Remitano Network is primarily a P2P crypto exchange platform that allows users to buy and sell digital tokens. The platform also offers margin trading, coin swap services, and its own RENEC tokens. This article will review Remitano’s services, fees, how to trade on the platform, and what you should look out for as a trader.
What is Remitano?
Remitano is a global peer-to-peer exchange platform established in 2014 with Babylon Solutions Limited as the owner and founder. Its headquarters (head office) is based in St Vincent and the Grenadines. The online services of this platform are supported in a multitude of different countries, including (but not limited to) the UK, USA, Germany, Japan, Nigeria, South Africa, and India. Although there is availability in different countries, the number of buy/sell orders available on the official website can vary greatly. Whilst some countries have thousands of offers, others might only have a couple or none.
Unlike some other similarly sized crypto exchange platforms, Remitano follows more stringent KYC checks, requiring users to go through a verification process before being able to trade in some cases. It is not uncommon to find trade orders on the platform that require ID verification to be done for your account.
Unlike some other exchanges, Remitano does not support crypto options or futures trading.
Regional Bans
Access to the Remitano platform has been banned in Malaysia, though the block can be circumvented with the use of a VPN. A guide on how to log in and use the platform from the country has been published on the broker’s YouTube channel and wiki.
Supported Currency
Remitano users can trade six of the largest cryptocurrencies on the platform: Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). There is also a wide range of altcoins supported: Binance Coin (BNB), Cardano (ADA), Chainlink (LINK), EOS (EOS), Ethereum Classic (ETC), Neo (NEO), Stellar Lumens (XML), Monero (XMR), NEO (NEO), Stellar’s Lumen (XML), Tezos (XTZ) and Tron’s TRX (TRX). The platform does not support Dogecoin.
Remitano’s Cryptocurrency
Remitano also gives users the chance to mine their own token called RENEC. Currently, mining RENEC is only possible through the broker’s mobile apps and it is not possible to trade the token yet. As the ReENEC is not yet publicly tradable, it does not have a price.
To make mining on Remitano more interesting, the firm performs free airdrops and contests, where stable coins (USDT) are offered to those users who are the top miners of the week, month, or quarter.
Account Management
On Remitano, the process to open an account is straightforward. You can sign up using different SSO methods, such as Google or Facebook, or your email address. The signup system is password-less, instead, you are sent an email confirmation when you log on and you must follow a link to verify the login attempt. This registration process has been conducted in such a way as to enable you to not need to worry about any password breaches on the site. The login process is the same no matter your country, whether that is Nigeria, Vietnam, India, Kenya, Canada, or another.
Level System
The Remitano platform categorizes user accounts into different verification levels, related to the standard of KYC checks that have been undergone. These levels range from one to four and have an impact on your account’s limits on buying, depositing, and withdrawing.
Basic (level 1) is required for you to have a verified phone number attributed to your profile, which allows for only a $50 daily purchasing limit. Higher levels require a check of your official identification documents.
On Remitano, to obtain level four account verification, you must be peer certified by an existing level four user. This highest level of certification allows for you to trade in all markets, and allow for high volumes of currency to be withdrawn from your account.
Crypto & Fiat Wallet
You can easily deposit funds into your Remitano crypto wallet through your profile. Once you log in, you are given different options for depositing your funds, such as a Bitcoin wallet address and related QR Code. Remitano wallets support withdrawals and deposits in the following currencies: Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple XRP (XRP). Each coin has a separate wallet shown on your profile.
You are also able to store some forms of fiat currency on a Remitano account. These include the Indian rupee (INR), Indonesian rupiah (IDR), Malaysian ringgit (MYR), Nigerian naira (NGN), Venezuelan bolivar (VES), and Vietnamese dong (VND). To deposit or withdraw fiat currency, your account must be at least level 2.
You cannot withdraw or deposit fiat currency in some regions, such as the UK.
How To Buy On Remitano
Remitano follows a similar process for buying cryptocurrencies to other exchange platforms. You can browse the currently available buy offers, filtering by country and by the amount you wish to spend. You can specify the volume you wish to trade in either BTC/ETH/etc or your local fiat currency. You also have the option of either sending the funds to your Remitano Wallet or a different third-party address.
After starting a contract and sending payment to the seller, you must mark the contract as paid using the “Mark as Paid” button. After doing so, the seller should release the escrow and the coins will be credited to the wallet you specified.
On Remitano, the price of offers is dependent on the offer’s creator. Bitcoin (BTC), Ethereum (ETH), and other currency prices will vary day-to-day if dynamic pricing is used. The value of Bitcoin today is likely to be different from what it will be tomorrow.
Purchasing Crypto With Credit Cards
Remitano has partnered with Simplex, another company that handles purchasing cryptocurrency with fiat currency via bank transfers and credit cards. This process may take slightly longer than other trades on the site, though it does provide a convenient option to those who want to use an easy payment method.
Things To Keep In Mind
- Make sure you know how long the payment window is for your trade. It indicates how long you have to send funds to the seller.
How To Sell On Remitano
On Remitano, the selling process is much the same as the buying process. You can input the amount you wish to sell either in token quantity or fiat currency quantity and browse the currently available offers on the platform.
Before starting a contract, you must ensure that the amount of crypto that you wish to sell is in your wallet. Once you enter a contract, the funds are locked in your account and are not released until you release the escrow after a successful trade or you get refunded due to the trade falling through (a dispute or otherwise).
Things to Keep In Mind
- Ensure that the payment details that you provide are accurate.
- Be aware of high-risk Remitano payment methods, such as PayPal, that can be easily charged back.
- Do not release the escrow (i.e. press the “I Have Received Payment” button) until you are sure that the buyer has paid you.
Investing
Remitano users can carry out margin trading or general investment in cryptocurrencies using USDT. The maximum leverage rate is 1:2, though you can also invest without leverage.
To invest, head over to the “Invest” page and select the currency you wish to purchase in. Enter the amount of said currency you want, which will then automatically show you how much USDT is required to carry out the trade. Remitano also shows the history and price charts for the different currencies.
If margin trading, you will be charged an hourly interest rate.
Swap
Remitano offers its users the ability to trade their deposited cryptocurrencies for supported altcoins, e.g. swapping to Binance Coin. The process of swapping is simple and can be done from your account profile. The swap is not necessarily instant, and you might receive a slightly different amount than advertised due to market volatility. Before performing a swap, e.g. BTC to ETH, you will be shown the current market rate/price of the coin.
Mobile App
Remitano developers have created both iOS and Android mobile apps, which can be downloaded from the Google Play Store and the Apple App Store. Additionally, you can download the APK from the broker’s website, if you do not want to download the app from the Play Store.
API
If you are familiar with any programming languages and wish to create your own software that interacts with data from Remitano, you can use its public API. Furthermore, some of the programs created by the broker can be seen on its public GitHub account, which users may find of interest.
Fees
Trading
Remitano conveniently includes the P2P trading fee within the offer price so as not to have any hidden fees appear during your trade. Per transaction, the fee is 1% of the price of the advert.
Swap
Remitano’s swap service incurs a 0.25% exchange fee, which is deducted from the estimated value of your order.
Invest
When investing through Remitano, you are only charged if you make a profit, which is done at a rate of 1% of the total USDT you receive. It should be noted that the amount of capital you receive after the fee has been subtracted will not be lower than your initial investment. Margin investment incurs an hourly USDT interest rate of 0.0010274%.
Withdrawal & Deposit
Conveniently, Remitano users do not have to pay any deposit fees or charges. The platform does impose minimum deposit amounts, however, which you should be mindful of. These limits are:
- 1 XRP
- 20 USDT
- 0.01 ETH
- 0.0001 LTC
- 0.0001 BTC
- 0.0001 BCH
Remitano does charge a withdrawal fee, however, as well as having minimum withdrawal amounts. The withdrawal fees vary by currency, and include:
- 0.0005 BTC (0.000001 BTC min withdrawal)
- 0.008 ETH (0.0001 ETH min withdrawal)
- 0.001 BCH (0.0001 BCH min withdrawal)
It should be noted that the withdrawal fee may be changed based on the network fee incurred on the blockchain. Each account’s deposit and withdrawal limit is determined by the account verification level.
Security
Remitano follows stringent security measures to ensure that you as a user are safe from any hack or exploit.
The escrow service used by the platform ensures that sellers cannot scam buyers, as the funds are locked up and cannot be released without a successful trade or a dispute, which is handled by a member of the Remitano team.
Accounts on Remitano can enable two-factor authentication (2FA) should they wish to do so, which is highly recommended to new users. You can use Google Authenticator or other apps like Authy.
Additionally, Remitano is transparent in the status of its systems, allowing you to easily check if any system on the platform is down for maintenance or if there are any other issues.
Customer Service & Support
Remitano offers 24/7 customer support via Intercom or Messenger, which you can easily access through the site. Additionally, the exchange offers forum functionality on its platform, allowing you to discuss crypto-related topics with other like-minded traders. The team also regularly updates the news portion of its forum. Any recent updates will be shown as a banner at the top of the site.
If you want to get in more direct contact with the Remitano team, an Australian customer care number is provided, though users should be aware of any international call charges that may be incurred. You can also get in contact with the platform via Facebook, Twitter, LinkedIn, Instagram, YouTube, and its Telegram group. You can also contact the customer service team via email, doing so does not expose your account to marketing spam from them.
- Phone Number: +6 138 658 8805
- Email: [email protected]
Remitano Vs Luno & Binance
It is common for users to compare Remitano to other platforms, questioning whether they should use Remitano or Luno/Binance. The main difference you have to consider when comparing this exchange to Luno is that the latter is a trading platform whilst Remitano is a peer-to-peer exchange. Considering Binance, you will find that it supports more cryptos than Reminato, where around 250 different tokens can be traded. However, users in the US will find Binance more difficult to use due to regional restrictions, whilst Remitano remains available throughout the country.
Remitano Verdict
Remitano is an attractive crypto platform option for those looking to trade a range of tokens with other individuals, locally and internationally. The platform allows for the avoidance of costs associated with transferring currency internationally and limits centralization fees. The exchange supports a wide range of features and services, including leveraged trading, setting it apart from most of its competitors.
FAQs
Is Remitano Legit?
Yes. Remitano is a legitimate platform that has been active for several years and maintains positive customer reviews.
Is Remitano Safe To Use?
Remitano ensures the safety of trades between users using escrow to ensure payment has been received before any crypto is released.
Can I Use Remitano In Malaysia?
Yes. Remitano can still be used in Malaysia and the platform offers support to users in using the platform from the country.
Can I Use The Remitano Fiat Wallet Outside Of The Supported Countries?
No, you must be in one of the supported countries to use the fiat wallet. The types of currency are restricted to users local to those regions.
Can I Buy Bitcoin With Credit Cards On Remitano?
Yes. Remitano is partnered with Simplex to give users the ability to purchase crypto easily using credit card payments.
Can I Deposit Altcoins To My Remitano Wallet?
No, though you can swap them on Remitano for other cryptocurrencies.
Accepted Countries
Remitano accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Alternatives to Remitano
If you are looking for alternatives to Remitano we have compiled a list of the top 5 brokers that are similar to Remitano below. This list of brokers like Remitano is in order of similarity and only includes companies that accept traders from your location.
- CoinBase – Coinbase is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.
- StormGain – StormGain provides an online crypto trading platform & cloud mining tool.
- Bybit – Bybit is a digital exchange offering trading on hundreds of cryptos across desktop and mobile applications with low fees.
- BinaryCent – Deposit and trade with a Bitcoin funded account! Binarycent accept deposits in, and trade, 15+ Cryptocurrency types.
- OKX – OKX is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
