REMITANO Review 2019
Remitano is an online cryptocurrency exchange brand which was set up primarily to serve the emerging market economies of the world. Remitano is owned and operated by Babylon Solutions Ltd, a Seychelles-based company.
Remitano set up shop in 2014 and was born out of the growing demand for Bitcoin trading in the emerging markets of Africa, South America, and the Middle East. Remitano offers the trading of Bitcoin, Ethereum, Tether and Bitcoin Cash.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Customer Support
- Pros and Cons
Remitano provides a platform where holders of these cryptocurrencies can trade with each other. Remitano holds buyers’ funds in escrow, then allows sellers to list their crypto assets for sale. When a seller completes the transfer of the altcoin or Bitcoin to the buyer’s wallet, Remitano places this in an escrow wallet, thus locking them. The buyer then transfers the agreed exchange amount in fiat currency to the seller’s account, and takes a transaction fee for the service provided, then remits the locked coins to the buyer.
Just like many other exchanges around the world, Remitano is not a regulated exchange and does not operate in a regulated environment. Seychelles traditionally has a very liberal view on financial market regulation so it is very likely that even if regulations are instituted, enforcement will be minimal.
So far, apart from a few minor cases of attempted scams by sellers (which were detected and dealt with by the Remitano team), Remitano has proven to be a reliable exchange. Peer-to-peer direct transactions between two parties are one of the topmost methods of cryptocurrency trading, and by providing a safe environment for buyers and sellers to transact, Remitano has brought some reliability and transparency to the exchange ecosystem.
Remitano has in place some security features to improve the reliability of its platform.
- A 2-factor authentication process for initiating transactions.
- The escrow system.
- The seller reputation metrics system which provides a lot of information that a buyer can use in assessing the authenticity of a seller.
- Feedback scoring system.
- A full KYC process where sellers are identified by their government ID documents.
- Login protection using an email verification system.
- Trade timeouts after a period of inactivity, which requires the parties to begin the process again and identify themselves.
Remitano features two platforms on which its service is run.
There is a web-based platform which enables buyers and sellers to connect with each other. The web-based platform features the trading interface which lists sellers as well as their reputation metrics.
Remitano Mobile Trading
There is also the mobile app which is featured on the App Store and Google Play store. It provides the same features as the web-based portal and is suitable for those who like to conduct transactions on the go.
Remitano offers users the opportunity to buy or sell the following cryptocurrency assets in exchange for fiat currency:
- Bitcoin (BTC)
- Ether (ETH)
- Tether (USDT)
- Bitcoin Cash (BCH)
The trades are strictly on a buy or sell basis. The sellers list the prices at which they will sell their crypto assets. Buyers have the liberty of scrolling through the list of sellers and the prices at which they will sell their crypto assets and make their trade decisions accordingly.
Three account types exist on Remitano. These are:
Commissions and Spreads
The fee structure on Remitano is very simple. The company takes a 1% transaction charge on all transactions done between buyers and sellers, as payment for its escrow service. This fee also covers the Bitcoin transaction cost paid to miners. The fee is taken upfront when the listing is done.
Here are the customer support channels on Remitano.
- Email: firstname.lastname@example.org
- Live Chat
- Twitter: twitter.com/remitano
- Facebook: www.facebook.com/remitano.escrow
- Online support ticket
Pros and Cons
- Taps into the local system of cryptocurrency exchange.
- The system of verification of users to weed out fraudsters.
- Suitable for local connection of Bitcoin and other altcoin users.
- 2-factor authentication to protect cryptocurrency holdings of sellers and buyers.
- Some fraudsters still manage to get into the system.
Is Remitano regulated?
No. Remitano is not a regulated cryptocurrency exchange.
Where is Remitano based?
Remitano is based in Seychelles, an island country in the Indian ocean.
How does Remitano make money?
Remitano makes its money through the 1% transaction fee it charges users.
How do I deposit in Remitano account?
Remitano accepts deposits using various fiat currency options such as bank wires and credit cards. Bank wires are the commonest method used.
How do I withdraw money from Remitano?
Withdrawal of funds from Remitano is done using bank wires.
Is Remitano reliable?
Yes, Remitano has proven to be a reliable exchange.
Is Remitano a scam?
No. Remitano is not a scam.
How safe is Remitano?
Remitano is very safe as it uses the very latest encryption technology and other security features which make the site hacker-proof. It also offers a wallet for storage for all cryptocurrency assets held by traders in its platform. However, buyers are advised to move their coins to their personal wallets to protect them.
The beauty of Remitano’s service is that it is homegrown. It does not force users to adopt unfamiliar methods of obtaining or selling cryptocurrencies using websites and charts that are hard for new users to understand. The escrow system and other security features placed on the site are able to weed out most cases of attempted fraud.
The service may not be for the advanced world, but those in developing and emerging economies have been able to use Remitano to solve their trade transparency issues.
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- South Africa