Remitano is a prominent global peer-to-peer (P2P) cryptocurrency exchange platform. Founded by an international team with deep expertise in banking, finance, and software development, it has grown to become a trusted name for users looking to buy and sell digital assets directly with one another. This guide provides a detailed overview of Remitano, its ecosystem, key features, and how to use it effectively.
What is Remitano?
Remitano is a decentralized online P2P exchange that enables users to safely buy and sell Bitcoin, Ethereum, Tether, and several other cryptocurrencies. Established in 2014 and officially launched in 2016, it caters especially to users in emerging markets, offering a secure and user-friendly platform for crypto transactions.
The platform acts as an intermediary, providing escrow services to ensure that both buyers and sellers can trade with confidence. Its growth has been fueled by increasing demand for accessible crypto trading in regions across Africa, South America, and the Middle East.
The Remitano Ecosystem
Remitano offers a suite of services designed to meet various user needs, from simple trading to more advanced financial activities.
P2P Exchange
This is the core of Remitano's offering. It is a marketplace where users can buy and sell supported cryptocurrencies using their local fiat currency (such as VND) directly with other users. The platform's escrow system securely holds the crypto assets until the transaction is completed, ensuring safety for both parties.
Supported cryptocurrencies on the P2P market include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
Remitano Invest
Introduced in 2019, this feature allows users to invest in certain cryptocurrencies and profit from their price movements. Investments are made in USDT. It's important to note that you are not purchasing the underlying coin but are speculating on its price change. Your profit or loss is calculated based on this price movement over a set period.
Remitano Swap
This feature, available within the wallet section, allows for the instant swapping of one cryptocurrency for another. For example, you can quickly swap Bitcoin for USDT to hedge against market volatility. It provides a convenient way to adjust your portfolio without going through a full trade cycle.
Evaluating the Remitano Platform
Advantages
- Free Registration: Creating an account is completely free. New users can sign up using an existing email address or via their Facebook account.
- Simple and User-Friendly Interface: The platform is designed for ease of use, making it ideal for beginners. Explanations and terms of use are clear and straightforward.
- Two-Factor Authentication (2FA): 2FA is required for login, adding a strong layer of security to user accounts.
- Transparent Seller Profiles: Buyers can review a seller's trading history and feedback before engaging in a transaction, fostering a trustworthy environment.
- Reliable Escrow Service: Cryptocurrencies are locked in Remitano's escrow during a trade, ensuring that funds are only released when all conditions are met.
- Local Currency Support (VND): This is particularly convenient for traders who prefer to operate in their domestic currency.
- Local Bank Transfer Support: Enables faster transactions and often avoids additional fees when trading with someone who uses the same bank.
- Short Transaction Times: The efficient process allows for quick trades, enabling users to capitalize on market opportunities.
- Responsive Customer Support: Remitano's team is known for providing quick and helpful customer service.
- Reasonable Fee Structure: The platform charges a 1% fee to buyers. Sellers are not charged any transaction fees.
Disadvantages
- Slightly Higher Bitcoin Prices: The price of Bitcoin on Remitano can be marginally higher compared to some other exchanges. This is often seen as the cost of the platform's security and convenience.
- Limited Cryptocurrency Selection: The platform supports a curated list of six major cryptocurrencies, which may not satisfy traders looking for a wider variety of altcoins.
- Slower Price Updates: Market price updates can be slightly delayed compared to more traditional order-book exchanges, which might not suit high-frequency traders.
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Fee Structure on Remitano
Remitano's fee model is transparent and varies depending on the service used.
Trading Fees
- The displayed price in an advertisement already includes the trading fee; there are no hidden charges.
- The trading fee is 1% of the advertised price.
Example:
- For a Seller: If you list 1 BTC for $50,000, the price shown to buyers will be $50,500 (including the 1% fee). You receive the full $50,000.
- For a Buyer: If you buy 1 BTC listed for $50,500, you pay that amount. The seller receives $50,000, and the 1% fee is deducted from the transaction.
Swap Fee: A fee of 0.25% is applied to the estimated value when you open a swap order.
Invest Fee: A 1% fee is charged on the profit you make from an Invest trade. This fee is only applied if your investment is profitable.
Deposit/Withdrawal Fees:
Deposit Fees: Deposits for all supported cryptocurrencies are free (0% fee).
Withdrawal Fees: Fees are incurred when moving crypto off the Remitano platform. Fees vary by asset:
- Bitcoin (BTC): 0.0005 BTC
- Ethereum (ETH): 0.008 ETH
- Tether USDT (ERC-20/OMNI): 20 USDT
- Tether USDT (TRC-20): 1 USDT
- Bitcoin Cash (BCH): 0.001 BCH
- Litecoin (LTC): 0.001 LTC
- Ripple (XRP): 0.00002 XRP
How to Register and Secure Your Remitano Account
You can register for a Remitano account via their website or by downloading their mobile app from the iOS App Store or Google Play Store. The process is simple and quick.
Remitano emphasizes security. Before your first trade, you must complete a verification process which includes:
- Phone number verification
- Email verification
- Setting up Two-Factor Authentication (2FA) using an Authenticator app
- Identity verification (KYC) by submitting a government-issued ID
This multi-step process is designed to protect your account from unauthorized access and ensure a secure trading environment for all users.
A Guide to Trading on Remitano
How to Deposit VND (Vietnamese Dong)
A key feature of Remitano is the ability to deposit local fiat currency via bank transfer.
- Log in to your Remitano account.
- Navigate to your "Wallet" from the dashboard.
- Click "Deposit" and select VND.
- A transaction window will appear. Select your bank from the supported list (which includes major banks like Vietcombank, BIDV, ACB, etc.) and enter the amount you wish to deposit.
- You will be provided with Remitano's bank account details. Log in to your online banking portal and complete the transfer to this account.
- After the transfer is complete, return to Remitano, click "I have sent the money," and upload a screenshot of the transaction receipt as proof.
- The VND should be credited to your wallet within 5-10 minutes. Processing is fastest between 7 AM and 9 PM daily.
How to Withdraw VND
- From your dashboard, go to "Wallet."
- Click "Withdraw" next to the VND balance.
- Select your bank from the list.
- Enter the amount you wish to withdraw and click "Confirm."
- Verify the withdrawal details (amount, bank name, account name, and number) and click "Withdraw."
- You will be prompted to enter a security code sent to your phone/email or generated by your Authenticator app. Enter the code to complete the withdrawal.
How to Buy and Sell BTC/ETH
You can trade on Remitano by either taking an existing offer from the order book or creating your own buy/sell advertisement. The platform displays user ratings; trading with users who have a high positive feedback score is generally safer and more reliable.
When you initiate a trade, the cryptocurrency is automatically placed in escrow. As a buyer, you send the fiat payment to the seller as instructed. Once the seller confirms receipt, the crypto is released from escrow to your wallet.
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Frequently Asked Questions
Is Remitano a safe and legitimate platform?
Yes, Remitano is a legitimate and secure P2P cryptocurrency exchange. It has a strong track record with no major history of scams or security breaches compromising user funds. Its escrow system, mandatory KYC, and 2FA provide robust layers of protection for all users.
What currencies does Remitano support for trading?
Remitano primarily supports trading with various local fiat currencies, including Vietnamese Dong (VND), depending on your region. The supported cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).
How long do transactions typically take on Remitano?
Deposit and withdrawal times for fiat currency depend on your bank but are often completed within minutes during business hours. Crypto-to-crypto trades and swaps are typically instant. P2P trade completion time relies on the counterparty confirming the fiat payment, which usually happens quickly.
Are there any hidden fees I should know about?
Remitano is transparent with its fees. The main cost for buyers is the 1% trading fee, which is included in the advertised price. Sellers trade fee-free. Always review the specific withdrawal fees for the cryptocurrency you are moving off the platform.
What happens if a trade dispute occurs?
If there is an issue with a trade, such as a payment dispute, you can use the platform's chat function to communicate with the other party. If you cannot resolve it, you can escalate the issue to Remitano's customer support team, who will act as a mediator to resolve the dispute based on the provided evidence.
Can I use Remitano if I am not from Vietnam?
Yes, while particularly popular in Vietnam, Remitano operates in multiple countries across Africa and Asia. The available fiat currencies and payment methods will depend on your registered country and location.