REMITANO REVIEW 2017 – IS IT LEGIT?
Remitano is a bitcoin and ethereum exchange platform that started in April 2016. It is a product of Babylon Solution Limited incorporated in Seychelles. Remitano provides Escrowed peer to peer (P2P) marketplace where buyers and sellers can buy Bitcoin safely. It is more like an improved form of LocalBitcoin in that bitcoin can be bought at a lower price and with the presence of a 24/7 friendly customer care support. Today I will Highlight the different aspect of Remitano and how you can safely trade Bitcoin on the site.
Countries Supported in Remitano
Remitano currently supports traders from 41 countries and they are working on including more. The countries include:
Australia, Bangladesh, Belarus, Cambodia, Canada, Cote d’ivoire, China, Colombia, Denmark, Spain, United Kingdom, Ghana, Indonesia, Israel, India, Italy, Japan, Kenya, Mexico, Malaysia, Namibia, Nigeria, Netherlands, Norway, New Zealand, Oman, Philippines, Pakistan, Poland, Qatar, Russia, Singapore, Sweden, Taiwan, Tanzania, Thailand, Uganda, United States, Vietnam, South Africa, Zimbabwe.
Payment Method accepted on Remitano
There are Various Payment methods accepted in Remitano. The List of the major ones are:
- Bank/Wire Transfer
- Cash is Person (if you are in close proximity with the seller)
Since Remitano Links buyers and sellers from the same country or region, most sellers will prefer bank transfer. Because it’s fast, easy and convenient. It also provides proof of payment. The question you might be asking now is “what if the sellers run away with my money?”. That is taken care of with the escrow service. Keep reading, I will explain the escrow service under ‘Trading Security’
What are Transaction Fees charges on Remitano?
There is a 1% transaction fee charged on Remitano. This Transaction fee is already included in the listing so you do not need to pay a separate 1% additional fee when you buy bitcoin. Also, you are not charged the standard Bitcoin Transaction fee, it is taken from the initial 1% fee.
When you buy Bitcoin on Remitano, it is highly recommended that you don’t leave your Bitcoin in the wallet provided by Remitano, instead move it to your own secure Bitcoin wallet.
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There are several measures employed to ensure a secure trading. These measures include:
- Reputation System – The reputation rank of each trader is made public; this includes their trade history, how fast they complete their transaction etc.
- Escrow – When a buyer requests a trade, the seller’s Bitcoin is held on Remitano Escrow Service. When the buyer pays the seller and the sellers confirm reception, the bitcoin will be released to the buyer. This ensures that the seller does not run away with the buyer’s money. In the case of a dispute, the buyer will need to present a proof of payment to Remitano Support to enable them to verify and release the bitcoin. Watch the 2-minute video below for a better illustration of the Escrow System.
- 2 Factor Authentication (2FA) – The 2FA is not enabled by default, you will need to enable it to make it active. It simply means that whenever you log into your account, you will need to enter an additional PIN code sent to your mobile phone before you could fully access your account.
- Login Guard – Each time you want to log into Remitano, a link will be sent to your email to enable you to access your account. This email verification ensures that it is always you logging in.
- Support and Conflict Resolution – Remitano has a support team that is online 24/7 to answer your questions and resolves conflicts between buyers and sellers in case that happens.
Community Opinion about Remitano
There are various opinions on Remitano from the bitcoin community on Facebook, Reddit, and Bitcointalk. Most of the opinion from these sites are positive. Some of the opinions are on efficiency or service and commendation of the speed of response of the customer support.
Note however that Remitano connects Bitcoin traders and tries to make trading as secure as possible but it is people that are involved in the trade. therefore, the trade is as trustful as the people involved in the trade. In view of this, I will show you how to trade more securely on Remitano.
How to Trade on Remitano without getting Scammed
Remitano is a great platform to trade bitcoin, but sometimes a trader might be a scammer who just wants to take advantage of other traders on the platform. Although this platform tries as much as possible to provide a secure trading enviroment for both parties, it is pertinent you take extra precaution. Here is a short guide to help you trade safely.
How to Choose a Seller
Sellers and buyers are filtered based on the IP you are browsing from; You are only shown buyers and sellers from the country whose IP you are browsing from. However, you can choose a country from the ‘country’ drop-down tab at the top menu. Five sellers are shown per page starting from the seller with the lowest price. “DO NOT BUY FROM A SELLER BASE ON PRICE”. It is better to pay more in other to conduct a transaction with a more reputable seller. The first thing is to go through the seller’s transaction history to see how well he did in the past.
Choose your Seller based on the following qualification (you will have to click on seller’s name to see qualification):
- He has completed over 2BTC worth of Trade with a minimum of 30 trades.
- His feedback score should be at least 98% from a minimum of 10 persons.
- His account should have been active for over 2 months.
- He has a verified identity, residence, phone number, Facebook.
- Has at least 10 partners.
- He has a maximum delivery time you are comfortable with.
Communicate with Seller
When you log into your remitano work space, you simply hit the buy/sell bitcoin button. Here you have the option of selling or buying after that you chose the merchant with the highest offer according to a bank of your choice.
pleaase note that before you trade, either buying or selling make sure you are only opened to verified buyers or verified sellers. verified buyers or sellers are people whose details have being verified by remitano. Their identity has been reviewed and accepted. When trading with verified merchants you stand a better chance of not being scamed or cheated.
I once had an experience where i attempted to make a transaction but i was having network issues from my bank, two hours after my attempt to buy bitcoin i started getting debit alerts from the bank for a trnsaction i only attempted and cancelled(on remitano platform). The seller on remitano didn’t send me bitcoin because i already cancelled trade but my bank has sent the money to the seller. i complained to the bank but they couldn’t reverse the transaction. I had to contact support team on remitano. Thanks to the wonderful support team on remitano, they immediately blacklisted the bitcoin seller and instructed him to refund my money which he later did.
If i was trading with an unverified merchants, i dont think it would have been possible for me to get a refund of my lost money because unverified merchants has little or no details with remitano.
- Do not disclose more information about yourself to the seller when trade is ongoing.
- Do not Trade outside Remitano with Seller even though he offers you a lower price since you will not be protected by Remitano Escrow service.
- Only use the Remitano interface to send your payment information and make sure that the names on the account details are in correspondence.
- Be consious of trade time to avoid transfering money to seller after time out.
Mark payment as ‘made’ only when you have made payment or you might be denied the trade.
Once you have made payment, wait for your Bitcoin to be released by the Escrow system. If you have any issue, try to sort it out with the seller first before contacting the customer support. Also remember to upload your proof of payment once seller complains about not receiving payment. Then contact support if more issues arises.
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The above step ensures your safety when using Remitano. If you follow these steps, you are 99.99% immune to fraud on this platform. For additional question refer to Remitano Help Center or engage a live chat with their customer support. All the Best.
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UPDATE: REMITANO VS LUNO – Which is Better?