Remitano is a well-known digital asset trading platform in Nigeria that allows peer-to-peer cryptocurrency transactions. The Remitano P2P platform acts as an intermediary between the sellers and buyers while ensuring the transaction goes smoothly. This enables you to buy or sell Bitcoin in Nigeria without fear of being defrauded.
Babylon Solutions Limited, a Seychelles-based company, owns Remitano. It was founded in April 2016 as a peer-to-peer bitcoin exchange but later expanded to include other currencies and services, as I will explain later in this post.
Remitano classifies traders based on the bank they use and the country they are from. This is done to ensure that trades between traders are completed as quickly as possible. The 24/7 customer support via live chat distinguishes Remitano from other P2P exchanges. With a daily trade volume of approximately $600,000, Nigeria is among Remitano’s biggest markets in Africa.
About Remitano Services
But first, let’s get to know more about Remitano services;
- Buy & Sell
Buy & Sell
This is a peer-to-peer exchange where users directly trade supported currencies for their local currencies. It’s at the top of the homepage’s menu. Also, on the homepage, you’ll find a list of buyers and sellers from which to choose to trade with.
Remitano allows users to invest in specific coins and profit when their value rises. The investments are made in USDT, and the profits are paid out in USDT. It is important to note that you are not purchasing the coin but rather investing in it and profiting from its trading activity.
Users can use this feature to exchange one cryptocurrency for another instantly. You can, for example, exchange BTC for USDT. Swap can be found in the top menu on the homepage.
When users add liquidity to the available pools, they earn passive income. This income is generated by Remitano’s fee on Swap transactions resulting from the collections.
Supported Currencies and Payment methods
Remitano provides wallets for the following coins;
- Local currencies
- Remitano Network Coin (RENEC)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Tether (USDT)
- Binance Coin (BNB)
- Solana (SOL)
Your country entirely determines the currency used for payment. Nigerian traders will use the Naira. It should be noted that Remitano does not offer wallets for fiat currencies. Buyers deposit fiat money directly into sellers’ bank accounts.
How to use Remitano P2P to Buy Bitcoin In Nigeria
- To get started on Remitano, you need to register. Go to Remitano.com and click on ‘Login/Register’ from the top right corner. Or you download the mobile app on the Google play store here.
- Before buying or selling bitcoin via P2P, you must first register with Remitano and meet the KYC requirements.
- Level 1 Phone number
- Level 2 Identity Documents
- Level 3 Bank verification
Note: You need to verify your phone number upload your ID and bank. After successful verification, you have full access to trade on Remitano.
- Log in to Remitano after completing your account registration, scroll down, then choose a seller from the list, and click “buy.”
- Select the amount of Bitcoin you wish to purchase.
- Type in your Bitcoin wallet address.
- Select and click on “buy BTC” to start the trade.
- Note down the remittance information of the seller from the transaction page.
- Log on to your internet banking and pay the seller via bank transfer.
- After making payment, confirm you have paid and wait a while for the seller to verify your payment.
- Once the seller confirms receiving your transfer, the sellers’ BTC, which was previously held in escrow, will be released instantly to your BTC address.