Remitano is an online peer-to-peer exchange and investment platform that allows you to buy and sell cryptocurrencies in thirteen (13) African countries.
In this review, you will learn about all that is needed to use Remitano and other interesting features.
Remitano was built in 2016 by Babylon Solutions, a company based in Seychelles. It was initially launched in April 2016 as a peer-to-peer exchange for bitcoin only.
Over the years, Remitano has evolved to add more cryptocurrencies to its marketplace and has created a section for investments.
Remitano Platform Overview
There are two main parts of the Remitano platform. A P2P section for buying and selling cryptocurrencies, and an investment section for cryptocurrency speculation.
The platform supports sixteen (16) cryptocurrencies, over 20 payment options, and is available in about 30 jurisdictions.
Cryptocurrencies supported by Remitano:
- Tezos (XTZ)
- Monero (XMR)
- ChainLink (LINK)
- Ethereum Classic (ETC)
- Neo (NEO)
- EOS (EOS)
- Binance Coin (BNB)
- Cardano (ADA)
- Stellar (XLM)
- Tron (TRX)
FAIT currencies supported by Remitano:
- Euro (EUR)
- US Dollar (USD)
- Rwandan franc (RWF)
- Nigerian Naira (NGN)
- South African Rand (ZAR)
- Zambian Kwacha (ZMW)
- Ghana Cedi (GHS)
- Namibian Dollar (NAD)
- Malaysian Ringgit (MYR)
- Vietnam Dont (VND)
- And 50 more
Supported African countries: Algeria, Ivory Coast, DR Congo, Ghana, Kenya, Namibia, Nigeria, Rwanda, Tanzania, Uganda, South Africa, Zambia, and Zimbabwe.
And other worldwide countries: Vietnam, Malaysia, India, European Union and more.
Popular payment methods accepted in Africa:
- Mobile Money
- Credit Card
- Bank Transfer
The peer-to-peer marketplace is a section of the platform that allows you to buy and sell cryptocurrencies.
The platform connects sellers and buyers directly. Remitano acts as the escrow (middle man) that ensures that all requirements for fair trade are met.
Beyond bitcoin, the Remitano P2P platform supports Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).
How To Buy Cryptocurrency On Remitano
Buying cryptocurrencies on Remitano can be done through the P2P marketplace. Before using the platform, you will have to sign up to get an account. You can then follow these steps to make your purchase:
Step 1: Visit the P2P Exchange section. Select the currency the cryptocurrency you want to buy and click the green “Buy now” button.
Step 2: Enter the amount of the cryptocurrency you want to buy. Remitano will then provide a list of trade offers based on your location and the amount you want to buy.
Each trade has the preferred payment method attached to it and the price at which you will be able to purchase the cryptocurrency from the seller.
Step 3: Select a trade offer by clicking the green “buy” button next to the offer. You will be provided with the payment details of the seller. Copy the details and make payments to that account before the timer runs out.
Step 4: Press the “I have paid seller” button after making the payment and wait for the seller to confirm. You will lose money if you don’t press the button.
You will receive your cryptocurrency after the seller confirms.
The investment section on Remitano was launched in 2019. This option allows you to add some cryptocurrencies to your investment portfolio.
The difference is, you do not actually get custody of the cryptocurrency, but instead, you give your money to the platform to invest on your behalf.
For instance, if you invest $200 in Tezos (XTZ), and in 72 hours, the value of Tezos appreciates by 10%, your investment will now be worth $220. Similarly, if Tezos depreciates in price by 10%, your investment will be worth $180.
After closing an investment position, you will receive your money in your wallet. All investments are made using Tether USD (USDT).
Moreover, you can also convert between cryptocurrencies and manage all your crypto portfolios with ease in the Wallet page.
Remitano offers a referral program that rewards you for bringing new users to the platform. The latest Affiliate Program update in 2020 pays all rebates in Tether USD (USDT).
You will receive a 40 percent commission when people sign up and buy with your referral link, and earn another 10% commission when your friends refer others to trade on Remitano (two tiers). Other guidelines for the affiliate program:
- Accounts that are identified by Remitano’s system as clones of other accounts won’t be used to calculate commission.
- The commission only counts for the user as the role “Taker-Buyer” who takes the “Buy now” offer or the “Selling ads” offer list.
- Remitano reserves the right to remove or reward a commission for specific cases and alter the referral program.
To access your referral link, click on “Dashboard” and click the “Affiliate Program” on the drop-down menu.
To experience the full functionality of the Remitano platform, you will have to verify your account. There are various verification levels and limits tired to each (these limits may be changed in each country, you can visit https://remitano.com/kyc for the updates):
Level 1: Phone Number Verification:
- Up to $500 daily purchase.
- Up to $250 in cryptocurrency withdrawals daily.
You will have to verify your phone number by entering your number and providing the verification code sent to you.
Level 2: ID Verification:
- Up to $50,000 daily purchase.
- Up to $1,000 in cryptocurrency withdrawals daily.
Level 2 requires you to provide a valid ID document like Passport or Driver’s License.
Level 3: Bank Verification:
- Up to $100,000 daily purchase.
- Up to $2,500 in cryptocurrency withdrawals daily.
Level 3 requires you to provide a valid bank account that is matched with the documents verified in Level 2.
Level 4: Longtime Trader:
- Up to $3,000 daily purchase.
- Up to $7,500 in cryptocurrency withdrawals daily
Level 4 requires you to join more than 6 months and have prominent trades already (total trade is equivalently 20 BTC or more).
Level 5: Peer Certification:
- Up to $1,000,000 daily purchase.
- Up to $31,211,770 daily deposit.
- Up to $500,000 in cryptocurrency withdrawals daily
Level 5 requires a manual check by Remitano’s support team, you can request by pinging them on the live chat box.
Remitano Trading Fees
There fees associated with using the Remitano platform. The fees differ depending on the activity. Here is a list of all the fees related to the platform:
P2P Marketplace Fee
The trading fee is calculated as 1% of the price set on the advertisement. The price displayed to advertisement’s viewers already includes fees (more information at https://remitano.com/fees). No additional charge from the displayed price.
Fee for investment is 1% / total of USDT you actually receive, and it is only charged when you have profit. The amount of USDT after fee is not going to be lower than the investment amount.
Cryptocurrency deposit and withdrawal fees
|Currency||Deposit Fee||Withdrawal Fee|
|Bitcoin Cash (BCH)||0.001||0.0001|
Remitano claims to offer 24-hour support, which can be accessed on the site’s live chat. Remitano’s support team can also be reached on Twitter, Facebook, and Telegram.
Also, you can reach them via email at email@example.com. From personal experience, Remitano’s support has not taken very long in the past and is professional.
Remitano is a decent exchange to trade. It has some great reviews on TrustPilot. If you live in an area where Remitano is supported, you should check it out.
- Supports several cryptocurrencies.
- Mobile App
- Lower trade volumes in some supported regions