An image for a post on bitcoin exchanges

Remitano is a platform that enables peer-to-peer Bitcoin exchanges. It’s essentially a Bitcoin marketplace where people can buy and sell Bitcoin easily and safely. It’s one of the exchanges that is quickly becoming popular among Malaysians due to its attractive rates and simple user interface. In this post, I’ll be doing a review on Remitano.

Overview

Remitano is a product of Babylon Solutions Limited that was incorporated in Seychelles. The Remitano team is comprised mostly of banking professionals with extensive experience in financial products, E-currencies, Payment System and Agile Software Development, and others. Currently, it has service in many countries including United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia, China and is growing everyday.

While a lot of centralized exchange platforms are heavily dependent on the banks to receive deposits and facilitate withdrawals for customers, Remitano is completely independent from traditional banking partners. The platform is only responsible for the exchange of Bitcoins, and all bank related transactions are handled by the users.

User Interface

An image for a post on bitcoin exchanges, Remitano

When you open the website, your focus will be directed to the Bitcoin price at the time. This makes it easy for you to decide if you want to join the marketplace or wait for the price to rise/drop.

The menu on the upper right is pretty easy to navigate through. The Buy/Sell BTC tab is the default front page where you can view the advertisements for buying/selling bitcoins.

You would need to register in order to start buying or selling bitcoins. The process for new user registration is pretty straightforward. As added security, Remitano uses Authy authentication on desktops and TouchID on its mobile application. Once you’ve set up as a new user you’re pretty much good to go.

To deposit bitcoins into your account, you can use the BTC wallet tab where you can also make withdrawals from your account. Under the tab, you can also look through your historical transactions. Remitano also offers international remittance service through their platform and their rates are quite competitive.

To ease customer experience, Remitano also provides a live chat option if you have any issues with your trade. Their terms of service and trading policy are very easy to understand and very useful, especially if you’re a new user.

Trading

In order to start a trade you can either advertise or choose from the ads. Once a trade is confirmed, bitcoin buyers are given 15 minutes to make payment. The amount of bitcoins will be locked until the payment is made or the trade is cancelled by the buyer. A seller cannot cancel a trade but the trade will be cancelled immediately if a payment is not made, once the 15 minute passes.

Parties can summon each other to remind them of the ongoing trade. Remitano offers 1 call and 10 summons from Remitano application on mobile for every trade. Both parties can enter into disputes if the seller did not receive payment (after it is marked as paid) or the buyer did not receive bitcoins (after payment is paid). It’s the only time that the buyer and seller can communicate with each other during the trade. If the issue is not resolved within 3 days, Remitano staff will take over the responsibility of settling the dispute.

Issues

One of the issues users often face in this platform is dishonest buyers. When a trade is in progress, the bitcoins are locked and cannot be used in another trade. The price would also be locked at the current price. While most buyers pay within the timeframe given, some buyers enter the trade into dispute. This is so they can freeze the trade up to 3 days so they can delay payment. Consequently, bitcoin sellers can potentially face huge loss from their bitcoins being locked instead of sold in another trade.

Furthermore, reputation is important, as it acts as a substitute for trust. At the conclusion of each trade, users can rate each other. More often than not, the ratings given are a reflection of each other. For example, if a seller takes too long to release bitcoins, the buyer will give a negative rating. But at the same time, the seller can ‘payback’ and give similar negative rating which will affect the buyer’s reputation. It’s usually a non-issue and can be neglected if the user mostly receives positive rating, but it’s still a black mark in their profile.

In conclusion, Remitano‘s strength lies in its accessible user interface as well as strong customer support. Remitano aims to establish itself as the biggest Bitcoin exchange platform in Asia and Africa countries. As with a lot of other exchanges, Remitano has its own issues that can be improved on so it can continue to win the favours of its users.

Pros: Simply and user-friendly UI; easy to navigate; users trade directly with each other: lower fee of 0.5% compare to other exchanges

Cons: Disputes can take very long to resolve; no communication between users except in trades; ratings can be unfair

P.S – Click this link and register an account with Remitano today!

2 COMMENTS

  1. I had clicked on the link here and registered a couple of weeks ago. It takes the “Know Your Client” regulation by many governments seriously.

    Had to jump through three hoops to verify my identity: picture of me holding my IC, picture of the IC placed on a piece of paper titled “Remitano Verification”, AND another supporting document. I used my driving licence. Phew! This is on top of verifying my email address (not a problem at all), and phone number.

    If you want to try maintain total privacy, then this is definitely not for you. But it shouldn’t be too big an issue for many others. ‘Just’ the concern about sending in digital copies of one’s personal documents. Can only hope that these don’t get into the hands of criminals elements who might then use for identity theft.

    Unfortunately, if one wants to set up a way to buy and sell cryptocurrencies with ringgit etc., and later have these credited to one’s bank account, identity verification is necessary. Due to various governments being very sensitive about things like money-laundering and tax evasion.

    • Yes, you’re correct that Remitano requests for ID verification. However, from my experience, this is entirely optional. You can still trade without going through any verification. Some traders prefer to trade with those who have verified their IDs, as it lends them a certain measure of credibility. Although in some parts of the world, Remitano is required to comply to the KYC regulations in that country.

      And your last point on ID verification being necessary if one were to receive money into their account is irrelevant in this case. Transactions are treated as normal transfers from one account to another and as long the amount credited is not considered significant (less than RM50,000 if I’m not mistaken), you probably won’t raise any red flags in your account.

      That being said, you present salient points regarding privacy. Most bitcoin owners would rather maintain their anonymity throughout, though it’s definitely becoming a point of contention for those who are less trustful than others. In Malaysia, at least, trading with a verified account holder is still slightly more preferable than any Tom, Dick and Harry.

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