There are many bitcoins exchanges, and more are still popping out, all this can be attributed to the popularity bitcoins has gained over the years. In fact, many online stores use it as a mode of payment. For the ignorant, we have already discussed what bitcoins is in previous posts you can check it out HERE.
What is Remitano?
Remitano is a pair to pair Bitcoin exchange meaning, Bitcoin and naira are exchanged not on the platform like luno but transferred between persons.
Example: “Mr. A” wants to buy Bitcoin from “Mr. B” at a particular rate after seeing his advert on the Remitano front page. What first happens is, Mr. A will click on Mr. B adverts and confirms he wants to buy, Mr. A will be given a time limit within which he is expected to transfer the funds to Mr. B’s bank account. Once the transfer is complete, Mr. A will notify Remitano that he has made the payment, then the Bitcoin equivalent will be transferred to Mr. A.
What is Escrow?
Escrow is an arrangement where you use a “third party” (somebody who is neither the buyer nor the seller) to hold something of value. That third party helps to make the transaction safer by ensuring that both the buyer and seller meet their obligations.
I know you might think someone will receive the payment into his bank account and run away with both the money and the bitcoins. It doesn’t work that way. Remitano works based on escrow, which means, even before Mr. A in the previous example sends the cash into Mr. B’s bank account Remitano has received the Bitcoin equivalent. With that, Mr. B cannot run away with the Bitcoin because it is no longer with him.
Due to how widespread the issue of scamming is online, the escrow system is set up to check the problem. It makes Bitcoin trading on Remitano safe for everyone. Point to remember, when trading on Remitano, only send the cash to the account with the same name as the one on Remitano; don’t send money to a third party account. Many have fallen a victim of this and have lost a lot of money.
Are their trading fees?
Unlike luno where you can trade without trading fees when your orders are not executed at market price, on Remitano you can’t escape their trading fees. Remitano charges 1% trading fee for every trade. So when trading on Remitano, you have to include the fees when calculating your profit. That is why you need a ledger as a trader to track your trades. At the time I started trading, I didn’t know the importance of having a ledger, until when I almost lost a portion of my account, and the ledger came in handy.
we at monidesks.com are here to help you make money, in case you have any question, feel free to drop it in the comment section and also remember to share. spammy comments will definitely get deleted.