- Comparable to Localbitcoins
- Interface is simple to understand
- Helpdesk is always at hand
- Verification of phone or documents are optional
- Your country of residence is not revealed in your profile after verification – which works well for people who want a better privacy, yet showing that they are honest buyers and have done due verification process
- When Buying, select from a list of sellers
- Optionally hide sellers that are currently offline – though if their advertisement is active, it means they have Bitcoins in Remitano’s system
- What this means is that even if you click Buy, and Seller is Offline, they will be informed immediately and they must response in a given time that is much shorter than Localbitcoins
- After clicking Buy, select via a scrolling arrow box or directly key-in the amount in BTC required, then proceed and a timer will appear
- You can key-in your own Receiving Address (e.g. from Blockchain.info)
- You have 15 minutes to comply to pay – the timer starts ticking
- Naturally, if you are confident, you can complete this fast via online banking
- The interface is simple as mentioned earlier due to this fact above – Sellers would have written the online banks they accept, and it is clear cut
- Quick Quiz – see if you understand the line below:
- Selling 1000 GBP/BTC via Barclays PLC. Maximum 2.05 BTC, pretty_kiera
- Pretty_kiera is selling bitcoins at cost of 1000 GBP (British Pounds) using Barclays PLC online bank. The maximum amount she/he is willing to sell is 2.05 BTC
- This is clear cut – if you have Barclays PLC and buying from her would be so much faster since you have same bank, likely you have tried sending payments online to another Barclays PLC. Even if you did not, you would feel more comfortable.
- If you think back with Localbitcoins, some users will hide their bank payment until you click Buy
- Then some sellers will take a time to reply with their bank, or even surprise you with some KYC / AML request which is quite an invasion of privacy
- Once you have paid online, you should take a screenshot of your banking page with the confirmed transfer of money – they click “Paid”
- Then a new timer appears for the seller
- There is no chat box, document attachment field
- Then within minutes before the timer runs out, the bitcoins will have arrived
- With BlockChain.info’s Receiving Address, the bitcoins went directly there after flashing for half a second on the top left corner of your page, showing the incoming total, then zero (since it left Remitano and went to your Blockchain.info wallet)
- Very fast, and no further fees when it arrived
Security is top. User friendly login:
- Remitano’s user profile and login mechanism is unique.
- You register using your email.
- There is no password.
- When you want to re-login, input your email.
- The newly generated login code is in your email.
- Click your email link from Remitano to login.
- It expires in 5 minutes.
- No password to remember, no password to lose, no passwords to reset.
- The security makes sense. Your email is you.
- Within the interface, there is optional 2FA activation via Authy.
- With that, even if your email is temporarily compromised, nobody can login.
- Besides that, your bitcoins bought will be immediately transferred out.
- There is no holding of a buyer’s coins (though it is possible to let them create a wallet).
May 2017: After 3 months of using and comparing with Localbitcoins:
Localbitcoins introduced or modified their user status into a “Typically replies within minutes” against previously “User is online”. This had created new problems. Buyers would assume a seller is online (Green status). And hence starts a Buy Order. If the seller does not display the banking details / payment details, then the buyer keeps waiting, unsure if the seller is serious or keeping mum for no apparent reasons.
Some seller may have accidentally placed a lower price, or bitcoin prices jumped higher. Then that’s a good reason to keep mum and hope the timer pasts 90 minutes and the trade is cancelled.
This doesn’t happen in Remitano. The seller by design of the Remitano system, has already keyed in the correct bank details while setting up the trade. The bank name is shown in the listing page. This is excellent. A buyer can choose seller by the bank. Since intuitively, we want to be buying from the seller who uses the same bank as we do, because it gives a fine layer of confidence. If anything untowards happen, within the same bank, it can get clarified quickly.
What LocalBitcoins did was introduce a layer of uncertainty, that now Remitano is able to fix. In Remitano, it’s quick, concise. There is no extra text chat boxes to talk about the weather. You click Buy, you see the actual final value required, the bank used, then seller’s bank account, the very reasonable time limit to complete. Once completed, the seller has a very reasonable time limit to check, and release the coins. The ratings page is clear and effective. There is enough cordial playground to be gracious. Yet not too much excess space for trolling, or writing unnecessarily.
Update 2nd August: Remitano will charge a fee of 0.001 btc whenever you transfer/ withdraw your bitcoins out onto your own cold storage. This just happened recently in the middle of July. Previously there was no fee. This could be a temporary fee.