Haveno: the XMR-native P2P exchange
Guide · research-based, September 2026 · not financial advice.
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What Haveno is (and isn't)
Haveno (haveno.exchange) is an open-source, decentralized exchange built around Monero — XMR is the base currency, the way BTC is the base currency on Bisq. The app runs exclusively over Tor, trades are secured by multisig escrow with arbitrators as backstop, and there is no central operator, no account, and no KYC.
The important nuance: Haveno is software, not a marketplace. The core developers maintain the protocol but do not run a trading network and do not endorse any specific one — real trading happens on independent community-run networks, each with its own seed nodes, arbitrators, fee policy, and installer. Choosing a network is part of using Haveno, and it deserves the same diligence you'd give any financial venue.
Networks: RetoSwap and the rest
The earliest and best-known live network is RetoSwap (Haveno-Reto), operating since May 2024. Other community networks exist — for example Dawnswap, run by the Dawn collective, which publishes its terms openly: 0% maker fee / 0.4% taker fee, minimum trade 0.02 XMR, security deposit reduced to 5%, and 24/7 arbitrators. Networks differ, so check the terms of whichever one you join; the Haveno project itself was at v1.8.0 in June 2026 and remains under active development.
Each network supports XMR paired with major cryptos (BTC, ETH, LTC, BCH, USDT/USDC/DAI) and, on most networks, fiat payment methods. May 2026 estimates put Haveno-network XMR liquidity around 200–400 XMR per day (third-party estimate) — the deepest XMR-native P2P liquidity currently available, though still fragmented compared to the old centralized P2P markets.
How a trade works
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Pick a network and install
Choose a reputable community network, download its installer (or build from the haveno-dex/haveno source), and install the desktop app for Linux, macOS or Windows. Research the network's arbitrators and history first — this choice matters.
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Fund a small XMR balance
You need a little Monero in the app's wallet for the security deposit. Running your own local Monero node is recommended for privacy but not required.
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Take or create an offer
Browse the order book for your pair (e.g. BTC/XMR or a fiat/XMR offer). Taking an offer starts the trade; creating one means waiting for a taker. Prices are set by makers as spreads around market.
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Multisig escrow + outside payment
Both sides lock XMR security deposits into a 2-of-3 multisignature wallet (the arbitrator holds the third key). The actual payment — BTC, fiat transfer, cash by mail, whatever the offer specifies — happens outside the app. Once the maker confirms receipt inside Haveno, deposits are refunded and the trade settles. Trades are expected to complete within about 24 hours.
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Disputes
Peer chat first; if that fails, the arbitrator — who controls one of the three multisig keys — reviews the evidence and decides. Pick networks with responsive arbitrators.
Fees and deposits
- Protocol trade fees: the Haveno codebase supports fees, but most networks charge little or none — many apply 0% (terms vary by network; Dawnswap charges 0.4% to takers, for example). Check your network's published terms.
- Security deposit: both sides lock XMR collateral — default 15% of trade value, lower on some networks (Dawnswap: 5%). Refunded on completion.
- Network fees: standard Monero transaction fees for escrow funding and payouts — small.
- All-in reality: third-party estimates put total costs around 0.5–1.5% plus the offer's price spread (estimate, May 2026). As with Bisq, the maker's spread over market is usually the dominant cost — compare offers.
Honest trade-offs
- Trust: strong. Non-custodial, multisig escrow, arbitrator backstop, no central point of failure — and unlike instant swaps, there is no company that can freeze your funds for "review".
- Privacy: excellent — Tor-only, XMR base currency, no accounts. (Your counterparty still sees whatever payment details you exchange with them directly.)
- Network risk: the real caveat. You are trusting a specific community network's seed nodes and arbitrators, not just the software. A network with absent arbitrators or thin order books is a poor venue no matter how good the protocol is.
- Speed and convenience: slower than instant swaps by design — desktop app, XMR deposit needed, 24-hour trade windows, manual payment steps.
- Best for: Monero-first users who want the deepest XMR-native P2P liquidity, fiat↔XMR routes without centralized exchanges, and are comfortable doing diligence on a network.