Remitano Review 2023: Best P2P Crypto Exchange In Nigeria?

Remitano Review 2023: A Comprehensive Look at This Peer-To-Peer Crypto Exchange

Remitano is a peer-to-peer cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies directly with each other without an intermediary.

Originally founded in 2015, Remitano has grown to serve users in over 30 countries, with a strong presence in emerging markets like Malaysia, Nigeria, and Vietnam.

But is Remitano a safe and legitimate choice for cryptocurrency trading?

In this detailed Remitano review, we’ll take a comprehensive look at the platform’s features, fees, safety, reputation, and more to help you decide if it’s right for your crypto trading needs.

An Overview of Remitano and Its Offerings

Remitano brands itself as a simple, secure, and fast way to trade digital assets and participate in the crypto economy, especially for emerging markets.

The exchange is entirely web-based and also offers mobile apps. It allows users to post buying and selling advertisements for cryptocurrencies and exchange them via bank transfers, cash deposits, or other supported payment methods.

Supported cryptocurrencies include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• Litecoin (LTC)
• Binance Coin (BNB)
• Bitcoin Cash (BCH)
• Dogecoin (DOGE)
• More altcoins

Remitano.com also provides access to its peer-to-peer lending and borrowing services, allowing users to earn interest on their crypto assets.

Other key features offered by Remitano include:

• Remitano RENEC – Earn RENEC tokens by mining on Remitano’s platform
• Remitano Invest – Auto-invest crypto and earn daily interest
• Remitano Staking – Earn rewards by staking PoS coins
• Remitano Vault – Yield generator for earning interest

How Secure and Legitimate is Remitano?

As a peer-to-peer crypto exchange without regulations in many regions, safety and legitimacy are common concerns potential Remitano users have.

Here are some key facts about Remitano’s security and trustworthiness:

• Remitano implements end-to-end SSL encryption and enforces 2-factor authentication (2FA) for account security.
• They use a trusted escrow system to protect funds during trades. Remitano only releases crypto to buyers after the seller confirms payment.
• Mandatory KYC verification is required for accounts doing over 2 BTC of volume per day.
• Remitano also has a review system so users can rate their transaction experiences to identify trusted traders.
• Despite being unregulated, Remitano has earned a positive reputation over the years for being a safe and legit platform. No major security breaches have been reported.

However, since it’s a P2P platform, users should still proceed with caution when trading.

Only deal with reputable parties and be wary of potential fraud or scams.

Analyzing Remitano’s Fees

One of the major advantages of Remitano is its competitive trading fees.

Here is a breakdown of Remitano’s fee structure:

• Trading Fees: 0.5% fee for takers (those who respond to existing ads) and no fees for makers (those who post the advertisements). This is lower than most P2P platforms which charge 1-5%.
• Deposits and Withdrawals: No deposit or withdrawal fees for cryptocurrencies. Fiat fees vary based on payment method.
• Remitano RENEC Mining Fee: Transaction fee in RENEC (Remitano token) charged to sellers based on trade volume. Can be used to pay fees for future trades.
• Payment Processing Fee: Additional 1% – 5% charged for some payment methods like bank transfers or gift cards.

Overall, Remitano offers very affordable trading fees compared to other crypto P2P and centralized exchanges.

But the additional payment processing fees can add up.

Supported Countries and Payment Methods

As an emerging market focused platform, Remitano is available in over 30 countries worldwide including:

• Malaysia
• Nigeria
• Vietnam
• United Kingdom
• Australia
• United States (only crypto-to-crypto)
• Many more

Supported payment methods vary based on your country, but can include:

• Bank transfers
• Cash deposits
• Gift cards
• Online wallets

Having a variety of local payment options makes it easy for users to cash in and out of crypto.

However, Remitano does not support credit/debit card deposits unlike some other major P2P platforms.

Remitano’s Reputation

Remitano generally has a positive reputation as an easy to use, beginner-friendly P2P crypto exchange according to user reviews.

Here are some of the pros associated with Remitano based on feedback:

• Simple and intuitive interface
• Responsive customer support
• Fast transaction times
• Low fees
• Accepted in many countries

Some of the most common complaints about Remitano include:

• Low liquidity in some markets
• Limited payment methods
• Sudden changes in KYC limits
• Poor English translations
• Slow support at times

But overall, Remitano seems to have built significant goodwill and trust in the countries it operates in.

Many users praise them for making crypto more easily accessible.

Remitano’s Trading Limits

Remitano has dynamic trading limits that vary depending on factors like account age, verification level, and trading activity.

The limits help control risk.

Here are some examples of Remitano’s trading limits:

• Level 1 – New users: $100 limit
• Level 2 – Email verified: $1000 limit
• Level 3 – KYC verified: $10,000 limit
• Level 4 – Established traders: Up to $50,000+ limit

Users can unlock higher limits and faster transaction times by completing KYC verification and building a trading history on Remitano.

Is Remitano Right for You?

Remitano offers a simple peer-to-peer cryptocurrency exchange tailored towards emerging markets.

Here are some key considerations when deciding if Remitano fits your crypto trading needs:

Pros

• Easy to use interface
• Focus on emerging markets with local payment methods
• Low 0.5% trading fees
• Fast transaction speeds
• No deposit or withdrawal fees for crypto

Cons

• Higher risks of P2P model
• Limited payment options
• Low liquidity in some markets
• Lack of advanced trading features
• Unregulated in major jurisdictions

Overall, Remitano is a great option for beginner investors in emerging markets looking for an easy way to buy and sell cryptocurrencies.

But more advanced traders may want an exchange with more features and liquidity.

Frequently Asked Questions About Remitano

Is Remitano fully regulated and legal?

No, Remitano is not regulated as it’s a decentralized peer-to-peer exchange.

Users trade at their own risk.

But Remitano takes measures to protect user privacy and funds safety.

How long do transfers take on Remitano?

Transfer speeds depend on the payment method.

Bank transfers can take 1-3 days while crypto and wallet transfers are typically completed in under an hour.

Can I trade with fiat currencies on Remitano?

Yes, Remitano supports fiat trading in many countries.

You can post buy or sell ads for crypto using supported local currency payment options.

Does Remitano have an affiliate program?

Yes, Remitano offers an affiliate program that pays you for referring new users.

You can earn up to 40% commission on trade fees from users you refer.

What are the pros and cons of Remitano?

Pros: Easy to use, fast transfers, low fees, emerging market support.

Cons: Potential risks of P2P model, low liquidity, limited payment options, lack of regulation.

How do I get started on Remitano as a beginner?

Verify your account, set up 2FA, start with small trades, buy from trusted sellers with positive ratings, move crypto into your own wallet, and take time to learn how trading works.

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Is Remitano safe and legit?

Yes, Remitano is a safe and legitimate cryptocurrency exchange platform.

Some key points regarding Remitano’s safety and legitimacy:

• Remitano has been operating since 2016 and has gained a reputation as a trusted platform
• They follow know-your-customer (KYC) and anti-money laundering (AML) protocols to prevent fraud
• Remitano stores the majority of user funds in cold storage for security purposes
• Their platform utilizes two-factor authentication and email confirmations as additional security measures
• They have transparent fees with no hidden costs
• Remitano is actively working to obtain regulatory licenses to further establish themselves as a compliant exchange

So in summary, based on their longstanding operational history, security protocols, and efforts towards regulation, Remitano has established themselves as a safe and legitimate cryptocurrency trading platform.

Can I make money on Remitano?

Yes, there are several ways users can potentially profit on the Remitano cryptocurrency exchange:

Trading Cryptocurrencies

• You can buy coins at a low price and sell them at a higher price to make a profit
• Margin trading allows you to increase profits, but also increases risk
• Analyzing charts, trends and volatility allows you to make better trades

P2P Trading

• You can earn profit on the spread as a maker by setting your own buy/sell rates
• Income can also be made by providing liquidity to the P2P marketplace

Providing Payment Services

• Earn fees by enabling international money transfers or exchanges between cryptocurrencies and fiat currencies

Affiliate/Referral Programs

• You get rewarded for inviting users to sign up and trade on Remitano
• The more active users you refer, the more you can potentially earn

So in summary, through trading cryptocurrencies, facilitating P2P transactions, offering payment services to users, and participating in affiliate programs – there are various avenues to profit by utilizing Remitano’s services effectively.

The earning potential correlates with factors like trading skills, activity level, and promotional efforts.

Can I use Remitano in Nigeria?

Yes, Remitano supports usage in Nigeria. Some key points regarding using Remitano in Nigeria:

• Remitano has an office located in Nigeria to provide local customer service and support
• Nigerians can complete KYC verification using various local options including Bank Verification Number (BVN), National Identification Number (NIN), Drivers License, International Passport, and Voter’s ID
• The platform accepts deposits and withdrawals via various local Nigerian banks and payment channels
• Naira trading pairs are available, like BTC/NGN and ETH/NGN, so no need for converting currencies
• Low fees and quick transaction times make Remitano an efficient option for Nigerians
• Dedicated Telegram community groups, social channels, and support content is available specifically for users in Nigeria

So in summary, yes Nigerian users can sign-up, verify accounts, access NGN fiat on-ramps, trade crypto, withdraw funds quickly with local payment methods – all leveraging dedicated support, operations, and liquidity pools tailored specifically for Nigeria.

What country is Remitano HeadQuartered?

Remitano is a global cryptocurrency exchange that originated from Vietnam. Specifically:

• Headquarters: Remitano is headquartered in Ho Chi Minh City, Vietnam
• Founded: Remitano was founded in Vietnam in 2016
• Global Operations: They have expanded operations globally with international offices and users from over 30 different countries
• Registrations: The trading platforms and supporting companies are registered in St.Vincent & Grenadines, Seychelles, Australia and several other jurisdictions
• Local Teams: They have hired community and support staff located in their major markets like Nigeria, Malaysia, Cambodia and Others

So in summary, while Remitano as a brand was born in Vietnam in 2016, they have evolved over the years into a globally focused cryptocurrency exchange – leveraging staff, language support, and localization efforts across Southeast Asia, South Asia, Latin America and other target markets. But Vietnam still remains the HQ hub for the Remitano ecosystem.

How long does it take to withdraw from Remitano?

Remitano aims to process all cryptocurrency and Naira withdrawals instantaneously or within 24 hours. However, actual withdrawal times can vary depending on factors like:

Cryptocurrency Withdrawals

• Smaller withdrawals: Typically receive 1 confirmation within 30 minutes
• Larger withdrawals: Can take 1-2 hours for enough blockchain confirmations

Naira (NGN) Withdrawals

• To bank accounts: Usually less than 24 hours during weekdays
• To digital wallets: Instant or within hours

So in summary:

• Cryptocurrency withdrawals: 30mins – 2 hours
• NGN bank transfers: 24 hours weekdays
• NGN digital payments: Instant to few hours

But withdrawals can be delayed beyond 24 hours in rare cases like holidays, technical issues, or very large withdrawal amounts requiring manual review.

Users are notified by email and SMS at each stage of the withdrawal process when initiated, processed, sent to the blockchain/bank, and confirmed.

How much is Renec coin worth?

Renec is apparently a questionable cryptocurrency project and potential scam operation that appears to have collapsed in 2019/2020. Some background:

• Launched in 2018 with little technical details available
• Made unrealistic promises of guaranteed high returns
• Price peaked at over $2 in early 2019 then crashed below 1 cent
• Website inactive since early 2020, creator identities unknown
• Community channels abandoned, wallets show 95%+ token supply held by one address
• Low trading volumes across exchanges still listing RENEC pairs

So in summary:

• Current RENEC Price: Approximately $0.0003 per coin on a handful of low volume exchanges
• Market Status: Project seems to have shut down in 2020 with founders disappearing and scam claims

In its short questionable history, RENEC appears to have transitioned from an unrealistic cryptocurrency investment scheme making lofty return claims – to ultimately proving to have little underlying value with price collapsing as founders exited. Most would recommend avoiding the risky RENEC asset.

Can I withdraw from Remitano without verification?

No, completing identity verification is required in order to withdraw funds or cryptocurrencies from your Remitano wallet.

Specifically:

• Level 1 verification required for crypto withdrawals < 2 BTC daily
• Level 2 verification for fiat/NGN withdrawals of any amount
• Level 3 verification for higher crypto volume withdrawals > 2 BTC daily

So in summary – Remitano users have to complete the KYC verification process including document and ID validation checks in order to withdraw assets.

This identity verification requirement is aligned with global regulatory standards, as exchanges mandate customers to pass KYC checks for depositing & withdrawing to prevent potential money laundering risks.

Can I start Bitcoin with 500 Naira?

Yes, you can buy small amounts of bitcoin starting with just 500 Naira on Remitano. Some tips:

Getting Started

• Register an account at Remitano
• Complete account verification with documents
• Fund your wallet via bank transfer or card payment

Buying Bitcoin

• On the Buy/Sell tab, filter Currency Pair to BTC/NGN
• Look at listed buy orders from merchants with good ratings
• Select an order volume >500 Naira and click Buy
• Send the naira payment with order reference
• BTC received when merchant confirms payment

So even with a limited budget of 500 NGN, you can start gradually buying fractions of bitcoin – which tend to appreciate over longer terms.

Then slowly accumulate BTC aiming to build a position for investment purposes.

How do I fund my Remitano wallet in Nigeria?

You can easily fund your Remitano wallet or account in Nigeria using these methods:

• Bank Transfers via ATMs or internet/mobile banking apps supporting transfers to Remitano’s local Nigerian bank accounts
• Card payments like debit card, credit cards, bank cards via Remitano’s payment gateway
• Crypto deposits from external bitcoin/ETH wallet addresses or other Remitano accounts

Bank transfers from any of the supported Nigerian banks is generally the quickest funding option.

When depositing with bank transfers or cards – remember to include your Remitano registered username or Order IDs, so your payments are automatically matched and credited to your account instantly.

So overall, through local Naira bank transfers, payment card transactions, and external crypto transfers – you can conveniently fund your Remitano trading account as a Nigerian user via these different payment channels.

Which app is best to trade Bitcoin to Naira in Nigeria?

Based on user numbers, liquidity depth, payment methods, and overall features – Remitano consistently emerges as the highest rated Nigerian cryptocurrency exchange for trading Bitcoin and Ethereum to Naira.

Some of the key advantages Remitano has as a BTC/NGN trading platform:

• Supported by Nigeria bank transfers and card payments
• High Naira order book liquidity, small spreads
• Many active crypto merchants providing liquidity
• Low 0.5% trading fees, no hidden charges
• Fast KYC verification for Nigerians
• Dedicated local customer support and social channels

So for Nigerians, seeking their local Naira currency as a cash out option – Remitano offers the most liquid marketplace for convertting Bitcoin to Naira directly. Hence it is the recommended exchange for crypto-naira trading in Nigeria.

The quick KYC verification, local payment network with top traders, and dedicated support also make Remitano suitable for beginners starting P2P crypto trading in Nigeria.

What is the best site to buy Bitcoin in Nigeria?

Based on user feedback, trading volumes, security practices, and variety of payment methods – Remitano emerges as the leading exchange platform for Nigerians to easily buy and sell Bitcoin.

Some reasons why Remitano is recommended for buying Bitcoin in Nigeria include:

Reliability

• Well-established and trusted company operated since 2016
• Top class security with majority funds in cold storage
• Positive feedback from thousands of Nigerian customers

Liquidity Depth

• Offers one of the highest BTC/NGN order books in Nigeria
• Several merchants providing liquidity across different payment options

Payment Options

• Naira bank account transfers, card payments supported
• Low fees and small buy/sell price spreads

Remitano checks all the right boxes in terms security, liquidity, payments that Nigerian crypto buyers seek – backed by strong local teams and support channels tailored specifically for the needs Nigerians in mind.

Hence it emerges as the leading fiat on-ramp for buying Bitcoin across Nigeria using Naira.

Is Remitano hacked?

No, Remitano has never been hacked or suffered any major security breach resulting in loss of customer funds since it’s founding in 2016. Reasons why it is considered safe:

• Stores majority of crypto in cold storage wallets for security
• Platform infrastructure undergoing regular security audits
• No incidents of successful hacking attempts reported over 7+ years of operations
• Dedicated in-house Information Security teams and monitoring
• Backed by Binance security investments and custodial partnerships

They are also working towards ISO 27001 and SOC 2 certifications for their Information Security Management Systems to further strengthen policies, monitoring controls and practices.

So while no organization can guarantee 100% immunity from threats – Remitano’s security infrastructure and protocols allow it to safely custodize billions in customer funds to date without any reported hacking incidents over it’s long history of operations.

This established a high degree of reliability for users.

Is Remitano a blockchain?

No, Remitano is a centralized cryptocurrency exchange platform – not a blockchain.

Some clarifications regarding Remitano’s structure:

• Remitano is registered as a centralized crypto exchange organization with accompanying custodial wallet infrastructure.
• They provide web/app trading platforms enabling users to buy, sell, store cryptocurrencies like Bitcoin, Ethereum etc
• It utilizes existing major public blockchains like the Bitcoin network, Ethereum – for processing transactions or trades initiated via Remitano services.
• But Remitano itself does not operate or manage it’s own proprietary blockchain that facilities transfers or executes smart contracts.

So in summary – while Remitano facilitates cryptocurrency transactions relying on major native blockchains, it itself does not operate as a standalone blockchain network or ledger for validating transactions in a decentralized autonomous manner.

Rather it is centralized exchange built around trading platforms and connected wallet systems for users buy/sell orders.

Is Remitano a wallet?

Strictly speaking Remitano itself is more an exchange providing trading services rather than standalone cryptocurrency wallets.

However they do offer some custodial wallet functionalities:

Custodial Wallets

• Each Remitano account has connected crypto balance storing users funds
• Wallets enable deposits, internal transfers to other users
• Managed private keys provide withdrawals access

Hybrid Trading-Wallet Model

• So Remitano wallets are designed specifically to support efficient trading, fiat conversion activities on the platform.
• They are custodial in nature with keys controlled by Remitano unlike external non-custodial wallet alternatives that put users fully in charge of their private keys.

In summary – Remitano integrates exchange trading features with attached custodial wallets to facilitate practical buy/sell transactions and altcoin swaps for regular crypto traders more seamlessly under one unified platform.

Conclusion

Remitano is a leading emerging market peer-to-peer cryptocurrency exchange that makes it simple and affordable to buy and sell digital currencies.

With its easy to use interface, focus on local payment methods in developing nations, and competitive trading fees; Remitano has grown popular across Southeast Asia, Africa, and Latin America.

While Remitano is considered a trustworthy platform in terms of security and fund safety, users should still be cautious when trading P2P and only transact with reputable counterparties.

For those seeking an accessible on-ramp to crypto in their country, Remitano can be a good choice despite some limitations.

Overall, this Remitano review finds that they have succeeded in making decentralized crypto trading more inclusive globally, especially for novice investors in developing markets.

But more advanced traders may prefer exchanges with higher liquidity and more features.