P2P Monero: every no-intermediary route to XMR, compared
Overview · research-based, September 2026 · not financial advice.
Why go P2P at all?
Instant swap services are fast and easy — but they are still companies. They can flag your transaction for review, ask for ID in rare cases, or disappear. The P2P and atomic-swap routes below remove the company entirely: you trade directly with another person (or with cryptography instead of a person), with escrow enforced by multisig or by math. The price is convenience — every option here demands more setup, more patience, and more of your own judgment than a five-minute swap.
Context: LocalMonero — the old centralized P2P marketplace — shut down in 2024 under regulatory pressure. Liquidity has since scattered across the decentralized options below. None of them matches the old centralized volumes; combined daily P2P XMR liquidity is estimated in the low hundreds of XMR per venue (third-party estimates, May 2026). Fine for personal use, not for moving size quickly.
No affiliate links on this page.
None of these are companies with referral programs — they are open-source protocols and
community networks. We earn nothing if you use them; we list them because "no intermediary"
is the strongest version of the no-KYC promise this site is about.
The options, compared
| Route | Trust model | Typical cost | Liquidity | Effort |
|---|---|---|---|---|
| Atomic swaps (UnstoppableSwap / eigenwallet) | Trustless — cryptography, no escrow agent | ~1–3% maker markup (est.) + network fees | 3–6 makers, ~$300K–500K+ XMR (est.) | Desktop app, pick a maker offer, keep app online |
| Haveno (e.g. RetoSwap) | 2-of-3 multisig + community arbitrators | ~0.5–1.5% + offer spread (est.); XMR deposit ~5–15% | ~200–400 XMR/day (est.) | Desktop app, choose a network, XMR deposit |
| Bisq | 2-of-2 BTC multisig + DAO arbitration | ~1% fee (less in BSQ) + BTC deposit ~15% | ~150–300 XMR/day (est.) | Desktop app, BTC deposit required |
| AgoraDesk | 2-of-3 multisig, web-based | 1% seller fee | Unpublished (est.) | Website, no install; pick payment method |
| Serai DEX | Atomic-swap based, no escrow | Not specified | ~100–250 XMR/day (est.) | Newer protocol — expect rough edges |
The routes in brief
- Atomic swaps via UnstoppableSwap / eigenwallet — the most trustless option: BTC→XMR settled purely by protocol between your wallet and a market maker's, no escrow agent, no account. Thin liquidity, desktop app, keep it online during the swap. Full guide →
- Haveno — the XMR-native DEX: Tor-only desktop app, XMR base currency, 2-of-3 multisig with arbitrators. Runs on community networks (RetoSwap live since May 2024); you must pick a reputable network. Deepest XMR-native P2P liquidity. Full guide →
- Bisq — the veteran: Tor-routed P2P network since 2016, BTC base currency, XMR/BTC pair historically among its most active. 2-of-2 multisig escrow, DAO arbitration, ~1% fees. Needs BTC for deposits. Full guide →
- AgoraDesk — the closest web-based successor to LocalMonero: familiar cash-by-mail and bank-transfer offers with 2-of-3 multisig and a 1% seller fee. Easiest onboarding of the P2P bunch (no install), but a company still operates the site.
- Serai DEX — a newer atomic-swap-based decentralized exchange with growing XMR liquidity. Promising architecture, but treat it as experimental until it has more history.
- Also worth knowing: Monerica.com maintains a directory of Monero-accepting merchants and P2P venues; BasicSwap (from the Particl ecosystem) is another community DEX effort at an earlier stage.
Which one fits you
- "I want zero trust in anyone, and I hold BTC." → Atomic swaps (eigenwallet). Nothing to trust but the protocol.
- "I want the deepest XMR order book, maybe with fiat." → Haveno on a reputable network. Do diligence on the network's arbitrators first.
- "I already use Bitcoin and want the most battle-tested venue." → Bisq. A decade of operation and DAO dispute resolution.
- "I want P2P without installing anything." → AgoraDesk. Accepts the trade-off of a company-run site.
- "I want it done in five minutes." → None of these — use an instant swap service and accept the (small) custodial risk.
P2P safety rules
P2P means your counterparty is a stranger.
The escrow protects the trade mechanics — it doesn't protect you from your own mistakes.
- Start with a small test trade on any new venue or with any new counterparty pattern.
- Never trade outside the platform's escrow. Anyone asking to "skip the escrow to save fees" is running the oldest scam in P2P.
- Verify software signatures. Download Bisq, Haveno installers, and eigenwallet only from official sources and check signatures — a trojaned P2P client is a total loss.
- On Haveno, vet the network. Check who runs the seed nodes and arbitrators, how long it's operated, and whether disputes get resolved. An empty or abandoned network is not a venue.
- Understand the refund path before you fund. Know the timelock/arbitration mechanics of whichever route you pick, so a stalled trade is an inconvenience, not a panic.
- Keep records for your own taxes. "No KYC" doesn't mean "no tax obligations" — check your local rules.