My honest and complete Remitano Review, read and drop me a comment.
Arguably Remitano is getting the buzz lately and one is forced to ask what it is about. Is it another flash in the pan in the crypto world or new development that will inevitably make millions for the early users? These are the drivers that made me launch full research into the world of crypto trading and profits as it relates to REMITANO.
I will walk you through all the necessary questions everyone has been asking about Remitano for the past 5 years. Let’s go straight into it.
Remitano is one of the largest peer-to-peer (p2p) cryptocurrency trading platforms in the world, currently serving users in more than 30 countries. The platform provides an escrowed p2p crypto marketplace that allows users in multiple countries (including Nigeria) to buy bitcoin and other cryptocurrencies easily and safely.
They rank easily as a market leader in the p2p platform space, featuring an intuitive and user-friendly interface, 24/7 customer support, and boasts some of the lowest fees in the industry.
Remitano aims to bridge the gap between fiat and cryptocurrencies via peer-to-peer (P2P) trading while offering additional valuable features such as instant coin swaps, altcoin investment, and wholesale trading. Remitano is built by an international team with high industrial expertise in banking, finance, cryptocurrencies, and software development.
Remitano was established in 2015, by Babylon Solutions Limited – incorporated in Seychelles. Easy and safe are the words with Remitano’s escrowed P2P Bitcoin marketplace. They currently have business partners in Vietnam, Cambodia, Nigeria and have been growing strong there. In Vietnam, Remitano stands tall as the largest Bitcoin exchange. Currently, there is strong demand for Remitano services in other areas of the world. If you are currently interested in Bitcoin and seeking your financial freedom, Remitano invites you to join their network either as a business partner or affiliate in your country.
We will further discuss affiliate and business partnerships with Remitano later in this article. Now that we know what Remitano is all about, let’s look at how it works.
How does Remitano work?
It is a global peer-to-peer platform that allows anyone (users of course) to trade their currency from one party to another. When you open a trade (buy or sell bitcoin with other person); the specified amount of bitcoins from the seller are frozen to allow the buyer to make payment before it can be released.
Buyer will make the payment and confirm “Made as paid” to seller bank account with confidence (because Bitcoins from seller are frozen on the platform)
Seller then check his bank account and press “I have receive the payment”
Then the Bitcoins will be unfrozen and released to the Buyer’s wallet.
Both traders can change the trade to disputed, chat together and provide proof of payments to Remitano. In case of disputes, the Remitano support team will resolve based on evidence provided by both sides.
The process is the same with other crypto-currencies such as: ETH, BCH, USDT.
What makes Remitano Unique?
If for nothing, Remitano is easy to use and straight to the point. It also has distinct features that makes it stand out from the many other platforms that trade cryptocurrencies. Among the unique features of Remitano are;
- 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
When comparing Remitano with other crypto platforms, just understand that they are the king of peer to peer. And I would say they are the most trusted crypto platform in countries like Nigeria considering the volume of trade that is done in Nigeria only through Remitano.
Now that we know their unique features and how they rank in countries like Nigeria, let’s dig deep into the entity that started and controls Remitano.
Who Owns Remitano?
As briefly stated earlier, Remitano is owned by Babylon Solutions Limited which was incorporated in Seychelles. It started in 2015 but was formally launched in April of 2016. It started as a P2P bitcoin exchange but quickly expanded to include more coins, currencies and other products which makes it a very interesting platform.
When it comes to ease of use, safety and swiftness, When it comes to easy of use, safety and swiftness, Remitano categorises traders based on the bank they use and their country. This is how they guarantee swiftness of transaction between traders. This and the 24/7 customer support via live chat makes remitano standout amongst other P2P exchanges.
Does Remitano Work in Nigeria?
Yes, it works better than most.
Besides having Business partners in Nigeria and the favourably P2P transactions, Nigeria is remitano’s biggest market with about $600,000 daily trade volume. You could say that Nigerians love Remitano looking at the fact that Remitano Nigeria as a keyword is the second most searched query on google with regards to remitano.
It’s no longer news that Nigerians and Remitano became inseparable buddies when the Nigerian government stopped their banks from doing any crypto transactions, so the Nigerian crypto traders had to depend on P2P exchange to cut out the direct banking system. So you could say that the Nigerian government banning direct crypto trading helped to firmly establish Remitano in Nigeria.
Another reason why Nigerians may be in love with Remitano could be the fact that Remitano took care of the trust factor that was lacking. This they did with the escrow system. Remitano uses the escrow system to solidify the P2P exchanges.
The escrow system also helps to stamp out scam and makes Remitano legit and more secure.
Is Remitano a Scam?
The platform itself couldn’t be called a scam but being a P2P exchange platform it could be prone to scammers. This is what the escrow system is for. The escrow holds the crypto and the payment until verifications care made by the buyer and the seller
So to avoid being scammed, if you’re the buyer, do not pay the seller until the crypto is in the escrow. And if you are the seller, you must not authorise the transaction until you’ve confirmed payment.
As you can see, Remitano made provision that helps traders to avoid being scammed by clever scammers.
Is Remitano Legit and Safe?
Remitano has been in existence for over 5 years in more than 30 countries in the world who have been using it safely. If it is not safe I don’t think it would have lasted this long and still getting more popular every day.
Remitano has been giving multi-currency wallets in the crypto world. This wallet can be used online, on desktops and on mobile phones. I believe it is safe and legit.
The reason millions of other users and I consider it safe and legit is because Remitano uses Escrow to process trades in a safe and secure manner. When you open a trade, the specified number of Bitcoins that you wish to buy are transferred from the seller’s wallet and held on Remitano’s escrow service. Remitano then serves as middleman to ensure that the seller gets payment and the buyer gets the coins.
As for whether it is legal or not, yes, I think it is legal in every country that allows crypto trading except for Malaysia who blocked Remitano in April 2021. Despite the block, Remitano still continues to support more than 30 countries worldwide. Countries supported by Remitano include but are not limited to: Vietnam, Malaysia, Nigeria, India, South Africa, Singapore, Cambodia, Kenya, Ghana, and Pakistan.
What Does Remitano Offer?
As stated earlier Remitano started with just P2P exchange but quickly expanded to other viable products the likes of P2P Exchange, Remitano Invest, Remitano Swap, Wallets and Remitano Affiliate program. We will now briefly explain these products one after the other.
This is a marketplace where buyers and sellers can buy and sell bitcoin and other supported currencies with their local currency (e.g NGN, USD, CUSD) directly from and to one another under the safety of the escrow system.
Other supported cryptocurrencies in the P2P marketplace include; Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).
This Remitano opportunity Investment was introduced in 2019 to allow coin holders to invest and make profits. Here you can invest in certain coins 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. 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 Affiliate Program:
This is one of the prides of Remitano. They are 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 with.
- You earn 20% from Remitano’s 1% transaction fee from your referrer for a year.
These are the services Remitano offers, now let’s look at the payment method and supported cryptos.
Which Currencies Can I Use on Remitano?
Remitano supports several currencies which are broken down in 3 major categories;
- P2P exchange and wallet Currencies: these are the currencies you can store, send and receive in remitano platform. They include; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Tether (USDT)
- Remitano Investment Currencies: these currencies you can store and invest on remitano platform. They include; EOS, Binance Coin, Cardano, Stellar, Tron, Tezos, ChainLink, Monero, Ethereum Classic, Neo etc.
How Do Remitano Users Receive Payment?
Though the system is purely P2P, peers still need to receive payment. This is done directly into peers accounts. Remitano allows users to save their account numbers on the platform to receive direct payment from each other.
All fiat currencies used to purchase the cryptocurrencies on the P2P exchange are received into local currencies bank accounts. 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.
What Are The Countries That Remitano Supports?
Remitano has more than 1.5 million customers across more than 30 countries. Currently Remitano supports 58 countries in total and they are
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
Do Remitano Charge Transaction Fees?
Yes, you incur transaction fees when using Remitano.I will try and break them down as follows;
- 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.
- Investment Fee
1% ………………when you close an investment in profit
0% ………………when you close at a loss
- Deposit and Withdrawal Fee
This varies from currency to currency. Depositing BTC with attracting a Deposit Fee of 0.0002 and a Withdrawal Fee 0.0002. For ETH, it is 0.005 for both Deposit and Withdrawal. It is also different for USDT, BCH, LTC and XRP.
Is Remitano Customer Friendly?
Remitano has an Excellent rating on TrustPilot. It is impressive because most P2P exchanges have a poor score on TrustPilot.
This shows that Remitano customer support is doing a great Job because poor scores on Trust Pilot is usually due to poor customer support.
However, 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.