I have reviewed the 3 exchanges in the past, they are all legit and pose no threat to its customers.
However, you are dealing directly with other individuals on the platform, but not all of them are legit.
Just like those who get scammed on Facebook, the site itself is not the problem but the people.
This article presents a head to head comparison of the 3 exchanges, you will find out which is safer to use and how to avoid scammers on the site after reading this.
To make everything simple and clear, here is a list of what I will cover;
- Overview of the Exchanges
- Compared Features- Paxful vs Remitano vs LocalBitcoin
- My Verdict- Which is Better?
Overview of the Exchanges
Paxful was founded by Ray Youssef and Artur Schaback in 2015 and is headquartered in the USA.
It serves users from all over the world except countries banned by the Office of Foreign Accounts Control(OFAC).
- P2P market
- Kiosk service
- Vendor service
- Affiliate program
In April 2016, Remitano was launched by Babylon Solutions Limited in the Island of Seychelles. It is a P2P exchange/ wallet provider.
As a P2P exchange, Remitano connects buyers and sellers to trade directly without a third-party. However, the platform has expanded and offers other services which I will list below.
The company supports several countries but records its highest trading volume in Nigeria with over $600,000 daily trade volume.
- P2P Exchange
- Remitano Invest
- Remitano Swap
- Affiliate Programme
Local Bitcoins is a company based in Helsinki, Finland. It facilitates peer-to-peer trading of fiat currencies for bitcoins through an Escrow system.
It was founded by Jeremias Kangas in 2012 and available in all countries of the world.
The company is one of the leading exchanges in the world and has over 1.5million active traders.
Compared Features- Paxful Vs Remitano Vs LocalBitcoins
Paxful supports all countries apart from the following;
Burundi, Central African Republic Sanctions, Cuba, Crimea region, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan-related Sanctions, Sudan and Darfur, Syria, Yemen.
It’s available in 58 Countries worldwide;
Algeria, Argentina, Australia, Bangladesh, Belarus, Bolivia, Brazil, Brunei, Cambodia, Canada, Ivory Coast, China, Colombia, Denmark, Dr Congo, European Union, Ghana, Indonesia, Israel, India, Iran, Italy, Japan, Kenya, Mexico, Malaysia, Myanmar, Namibia, Nigeria, Netherlands, Nepal, Norway, New Zealand, Oman, Peru, Philippines, Pakistan, Poland, Portugal, Qatar, Russia, Rwanda, Singapore, Spain, Sweden, Taiwan, Tanzania, Thailand, Turkey, UAE, Uganda, Ukraine, United Kingdom, United States, Vietnam, Venezuela, South Africa, South Korea, Zambia, Zimbabwe
LocalBitcoins is available in all countries Worldwide.
Accepted Payment Methods
Paxful supports about 300 payment methods worldwide. The top on the list are:
- Any Credit/Debit Card
- Western Union
- Amazon Gift Card
- OneVanilla Gift Card
Remitano accepts only one payment method;
- Bank Transfer
LocalBitcoins accepts about 30 payment methods, depending on the convenience of the buyer and the seller and their location. Some of the accepted methods are;
- Bank Transfer
- Money gram
- Direct Cash Deposit
- Wire Transfer
- Cash (If you are in close proximity with the person)
- Payza etc…
Paxful is solely a Bitcoin exchange platform.
Remitano supports 6 crypto assets, they include;
- Bitcoin Cash
LocalBitcoins allow users to buy and sell Bitcoins only.
Remitano tops in the other exchanges in this category.
To verify your account on Paxful, you will need the following:
- 1st Level – Phone number and email verification
- 2nd Level – Level 1 + ID verification
- 3rd Level – Level 2 + address verification
- 4th Level – Level 3 + EDD (Enhanced Due Diligence) or CDD (Customer Due Diligence)
Verification on Remitano requires;
- ID card
- Selfie + ID card
- Date Note + ID card.
Verification on LocalBitcoins requires;
- Email Verification
- Phone Number
- ID Card
- Proof of Residency
No Transaction fee is paid by the Buyer on these platforms. The Seller is charged a transaction fee of 1%. However, you should note that the Seller makes up for this Transaction fee by adding it to the exchange rate.
Paxfuls website’s interface seems to focus on customer support. Its help menu is clearly visible and in it lays a comprehensive FAQ section and a customer support forum that runs non-stop, 24hrs daily.
Remitano has very responsive customer support, the best being their ‘live chat’ which is available 24 hours 7 days a week. Users can also refer to the help center. You will find the answer to almost all questions you might have.
LocalBitcoins has various platforms to support Users’ experience; the FAQ page contains almost all the answers to your questions. However, if you submit a quarry ticket over the weekend, you might have to wait for 12-24 hours for a reply.
Paxful Vs LocalBitcoins Vs Remitano – Which is The Safest?
These three platforms work basically the same way. Maybe a little different.
A user can get scammed on any of the three platforms pretty much the same way by another user though, Remitano has more stringent palliatives against scam.
However, the choice of which of the platforms to use is on an individual basis.
You have to consider the country of availability, payment methods most suited to you, price overview on each platform and finally the user you feel comfortable to sell to or buy from.
How To Trade Safely on Any P2P Platform
Step 1: Choose the Right Seller
The top listed price is usually the cheapest, it might be tempting but ‘NEVER CHOOSE A SELLER BASED ON PRICE’. Sellers and Buyers are filtered based on their IP. You are only shown Sellers and Buyers from your geo-region.
When choosing a seller, follow these rules. They are strict but if you don’t want to lose your money, you should follow them:
Make sure that:
- The user has traded over 10BTC in total.
- He has at least 100 confirmed trades
- He has at least 10 trade partners
- His feedback score is at least 98%
- His account is being active for at least 6 months
- He has a verified phone number, email, and company account.
- He is trusted by at least 10 people.
All this information can be found on the seller’s public profile.
Step 2: Communicate With the Seller
If the seller meets the above criteria, send a message to him requesting a trade, do not provide any other information about yourself until you receive a reply.
Step 3: Make Payment
Once you receive a reply and feel comfortable buying from the seller, make payment using the details provided by the seller.
That’s it on today’s comparison, I hope this was helpful to you?
You can go ahead to trade on any of the sites, all you have to do is follow the guide above and trade safely whether you are a newbie or veteran in the crypto-verse.
Well, I want to hear from you now, my reader.
Which of these exchanges best suits you?
Have you had any experience using any of them?
Would you rather work with a broker exchange?
Leave your comments or any questions you may have, I will be right there in the comments.
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All the Best!!