Remitano is another attractive option in the catalog of exchanges available in Venezuela. With its P2P market and easy usability, it intends to face giants like Binance in the Latin American market —perhaps, it will take a while to achieve it—, and although it may sound like a new alternative, it has been positioned for some time in Asia and other parts of the world . His promise in Venezuela? Be agile when converting bolivars to bitcoins (BTC).
There are many things you need to know to join this exchange. We invite you to discover what Remitano is, how it works, the steps you must follow to operate in the country and much more.
What is Remitano?
Created in 2014, Remitano is a centralized exchange —exchange platform— that allows you to buy and sell cryptocurrencies in a few steps and safely. Although it has been operating since then in different countries, as of 2020 it began to offer exchange services peer to peer (P2) with bolivars in Venezuela.
Like the rest of the centralized exchanges, that is, those that are regulated by a central entity –executives, managers, presidents, etc–, users who join the platform must comply with the protocol Know your Client (KYC), which consists of providing personal data and supplying photos of the face and the national identity document.
In the particular case of Venezuela, users will be able to buy and sell cryptocurrencies with transfers and mobile payments. To ensure that there is no fraud, Remitano makes available an arbitration system to resolve disputes between buyers and sellers. Later we will show you how to do it.
Bitcoin and a little more
Remitano has a real-time calculator to convert bolivars to cryptocurrencies that allows you to trade: Bitcoin (BTC), Ethereum (ETH), Theter (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Binance Coin (BNB).
In addition to buying crypto, users will also be able to exchange from one token to another, use the platform to store funds, and participate in the affiliate program, where users can earn commissions for referring new users. Compared to Binance, it does not have trading or futures markets enabled.
Who can use Remitano?
By having to comply with the verification requirement (KYC), the platform is available to all Venezuelans of legal age who wish to use this exchange to buy, sell and exchange cryptocurrencies.
If they do not comply with the verification, their operations in Remitano will be practically disabled. You can use it in its web version or download it to your mobile.
How does Remitano work?
If you have already used Binance, OKX or any other similar exchange, then you will have no problem using Remitano, a platform widely used in Asia – it is based in Singapore – but which has gained ground on other continents over the years.
To help you better understand how it works, we leave you these steps below:
- Go to Google or your preferred browser and search for their website ( https://remitano.com/ve ).
- Locate the top right and click on “Login/Register”.
- You can do it with your Facebook, Apple, Google account or with your email. For this example we will use email.
- Enter it and set a password, then click “Register.”
- You will need to verify your email address by clicking the confirmation link that was sent.
- When doing so, it will ask you to log in to Remitano and you will be on the platform.
But since it is a centralized exchange that is subject to regulations in many countries, you will have to move forward with the verification process. Follow these three steps:
- Provide your full name, room address and telephone number.
- Then, verify your identity by submitting a photo of your identity card, passport, or driver's license.
- You will end your registration with a selfie and a short video looking up at the ceiling.
If you decide not to do the full verification, you have the option to verify only your phone number and be able to trade only $75 per day. As you get to know the platform, it is important that you protect your account and enable security protocols –two-step authentication– to avoid fraud and hacking.
Steps to buy Bitcoin with bolivars in Remitano
Once you are inside Remitano, the next step to buy is to convert your bolivars to cryptocurrencies. It is a simple process that is carried out on a truly intuitive platform. Follow these steps:
- Go to the "Buy/Sell Cryptos" option that is in the upper left and press click.
- You will get the Bitcoin option, but you can choose other currencies such as EHT or USDT.
- Once you choose the currency, the online users with whom you can trade will appear below.
- Click on the ad that is most convenient for you. Define the amount you want to buy and move on.
- Remit will not display the amount of time you have to make the payment. With this clear, you must click on the "Agree" option and make the payment to the seller with the bank details that you have registered on the platform.
- Once you complete the payment, press the "I have paid the seller" button and wait for him to confirm and release the funds.
If you paid the seller, but did not click on “I have paid the seller within XXX minutes”, Remitano will refund the funds to the seller and you will lose money.
A valuable advice when it comes to making safe operations is to check the reputation of the seller. Just click on your username and it will show you the number of transactions you have made, the rating given by users and if it is a verified account.
How to sell cryptocurrencies in Remitano and get bolivars?
In the hypothetical case that you have cryptocurrencies in another wallet and you want to sell them to obtain bolivars, you can send them to your Remitano wallet address and negotiate via P2P. This you must do:
- Hit the “Wallet” tab at the top right of Remitano and then find Bitcoin in the list.
- Press the "Deposit" option and choose the network you will use to make the operation. If you do the operation with different networks you could lose your funds.
- Once this matter is defined, copy the address provided by Remitano and paste it into the external wallet. Do the operation and wait for it to complete.
With the funds inside the exchange, all that remains is to convert them to bolivars (if that is your wish). It is a process very similar to the purchase option, you just have to hit "Sell" and choose one of the many users that can appear on the list.
We give you these tips so that you do not have problems when converting your cryptos to bolivars:
- Opt to trade with verified users who enjoy a good reputation within the platform.
- Verify that these users have the same payment methods as you.
- Try to choose those that transfer in relatively short terms (15 minutes).
- Ask for a screenshot of the operation showing –if possible– your account number. This way you can verify that the operation was done by him and not by a third party.
What are the commissions in Remitano?
Regarding P2P operations with other users, there are no established commissions. It is totally free, you only have to pay the rate established in the ads.
The same goes for cryptocurrency deposits and withdrawals. In other countries where you can buy crypto directly with your bank card, the commissions are subject to the rates imposed by the bank.
In the case of exchange operations from one cryptocurrency to another, the commissions are mostly set at 0.25% and 0.5%, it all depends on the tokens to be traded.
Advantages and Disadvantages of Remitano
For those looking for new cryptocurrency buying and selling platforms, Remitano is a great alternative to operate quickly and safely. However, not everything is perfect, as all exchanges have some points against.
Advantages
Safety: employs advanced security measures to protect user operations and funds. In addition to the KYC protocol, it also offers two-step authentication methods.
Easy to use: It is a fairly intuitive platform whose registration can be done in a maximum of five minutes. All its options are in Spanish, so it will not be a problem to quickly understand how it works.
Renowned Coins: Although it does not have as extensive a coin catalog as Binance, Remitano offers trading with three of the most used cryptocurrencies in the world: Bitcoin, Ethereum and USDT. It also includes renowned tokens like LTC and XRP.
Commissions: it is possible to buy cryptocurrencies with bolivars without paying commissions. For this reason, Remitano can be an option to use it as a remittance gateway.
Disadvantages
Limitations: In Venezuela there are functions that are somewhat limited. It is not possible to buy cryptos directly with cards or bank accounts, something that does happen in other countries such as Peru.
Usability: its use has been spreading in Venezuela and other countries in the region, but it is not as popular as Binance. We can verify this with the number of Buy/Sell orders in the P2P market.
We hope you have clarified some doubts about Remitano. If you want to join this platform, you will not be alone, there are more than 15 million users spread over more than 50 countries who frequently use it to exchange cryptos for fiat money (or vice versa).
In future articles we will show you other exchanges, payment gateways and virtual wallets that you can use in Venezuela.
