Remitano Malaysia Review

In this post, I will be sharing my Remitano Malaysia review.

For those who are not familiar with Remitano, it is a peer-to-peer (P2P) marketplace where users can buy or sell cryptocurrency including Bitcoin.

This review is purely based on my own personal experience of using the Remitano Malaysia platform.

Before you read further, I wish to update you that in April 2021, the Securities Commission (SC) reprimanded Remitano for operating a digital asset exchange without its approval.

Since then, the Remitano website is blocked by the Malaysian Communications and Multimedia Commission (MCMC). And Remitano mobile applications for both Android and iOS have also been blocked in Malaysia. For any new updates, I’ll share them in this post.

Due to the incident above, I transferred my Bitcoin to Luno Malaysia, an exchange registered with the SC.

Now, back to my Remitano Malaysia review. It all started in November 2017 when I had my first experience buying Bitcoin through Remitano.

I still remember clearly I had some cold sweats in two of my first few trades. Being someone new to Bitcoin, I was inexperienced.

A month after that, I completed a few trades to sell some of my Bitcoin through the same platform.

In November 2018, I engaged back Remitano to buy a small portion of Bitcoin.

And I noticed there were improvements on the Remitano Malaysia platform. Notably, these improvements did enhance my trading experience.

Thus, I decided to share my personal review of Remitano Malaysia services.

Table of Contents

• My Remitano Malaysia Review
  • The pros of using the Remitano Malaysia platform
    • 1. Free to sign up
    • 2. Convenience, simple user interface and easy to use
    • 3. Log in protection through an email verification system
    • 4. Provides sellers reputation system
    • 5. Reliable escrow service
    • 6. Support trading in the local currency, the Malaysian Ringgit
    • 7. Support local bank transfer
    • 8. Short trade time
    • 9. Prompt customer support team
    • 10. Reasonable charges and transaction fees
    • 11. Verified user option
    • 12. Referral program
  • The cons of using the Remitano Malaysia platform
    • 1. Higher Bitcoin price
    • 2. Not a local-based exchange
    • 3. Not-so-reliable support team
• Final thoughts

[Disclaimer: I am not a certified financial planner. My sharing is purely based on my own research and personal experience. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a certified financial planner if necessary]

My Remitano Malaysia Review

There is a mixture of positive and negative reviews on Remitano Malaysia out there.

So, let’s read my personal review on Remitano Malaysia below.

The pros of using the Remitano Malaysia platform

Based on my personal experience of using Remitano Malaysia since November 2017, below are the things I like about Remitano Malaysia.

1. Free to sign up

Firstly, it is completely free to sign up for a Remitano account from the Remitano Malaysia website (referral link. I shall earn a small token at no cost to you when you sign up through this link. You too can have your own referral link when you sign-up. More details further below).

A new user can sign up by using an existing email address. Alternatively, the user can also log in through his or her existing Facebook or Google account.

2. Convenience, simple user interface and easy to use

Secondly, it is not difficult to buy or sell Bitcoin through the Remitano platform. The user interface is simple to understand and easy to use especially for a new user like me.

The first time I landed on Remitano Malaysia’s main page in 2017, I don’t have any problem navigating around.

The explanation and the terms used on Remitano are also clear and straightforward.

3. Log in protection through an email verification system

Thirdly, once log in by entering the email address, an email will be sent to the email address with the link to sign in to Remitano Malaysia.

This link expires in 15 minutes and can be used only once.

So, every time I wish to log in to my web-based Remitano account, I will need need to do this step. But, I don’t mind because this is additional security for me.

4. Provides sellers reputation system

Next, Remitano provides great information on sellers. So that potential buyers can use this information to assess whether or not to buy from a particular seller.

Before making a trade, a buyer can easily click on the seller’s profile. And a whole bunch of trade information will be available.

Among the information available are:

• the amount of Cryptocurrency the seller has traded
• the number of successful trades
• the number of different partners
• overall feedback score by other users
• feedback summary whether the user is happy or unhappy with the trade
• when was the account created
• last seen time and date
• identity and Resident Proof
• verification on phone number, Facebook and Twitter account

On top of that, a buyer can also see all the feedback from other buyer or seller who has traded with that particular seller.

Personally, I find it comforting to be able to see the reviews and feedback from other buyers before I decided to buy Bitcoin from a particular seller.

5. Reliable escrow service

I also like the reliable escrow service in Remitano.

For buying process, when I open trade to initiate I wish to buy the Bitcoin from a specific seller, the specified amount of Bitcoin is transferred from the seller’s wallet and held locked on Remitano’s escrow service.

Then, I can send my payment to the seller without being worried about not receiving the Bitcoin.

Once the sellers confirm the payment, Remitano will transfer the Bitcoin amount to my wallet.

And I can actually see the locked Bitcoin on my Remitano screen. So, it is kind of providing me peace of mind.

In 2017, I had a bad experience with a naughty trader when I wanted to sell my Bitcoin. But, thankfully the reliable escrow service and the support team returned my Bitcoin.

With a reliable escrow service, I feel safe buying or selling Bitcoin through the Remitano platform.

6. Support trading in the local currency, the Malaysian Ringgit

When I first wanted to buy my Bitcoin, I was looking for cryptocurrency platforms that support trading in our local currency, the Malaysian Ringgit.

From my research, I found a few options and Remitano Malaysia is one of them.

I prefer trading in Ringgit. Because it is troublesome and incur additional cost to get involved with other currencies.

7. Support local bank transfer

Remitano Malaysia also supports local bank transfers.

This means a faster transaction without a transaction fee when I choose to trade with the seller or buyer using the same bank.

Based on the Remitano Malaysia seller list, I noticed almost all the local banks available on the list. So, there should not be any problem with not being able to find the same baker as yours.

8. Short trade time

For your information, most of my previous successful trades were completed within 15 minutes.

From my experience with Remitano, a seller can choose either a 15-minutes or 30-minutes as their trade time. Based on my observation, most of the sellers on Remitano also choose 15 minutes as their trade time.

I prefer short trade time too. Because I want to see the Bitcoin in my Bitcoin wallet as soon as the payment is transferred.

And I believe serious and genuine sellers also prefer to complete the trade as fast as possible. Because a faster transaction gives them more future trade opportunities.

9. Prompt customer support team

In 2017, I had a good experience using the Remitano customer support team through their live chat.

As mentioned above, there were some naughty buyers who tried to get away with my Bitcoin by using the dispute button.

I quickly contacted the Remitano support team using live chat.

Upon some investigation, eventually, Remitano released back my Bitcoin to my wallet.

For any dispute, the Remitano support team will investigate and ask for proof from both buyer and seller. From there, they will decide on a solution for the dispute.

Therefore, I can see they are really serious about providing support to Remitano customers.

10. Reasonable charges and transaction fees

As for the transaction fees, Remitano charges a 1% fee to the buyer. While there are no charges applied to the seller.

This commission fee of 1% is already included in the advertisement.

So, the buyer just needs to pay based on the seller’s Bitcoin price. And user can keep their Bitcoin in their Remitano wallet free of charge. But if a user wishes to transfer the Bitcoin to other networks, the withdrawal fee is 0.0002 BTC.

Anyway, as a safety and security precaution, it is not advisable to keep Bitcoin or other cryptocurrencies in an exchange’s wallet. Unless you know the risks you are taking.

11. Verified user option

Earlier in November 2017, I can just registered for a Remitano Malaysia account and start to buy my Bitcoin immediately without the need to submit my government ID documents.

But in 2018, I needed to submit four government ID documents including two personal documents to be a verified user before I can proceed to buy Bitcoin on Remitano.

And these are the documents requested for user verification:

• One government ID document: NRIC or driving licence or passport
• A picture of the person holding the chosen government ID document
• A document with the word written ‘Buying crypto on Remitano.com’
• An additional government ID document other than the first one

Among the main reasons could be traders on Remitano prefer to deal with verified users only.

This is understandable as it will make the trade much safer. The verified user option also offers an effective way to prevent fraud from happening.

12. Referral program

Lastly, all registered Remitano users can participate in its referral program.

This is done by sharing a unique referral URL link that can be obtained from its main page. When a new user sign-up through the unique referral URL link, the referral will receive:

• 40% of tier 1 referee fees
• 10% of tier 2 referee fees

So, Remitano is giving its users opportunities to earn commissions through its referral program.

The cons of using the Remitano Malaysia platform

And now, these are my view on some of the downsides of the Remitano Malaysia service.

1. Higher Bitcoin price

Firstly, compared to some other Bitcoin exchanges, I noticed Bitcoin price on Remitano Malaysia is slightly higher.

But personally, I don’t mind paying a slightly higher price for my Bitcoin as long as the trade is safe and secure. What I mind is paying for a lower Bitcoin price but in the end, I didn’t get my Bitcoin.

Thus, I am willing to pay a higher price for a safe, secure and fast Bitcoin transaction.

2. Not a local-based exchange

Secondly, Remitano Malaysia is not a local based Cryptocurrency exchange.

Instead, it is run by Babylon Solutions Limited, a Seychelles-based company.

So, this means I am not protected under local regulations.

With some bad news about what happened to some of the Cryptocurrency exchanges out there, of course, there is a fear of losing my Bitcoin. This is among the many risks of investing in Bitcoin.

Nevertheless, I’ve promised myself that I only invest in what I can afford to lose.

3. Not-so-reliable support team

Lastly, In early 2019, I encountered an issue with my Remitano referral program.

For this issue, I realized that the support team provided a very prompt reply. But, the problem is, that they were not providing the answer or solution to my inquiries. They were only able to provide me with an answer upon multiple emails back and forth, with 3 different support personnel.

I found that quite disappointing and wasting my time too. Perhaps they are handling a huge volume of inquiries. But, I believe the support team should understand the inquiries first before sending any reply.

To me, a slightly delayed and accurate solution is far better than a fast but wrong solution.

In future, I hope they are able to provide reliable support to all Remitano customers.

Final thoughts

Overall, I consider the Remitano Malaysia platform a great place to buy or sell Bitcoin.

It is easy to buy or sell Bitcoin through Remitano. Personally, I had tried selling Bitcoin through Remitano. From that experience, I shared a post on tips and tricks when selling Bitcoin through Remitano in Malaysia.

So, Remitano is also my preferred cryptocurrency exchange due to the reasons below:

• its reliable escrow system
• the login protection through email verification
• verified user option
• its seller reputation system
• support local bank transaction

At the moment of writing this post, other than Bitcoin, the cryptocurrencies below are also available on the Remitano platform:

• Ethereum (ETH)
• Tether USDT (USDT)
• Bitcoin cash (BCH)
• Litecoin (LTC)
• Ripple (XRP)

Those interested to register for a free Remitano Malaysia account may do so via my Remitano referral link (note: referral link – I shall earn a small token at no cost to you when you sign up through this link).

(Take note that Remitano Malaysia is listed under the Securities Commission Malaysia (SC) investor’s alert list)

I hope my sharing on the Remitano Malaysia review is able to enhance your knowledge of cryptocurrency investment in Malaysia.

Lastly, if you are looking for a good crypto exchange in Malaysia, register for Luno Malaysia and redeem my Luno promo code <PAWHVW> that come with RM75 in free Bitcoin.