Remitano review, how it works and all you need to know about remitano in 2018.
Peer-to-peer Bitcoin exchanges will slowly take over from their centralized counterparts. It is evident a lot of Bitcoin users prefer to trade in a P2P fashion. Remitano is a new platform which provides this service in a few countries around the world already. It is evident there is a lot of competition for LocalBitcoins right now, which can only be considered a good thing.
Remitano is a Peer-to-peer exchanged based in Seychelles. It allows users to buy or sell Bitcoin and Ethereum directly to other users with alternative payment methods such as bank transfer, bank cash deposit, or Mobile money. Remitano charges 1% fee to the taker and 0% to the maker, with the fee being included in the advertisements price.
Remitano currently supports traders from 52 countries and they are working on including more. The countries include:
Australia, Bangladesh, Belarus, Brazil, Cambodia, Canada, Ivory Coast, China, Colombia, Denmark, Dr Congo, Spain, Ghana, Indonesia, Israel, India, Iran, Italy, Japan, Kenya, Mexico, Malaysia, Myanmar, Namibia, Nigeria, Netherlands, Nepal, Norway, New Zealand, Oman, Philippines, Pakistan, Poland, Portugal, Qatar, Russia, Rwanda, Singapore, Sweden, Taiwan, Tanzania, Thailand, Turkey, UAE, Uganda, United Kingdom, United States, Vietnam, South Africa, South Korea, Zimbabwe.
Remitano has a 1% transaction fee charge. 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 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 to 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’
There are several measures employed to ensure a secure trading. These measures include:
– The reputation rank of each trader is made public; this includes their trade history, how fast they complete their transaction etc.
– 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.
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.
– 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.
Choosing 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.
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 conscious of trade time to avoid transferring money to the seller after the timeout.
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 arise.