Remitano is an online network that offers an escrowed peer-to-peer crypto marketplace for buying and selling digital assets. Babylon Solutions Limited is the company in charge of it, and it is registered in the Seychelles (registration number 168830).
1. Remitano Features
- High Liquidity
- Competitive Pricing
- 24/7 customer support
- Multiple currencies
- Wallets for multiple cryptos
- Instant Swap
- Peer to Peer (P2P)
- Mobile app
- High Security
- Fast and easy
Now you know the features, let me give you an overview of the company.
2. Company Overview
Remitano is owned by Babylon Solutions Limited which was incorporated in Seychelles. It was launched in April of 2016 as a P2P bitcoin exchange but later expanded to include more currencies and other services which I will explain later in the post.
Remitano categorizes traders based on the bank they use and their country. This is to ensure swiftness of transaction between trader. This and the 24/7 customer support via live chat makes remitano standout amongst other P2P exchange.
Nigeria is remitano’s biggest market with about $600,000 daily trade volume. For this reason, Remitano Nigeria is the second most search query on google with regards to remitano.
Also read: 10 best bitcoin exchanges in Nigeria
P2P exchanges are made possible by the escrow system. The 59 seconds video below shows how the escrow system works.
3. Remitano Services
Remitano offers the following services
- P2P Exchange
- Remitano Invest
- Remitano Swap
- Affiliate program
This is a market place where buyers are selling can buy and sell bitcoin and other supported currencies with their local currency (e.g Naira) directly from and to one another under the safety of the escrow system.
The escrow system is explained in the video above and in my review of Paxful.
Other supported cryptocurrencies in the P2P market place include; Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).
Remitano introduced the Investment platform in 2019. Here you can invest in certain coin and profit when they appreciate in value. Investments are made with USDT.
Note that you are not buying the coin but investing and profiting from its price movement. It’s more like CFD which I explain in the iq options review. Here is how it works,
Let’s say I invest $100 in EOS coin, and in 24 hours, EOS appreciates in value by 10%, my investment will now be worth $110. likewise, if EOS depreciates by 10%, my investment will be worth $90.
My investment will remain open indefinitely until I close it. So if I close my investment at 10% appreciation, $110 will be sent to my USDT wallet.
With this feature, you can swap one cryptocurrency for another instantly. E.g you can swap bitcoin for USDT. This feature is available in the wallet section.
Remitano Provides wallet for 6 cryptocurrencies, here you can receive, send, store and swap the 6 supported cryptocurrencies
Remitano is happy to share with you the revenue it generates from those you invited to use the platform. You can invite a friend using a code unique to you in the affiliate section.
There are two affiliate packages.
- You earn a total of 0.01btc from a referrer depending on how much they trade
- You earn 20% from Remitano’s 1% transaction fee from you referrer for a year.
4. Supported Currencies and Payment methods
- Currencies supported in the P2P exchange and wallet
You can store, send and receive these currencies on remitano. They include;
- Bitcoin BTC
- Ethereum ETH
- Litecoin LTC
- Bitcoin Cash BCH
- Ripple XRP
- Tether USDT
- Currencies supported at the “investment”
You cannot send, receive or store these currencies on Remitano but can invest in them.
- Binance Coin
- Ethereum Classic
- Payment Methods
These are fiat currencies used to purchase the cryptocurrencies on the P2P exchange. The currency used for payment solely depends on your country. Traders in Nigeria will use Naira, those in Ghana Cedis, Europe Euro, etc.
Note that Remitano does not provide wallets for Fiat currencies. Sellers receive fiat payment directly into their bank account from buyers.
That said, let’s look at the supported countries.
5. Supported Countries
Algeria, Argentina, Australia, Bangladesh, Belarus, Bolivia, Brazil, Brunei, Cambodia, Canada, Ivory Coast, China, Colombia, Denmark, DR Congo, European Union, Ghana, Indonesia, Israel, India, Iran, Italy, Japan, Kenya, Mexico, Malaysia, Myanmar, Namibia, Nigeria, Netherlands, Nepal, Norway, New Zealand, Oman, Peru, Philippines, Pakistan, Poland, Portugal, Qatar, Russia, Rwanda, Singapore, Spain, Sweden, Taiwan, Tanzania, Thailand, Turkey, UAE, Uganda, Ukraine, United Kingdom, United States, Vietnam, Venezuela, South Africa, South Korea, Zambia, Zimbabwe
6. Transaction Fees
These are fees incurable when using Remitano
P2P Exchange Fee
- The Makers pay…………….. 1%
- Takers pay……………………. 0%
(‘Makers’ are those that set the Buy or Sell Price while ‘Takers’ are those that sell or buy at the set prices)
Note that the Maker would likely include this fee in his rate.
- 1% ………………when you close an investment in profit
- 0% ………………when you close at a loss
7. Customer Support and User Review
Remitano has 24 hours customer support via live chat. But it could take up to 2 hours to get a response to your chat. This is literally taking the ‘Live’ out of the ‘Live chats’,
However, when you receive your first response, the conversation will flow smoothly. If you happen not to be online when the response comes, the reply will be sent to your email and you can reply to that email to continue the conversation.
Besides the live chat, you can also contact remitano by email at email@example.com or through twitter, facebook and telegram.
Remitano has an Excellent rating on Trust Pilot. It is impressive because most P2P exchanges have a poor score on Trust Pilot.
This shows that Remitano customer support is doing a great Job because poor scores on Trust Pilot is usually due to poor customer support.
As I said earlier, you don’t buy and sell bitcoin from or to remitano rather you trade with other traders under a safe system called an escrow. The escrow is design to ensure your safety when trading.
However some persons still lose their funds, not because the escrow failed, but because of their mistake. I will walk you through how to trade safely on Remitano but first let’s look at how safe the platform is.
8. How to Trade Safely on Remitano
Remitano is a great platform to trade bitcoin, but sometimes a trader might be a scammer who just wants to take advantage of other traders on the platform. Although this platform provides a secure trading environment for both parties, it is pertinent you take extra precaution. Here is a short guide to help you trade safely.
How to Choose a Seller
Sellers and buyers are filtered based on the IP you are browsing from; You are only shown buyers and sellers from the country whose IP you are browsing from. However, you can manually choose a country from the ‘country’ drop-down tab at the top menu. Five sellers are shown per page starting from the seller with the lowest price. “DO NOT BUY FROM A SELLER BASE ON PRICE”. It is better to pay more in other to conduct a transaction with a more reputable seller. The first thing is to go through the seller’s transaction history to see how well he did in the past.
Choose your Seller based on the following qualification (you will have to click on seller’s name to see qualification):
- He has completed over 2BTC worth of Trade with a minimum of 30 trades
- His feedback score should be at least 90% from a minimum of 10 persons.
- His account should have been active for over 2 months.
- He has a verified identity, residence, phone number, Facebook.
- Has at least 10 partners.
- He has a maximum delivery time you are comfortable with.
Communicate with Seller
When you log into your remitano workspace, you simply hit the buy/sell bitcoin button. Here you have the option of selling or buying after that you chose a merchant according to your bank, click on the name to view his trading history. Proceed if you are comfortable with the seller, otherwise, choose another seller.
Once you have initiated a trade with a seller or buyer. There is a provision on remitano for you to contact them and start communication with them on the remitano interface. Once the trade is completed the communication channel will be closed and you see a page to rate the buyer/seller.
Please, note that before you trade, either buying or selling make sure you are only open to verified buyers or verified sellers. verified buyers or sellers are people whose details have been verified by remitano. Their identity has been reviewed and accepted by remitano. When trading with verified merchants you stand a better chance of not being scammed or cheated.
I once had an experience where I attempted to make a transaction but I was having network issues from my bank. 2 hours after my attempt to buy bitcoin, I started getting debit alerts from the bank for a transaction I only attempted and canceled (on Remitano platform). The seller on Remitano didn’t send me bitcoin because I already canceled trade but my bank has sent the money to the seller.
I complained to the bank but they couldn’t reverse the transaction. I had to contact the support team on Remitano. Thanks to the wonderful support, they immediately blacklisted the bitcoin seller and instructed him to refund my money which he later did.
If I was trading with an unverified merchant, I don’t think it would have been possible for me to get a refund of my lost money because unverified merchants have little or no details with Remitano.
Warning: I would say I was lucky because there are cases that happen like this and the victim doesn’t get refunded. So be you need to be careful. Observe the rules below.
Update: Remitano has disabled communication between traders unless there is a dispute; This was done to further reduce the risk of getting scammed by another trader.
- Do not disclose more information about yourself to the seller when a trade is ongoing.
- Do not Trade outside Remitano with Seller even though he offers you a lower price since you will not be protected by Remitano Escrow service.
- Only use the Remitano interface to send your payment information and make sure that the names on the account details are in correspondence.
- Be conscious of trade time to avoid transferring money to the seller after the timeout.
Click ‘I have paid’ only when you have made a payment or you might be denied the trade.
Once you have made a payment, wait for your Bitcoin to be released by the Escrow system. You can enter dispute after 10mins if bitcoin is not release to you to start communication with seller and upload your proof of payment.
Warning: When selling bitcoin on Remitano or other P2P exchange, avoid “Man in the Middle Scam”.This is when you receive money for bitcoin from a hacked bank account. Traders have been arrested by security operatives for this. Thus it is very important that you follow the guide above and trade with only traders who are verified and are active traders especially when you are selling large amount of cryptos.