Remitano is a leading Cryptocurrency Exchange that supports Bitcoin, Ethereum, BitcoinCash and USD Tether. Let’s review one of Africa’s and Asia’s fastest growing P2P Marketplace
Since the inceptions of Remitano, this P2P exchange has managed to attract over millions of traders around the world and starting to dominate the peer to peer market. This P2P Exchange offers an independent marketplace by connecting buyers and sellers interested in trading a variety of different Fiat Currencies. Users can buy or sell Bitcoin directly to users who offer the preferred payment methods such as bank transfer, bank cash deposit, or third-party services like Western Union. Remitano charges 1% fee to the taker and 0% to the maker, with the fee being included in the advertising price.
Remitano provides a service that facilities over-the-counter trading of local currency for Bitcoin, Ethereum, BitcoinCash and USD Tether. Popular in countries Asia like Vietnam, Laos and Malaysia, the company Remitano has managed to establish independent Marketplace especially in regions where regulatory environment seems to be more anti-Crypto or when there are no alternative marketplaces like existing Crypto Exchanges & Brokers.
Team and Backers
The company that runs Remitano is registered as a Seychelles-based company under the name of Babylon Solutions Limited. To many, this is a sign that the company is not properly regulated as Seychelles is a thousand miles from anywhere and famous as an offshore magnet for money launderers and tax dodgers. However, since Remitano is a peer to peer exchange and Cryptocurrencies regulation are still in the grey area in most countries, this should not be much of a concern since the company has actively expanded its service throughout the world within such a short period of time, indicates that the team behind Remitano is serious about establishing a reputable Marketplace
The company, Babylon Solutions Limited was founded on 1 April 2015 by the current CEO Dung Huynh and Phuong Nguyen, who established Remitano in Vietnam with the intention of creating a safe marketplace for digital currency traders through the integration of a reliable escrow system. The company was first to launch their product in Malaysia and grew it from there based on the successful reception of the test. With a team of 50 employees worldwide, Remitano continues to expand as a company and marketplace receiving positive feedback from the Cryptospace for such rapid growth
Userinterface & Trading Fees
As for Trading Fees, Remitano takes a different approach when compared to P2P marketplaces like Localbitcoins.com with the company claiming of charging some of the lowest commission fees. It’s completely free to sign up with Remitano and only those interesting in buying or selling Bitcoin from available listing will be charged a 1% commission fee whereas those that make a listing or request for a trade will not be charged a fee.
Like the rest of P2P marketplaces, rates found on Remitano are often above Markets rates since buying Cryptocurrencies from unknown third-party results in higher premium prices to due to the high risk associated to directly dealing with a private individual. When transferring Bitcoin in or out the Wallet, a standard network fee applies which varies over time and vary based on the current network congestion. Once a trade is confirmed, those buying have a 15 minute time period to make full payment to sellers Bank account, this results in faster-completed deals
Users are free to trade in any currency and also get to choose the preferred payment method, this means that you can find an individual that is willing to accept a preferred Bank, Credit Card or third party services. Fees may apply, as there could still be hefty charges for using third-party services when depositing or withdrawing Fiat currencies however most interbank transfers are Free but options like Paypal & WesternUnion are known to charge a high commission fee. Depending on which payment channel that is used, there may be additional charges that may be unaccounted, so the overall cost of using Remitano is inflated
Security & Policies
When comes to KYC policies, Remitano allows first time traders to buy or sell Cryptocurrencies without having to disclose any personal information. This allows anyone to simply buy Cryptocurrencies without going through a time-consuming KYC procedure however those dealing with high volumes trades may be required at some point to verify their personal identity.
Since Bitcoin’s legal status varies amongst countries, each Nation or State may have a different approach surrounding regulation. In some countries, new regulations are set up, so clients could be forced to comply with AML/KYC regulation, however at this moment Remitano only requires its customer to verify an email address. It’s best to assume that the company behind Remitano does not want to get in legal battles, so it may discontinue its services in countries that impose strict Cryptocurrency regulations or require a KYC procedure
The current system used by Remitano offers a reliable Escrow service that includes additional security features and safe layers like Email, 2Factor and Phone authentication.
Over the years, it has become easier to find a reputable buyer & seller on Remitano due to the built-in reputation ranking system that lets traders review each other’s History and leave a feedback. When using a P2P it’s recommended to avoid listings of individuals that have negative rating or new users with no track record since there is a lot of risks involved when it comes to dealing with strangers, plus Customer Support will take their time to help resolve an issue, if a dispute arises
It’s incredibly easy to travel to a foreign country and trade Cryptocurrencies using Remitano’s P2P marketplace, as there is no KYC requirement needed to begin trading and a wide variety of forms of payment are accepted
Note that Remitano will require Clients with significant trading volume to submit personal ID via a KYC procedure. It’s recommended not to engage in High volume trading on Remitano without a verified account because Customer Support can limit an account with an unexpected warning message forcing you to comply with a KYC procedure
Overall Remitano Review
Remitano has become one of CryptoHype’s favorite Peer to Peer Marketplace and we highly recommend everyone to check out this platform especially if you reside in South East Asia. It’s easy to get started when it comes to trading as the overall user interface is simple and designed for amateur traders who enjoy a step by step guidance. What’s also impressive is that Remitano lets traders switch between independent marketplaces and has support for Ethereum, BitcoinCash & USDTether Trading pairs
Over time, Remitano manages to attract buyers and sellers of Cryptocurrencies by providing a Marketplace with decent liquidity for Bitcoin & Ethereum pairs. With the inbuilt rating system, it is recommended to avoid new users or those with negative feedback, if you wish to find a reliable trade partner. The company behind Remitano is on an expansion spree with intention of growing the platform that aims to become one of the leading P2P marketplaces for Digital currencies. If Remitano maintains it’s growing traffic in the Asian region, it will likely become of the most active Exchange in the Cryptocurrency space competing with more established services like Localbitcoins.com. For now, this platform is rapidly expanding its service as the company grows and has proven to be a reliable escrow service for those looking to quickly purchase or sell Cryptocurrencies
