Remitano Bitcoin Exchange: An Escrowed P2P Marketplace

November 7, 2020November 7, 2020 hodler

Market platforms are catching up with Bitcoin. Remitano is one of those platforms. It makes escrowed P2P BTC trading possible.

Trade Bitcoin on Remitano’s Escrowed P2P Marketplace

That is more in line with Satoshi’s philosophy for sure. But how does this marketplace really work?

About Remitano

Before we get into the mechanics of how Remitano works, here are some basic details about this platform:

Remitano is registered in Malta
It was established in 2014
The company operates in several countries including Australia, Malaysia, Nigeria, Vietnam, Cambodia, and China

Escrowed P2P Bitcoin Marketplace

Remitano’s system is simple:

It relies on simple UI that you can use instinctively
When you buy Bitcoin, Remitano locks the BTC from the seller in its escrow
Then you send the payment directly to the seller
Support is available via live chat on a 24/7 basis
To buy or sell Bitcoin you must “create” an ad

Remitano Basic Buy Bitcoin Ad — This is how you create a basic buy Bitcoin ad on Remitano

Create a Remitano Ad to Buy or Sell Bitcoin

Creating the ad is a critical part of your Remitano BTC purchase or sale. This step is also quite simple:

You can create a basic or a detailed ad
The basic one will just require you to set the price to pay or ask for Bitcoin
It is necessary to provide banking account information whether you buy or sell BTC

To complete your ad to buy Bitcoin on Remitano, you must type your bank details in

Detailed ads are a bit more complex. You can play with the following variables:

Bitcoin exchange for price reference – BitStamp is the default
Location – where to buy and sell
Limit or maximum BTC amounts to buy and sell
Payment method – wire transfers, cash deposits, e-transfers and cash in person are some of the options available

Remitano Detailed Sell Bitcoin Ad — Here is an example of a detailed sell Bitcoin ad

Once you create your ad, you must wait for a counterpart to take your offer.

Drawbacks

This platform is interesting, and it definitely fills a niche in the market.

On either detailed sell or buy Bitcoin ads, you establish buy or sell limits

Nevertheless, it has its drawbacks:

As in every P2P market, liquidity is an issue – you must match with a counterpart on an ad to complete the transaction
Currency exchange is not good – Bitcoin prices are in USD and you will not get a good exchange rate to your local currency
Before you use the platform, you must trust Remitano; the company controls the escrow
Once you write your banking information on Remitano, you should assume the company will keep it, raising questions about data security and trust
Are Malta’s financial regulations good enough for you?
Would you rather trade on Remitano or on more popular P2P platforms like LocalBitcoins?

Maybe you are willing to try Remitano, and it seems to work well. But convincing a critical mass of users out there is a different story.

to create a detailed sell Bitcoin ad on Remitano, you also have to type your banking details in

For a P2P platform to work optimally, you need a robust user base to provide enough liquidity.

Remitano Bridges a Gap in the P2P Niche

Every exchange has its drawbacks; there is no such thing as perfection. Therefore, Remitano is definitely a promising solution for those of you looking for a P2P Bitcoin marketplace with an escrow.

Trust Remitano — As much as it is a P2P platform, you still have to trust Remitano as an escrow

If you can get past Remitano’s non-native English speaker mistakes, then it might be worth a try. Just remember, do your own research before you use their service!