Remitano Review 2024: Best P2P Crypto Exchange?
Remitano is a peer-to-peer (P2P) cryptocurrency exchange platform that allows users to buy, sell and trade cryptocurrencies directly with each other without an intermediary.
Founded in 2015, Remitano aims to provide a safe, fast and easy way to trade crypto, especially for emerging markets.
In this detailed Remitano review, we will cover everything you need to know about this P2P exchange, including its features, fees, security, supported coins and more.
What Remitano Does
Remitano operates as a decentralized escrow service for crypto trading. It connects buyers and sellers globally so they can trade crypto assets in a secure P2P manner.
Some key things you can do on Remitano:
- Buy & sell major cryptocurrencies like BTC, ETH, USDT via various payment methods.
- Trade crypto with 0% fees if you are a market maker.
- Earn passive income by lending your crypto and earning interest.
- Use the mobile app to trade crypto on the go.
- Earn RENEC tokens by mining on Remitano’s web/mobile browser.
Overall, Remitano aims to provide easy P2P crypto access, especially for emerging markets.
Features and Functionalities
Remitano comes packed with various features that enhance the P2P trading experience:
- Simple user interface – Easy to navigate dashboards for buying, selling, lending, staking crypto.
- P2P trading – Connect directly with crypto buyers/sellers globally without a middleman.
- Mobile apps – Android and iOS apps to trade crypto on the go.
- Instant chat – Communicate directly with your trading partners.
- Secure escrow – Remitano secures funds during trades until both parties confirm the transaction.
- Transaction history – Detailed record of all your trades, transfers, fees etc.
- KYC verification – Complete identity verification for higher trading limits and features.
- Wallet support – Allows integration of external wallets like MetaMask, TrustWallet etc.
- Referral program – Earn commission for referring new users.
- Customer support – Submit tickets or communicate via live chat for any issue.
- RENEC mining – Mine RENEC tokens by using Remitano’s browser.
How To Use Remitano
Here is a simple step-by-step guide to start using Remitano:
- Sign Up – Create a free account with your email ID and password.
- Account Verification – Complete your phone and identity verification for higher limits.
- Deposit Crypto – Fund your account by transferring crypto from external wallets.
- Browse Offers – Check buy & sell listings from traders as per your preferences.
- Trade Crypto – Open trade negotations with your preferred trader and agree on terms.
- Send/Receive Crypto – Remitano escrows the crypto until the payment is complete.
- Withdraw Funds – Withdraw to your external wallet once the trade successfully completes.
- Give Feedback – Leave honest ratings and feedback about your trading experience.
Once you get familiar with the platform, trading crypto P2P becomes very straightforward.
Remitano Pricing and Fees
Remitano does not charge any trading fee from market makers. Only the takers pay a competitive fee:
- Taker fee – 0.5% per trade
- Withdrawal fees – Dependent on crypto, usually minimal
- Deposit fees – Free for all cryptocurrencies
- Conversion fees – 1% on crypto-to-crypto trades
There are no hidden fees on Remitano. All commissions and charges are specified clearly. Overall, the fees are quite low compared to other P2P and centralized exchanges.
Comparison With Other P2P Platforms
Here is how Remitano compares with some other popular P2P crypto exchanges:
- Has 350+ payment methods but higher fees of 1-5% per trade.
- More user complaints about account blocks and poor customer service.
- Supports trading of gift cards, Paypal transfers etc which Remitano does not.
- Charges 1% fee from sellers and has a BTC wallet only.
- Available in much fewer countries than Remitano’s 50+ supported nations.
- Has more payment options but lower buying limits for new users.
- Charges 0.25% fee but has fewer crypto assets and trading pairs.
- Slower customer support compared to Remitano’s quick response time.
- Allows trading of only crypto assets and does not support fiat purchases.
Key Takeaway – Remitano strikes a good balance by offering reasonably low fees, fast trades, and decent liquidity while focussing on security and user experience.
Pros and Cons of Using Remitano
- Simple and user-friendly platform
- Competitive 0.5% trading fee
- Fast transaction speed and support
- Secure escrow system to prevent fraud
- Available in 50+ countries globally
- Active community and chat system
- Supports fiat purchases via bank transfer
- Mobile apps for iOS and Android devices
- Limited payment methods
- Must rely on wire transfers for fiat purchases
- Higher risks inherent in P2P model
- Loose user verification policies
- Not insured against asset loss
While Remitano has some drawbacks, its pros of low fees, security, simplicity and wide availability make it a decent P2P exchange option for many crypto traders and investors.
Remitano User Reviews and Ratings
Checking out user reviews is crucial to gauge real-world customer experiences on online platforms.
On Trustpilot, Remitano scores an ‘Excellent’ rating of 4.5 out of 5 based on over 6000 reviews. Positive feedback includes:
- Easy and fast transactions
- Responsive 24/7 customer support
- Intuitive interface and trading
- Helpful community of traders
- Secure escrow for funds safety
- Low trading fees
The most common complaints are:
- Delayed coin transfers in times of network congestion
- Slow bank transfers in some countries
- Low liquidity for minor trading pairs
- Need more fiat currency support
Overall, most user reviews rate Remitano as a reliable, easy-to-use P2P exchange that is ideal for emerging market traders and investors who value security and simplicity.
Risks of Trading Crypto on Remitano
While Remitano implements security features, trading P2P crypto does carry some inherent risks like:
- No guarantees against fraud or scams
- Delays due to network congestion
- Volatile asset prices can lead to losses
- Personal information at risk in case of data breaches
- No insurance protection for lost or stolen funds
Users should trade only with trusted parties, start with small transfers, and move assets into private wallets for storage to minimize risks.
Remitano Customer Support
Remitano offers customer assistance via:
- Ticket system – Submit support tickets for any issue which are assigned to agents.
- Live chat – Exchange direct messages with online support staff.
- FAQ database – Answers to commonly asked questions.
- Blog/Forum – Remitano blog and community forums.
- Social media – Active Twitter, Facebook, Telegram channels.
Response time is generally prompt over live chat and tickets. Most users find Remitano customer support to be responsive and helpful in resolving trading issues.
Is Remitano Safe for Trading Crypto?
Remitano implements standard security measures for a P2P crypto marketplace:
- Secure escrow service to hold funds during trades
- Email and phone verification of accounts
- 2-factor authentication for account login
- Custom PINs and passwords
- Offline cold storage of crypto assets
- SSL data encryption
- DDoS protection
- Email and SMS notifications
While these measures are decent, users should remain cautious when trading with strangers. Payments can be reversed in P2P trades.
For optimal safety, use trusted traders, start with tiny trades, and move assets quickly into private wallets you control.
Conclusion – Should You Use Remitano?
Remitano makes P2P crypto trading quick, affordable and accessible for regular investors with its easy-to-use interface, low fees and wide country availability.
It is especially suitable for cost-conscious traders in emerging markets looking for a fast and secure platform to buy/sell cryptocurrencies.
However, Remitano’s decentralized model means you trade at your own risk without centralized governance or support systems beyond escrow. Users should take safety precautions and do due diligence before trading.
Overall, Remitano is recommended for beginner to intermediate crypto traders who value simplicity, speed and affordability above all else and are willing to take the risks involved in decentralized trading.
FAQs About Remitano
Is Remitano really free to use?
No, Remitano charges trading fees from market takers. Makers trade free. There are also some charges for certain features and withdrawals. But it is one of the most competitively priced P2P platforms.
How long do Remitano withdrawals take?
Withdrawal time varies by blockchain network traffic but is usually completed between 30 minutes to 12 hours. Fiat withdrawals via wire transfer can take 1-3 working days.
Can I buy crypto with credit/debit card on Remitano?
No, Remitano currently does not support card payments. You can only purchase with bank transfers, cash deposits, mobile money or crypto capital.
Is Remitano safe for beginners?
Remitano is easy to use but carries risks inherent to P2P trading. Beginners should start with tiny test trades, use the escrow service, and withdraw assets quickly.
What are Remitano’sKYC verification requirements?
Remitano requires identity verification via docs like passport,driving license for higher trade volumes over 2 BTC daily. Basic accounts have a $100-500 limit.
Does Remitano have a mobile app?
Yes, Remitano offers free iOS and Android apps to trade cryptocurrencies on the go using your smartphone.