A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of Remitano consists of four parts: general info, fees, deposit methods and security.
Remitano is a cryptocurrency exchange from the Seychelles, run by the company Babylon Solutions Limited (registration number 168830). This exchange is one of the six exchanges registered in the Seychelles.
The exchange has been around for more than 4 years, which in the world of cryptocurrency is a long time. You can’t buy or sell any of the smaller cryptocurrencies (1World Coin, Zephyr Coin, Adshares, Zennies Coin, Centrality, or any cryptocurrency with a similar market capitalization to those) at this exchange. So, if you seek to buy or sell any of those, you’ll have to choose another exchange.
Remitano does not list US-investors as prohibited from trading, but US-investors should – as always – do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
This exchange provides services to 30+ countries. A few more statistics below:
Remitano Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it will definitely lack some features that more experienced traders look for. The below is a picture of the purchase interface at the landing page of Remitano:
Remitano Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Ingvar, offering to buy 1 BTC for USD 10,000. And Jeff, offering to sell 1 BTC for USD 11,000. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. Bill is here a taker and will be charged the taker fee. If Bill on the other hand would have offered to sell 1 BTC for USD 10,500, he would have placed an order on the order book that did not correspond to an existing order. He would thus have been a maker of liquidity. If someone would have accepted to buy 1 BTC from Bill for USD 10,500, then Bill would have been charged the maker fee (usually a bit lower than the taker fee) and the relevant buyer would have been charged the taker fee.
The way that Remitano charges fees are explained in the below picture
Generally speaking, Remitano's trading fees for buyers are 1.00%. Compared to the global industry average (which is arguably around 0.25%), this fee is high. However, if you are more inclined towards making sell orders, then don’t worry. Remitano’s doesn’t charge makers any fees at all. This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Remitano Withdrawal fees
Remitano's withdrawal fee is 0.0002 BTC per BTC-withdrawal. This fee is far below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average. In any event, 0.0002 BTC per BTC-withdrawal is a low consumer-friendly fee.
Remitano offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as Remitano accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Remitano’s security score is C+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):