Remitano P2P cryptocurrency platform – review
|Product Name||Remitano P2P Cryptocurrency Exchange|
|Fiat Currencies||GBP, AUD, EUR, USD, CAD, JPY, PHP, RUB, ZAR, MYR & 25+ more|
|Cryptocurrencies||BTC, BCH, ETH, LTC, USDT, XRP|
|Deposit Fees||Fees vary|
|Withdrawal Fees||Fees vary|
Learn more about:
Remitano is a peer-to-peer cryptocurrency trading platform available online and via mobile app. It lets you connect with other cryptocurrency buyers and sellers to make trades using an intermediary escrow system for added security.
This guide will explain how Remitano works and what to watch out for if you plan on using it.
Which fiat currencies and cryptocurrencies are supported?
- Supported fiat currencies: GBP, AUD, EUR, USD, CAD, JPY, PHP, RUB, ZAR, MYR & 25+ more
- Supported cryptocurrencies: 6 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
Where is Remitano available?
Remitano is available in more than 30 countries around the world, including Australia. However, the number of traders in each market can vary widely. In some places, there may just be a few buy/sell advertisements. In others, there may be thousands.
Fees and limits
The fees below are accurate as of March 11, 2020.
|Picking a buy/sell order||1% fee|
|Posting an order||0% fee|
|Withdrawal and deposit fees||BTC: 0.0002|
There's a 2 BTC limit for your first purchase, but after that, no set limits apply. Keep in mind that you'll also be limited by the amount of cryptocurrency each buyer and seller is offering.
Remitano may also place limits on your account and may ask to conduct a background check before offering unlimited trading.
What's it like to use Remitano?
Why use Remitano?
In some countries, Remitano has a lively and competitively-priced market. In Vietnam, for example, you can currently buy bitcoin on Remitano for only 0.5% above the mid-market rate.
It's also worth noting that you don't necessarily have to be residing in a country to access its Remitano market. Rather, the key requirement is a bank account in that country.
This means that local Remitano markets can effectively function as currency exchange bureaus for crypto and as a place to locally convert between crypto and fiat currency, or off-ramp. You can use crypto to send money internationally and dodge exchange and transfer fees, and then have a way of converting it (including USDT) back to spendable local currency anywhere in the world.
The cryptocurrency prices you'll find on Remitano depend on which country you're in and the market you're looking at. The busier and more competitive a market is, the better the prices tend to be.
At the time of writing (December 2018), the prices in the small Australian Remitano market were especially poor. Below you'll see the lowest and the highest available buy offers at the time of writing. For comparison, the actual price of bitcoin was AUD$5,286 at the time. So with the available offers, you'd be buying bitcoin at 13.5% above market value, and selling it at more than 30% below market price.
Remitano might not be the most cost-effective option in some circumstances, so it's always worth comparing some of the many other options for buying and selling cryptocurrency before making a decision.
How fast will my funds be available?
How to buy and sell on Remitano
Remitano connects crypto buyers and sellers in an open marketplace.
Is Remitano safe to use?
Remitano has been connecting cryptocurrency buyers and sellers using an escrow service since 2014 without major incident.
The escrow service is a system that holds money while both parties make a trade. Whoever's on the selling side of a transaction sends their crypto to the Remitano escrow service rather than the other person directly. Then, when they confirm that they have received payment from the other party, their crypto is released to the buyer.
This system is designed to protect people while they trade. But it's still wise to only trade with reputable and trustworthy people when possible.
There have been reports of scammers using Remitano and unhelpful responses from customer service following incidents, although the escrow system is intended to help reduce the chances of getting scammed.
There are many negative reviews to be found, but also plenty of positive reviews from people who have gotten good use out of Remitano.
It's also worth noting that Remitano is incorporated in the Seychelles, and is not regulated by any governing body. By using Remitano you are generally agreeing to do so entirely at your own risk, and accepting that trading cryptocurrency is a high-risk activity.
It's important to understand that if something goes wrong, it's possible that you might lose your money without any recourse.
Some good rules for staying safe on Remitano are to:
- Review every advertiser's user profile before trading.
- Only trade with people who have established accounts and plenty of good feedback.
- Only trade in small amounts.
- Avoid keeping funds on the Remitano platform in case your account is compromised.
Note that most crypto sellers on Remitano will require users to be verified. Where this is the case, it's indicated by a yellow "Document verification required" bar.
This verification process is similar to other exchanges and will require you to verify your identity with Remitano before you can trade with those who require documentation.
To get verified:
- Sign into Remitano
- Go to "Settings" in the header bar
- Choose "Upload documents" in the profile section
- Upload a photo of your primary identification, such as a passport or driver's license, by itself
- Upload a selfie of yourself holding your passport or driver's license, ensuring that all details are visible
- Write "Remitano verification" on a piece of paper, place your primary identification on the paper and upload a photo of that
- Upload a photo of some form of secondary identification by itself
These instructions will also be shown to you at the time of verification. Note that in some countries the instructions will be different. You should follow the instructions given to you by Remitano at the time of your verification.
How to create an account
What else do I need to know about Remitano?
Remitano can be a useful way of cheaply sending money overseas as cryptocurrency, and then cashing it out directly to an overseas bank account by selling it.
Keep in mind that your experiences with Remitano will vary widely depending on which cryptocurrency you want to trade and which country you want to trade it in.
In a nutshell
- Protect your crypto: There's no need to entrust your funds to a third party, which minimises the risk of hacking loss.
- Global marketplace: Access any Remitano marketplace from almost anywhere in the world.
- Good selection: Access some of the most popularly traded cryptocurrencies.
- Prices may vary: You can find both good and bad deals on Remitano and you'll need to know how to tell them apart.
- Empty marketplaces: Some countries have thriving marketplaces, but others are completely empty.
- Use at your own risk: When you use Remitano you're exposed to a higher scam risk than you are on some more tightly regulated platforms.