Remitano is an improved version of LocalBitcoins.
Remitano is an online decentralized P2P exchange market that allow users to safely buy or sell Bitcoins, Bitcoin Cash, Ethereum, Tether and some other cryptocurrencies among themselves.
Now, let me take you through everything about Remitano, so you get to understand how it works and also avoiding scams and cheats on the cryptocurrency trading platform.
Remitano has an escrow secured system which is also known as Remitano Wallet. This is where cryptocurrency holders can keep all their investments, while listing some of their assets for future trading with other members of the marketplace.
Now, let’s dive into learning about this P2P exchange with this remitano review. Shall we?
Remitano supported countries
Remitano is already available and facilitates trades in over 52+ countries such as; Remitano Ghana (GH), Remitano Nigeria (NG), Remitano India (IN) and many more.
Brief history of remitano
Remitano is a cryptocurrency shop established in 2014, but officially announced in 2016 out of the growing demand for bitcoin trading in the emerging country markets of Africa, South America, and even the middle east.
Since then, they’ve been operating as an intermediary between buyers and sellers of bitcoin and some other altcoins online.
Actually, remitano being an improved form of LocalBitcoin, it incorporated more ways of depositing and withdrawing funds, but there are major ones, just like the list below:
- Bank Wire Transfer
- Credit Card Transfer
- Cash in Person (for close proximity traders)
Note: Most traders prefer bank transfers, because it’s secured, fast and easier since the platform links sellers with buyers with proof of payments only.
Reliability of trading security
What most people ask is;
“What if someone decides to make an abscond move with the money or the cryptocurrency?”
Well, there are two ways to avert this fear.
Check out the list below to see the processes you have to look out for:
1. Reputation and feedback scores
Each trader has reputation ranks displayed publicly to buyers; this include their trade histories, speed per transaction, and so many other details that’s will help buyer to choose wisely.
2. Escrow account security
Remitano platform implements a service known as Escrow. When a seller wants to list crypto assets for sale, they will have to upload it to the platform for any interested buyer.
However, the buyer will have to input the desired amount of bitcoin, or any other Altcoin they want to buy – making payment to the seller’s account with the proof of payment being uploaded for confirmation before escrow security service then releases the cryptocurrency to the buyer.
3. 2-Factor Authentication (2FA)
Although 2FA is not enabled by default, most times, it’s advised that you enable it to avoid account snatching.
This works by requesting for additional code that is sent to your mobile device each time you try to log into your Remitano account.
4. Remitano email guard
To verify that it’s the actual owner of any account that logged into their account, you must always verify any login via your email address inbox by click a secured link sent to you which will log you in directly without password.
5. Support resolution team
Remitano has a support team that is always online 24/7 to ensure that the users of the platform maintains conflict crypto transactions among themselves.
6. Know Your Customer (KYC)
This is a process where sellers or buyers are all asked to upload their government identification documents to the exchange website for verification.
Transaction fee charges
In Remitano, there’s 1% transaction fee on any transaction between a seller and a buyer. This also covers the standard cryptocurrency transaction fee when you want to buy Bitcoin.
Note: It’s highly advised that you don’t leave your crypto assets in any exchange wallet, because most exchanges are prone to be attacked by hackers.
Remitano community rank
Various opinions have been writing about Remitano on social medias like Facebook, reddit and Bitcointalk. Most of these opinions are convincing while some of them are still all time negative.
Anyways, Remitano may have some kind of low efficient in customer support zone, but as people are linked up to trade with each other on the platform, standard and swift of trades totally depends on the traders involve in any trade on the platform.
Remitano features and services are availability ran in two platforms; web-based and mobile platform.
This is the website itself where traders execute their transactions.
This a mobile phone app (basically in apple store and google store) that features all the services just as the web-based platform.
Traders can still conduct their transactions on-the-go with Remitano mobile app.
How to securely buy/sell coins on Remitano
Remitano is great for cryptocurrency trading, but sometimes, scammers will always try to take some advantages, while trading with other users of the platform.
Let me take you through a short guide on Do’s and Don’ts in choosing traders to securely buy or sell crypto coins on this great platform.
Sellers and buyers are filtered to you by IP dresses that seem to be closer to the region you logged in.
Thus, you can actually choose any country of your choice, but I will advise that you should always buy or sell your crypto assets to people in the same region as you.
This will help you not to loose your bitcoin investment while trading on the platform. If you’re a buyer, please do choose your sellers based on these criteria:
- Seller must have more than 2BTC worth trade with a minimum of 30 traders
- They must have at-least, 98% feedback score from a minimum of 10 other buyers
- The seller’s account must be an active member account for 2 months minimum
- The seller must have verified ID, residence, phone number Facebook etc
- Has at-least 10 partners (most times not necessary)
- The minimum delivery time must be a comfortable one
- In-case of making payments after transaction timeouts, try to contact the support team immediately.
Communicating with sellers
As you get access into your Remitano account, you are presented with buy/sell button with which you have the option to buy or sell to any merchant of your choice based on the criteria listed above.
Make sure to communicate with the seller, because there has been a scenario, where a buyer requested for some bitcoin, but along the line, there was a network glitch, which made a buyer to pay for bitcoins, which was never received from the merchant account.
This is one of the reason why it is strongly advised that you only trade with a verified merchant (seller) who have passed all due verification to conduct trade on Remitano.
Do not practice on Remitano
- Do not disclose more information than you should to a seller, especially when a trade is ongoing
- Don’t ever accept trading outside the Remitano platform because this will definitely lead you into being scammed
- Only use payment details you see on the Remitano payment window during transactions to avoid paying into a wrong account
- Be very careful with the trading timeouts, so you will not make payments to seller after the time has already elapsed
- Don’t mark payments ‘MADE’ when you haven’t done so already. This in particular can lead to denial of trade or even lose of the crypto asset.
Final note on Remitano exchange
If you follow all steps and strategies listed on this post, you’re ensured at-least being 98% immune to scams and cheats. This is the only way you can secure your cryptocurrency investments.
On the other hand, if you have any issue on the platform, feel free to check all the frequently asked questions on Remitano Help Center, or you can engage in a live chat with one of the customer care agents.
Don’t forget to always secure your cryptocurrency assets with the best crypto wallets. If you can afford to get a hardware wallet, here are the best bitcoin hardware wallets to buy.