DawnSwap is a decentralized peer-to-peer exchange built on the Haveno protocol. It allows you to trade Monero (XMR) for fiat currencies (EUR, USD, GBP, etc.) or other cryptocurrencies without KYC. Trades are protected by 2-of-3 multisig escrow. Launched summer 2025 by the Dawn Collective.

How does DawnSwap compare to RetoSwap?

Both use the same Haveno protocol. Key differences: DawnSwap has 5% security deposits (vs RetoSwap's 15%), ~2% total fees (vs 0.6%), and 24/7 arbitration (vs 24-48h). DawnSwap is newer with less liquidity but lower barrier to entry. RetoSwap is more established with ~$2M monthly volume.

Yes. DawnSwap uses the same 2-of-3 multisig escrow as all Haveno instances. Your XMR is locked in a multisig transaction that requires 2 of 3 keys (buyer, seller, arbitrator) to release. Neither party can steal funds unilaterally. The Dawn Collective provides 24/7 arbitration for disputes.

What are DawnSwap's fees?

Maker fee: ~1%. Taker fee: ~1%. Total: ~2% per trade. Security deposit: 5% of trade amount (refunded after successful trade). Network fees apply for on-chain Monero transactions. Higher fees than RetoSwap (0.6%) but lower deposits (5% vs 15%).

How do I start trading on DawnSwap?

Download the DawnSwap desktop application. Create a payment account (bank details for SEPA, or cash by mail settings). Fund your built-in XMR wallet. Create an offer or take an existing one. The app handles multisig escrow automatically. No registration or KYC needed.

DawnSwap Guide (2026)

Decentralized P2P Monero exchange with low deposits and fast arbitration

TL;DR: DawnSwap is a Haveno-based decentralized exchange for trading Monero P2P. 5% security deposits (vs RetoSwap's 15%), 24/7 arbitration, 2-of-3 multisig escrow. Newer and less liquid than RetoSwap but lower barrier to entry. No KYC, no registration. Desktop app only (Windows, macOS, Linux).

Security Deposit

~2%

Total Fees

24/7

Arbitration

KYC Required

DawnSwap vs RetoSwap

Feature	DawnSwap	RetoSwap
Protocol	Haveno	Haveno
Security Deposit	5%	15%
Maker Fee	~1%	0.5%
Taker Fee	~1%	0.1%
Total Fees	~2%	0.6%
Monthly Volume	Growing	~$2M
Arbitrator	Dawn Collective (anonymous)	RoundTheRoses (established)
Arbitration Speed	Minutes-hours	24-48 hours
Maturity	Newer (2025)	Battle-tested
Liquidity	Lower	Higher

Best strategy: Use both. DawnSwap for lower deposit requirements and faster arbitration. RetoSwap for higher liquidity and lower fees. They're not competitors — they're complementary.

Getting Started

Download DawnSwap

Get the desktop app from the official site. Available for Windows, macOS, and Linux. Verify the download hash.

Set up a payment account

Add your payment method: SEPA bank transfer, cash by mail, Revolut, or face-to-face. This is stored locally — never shared with DawnSwap.

Fund your wallet

DawnSwap has a built-in Monero wallet. Send XMR to the deposit address. You need XMR for both trading and security deposits.

Create or take an offer

Create: Set your price, payment method, and amount. Your offer appears on the orderbook. Take: Browse existing offers and accept one.

Complete the trade

Both parties deposit into 2-of-3 multisig. Buyer sends fiat, marks as sent. Seller confirms receipt, XMR releases. Dispute? Arbitrator steps in within hours.

Why 5% Deposits Matter

Security deposits prevent griefing — if a party cheats, they lose their deposit. DawnSwap's 5% deposit means:

Less capital locked: A €1,000 trade only locks €50 as deposit (vs €150 on RetoSwap)
More offers possible: Same wallet balance supports 3x more simultaneous offers
Lower griefing cost: But still meaningful enough to deter bad actors (€50 lost per grief attempt)
Better for small traders: Start trading with less initial XMR

Trade-off: Lower deposits mean lower griefing cost for attackers. For high-value trades (€5,000+), the 5% deposit might not be enough deterrence. Consider RetoSwap's 15% deposits for large amounts, or split into multiple smaller trades.

Payment Methods

Method	Speed	Privacy	Limits
SEPA Bank Transfer	1-2 business days	Bank record	No limit
Cash by Mail	3-7 days	Maximum	No limit
Face-to-Face	Same day	Maximum	No limit
Revolut	Instant	Linked to identity	App limits
Crypto (BTC, LTC)	10-30 min	Depends on coin	No limit

When to Use DawnSwap

Choose DawnSwap for lower capital requirements, faster dispute resolution, and when you want to run multiple small offers simultaneously.

Choose RetoSwap for higher liquidity, lower fees, and established arbitrator reputation.

Use both — most active traders maintain offers on both networks. arnoldnakamura trades on both DawnSwap and RetoSwap with escrow.