P2P exchanger Monabey: an overview of the platform for exchanging, buying, selling Bitcoin cryptocurrency

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Monabey is a p2p cryptocurrency exchange for direct exchange between users using digital currencies, as well as rubles, dollars and euros. All transactions are protected by escrow, that is, before both parties fulfill their obligations, the cryptocurrency will not be transferred. In controversial situations, the conflict is resolved by an independent moderator.

The official website of the p2p platform: https://monabey.com/

We bring to your attention a review of the Monabey crypto exchange, made by the editorial staff of Profinvestment.com.

The main features of the site:

  • Commissions – 1% from the creator of the ad, 0% from the responder.
  • Optimal exchange rates.
  • Fraud protection system.
  • Over thirty different directions of exchange.
  • Lack of mandatory verification. Transactions can be made by providing only an email address.
  • 24/7 technical support.
  • Versions for desktop and mobile devices.

Recommended: check out other p2p exchanges for exchanging cryptocurrencies.

General information

NameMonabey
Official sitehttps://monabey.com/
Russian languageYes
Year of foundation2020
Provided productP2P exchange, wallet
Own tokenNo
Trading commission0% from the fact that responds to the ad, 1% from the creator
Deposit commissionNo
Withdrawal commission0,0002 BTC
Supported cryptocurrenciesBTC
Supported fiat currenciesRubles, dollars, euros
Ways of paymentYandex.Money, Qiwi, Payeer, Advcash, Skrill, Neteller, Webmoney Sberbank and most other banks and payment systems popular in the Russian Federation
VerificationNeed not
SafetyMulti-stage smart wallet encryption, 2FA, mobile number binding, verification of the authenticity of funds during withdrawal
Mobile appYes
Contactssupport@monabey.comhttps://monabey.com/support/feedback/
Social networkhttps://twitter.com/monabey_comhttps://vk.com/monabeyhttps://www.facebook.com/MonabeyCom/дт0 

Registration and account setup

To create an account on Monabey, click the “Register” button in the upper right corner of the site. Then you can log in via Telegram or create an account using your email address.

Confirm your email by clicking on the link from the letter (check the “Spam” folder if the letter has not arrived). Then click “Login” and log in using the already created username and password. Identity verification is not provided, so you can start trading immediately.

However, it is recommended that you enable two-factor authentication first to better protect your account. This is done in the profile settings, which include the following sections:

  • Profile. Confirmation of e-mail and phone number. General information about the number and volume of transactions. Reputation, reviews. Time since registration. You can make transactions without an associated mobile number, however, some sellers set a restriction on this basis, that is, you will not see a full range of ads. Number confirmation expands the list of available offers on Monabey.
  • My deals. List of deals: active, completed, canceled, controversial.
  • Wallet. Account wallet balance, deposit and withdrawal of funds, archive of deposits and withdrawals.
  • My announcements. Active, inactive, blocked and deleted ads for buying / selling cryptocurrency on the platform.
  • Referral program. Information about the affiliate program and statistics of your personal referrals.
  • Customization. Change of username, password, email address and phone number. Setting regional parameters – default currency, country, interface language. On the “Notifications” tab, you can activate notifications by SMS, email, Telegram or on the website. On the “Security” tab, two-factor authentication and confirmation of transactions via email are activated.
  • Feedback. From this section, you can write to the support service for any questions of interest, including attaching a file.

There is also a button to log out of the account.

Referral program conditions

An affiliate link for inviting new users to Monabey can be found in your personal account. The conditions are as follows:

✅  You get 40% of the system commissions from users who registered through your referral link. Referrals stay forever. Payments are made instantly in BTC.

✅  You will receive 50% of the system commissions for all transactions created by the user whose first exchange transaction was made with you.

Working with a wallet: input and output

The Monabey exchange allows you to store funds intended for transactions. To replenish your account, click the corresponding button in your profile in the “Wallet” section.

Transfer bitcoins to the specified wallet address, or use the QR code for a quick transfer from a mobile device. The minimum deposit amount is 0.0015 BTC. Once every seven days, you can receive a new address, but the old ones remain valid for six months from the date of the last use.

The speed of receipt of funds to the account depends on the network load and is usually at least 30 minutes. Monabey does not charge a deposit fee, but the blockchain does.

To withdraw funds, go to the Withdraw from account tab in the same section of your profile.

To withdraw funds, you must specify the addressee’s Bitcoin wallet address and the amount in bitcoins. The description is optional, it is only necessary so that you can later see it in the transaction history. Remember that transactions are irreversible on the blockchain network. You will not be able to return funds transferred to the wrong address. Check the details carefully.

After confirming the sending, the funds enter the network as quickly as possible, since a high network commission is set by default. Usually, enrollment takes no more than half an hour. In addition, Monabey charges its own flat transaction fee of 0.0002 BTC. You can withdraw any amount, but keep in mind that it is expedient taking into account the commission.

Funds can be transferred to other Monabey users, this action is not subject to commission.

Trade. Buying and selling cryptocurrency on Monabey

To place your own ad on Monabey, go to the section of the same name at the top of the site.

Next, specify:

✅  Type of ad (“I want to buy” / “I want to sell”).

✅  Payment method (bank transfer, money order, electronic payment system) or specific method.

✅  Rate. Can be static or dynamic. The second method requires the introduction of special formulas, thanks to which the price will automatically change depending on the price movements of the cryptocurrency. When creating a formula, arithmetic operations and arguments of specific exchanges are used: Binance, Yobit, Poloniex, OKEx and others. The creation of formulas is described in more detail in the help section on the exchange.

✅  Terms of a transaction. Just a text description of the deal, where you can specify any information that may be useful to the counterparty.

✅  Limits. Maximum and minimum transaction amount. The time during which the counterparty must confirm the payment (45 minutes by default). You can also track liquidity – automatically reduce the maximum limit when you open a new deal. For some payment methods, you also need to specify the maximum and minimum limit for one transaction.

✅  Safety. You can limit the circle of people who can respond to ads, leaving only the confirmed phone number.

✅  Limitations. It is possible to restrict the viewing of ads by some user groups, depending on their reputation and the volume of transactions, as well as set transaction limits for their referrals and for new users who are going to make their first transaction with you.

Initially, having a reputation of +1000, you can create a maximum of two active deals at a time. This limit expands as your reputation grows.

In addition to creating ads, you can respond to existing ones. To do this, click in the header of the site “Buy” or “Sell”.

Use filters to keep only relevant deals.

Once you have selected an ad that meets your needs, click Buy (Sell) next to it and follow the further instructions to pay for your order and confirm the deal.

On the announcement page, you can see information about both a specific offer (rate, limits, payment methods, time for payment), and information about the seller (nickname, reputation, rating, length of time on the site, date of the last transaction, confirmation email and / or phone).

Like other p2p sites, Monabey uses an escrow account system. This means that the cryptocurrency is temporarily blocked by the system, and when the seller confirms the receipt of fiat funds from the buyer, it is unblocked and transferred to the counterparty. Thus, all parties to the transaction are safe.

If during a transaction with a user there is a conflict situation, you can complain to the moderator and open a dispute. The moderator will ask both parties to provide their arguments, receipts for payment, etc., after which they will make a decision on who should be credited with the cryptocurrency under the transaction.

Commissions

The following fees are set on the Monabey exchange:

✅  Withdrawal fee 0.0002 BTC.

✅  There is no commission for replenishing the wallet balance.

✅  1% commission for users creating an ad in case of a successful transaction on it.

✅  There is no commission for a user who made an exchange for a posted ad.

Contest from Monabey

From September 7 to October 11, Monabey, together with its partner Bits Media, is holding a Hot Autumn competition among active referrers. Every week, a drawing takes place based on whose referrals have made the largest trading volume. The weekly prize fund is 300,000 rubles (total for five weeks – 1,500,000 rubles). The winnings are credited in bitcoins to the wallet within the system on Mondays (00:00 MSK), and can be freely withdrawn.

Prize fund distribution scheme:

✅  1st place – 100 thousand rubles

✅  2nd place – 50 thousand rubles

✅  3rd place – 30 thousand rubles

✅  from 4 to 10 – 10 thousand rubles

✅  from 11 to 20 – 5 thousand rubles

In addition, all members receive increased deductions for the referral program on an unlimited basis.

Advantages and disadvantages

Pros: ✅

✅  Simple and straightforward Russian-language interface.

✅  Secure escrow account system.

✅  No verification required.

✅  Low commission fees.

✅  Support for a large number of payment methods in three directions (rubles, dollars, euros).

✅  The ability to set a dynamic price in the ad.

✅  A referral program competition, helping to develop the platform at first.

Cons: ❌

❌  Of the cryptocurrencies, only BTC is supported.

❌  There is little information about the company itself and the developers.

Conclusion

p2p platforms offer certain benefits in comparison with centralized exchangers – this is the ability to choose the right conditions, and security, and the absence of intermediaries, which has a positive effect on savings. Monabey is a new player in this market and in many respects it looks quite promising.

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