I have been looking at getting into using Moreno recently and after doing some research/searching I think I have came up with a solid way to get it. I have never touched crypto before, so I wanted to double check/get second opinions in case I am missing something important xd
I have got two Cake Wallet addresses, one for Monero and the other for Litecoin. On Cake Wallet I go and buy Litecoin with KYC, using my debit card. I then go to a non-KYC swapping service (such as https://trocador.app/en/) and swap my Litecoin for Monero, or if no KYC is required swap through Cake Wallet then id use that.
Like I said earlier, never have touched crypto before and I’m honestly a bit nervous. I tried looking at using RetoSwap for directly getting Monero, but couldn’t see anyone accepting my currency. I also have a couple of questions
Should I swap with trocador.app or through Cake Wallet? (assuming no KYC)
If I go with trocador.app, should I swap over Tor?
You have described exactly what I would recommend for beginners. Trocador is the right choice and I recommend using the website as I have found that there are worse rates inside of CakeWallet. It is always scary the first time you use crypto, but you have found the right workflow. Yes, there is no harm in using Tor.
Yeah, RetoSwap is not there for people that just want to dip their toes in, yet, unfortunately.
One thing that I would do differently is to buy Litecoin on an exchange like Kraken then send it from Kraken to your Litecoin address in CakeWallet, rather than buying it straight in CakeWallet. Both methods are KYC, I just think it may be better to directly use a reputable service like Kraken. It will probably be fine to do it in Cake, this is just how I would buy the litecoin.
LMK if you have any questions I will surely answer them, no matter how small or ignorant they seem.
Depending on the amount, you may actually be better off using Bitcoin as the start currencies. I’ve found that tx fees nowadays are like $0.30, and you get the added benefit of more people wanting it/higher liquidity, thus driving up availability and making rates better. Do double check this, but in my experience if you’re exchanging over $100 or so at a time you may be better off using Bitcoin.
The logic is the same though: go from Exchange → custodial wallet on your end → spend the full amount in Trocador → receive Monero.
Thank you for the detailed reply! I appreciate the heads up about the different in swap rates through CakeWallet. Also after looking at Kraken they use Persona for ID verification, which I’m not exactly sure I would want to use due to the nature of that company.. I shall determine if it is worth it or not to go through with Kraken.
Thanks for the reply, I’ll definitely look into Bitcoin and see if that’s the case. I don’t think the first/original crypto matters as much (from what I have seen) but something to note down!
But I’m glad that I have the main logic down, now its just time to look at exchanges and give up my information to one of them xD