this post was submitted on 28 Oct 2024
20 points (95.5% liked)
Monero
1725 readers
13 users here now
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Well as always, depending on your use case and your threat model, using those swap services might not be the best idea, specially if you want to be "stealthy" when purchasing or selling xmr.
If you buy or sell XMR in simpleswap and use a KYC'd coin (like BTC that you withdrew or deposited from/to a CEX like kraken or binance), then authorities can ask the simpleswap owners and they will show them that you traded Monero.
Again if this is not a concern to you, then perhaps those swapping services are "good enough", even though I have read countless stories of them performing shotgun scams and shotgun KYC where they will randomly select you and make it very difficult for you to recover your funds, especially if those funds do not come from "trusted" sources aka another CEX.
But again as always, that is up to you and your use case / threat model, and the risks you are willing to take.