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Remitano Review - is it scam or safe?

Remitano Review - is remitano.com scam or good cryptocurrency exchange?

RATING: 3 / 5 REVIEWS Remitano

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 1%*

*The 1% fee is for the market taker, with the fee included in the order price. The market maker pays 0% fee.

 

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

 

Company Country Regulation
Babylon Solutions Limited Seychelles  None

 

 

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.

 

Trading platform

 

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.

 

Conclusion

 

Our impression is that Remitano is a reliable platform, despite being registered in an offshore zone. It has been in business since 2015 and its clients are fairly satisfied with the service. What we particularly like about Remitano is the escrow trading option, which guarantees that the clients will not get scammed by other users. We also like the relatively easy to use platform, even though the payment methods options are not entirely intuitive.

The fact that Remitano offers its services in numerous countries, in the local currencies and languages also gains our approval.

 

What we dislike somewhat is that trading does not seem to be very lively, meaning that there are only a few listings and this is for the more populous countries. Perhaps the reason is that there are just two cryptocurrencies to trade in.

 

Pros Cons
Escrow trading Offshore
Comparable fees Just 2 cryptocurrencies
Multiple countries  
Local currencies  

 

 

 

 

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Traders` reviews for Remitano

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Slippage

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Requotes

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Price feed

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Bitcoin investment

I just join 2 days ago this investment thriugh a malaysian company ASM Investment which claims to invest using Remitano platform.
Amt invest RM500, which after 3 days I will get RM6,013.
Now they ask me to pay International Withdraw Fee (IWF) of RM2,000 and also RM2,500 processing fee for my Bonus of RM6,013 be transfered to my MayBank account.
Is this a genuine Bitcoin investment platform OR is it A SCAM ???
ThankYou.

satar mdsaman 03/09/2019

Remitano Scam Strategy

I honestly believe it is a scam, they will not let their user verify their account so when you deposit a substantial amount of bitcoins or ethereum they will use KYC as an excuse to hold and confisticate your bitcoins/ethereum. That’s besides the fact that they are stealing your personal information through documents submitted. Once you try to verify your account by uploading your documents as they requested, you will notice that there is no delete option for the documents you uploaded. They will continuesly reject your attempt to verify your account claiming the documents submitted does not comply with their standards. They will send you countless notification asking you to fix or send a updated copy. After many attempts they will just randomly ban your account without and justification. It’s stated in their terms and agreement that they can do just that. Whats even more disturbing is that when I went on their facebook to request for a reason as to why my account is banned there is no reply although it stated that there is a 24 hours customer service. When I posted on their facebook regarding the matter my post is being locked and tagged as spam, while my private message is completely ignored. That shows that there is someone who is consistantly deleting all the post on their facebook so others wouldn’t be able to read the post. They will continuously post on their facebook page with updated price of bitcoins and ethereum everyday so that older post gets bumped to the back. You can visit their facebook page and see for yourself. This is definetely just not a normal bitcoin/ethereum scam but also personal information theft as you will not be able to delete your personal information documents submit e.g identity card, passport, driving license. If you visit their webpage you will only be able to see good remarks on how their service is top notch, you wouldn’t be able to find any negative remarks on their service and we all know for a fact regardless how good a service is there are always unhappy clients. At the end of it I thought to myself why would I want to trust an unknown entity to hold my bitcoins/ethereum for trade. Is it not the same risk as sending of your bitcoin/ethereum to a total stranger ? And why would a peer to peer need KYC ? its peer to peer, thats the whole idea of not

Julian How 01/10/2018

Doing Scam in the name of KYC

Remitano hold your money if you use their wallet. They are doing scam with the name of ID proof verification. They will reject your documents without any reason and even if you try your 4-5 ID documents their system will reject. If you take coin directly to other wallet service provider it will work. So they are playing a trick and soon it is going to be a BIG SCAM

Thankan 12/21/2017

Remitano scammed me over $1500 USD

Remitano has just stolen 0.2 bitcoin from me. I changed my mind about selling it and Remitano refuses to release it because I have a VPN service. Other platforms like localbitcoins don't mind that I have a VPN service. I use a VPN service for added security on my computer. The reality is that Remitano does not want to allow anyone to withdrawl their bitcoin after they have deposited it. Beware, Remitano is a Scam!!!!!!!!!!

Anonymous 11/24/2017

Remitano is a Scam!!!!

Remitano has just stolen 0.2 bitcoin from me. I changed my mind about selling it and Remitano refuses to release it because I have a VPN service. Other platforms like localbitcoins don't mind that I have a VPN service. I use a VPN service for added security on my computer. The reality is that Remitano does not want to allow anyone to withdrawl their bitcoin after they have deposited it. Beware, Remitano is a Scam!!!!!!!!!!

Anonymous 11/24/2017
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