Remitano Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Remitano Review – is it scam or safe?
Remitano is a peer-to-peer decentralized cryptocurrency trading platform where users can sell and buy Bitcoin and Ethereum in exchange for fiat currencies directly between themselves for a relatively small fee, even though there are platforms like Quoine, Kraken or Bitstamp who charge much less. On the other hand, the Bitcoin.de platform, which offers similar service to that of Remitano, also charges around 1%.
Remitano does not appear to immediately require account verification with government IDs, but the option exists and is actually recommended. The creation of an account is very simple and straightforward.
Apparently Remitano is not a cryptocurrency exchange in the true sense of the word, whether allowing leveraged trading or not, but is rather a decentralized remittance platform. Another similar platform is Bisq, which, however offers a much larger number of cryptocurrencies for trading.
If you are more interested in leveraged trading in cryptocurrencies, some exchanges like BitFlyer, Gdax, Lykke or Poloniex offer this service. There are also forex brokers like IG, HYCM, FXTM, FxChoice, Grand Capital and XTB, for example, who offer leveraged trading on cryptocurrency CFDs and their list is ever expanding.
The Company. Security of Funds
Remitano is owned by the Seychelles-based company Babylon Solutions Limited and is not regulated, but it is not necessary, as the cryptocurrencies and the exchanges are still in the grey area in most countries.
Remitano’s services are available in the United States, Australia, Canada, New Zealand, Israel, India, the UAE, Vietnam, Singapore, Russia, Japan, China, Brazil, some African countries like South Africa, Nigeria, Zimbabwe, Uganda, Tanzania, Kenya and a number of European countries such as the UK, Denmark, Sweden, Spain, Italy, the Netherlands, etc. A full list of the over 30 countries can be found on the company website.
The platform is trying to stand out among its peers by providing an escrow trading, which works in the following way: The seller of cryptocurrencies sends the tokens on which a trade has been agreed and Remitano keeps them in escrow, while the buyer sends the money to the seller. Only after the seller gets the sum, the coins are transferred to the buyer. “Everybody’s happy”, as the video says.
The fact that the cryptocurrency transfer passes through Remitano suggests that, after all it is not an entirely decentralized platform and the company serves as something of a way station.
In addition to its core business of serving as an exchange platform, quite logically Remitano also offers an e-wallet service and the option to transfer money internationally. In this respect it is similar to most exchanges, although there are some, like Coinmama, who do not offer an e-wallet and a transfer service.
Like most cryptocurrency exchanges, Remitano offers two-factor verification and encrypted data storage.
Judging by the customer reviews in various forums, Remitano’s clients are happy with the service and sing the praises of its speed, ease of use and customer service.
Like the vast majority of cryptocurrency exchanges, Remitano has its own online platform. Registering and logging in is extremely easy and straightforward and the interface is clear and logical.
Depending on the country selected from the drop-down list of countries where Remitano is available, the platform displays all the sellers and buyers from the respective location. The exchange rates of the cryptocurrencies is displayed in the local currency.
There are listings (orders) of what is being bought and sold or there is the option to create “an advertisement”, i.e. place an order to buy or sell a certain amount of Bitcoin or Ethereum.
There is also additional information about the payment method (usually a bank transfer), amount limits, payment window (the period in which the payment must be made, usually 15 minutes) and the user location. There are also types of tags, such as “frequent buyer”, “new user” and “slow seller”, as well as information whether the account has been verified and feedback and ratings.
In addition to the web platform, Remitano also offers standalone mobile applications both for Android and iOS devices that provides push notifications for trades, chat and simple offers modification.
Methods of payment
Generally, Remitano, or rather, its users, work mostly with bank transfers and cash deposits. Depending on the country, there are also options for electronic payment platforms through local systems, such as Alipay and Wechat in China. The most preferred options, however, are bank transfers and cash deposits, available in all countries where Remitano operates.