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XMRTrade is the first non-custodial escrow as a service based on the Monero blockchain and the SimpleXChat network to fullfill a complete anonymity of our service.
What is "non-custodial" ?
- It means this service, is not possessing or holding your funds. It's impossible for the service, to exit-scam or steal funds locked in the escrow.
How is it possible ?
- We use a multisig monero wallet.
What is a multisig Monero wallet ?
A multisig wallet is a wallet, on wich you need a specific number of keys to unlock funds.
Why this service needs and use this ?
In a escrow case (this service) it's a 2/3 signature (minimum of 2 keys needed to unlock the funds):
- ๐ The key of the service.
- ๐ Your key.
- ๐ The key of the user you're transacting.
If the transaction if legit ? (no-scam from yourself or the user)
- The escrow haves nothing to do.
You and the user are signing the "unlock" transaction, one just broadcast the transaction and everything is done.
If a dispute appears (scam from you or the user):
Both parts will need to prove to the escrow, their full legitimacy to get the escrow signature, otherwise funds will remain locked by the mandatory escrow key (as seen before), or the escrow will unlock funds because one part was a scamming, while the other were fully legitimate.
How do I make a Monero MultiSignature wallet ?
- By following this tutorial
How all of this is coordinated ?
Once you contacted and paid us the management fee of the escrow, we will create a private chat group link (signed with the obitor's PGP key) with us, you and the other user, with who you're transacting to setup the multisig.
What's the escrow fees pricing ?
Fees are priced in Monero, to ensure the easiness of the service, and being mandatory paid before setting up the monero multisig the minimum amount we can secure is from 1 XMR:
- 5% โค 1 XMR trade amount
- 2% โค 5 XMR trade amount
- 1% โค 10 XMR trade amount