Introduction

DawnSwap is an emerging peer-to-peer exchange platform that lets you trade Monero (XMR) for other currencies privately and without intermediaries. It is built on the open-source Haveno project, essentially a Monero-centric fork of Bisq, and runs as an independent Haveno network. DawnSwap was launched in mid-2025 by a group calling themselves the Dawn Collective, with a mission to empower individual financial sovereignty through anonymity, autonomy, and decentralization. In practical terms, DawnSwap provides a similar experience to Haveno (and existing Haveno networks like RetoSwap), but with some tweaks aimed at improving the user experience for the Monero community. This guide will explain what DawnSwap is, how it works, and how you can start using it to trade XMR safely and anonymously.

Key Features of DawnSwap

  • Monero-Based P2P Exchange: DawnSwap is a non-custodial, peer-to-peer exchange where Monero (XMR) is the base currency for all trades. Every trade is XMR against another asset. This design means there’s no central entity holding your funds; trades happen directly between users over an encrypted Tor network of nodes.

  • Wide Asset Support: You can trade XMR for a variety of other assets on DawnSwap. Supported cryptocurrencies include major coins and stablecoins like BTC, ETH, LTC, BCH, USDT, USDC, and DAI. Uniquely, it also supports tokenized precious metals such as Gold (XAU), Silver (XAG), and Goldback (XGB). On the fiat side, all national currencies are supported, you can buy or sell XMR for USD, EUR, GBP, JPY, or any other fiat, with a wide range of payment methods available (from bank transfers like SEPA/SWIFT to cash-in-person trades, digital payment apps, gift cards, and more).

  • Privacy and Anonymity: Privacy is a core principle of DawnSwap. All network communication occurs over Tor, hiding users’ IP addresses and making the network resistant to censorship or surveillance. Monero itself provides on-chain privacy for the escrowed funds (unlike Bitcoin-based exchanges, where transactions are traceable on a public ledger). No accounts or KYC verification are required to use DawnSwap. Users operate pseudonymously, identified only by automatically generated node IDs and using an in-app chat to coordinate trades.

  • Non-Custodial Escrow with Multi-Sig: Like Haveno, DawnSwap employs a 2-of-3 multisignature escrow for trades. Both the buyer and seller put up a security deposit in XMR (in addition to the XMR being traded if you’re selling Monero), and an arbitrator holds a third key. This way, neither party can run off with the other’s money without cooperation – if all goes well the trade completes and both deposits are refunded; if there’s a dispute, the arbitrator can step in and use their key to help resolve it. Users always control their own wallet keys for deposits and funds; DawnSwap never has custody of your coins at any point.

  • Lower Barriers for Traders: DawnSwap adjusted several trading parameters from the Haveno defaults to make the platform more accessible. The minimum trade size and minimum XMR deposit have been reduced – you can trade as little as 0.02 XMR (a tiny fraction, allowing small test trades or micro trades) and the required security deposit is only 5% of the trade amount (vs. 15% default). These changes mean new users don’t need a lot of XMR upfront to start trading. For example, buying XMR with fiat usually requires you to put up some XMR as collateral; on DawnSwap the amount is much smaller, and in fact Haveno allows “no-deposit” offers for newcomers (you can post a buy offer up to 1.5 XMR with zero XMR deposit, protected by a passphrase mechanism, so that you can acquire your first Monero even if you have none).

  • Decentralized and Resilient: DawnSwap is one of several community-operated Haveno networks. It runs its own seed nodes and infrastructure, independent of any “official” server. This diversity of networks (such as RetoSwap and others) makes the overall Monero DEX ecosystem more resilient – there is no single point of failure or control. The Dawn Collective hosts DawnSwap’s network and encourages it to remain community-driven, aligning with Haveno’s original spirit. Anyone can choose which Haveno network to connect to, or even start their own, giving users freedom of choice.

  • Active Arbitration and Support: DawnSwap’s operators provide 24/7 arbitrator availability to handle disputes or issues during trades. If something goes wrong (e.g. payment problems or a dishonest peer), you can open a dispute in the app and an arbitrator will respond, usually within minutes or hours. They follow the standard Haveno arbitration protocol to ensure fair outcomes. Because arbitrators never hold the funds outright (they only have one key for the escrow), they cannot steal your money; they can only help unlock the multi-sig if one party is proven to have fulfilled their end. This gives users a safety net without compromising decentralization.

  • Trading Fees: To sustain the network’s operations, DawnSwap charges a small trading fee on each completed trade. The fee is 0.6% total (split as 0.1% from the offer maker and 0.5% from the taker). For example, if you buy 10 XMR on DawnSwap, the fee would be 0.05 XMR (assuming you’re the taker). These fees go toward maintaining seed nodes, supporting arbitrators, and other costs, ensuring the service remains reliable. (By contrast, some other Haveno networks initially charged zero fees; however, DawnSwap’s modest fee is designed to keep it self-sustaining in the long run.)

  • User-Friendly Improvements: The DawnSwap fork aims to introduce usability improvements. One immediate change is custom installation paths, which allow you to run DawnSwap side-by-side with other Haveno-based networks on the same machine without conflicts. In practice, the DawnSwap client stores its data in a separate folder, so you can have (for example) RetoSwap’s Haveno app and DawnSwap’s app both installed if you wish to compare or use multiple networks. The developers have indicated plans to continue refining the UI/UX, building on Haveno’s interface to make trading smoother and more intuitive.

  • Open Source and Community Trust: The project is fully open source (AGPL v3 license) and the code is available on GitHub. Users are encouraged to verify the PGP signatures of DawnSwap releases and even review the code changes from the upstream Haveno project. Being open source means the community can audit it for security. The Dawn Collective has published their PGP public key so that you can confirm any download or announcement is legitimately from them. All these measures help users trust the software despite the anonymity of its operators.

Installing DawnSwap (Getting Started)

Getting started with DawnSwap is fairly straightforward, even if you’ve never used Haveno or Bisq before. The platform runs as a desktop application (with possible future mobile builds) that connects you to the DawnSwap network. Follow these steps to install and set it up:

  1. Download the DawnSwap Client: Visit the official DawnSwap website (dawnswap.finance) or the Dawn Collective’s GitHub page and download the latest release for your operating system. The software is available for Windows, macOS, and Linux. The download is an application (for example, an EXE installer on Windows, a DMG on Mac, or a DEB/AppImage on Linux). Always verify the PGP signature of the download to ensure it hasn’t been tampered with. (Since DawnSwap is a fork of Haveno, the app may still be branded “Haveno” in some places, but rest assured it connects to the DawnSwap network once configured.) there is also a safer option to use the multi-protocol app that allows connections to any Haveno network without worry about binary injection or rouge updates.

  2. Install and Launch the Application: Run the installer or binary and go through the typical installation prompts. When you first launch the DawnSwap (Haveno) app, it will initialize the necessary services. Because it runs over Tor, it may take a minute on first startup to establish connections. You’ll know it’s ready when you see the main window with the Haveno/DawnSwap interface loaded (markets, order book, etc.). Note: On first run, the software might ask you to set a password for your wallet or confirm some network settings.

  3. Set Up Your Monero Wallet: Haveno-based exchanges include a built-in Monero wallet for handling trades and deposits. The first time you use it, the app will create a new Monero wallet (or you can restore one if you prefer). You should be presented with a 25-word Monero seed phrase – write this down and keep it safe, as it’s the backup to your wallet. You’ll also choose a password to encrypt the wallet file on your computer. The wallet is where your XMR funds will reside during trading, so treating it like any crypto wallet (secure backups, strong password) is important. The app will automatically connect this wallet to the Monero network (by default it may use a remote node to sync the blockchain). For better privacy and reliability, you might want to specify your own Monero node in the settings, either run a local monerod node on your machine or use a trusted remote node address. (In Settings > Monero Node, you can enter a custom node address if needed.) Wait a bit for your wallet to sync (or use a synced node) so it shows your balance and can send transactions.

  4. Connect to the DawnSwap Network: By default, the client may prompt you to connect to a Haveno network. If you downloaded the dedicated DawnSwap build, it might automatically include DawnSwap’s seed node addresses and connect you right away to DawnSwap’s P2P network. If not, you can manually add a seed node. The DawnSwap seed node addresses (Tor .onion endpoints) are listed on the Haveno website’s network list and on DawnSwap’s site. For example, you might input something like uranusa653v6s6en...:1007 as the seed. Once connected, your app will discover peers on the DawnSwap network (other traders and the arbitrator nodes). Ensure it says you are on the “DawnSwap” network (somewhere in the UI it might display the network name or at least the number of peers connected). Now you’re essentially part of that decentralized exchange network, ready to trade.

  5. Fund Your Wallet (if needed): If you plan to sell XMR or just want to have funds for deposits, you’ll need some XMR in your DawnSwap wallet. You can deposit Monero by sending XMR from any other wallet to the deposit address shown in the app (find the “Wallet” or “Funds” section, which will display your XMR address and QR code). However, if you are completely new and want to buy XMR with fiat, you might not have any Monero yet. DawnSwap (via Haveno’s protocol) offers a solution: you can still proceed without an initial XMR balance by creating a no-deposit offer for a limited amount (up to 1.5 XMR). This allows first-time buyers to participate – you’ll essentially post an offer to buy XMR without putting up a security deposit, and only a trusted seller who is willing to accept that (usually with safeguards like a secret passphrase) will take the trade. Keep in mind it might take longer to find a seller for no-deposit offers, and such offers might have slightly worse price terms due to the increased risk for the seller. In any case, after you complete one purchase, you’ll have XMR which you can use for deposits on subsequent trades.

  6. Familiarize Yourself with the Interface: The DawnSwap application interface will show various tabs or sections such as Markets, Offers, Wallet, and History. You may want to explore the Settings as well (for example, to set your local currency display, adjust notifications, or review security settings). Notably, you’ll likely find a “Market” selection dropdown, where you can choose which trading pair to view (e.g., XMR/USD, XMR/EUR, XMR/BTC, XMR/USDT, etc.). The UI will display an order book or list of offers for that market, along with prices and available amounts. There’s also a chat/support section and a place to see any open trades or disputes. Overall, if you’ve used Bisq or similar platforms, it will feel familiar, and even if not, the interface is designed to be relatively intuitive for anyone used to crypto exchanges.

Trading on DawnSwap: How the Exchange Works

Once your DawnSwap client is set up and connected, you can start trading. The trading process on DawnSwap is quite straightforward, though it differs from a centralized exchange in that trades occur directly between users and involve some coordination. Here’s a step-by-step overview of how to execute a trade on DawnSwap:

  1. Browse Available Offers: In the Markets/Offers section of the app, select the asset pair you are interested in. For example, if you want to buy Monero with US dollars via bank transfer, choose the XMR/USD (fiat) market; if you want to trade Monero for Bitcoin, select XMR/BTC, and so on. You will see a list of current open offers posted by other users. Each offer will indicate whether it’s a buy or sell offer from your perspective (e.g., “User A wants to sell XMR for USD via PayPal, at X price”), the exchange rate or price, the payment method, and the amount available. Tip: The offers are created by users, so prices can vary – some may include a premium or discount relative to market price. New networks can have wide spreads initially, but as more people join, you’ll find competitive offers close to market rate. Take your time to review the offers and find one that suits your needs. If the list is empty or none match what you want (say you want to sell XMR for EUR but see no EUR offers), you can proceed to create your own offer.

  2. Create an Offer (if needed): If you don’t find a suitable existing offer, you can make your own offer for others to take. Click on the option to create a new offer, and fill in the details: choose whether you are buying or selling XMR, the amount and price you propose, and select the payment method. DawnSwap supports many payment methods – if you’re trading fiat, you might choose bank transfer types (SEPA, SWIFT, ACH, etc.), online wallets (Revolut, Wise, Payoneer, etc.), cash by mail, in-person cash trades, or even gift cards. You will need to have a payment account set up for the method you choose (for example, if you choose SEPA, the app will ask for your IBAN and name, which will be shared with the trade partner once a trade is initiated; if you choose an in-person trade, maybe no account details are needed beyond location coordination). Setting up a payment account is usually a one-time task per method and can be done in advance under your account/profile settings. After specifying all details and perhaps a time window for payment (e.g., the buyer must pay within 6 hours), you publish the offer. It will then appear in the offers list for others to see. Creating an offer will also lock the required deposit from your wallet (and if you are selling XMR, it will lock the XMR you intend to sell into escrow). Don’t worry, it’s all handled automatically – you’ll see a confirmation of how much XMR is being put into escrow for the offer (trade amount + deposit).

  3. Taking an Offer: If you found an existing offer that you want to accept (or if someone finds your offer and wants to take it), the next step is to take the offer. This will initiate the trade between you and the other party. When you click “Accept” or “Take offer,” the app will show the trade details and ask you to confirm. At this point, both you and the counterparty will have to lock the trade amount and security deposits into the escrow. For example, if you are buying XMR with USD, the seller of XMR will lock up the XMR (to be sold) plus their deposit, and you (the USD-paying buyer) will lock up just the deposit (since you aren’t putting XMR in, only paying fiat externally). The amounts will be clearly shown (e.g., “You will lock 0.05 XMR as deposit, and your peer will lock 1 XMR for trade + 0.05 XMR deposit”). Once both parties confirm, the funds are escrowed in a 2-of-3 multisig transaction on the Monero network. At this stage, the trade is open and time-sensitive – you will see it listed under Open Trades in your interface.

  4. Communicate and Pay/Transfer Assets: After the trade is opened, DawnSwap provides an encrypted chat between you and the other trader (plus an arbitrator, who typically stays silent unless needed). Use this chat to coordinate any details. For fiat trades, the buyer will usually send a message like “Hello, I will initiate a SEPA transfer, please confirm your bank details.” The payment account info (bank details, etc.) that was provided with the offer will be visible to the buyer. The buyer then proceeds to pay the seller outside of the app using the agreed method (for instance, initiates the bank transfer, or sends the PayPal payment, or meets in person to hand over cash, depending on what the method is). Important: Mark the payment as sent in the DawnSwap app once you have completed the transfer. There should be a button like “I have sent the payment.” This lets the system (and the arbitrator) know that the fiat side has been done and the ball is now in the seller’s court. If you are the seller of XMR, wait for the payment to arrive through the agreed channel, then verify that you have received it (e.g., check your bank account for the deposit). You can communicate in the chat during this process (for example, buyer can provide a reference number or screenshot of the payment, though be cautious about sharing sensitive info; everything in the chat is private to the trade, but you still want to preserve anonymity as much as possible, e.g. maybe avoid sending full personal details unless necessary).

  5. Complete the Trade (Release Escrow): Once the buyer’s payment has been received and confirmed by the seller, the final step is for the seller to release the XMR from escrow to the buyer. In the app, the seller will click “Payment received, release funds,” or a similar button, to finalize the trade. When the seller does this, the Monero multisig transaction is completed, and the XMR that was locked is sent to the buyer’s wallet. At the same time, both parties’ security deposits are unlocked and returned to their respective wallets. The trade is now successfully closed! You will see it move to the Completed trades history in your app. At this point, both participants are encouraged to leave a rating or feedback on the trade (if the platform supports it) or at least mentally note the experience. If the trade partner was especially good or patient, you might encounter them again. In Haveno’s design, there isn’t exactly a public reputation system yet, but being a reliable trader (quick payments, honest communication) helps the community overall.

  6. Dispute Resolution (if something goes wrong): In most cases, trades will complete without issue. However, if a problem arises, for instance, the buyer claims they paid but the seller hasn’t received it, or the payment method provider delays the transfer, or perhaps one party stops responding, there is a built-in way to handle it. Either party can open a dispute from within the trade interface. This will alert an arbitrator on the DawnSwap network. The arbitrator is a trusted third party (assigned when the trade began) who can view the trade details and join the trade’s chat. They may ask for additional evidence (for example, the buyer might be asked to provide proof of payment, or the seller to provide proof they did not receive it). The arbitrator will then make a binding decision on how to resolve the trade. They have the ability to use their escrow key to help release the XMR either to the buyer or back to the seller, depending on the situation. For example, if the buyer genuinely sent the money but the seller is uncooperative or vanished, the arbitrator can decide to release the XMR to the buyer and return the buyer’s deposit, while the seller forfeits their deposit (as a penalty). Alternatively, if the buyer never paid, the arbitrator could return the XMR to the seller and give the seller the buyer’s deposit for the trouble. All of this follows a standard protocol, so there’s a fair outcome based on evidence. Throughout the process, communication is key – often, disputes can be resolved by mutual agreement in the chat even before the arbitrator makes a ruling. Remember, the presence of arbitrators means that trust in the system doesn’t rely solely on the other trader’s honesty; there’s a mechanism to handle fraud or disputes, making DawnSwap much safer than doing ad-hoc trades on forums or chatrooms.

  7. Withdraw Funds: After you finish trading, you might want to withdraw your Monero to an external wallet (especially if you accumulated XMR by buying it on DawnSwap). You can do this at any time by using the Withdraw function in the wallet section. Simply enter your own Monero wallet address and send the desired amount out. Since the DawnSwap wallet is just a Monero wallet under the hood, withdrawing is just a regular Monero transaction (minus whatever miner fee is required). If you plan to continue using DawnSwap regularly, you might keep some balance in your in-app wallet for convenience, but it’s generally good practice to not leave large amounts sitting in any hot wallet long-term.

Using DawnSwap vs Other Networks: If you have used Haveno on another network (like RetoSwap) before, note that each network’s offers and user base are separate. You cannot directly trade between networks; you choose one at a time. DawnSwap’s client, as mentioned, is configured to connect to DawnSwap’s nodes. You can run multiple Haveno network clients side by side (for example, run the RetoSwap client and the DawnSwap client) if you want to compare liquidity or prices. Just be aware that each network will have its own wallet file and balances. For simplicity, most users stick to one network for their trading needs. DawnSwap’s advantage is that it’s newer and actively aiming to build liquidity while lowering entry barriers – so you might find it more welcoming for small trades or for specific fiat markets. On the other hand, an established network might have more existing offers for certain pairs. You are free to try both and see which you prefer, or even run both and take the best offers from each!

Who Operates DawnSwap?

DawnSwap is operated by an independent community team known as the Dawn Collective. This group launched the network to further decentralize the Monero trading ecosystem and ensure that no single entity controls the whole show. They are not officially affiliated with the original Haveno development team; rather, they forked the Haveno code (as permitted by its open-source license) and set up their own network. The identities of the Dawn Collective members aren’t public, consistent with the project’s emphasis on privacy – but their philosophy is clearly stated: they advocate for censorship-resistance and individual empowerment in finance. Essentially, DawnSwap is by the community, for the community. The network’s infrastructure (seed nodes, etc.) is maintained by Dawn Collective members, and they provide arbitrator services to keep trades running smoothly.

It’s worth noting that Haveno’s model encourages multiple community-operated networks. The existence of DawnSwap alongside others (like the earlier RetoSwap network) is a feature, not a bug. By having several semi-independent exchanges, users have alternatives if one network has issues or policies they dislike. DawnSwap, for instance, chose to charge a small fee and lower the deposits, whereas RetoSwap initially had zero fees but higher default deposits. These networks aren’t in direct competition so much as diversifying the ecosystem. You as a user can choose whichever network you find more reputable or convenient. DawnSwap positions itself as a network that will keep the “original spirit” of Haveno alive – meaning a focus on community governance, transparency, and continuous improvement of the platform.

The Dawn Collective has made outreach efforts on community forums (Reddit, Lemmy, etc.) to invite traders to try the platform. They have set up a SimpleX chat group for support and general inquiries (SimpleX is a private messenger, in line with their privacy ethos) and provided a contact form with their PGP key for secure communication. If you need help or have questions, you can reach out through those channels, and you’ll likely be talking to one of the DawnSwap operators or experienced users.

Tips for Using DawnSwap Safely

While DawnSwap offers a secure framework, it’s still wise to follow best practices when trading:

  • Keep Your Software Updated: The Haveno/DawnSwap software is under active development. New releases may fix bugs or add features. Check for updates on the official site or GitHub regularly, and verify signatures when upgrading.

  • Verify Your Trade Partners (to the extent possible): DawnSwap doesn’t have a reputation system (yet), but you can glean some info like how many trades a user has completed successfully (the app might show a user’s trading volume or past activity). Be cautious if dealing in very large amounts with a completely new profile. For high-value trades, you might start with a small test trade to build trust.

  • Stay Within the Platform for Communication: Use the built-in chat for all trade-related discussion. It’s end-to-end encrypted via Tor. Avoid moving to email or phone, as that defeats anonymity and could expose you to scams (e.g., someone might try to phish or social-engineer you outside the platform).

  • Never Trade Outside Escrow: Sometimes scammers might suggest “oh, let’s do this larger trade outside the platform to avoid fees or deposits.” This is extremely risky, you lose the protection of the multisig escrow and arbitrator. Always insist on doing the trade through DawnSwap itself; the small fee or deposit is well worth the safety it provides.

  • Be Mindful of Payment Method Risks: If you’re trading fiat, choose a payment method that you’re comfortable with. Bank transfers are common, but remember that banks could potentially question or hold transfers (depending on the country and amount). Methods like face-to-face cash or cash-by-mail have their own risks (never meet in an unsafe location; use tracking for mailed cash, etc.). Digital payment apps (like Venmo, Revolut) might have policies against crypto transactions, so don’t mention “Monero” or “crypto” in payment notes. Essentially, treat it like a LocalMonero or Bisq trade, follow the typical precautions for the payment method.

  • Backup Your Wallet: We mentioned it before, but it’s worth repeating: save your seed phrase and keep backups of your DawnSwap wallet. If your computer crashes or the app gets corrupted, you want to be able to restore your funds. The seed also allows you to recover your XMR in any Monero wallet if needed.

  • Don’t Reveal Personal Info Unnecessarily: DawnSwap’s goal is to keep trades as private as possible. For some payment methods (bank transfers), you will inevitably share your real name or account number with your trade counterparty, that’s the nature of fiat. But you don’t need to reveal anything more. Keep communication focused on the trade. The platform’s anonymity means the other user only sees your onion address and maybe a nickname, not who you are. Preserve that by not oversharing.

  • Understand Arbitration Outcomes: If you do end up in a dispute, respect the arbitrator’s decision. They are there to ensure fairness. Learn from the experience if something went wrong (e.g., maybe avoid dealing with a user who caused trouble, or pick a more reliable payment method next time). Thankfully, disputes are quite rare when clear communication happens.

Final Thoughts

DawnSwap is an exciting development for the Monero community and the broader movement toward private, decentralized exchanges. It takes the robust foundation laid by Haveno and builds upon it, offering Monero users an alternative network where they can trade in a truly peer-to-peer fashion. For anyone concerned with privacy, censorship-resistance, or simply avoiding the hassle and identification demands of centralized crypto exchanges, platforms like DawnSwap are a game changer. You can buy or sell XMR for fiat directly with others, without KYC, without middlemen, and with minimal on-chain traceability, all secured by Monero’s technology and the fairness of multi-signature escrow.

As a first-time user, you might find DawnSwap a bit different from conventional exchanges: it requires patience (trades aren’t instant; you might wait for a counterparty), and it involves learning how offers and deposits work. But once you complete a trade or two, it becomes very natural. You’ll appreciate the control you maintain over your funds and data. Moreover, using DawnSwap (or any Haveno network) means you’re contributing to a decentralized network’s liquidity and growth. The more people use it, the better it gets, more offers, tighter spreads, and greater resilience.

DawnSwap is still new, so expect ongoing improvements. The team has hinted at adding new features and refinements to make the user experience smoother. This could include interface updates, support for even more payment methods, or optimizations in trade matching. Since it’s community-driven, feedback is welcome; users can suggest changes or even contribute to the code.

In summary, DawnSwap provides a Monero-first exchange experience: it embodies Monero’s values of privacy and liberty in the realm of trading. If you value those principles, give DawnSwap a try. With the information in this guide, you should be well-equipped to navigate your first trades. Happy (and private) trading! Enjoy the freedom of exchanging value on your own terms, and welcome to the world of decentralized Monero trading.