How To Buy And Sell Bitcoin on Remitano In Nigeria 2024 (Step-By-Step)
How To Buy And Sell Bitcoin on Remitano
Bitcoin has captured the imagination of investors and enthusiasts around the world. As the pioneering cryptocurrency, Bitcoin offers users a decentralized, secure, and private way to store and transfer value online. While the price of Bitcoin is volatile, many see it as an alternative store of value to traditional fiat currencies.
For those new to the world of Bitcoin, learning how to buy and sell it can seem daunting. Exchanges like Remitano offer an easy gateway to start trading Bitcoin while maintaining security and compliance with regulations. This guide will walk you through the basics of buying and selling Bitcoin using Remitano.
What is Remitano?
Remitano is a peer-to-peer cryptocurrency exchange that allows users to buy and sell Bitcoin using a variety of convenient payment methods. Founded in 2015, Remitano aims to provide accessible crypto trading services with low fees and strong security.
Some key features of Remitano include:
- Easy account creation with basic personal details
- Fast verification for enhanced account limits and features
- Secure crypto wallet to store Bitcoin
- Wide range of payment options like bank transfer, gift cards, cash deposit, mobile money, etc.
- Competitive trading fees starting at 0.5%
- Robust escrow system to protect trading transactions
- Active community and responsive customer support
Remitano puts a strong emphasis on security and compliance. All users must complete identity verification to use enhanced account features. Remitano also adheres to stringent KYC (know your customer) and AML (anti-money laundering) policies.
Why Use Remitano to Trade Bitcoin?
Here are some of the main advantages of using Remitano for your Bitcoin trading:
Quick and Easy Account Setup
Registering an account on Remitano takes less than 2 minutes. You only need to provide your email address and create a password. Verification of your account enables higher trading limits and instant deposits/withdrawals.
Low Trading Fees
Remitano charges a competitive fee starting from 0.5% per transaction. The more you trade, the lower your fees. There are no hidden charges.
Secure Transactions via Escrow
Remitano’s escrow system ensures secure P2P transactions. The Bitcoins are held in escrow until the seller confirms payment. Once confirmed, Bitcoins are released to the buyer. This protects both parties against fraud.
Diverse Payment Methods
From bank transfers to gift cards to cash deposits, Remitano supports a wide range of payment methods suited for local markets. This offers flexibility to buyers and sellers.
Active Community of Users
Remitano fosters an engaged community of crypto users and traders. You can connect with other users, discuss market trends, and get guidance.
Responsive Customer Support
Remitano’s customer support team is available 24/7 via email, chat, and phone support. They quickly resolve account issues and trading disputes.
Ease of Use for Beginners
The Remitano platform is intuitive and easy to navigate even for crypto beginners. With their guides and FAQs, anyone can learn how to trade.
How to Buy Bitcoin on Remitano
Ready to buy your first Bitcoin? Here is a step-by-step guide:
Step 1: Create an Account
Go to Remitano.com and click on “Sign Up”. Enter your email address and create a password for your account.
Step 2: Verify Your Account
To unlock higher trading limits and instant deposits/withdrawals, you need to complete identity verification. Click on “My Profile” and then “Get Verified”.
Upload a photo ID like national ID, driver’s license, or passport. You may also need to confirm your phone number and email address. Verification can take 1-2 days.
Step 3: Deposit Funds
To buy Bitcoin, you first need to deposit local currency funds. Click on “Balances” and choose your desired payment method.
Popular options include bank transfer, mobile money, gift cards, and cash deposit at banks. Follow the instructions to deposit funds into your Remitano wallet.
Step 4: Find a Seller
Once your deposit is confirmed, go to the “Buy BTC” page. This shows eligible sell offers from verified sellers with good reputation scores.
Check the prices and limits to find a suitable seller. Make sure to read their terms of trade carefully.
Step 5: Open Trade
When you find a suitable sell offer, enter the amount of Bitcoin you want to buy and click “Buy Now”. This will open a trade with the seller.
Funds to cover your BTC purchase will be held in escrow for security.
Step 6: Pay the Seller
Read the trade instructions from the seller carefully. Make your payment via the method specified, usually within 15-30 minutes.
Avoid delays to prevent the trade from cancelling. You can discuss any issues with the seller via the in-trade chat.
Step 7: Confirm Payment
Once you complete the payment, confirm on Remitano that you’ve paid. Uploading the payment receipt can help speed up confirmation.
The seller will release the escrowed Bitcoin into your Remitano wallet after verifying payment. Your purchase is complete!
And that’s it! By following these steps you can easily buy Bitcoin on Remitano using various payment methods. Make sure to store your purchased Bitcoin securely in your Remitano wallet or transfer to an external crypto wallet.
How to Sell Bitcoin on Remitano
Once you’ve bought Bitcoin, you may want to sell it later to take profits or cash out a portion of your investment. Selling Bitcoin on Remitano is just as easy. Here’s a quick guide:
Step 1: Transfer Bitcoin to Your Remitano Wallet
If you hold Bitcoin in an external wallet, first transfer it to your Remitano BTC wallet address. Click on “Balances” to find your BTC deposit address.
Remember to triple check the full address before transferring funds.
Step 2: Open a Sell Order
Go to the “Sell BTC” page and enter the amount of Bitcoin you want to sell along with your desired price for each BTC. Then click “Sell Now” to open a sell order.
Sell orders stay open for 30 days but can be modified or cancelled anytime.
Step 3: Wait for a Buyer
Once your sell order is listed, buyers can select it and open trades to purchase your posted Bitcoin.
You can edit the price or quantity listed to make your order more attractive to buyers.
Step 4: Accept the Trade
When a buyer initiates a trade, you’ll get a notification to confirm and accept the trade. Review the buyer’s terms and click “Accept”.
Your Bitcoin will now be held in escrow until payment is received.
Step 5: Receive Payment
The buyer has a limited time to complete the payment as per the agreed method. Common options are bank transfer, gift cards, mobile money, etc.
Avoid canceling trades prematurely. Communicate clearly with buyers via the in-trade chat.
Step 6: Release Bitcoin
Once the buyer confirms payment on Remitano, check that the funds have been received in your preferred account. Then mark payment as received to release the escrowed Bitcoin.
Double check the buyer’s details before clicking “Release BTC”. Your sale is now finished!
Selling Bitcoin enables you to encash your investment profits and also balances your crypto portfolio. Just follow these key steps to successfully sell BTC on Remitano.
Tips for Successful Bitcoin Trading on Remitano
Here are some helpful tips to maximize your trading success and experience on Remitano:
- Start small – Build your trading knowledge with smaller amounts first.
- Set price alerts – To spot good buy or sell opportunities.
- Use limit orders – To auto buy/sell when Bitcoin hits specific prices.
- Cash out regularly – Withdraw profits periodically to avoid losing funds.
- Enable 2FA – For enhanced account security against phishing.
- Review seller terms – Carefully check trade instructions and limits before buying.
- Inspect buyer profiles – Avoid new accounts with no transaction history.
- Use escrow wisely – Only release funds once payment is fully received.
- Communicate politely – Clear communication ensures smooth trades.
- Leave feedback – Help genuine traders build their reputation score.
- Report suspicious users – Notify Remitano to block potential scammers.
- Avoid P2P scams – Reject trades that try to divert from Remitano’s escrow.
- Contact support – If any issues arise during your trading experience.
Frequently Asked Questions
Is Remitano safe to use?
Yes, Remitano employs robust security measures including escrow protection, SSL encryption, cold storage of funds, and KYC verification. It has a track record of secure Bitcoin trading.
Can I buy Bitcoin anonymously on Remitano?
No, you need to complete identity verification to use Remitano. This keeps the platform compliant with anti-money laundering regulations.
How do I withdraw funds from Remitano?
You can withdraw your funds by clicking on “Balances” and selecting your preferred withdrawal method. Follow the prompts to withdraw your fiat currency or Bitcoin securely.
What are Remitano’s fees?
Remitano charges a competitive fee of 0.5% – 1.5% per transaction. Makers get a discounted fee starting at 0.1%. There are no deposit fees and minimal withdrawal fees.
Does Remitano have a mobile app?
Yes, Remitano offers iOS and Android mobile apps with full trading capabilities. You can easily buy, sell and manage your Bitcoin on the go.
How long do Remitano transactions take?
Most buy/sell transactions are completed within 5-30 minutes. But timing depends on the payment method. Bank transfers can take 1-3 days.
Can I trade other cryptocurrencies on Remitano?
Currently Remitano only supports buying and selling Bitcoin. But they plan to introduce more cryptocurrencies in the future.
Is Remitano present globally or only in certain countries?
Remitano services over 10 countries in North America, Asia, Africa and the Middle East. They aim to expand into more markets over time.
Buying and selling Bitcoin on Remitano is suitable for both beginners and experienced traders. By following this guide, you can securely enter the crypto world and start profiting from Bitcoin’s price volatility. Just remember to implement good risk management, invest wisely, and leverage Remitano’s many advantages.