opponents before you carry any trade with them. You have to pay for advert credits before you fill the sell advert. If you fail, the submit button will not appear. This is an excellent step to keep off jockers.
The website is built using encryption and authentication tools to safeguard users Personally Identification Information (PII). The website also uses secure routers and software to facilitate User’s privacy.
Those are the security features put in place, but the website cannot assure information protection. They should also be discrete with their passwords and make sure they log out whenever they are done using the website.
Moneroforcash has “contact us” section where you can pose any concern you have to the website admin. The section requires you to fill a CAPTCHA code provided, your name, your email address, subject and then the message. The message should not exceed 10,000 words. If you know how to use PGP encryption, that option is available. However, the website has no mobile number that you can call for an immediate response.
Transactions are completed quickly as per most customers.
How to Use MoneroForCash?
The Moneroforcash exchange provides an avenue for buyers and sellers.
- If you want to sell your Monero, you log in the website. You must be a registered member of the site. All the active potential buyers and sellers are posted on the website. There is a Dashboard to add credit. You can pay for a five to ten-day advertisement period. The bill is less than USD 0.20 per advert.
- The advert shows all the information you have provided. For example, John123 wants to sell Monero. He is selling 300 to 5,000 USD which is approximately 1.481 to 24.686XMR. It will indicate the price per XMR and give the trading option you are comfortable with if it is cash by mail or bitcoins. It provides the location of the seller and the day and time the advert will expire.
- The interested buyer will contact you and agree how you will carry out the transaction. The rest is between you and the buyer. Monero exchanges do not take place on this site. It does not solve the disputes between the buyers and sellers since it is not involved in the transactions.
In a Nutshell
Moneroforcash is a platform for anyone willing to sell money or to buy Monero. It does not store any coins on the website so in case it is hacked the users will not lose anything. It links the buyers and sellers. The transaction is on peer to peer basis. In case of a dispute between a buyer and a seller, Monerforcash is not involved. Be ready to settle them in the court.
Not unless you want to receive advert emails, an email address is not necessary for you to register with Moneroforcash. Monero advert fee is near free; it costs less.
It is easy to use
Moneroforcash is easy to use. It does not demand a lot. You only need to register to be a member, and you are good to go.
It is cheap
Moneroforcash advert fee is less costly. The current rate is 0.01 XMR for five to ten-day advert period. It is less than USD 0.20 per advert which is cheap.
Monerforcash admin always responds to the claims made by the users. The questions and answers posted online for anyone to see them. It might take him a couple of hours to respond, but at long last, he will come back to you.
- It can be used by the scammers to con people money. The site has not put security measures where people can differentiate a genuine buyer or seller or a scammer.
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