The shift in Monero exchanges
Until recent years, Monero exchanges were traditional trading platforms with XMR order books. Most have since delisted Monero and now require identity verification for trades. Today, Monero exchanges typically function as swap services where users send one cryptocurrency and receive XMR directly to their own wallet.
This shift has privacy implications. Monero obscures sender, receiver, and transaction amounts by default. Obtaining it through an account linked to personal identification attaches identity to the acquisition moment. A no-account swap avoids this connection.
Methods to obtain Monero
- Swap existing cryptocurrency through a no-account service, typically completing within minutes
- Withdraw coins from an exchange to a personal wallet, then swap to Monero
- Trade directly with another person through peer-to-peer markets, though prices may be higher and transactions slower
- Mine Monero on a standard computer, though the process is slow
Step-by-step BTC to XMR swap process
The process begins with setting up a Monero wallet using open-source software, recording the seed phrase, and copying a receiving address. Users then select the trading pair, enter the amount, and review the XMR they will receive with fees included.
After entering the Monero address and confirming the sending wallet address, users send the exact deposit amount in a single transaction. Following Bitcoin confirmation, the swap executes and XMR typically arrives within 2 to 10 minutes, becoming spendable after 10 Monero block confirmations.
Cost considerations
Swap fees include both the service exchange rate and platform fee, shown before sending. Network fees depend on the coin being sent. Monero transactions themselves cost less than one cent to move, making transfers between subaddresses minimal in cost.
Reversing the swap
To exchange Monero back to Bitcoin, users select XMR as the send coin and Bitcoin as the receive coin. They should use a fresh Bitcoin address for each payout rather than reusing the original deposit address. Adding a refund address when sending Monero ensures coins can be returned if the swap cannot complete.
Privacy practices after swapping
Users should create a new subaddress for each swap, swap from a personally controlled wallet rather than an exchange account, vary amounts and timing between transactions, and keep order details private. Payments matching in size and timing are easier to connect, which can compromise privacy.
Additional options
GhostSwap operates as a Telegram bot, allowing users to initiate swaps from chat without visiting the website. Users can also swap other cryptocurrencies including USDT, Ethereum, Solana, and Litecoin directly to Monero, though network selection must match the coin being sent.
