Exchanging digital currencies online has become a profitable venture for many in recent times, in fact, it’s the main source of revenue for some people. However, many have also been rendered bankrupt or lost a significant amount of their savings, Why?
This is because an Exchange is like the daily market we all go to buy groceries, where we have different kinds of individuals, The good, the bad and the ugly.
I have reviewed Remitano and LocalBitcoins in the past stating guides on how to safely trade on these platforms. Today, however, I am going to closely compare these two platforms head to head to help you make a better choice when buying or selling Bitcoins.
Here is s list of what I will be covering in this post, click on any of them to take you directly to the content;
- Overview of Both Exchanges
- Comparison- Remitano Vs LocalBitcoins
- My Verdict- Remitano vs LocalBitcoins
Overview of Both Exchanges
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-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- Remitano Vs LocalBitcoins
Remitano: 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: All countries Worldwide
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
Accepted Payment Methods
LocalBitcoins accepts a wide range of 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…
On the other hand, Remitano only accepts one payment method;
- Bank Transfer
A transaction fee of 1% is levied on sellers across each platform. However, to make up for this fee, sellers charge a higher exchange rate.
The exchange rate on LocalBitcoins and Remitano varies from country to country. For example, the exchange rate for LocalBitcoins in Nigeria is quite high when compared with Remitano. However, in the USA the exchange rate on Remitano is higher than that in LocalBitcoins. Having said this, please note that the exchange rate on each platform is a function of the seller, therefore, they vary from time to time.
I observed the exchange rate on both platforms for a month and found out that the exchange rate for the Nigerian naira on LocalBitcoins has been about 0.043% to 0.8% higher than that on Reminato.
LocalBitcoins has various platforms to support Users’ experience; the FAQ page contains almost all the answers to your questions. The guide page is well detailed with information to put users through basic operations. If you have any issue, you can contact LocalBitcoins on Twitter or submit a support ticket. However, during the weekends, you might have to wait for 12 – 24 hours for a reply to your quarry ticket.
On the other hand, Remitano has more 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 centre. You will find the answer to almost all questions you might have.
My Verdict -Which is Better?
There is no straight answer to this question, it all depends on what you want. LocalBitcoins has been there for a longer period about 3 years before Remitano. Remitano has more responsive customer support through their ‘live chat’. The exchange rate on both platforms depends on your countries.
The major limitation you might have when choosing Remitano is that it might not be available in your countries, even when it is, there might be only a few sellers to choose from when to compare with LocalBitcoin.
You can sign up with the 2 exchanges to see things for yourself.
That’s the end of my comparison. I have clearly outlined the significant differences between both exchanges.
You can go ahead to choose the one that best suits you.
Be very much assured that both platforms are legit, just be cautious with the individuals you will be dealing with on any of the platforms.
Visit any of the sites to have a feel for yourself.
If you have any questions, please leave a comment below.
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