Cryptocurrency platforms like Binance and Remitano have gained widespread acceptance in Nigeria, and the country has seen a surge in the number of people interested in buying, selling, and trading digital currencies.
With the rise in demand for cryptocurrencies, various exchanges have sprung up, offering different features, fees, and user experiences.
Binance and Remitano are two of the most popular cryptocurrency exchanges in Nigeria, but which one is the best to use?
Two of the greatest cryptocurrency apps for selling Bitcoin in Nigeria are Binance and Remitano, which I’ll contrast and analyze in this piece.
In comparing Binance and Remitano, we’ll highlight their features, fees, and user experience, to help you decide which platform is best suited to your needs.
However, a platform like TransferXO is also making a wave in Nigeria and stands as one of the best alternatives to Binance and Remitano.
Let’s quickly review how these two crypto platforms function before we compare them.
Is Binance Better than Remitano in Nigeria?
Remitano differs significantly from a typical Bitcoin exchange in Nigeria. You can purchase, sell, store, and invest in bitcoins using this escrowed P2P exchange instead. It is comparable to a platform for spot cryptocurrency trading.
The biggest feature of the exchange, which was established in 2016, is that it enables you to buy and sell Bitcoin and other crypto tokens using your local fiat currency.
It also offers a few additional options, including crypto exchanges, lending, gift cards, and more, and it charges you a fair price.
On the other hand, Binance is among the greatest cryptocurrency exchanges available for day trading.
All types of trading, including spot, margin, and futures, are permitted on the exchange. Additionally, it can be utilized for P2P trading at no additional cost.
By trading volume, the exchange, which was founded in 2018, is among the biggest ones for cryptocurrencies. You may utilize the exchange for all of your cryptocurrency needs because it is trusted by millions of customers worldwide.
Binance vs Remitano: An Overview Comparison
Binance: Overview
Binance is a top-tier cryptocurrency exchange for day trading.
The exchange can be utilized for any type of trade, including spot, margin, and futures. You can also use it for peer-to-peer trading at no cost.
The exchange was founded in 2018, and it is now one of the leading cryptocurrency exchanges in terms of trading volume. Millions of customers worldwide trust the exchange, and you can use it for all of your crypto needs.
Remitano: Overview
Remitano is a peer-to-peer cryptocurrency exchange that was founded in 2016. The platform operates in over 30 countries, including Nigeria, and allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and Ripple.
Remitano’s P2P platform serves as a middleman between sellers and buyers to make transactions simple. This makes buying and selling bitcoins in Nigeria risk-free.
Remitano divides traders into groups based on the bank they use and their country of origin. This is carried out to ensure that trades between dealers are completed as fast as feasible.
Remitano sets itself apart from other P2P exchanges by offering 24/7 live chat support for customers. One of the largest markets for Remitano in Africa is Nigeria.
Binance vs Remitano: How They Both Work in Nigeria
How Does Binance Work?
Binance is the world’s largest cryptocurrency exchange by market capitalization. It provides customers with many possibilities for purchasing cryptocurrencies. You can pay by credit card, bank transfer, or by exchanging Bitcoin for altcoins.
Users can also buy cryptocurrencies from other traders using their local currency over the Binance peer-to-peer network. Whatever option you choose, the actions below are critical.
To get the full Binance experience, create an account and complete identity verification. You can only use certain functionalities if your KYC is not verified.
Then you can connect your credit, debit, or bank account number to begin purchasing cryptocurrency. Even if you’re a first-time consumer, the user experience is simple and straightforward.
You can also deposit USD by bank transfer and obtain a 1:1 BUSD credit to your account. For additional details, see “How To Deposit USD”. After that, you can begin trading.
How Does Remitano Work?
Remitano provides a cryptocurrency trading online exchange through a variety of platforms and product lines.
Users can deposit and withdraw supported fiat and cryptocurrency currencies using the exchange.
Cryptocurrencies such as Bitcoin, Ethereum, USD Tether, Bitcoin Cash, Litecoin, and Ripple have supported deposits.
When you begin a transaction with another person to buy or sell Bitcoin:
- The specified amount of bitcoins from the seller is frozen.
- Because the seller’s Bitcoins are frozen on the platform, the buyer can confidently transfer the money to the seller’s bank account and confirm “Made as paid.”
- After the seller verifies his bank account and clicks the “I have received the payment” button, the frozen Bitcoins will be unfrozen and transferred to the buyer’s wallet.
Binance vs Remitano: Features Comparison
Platform Security
Security is a top concern for any cryptocurrency exchange, and both Binance and Remitano take security seriously.
Binance offers two-factor authentication (2FA), a secure asset fund for users (SAFU) to protect against losses and cold storage for user funds.
Remitano also offers 2FA, encrypted SSL connections, and an escrow system to protect against fraud.
Cryptocurrency Selection
Binance offers a wide selection of over 500 cryptocurrencies for trading, including major coins like Bitcoin, Ethereum, and Binance Coin, as well as many lesser-known altcoins.
Remitano, on the other hand, only offers trading in six cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and Tether.
Trading Fees
Fees can be a significant factor in choosing a cryptocurrency exchange. Binance charges a 0.1% fee on trades, which can be lowered by holding Binance Coin (BNB) or by increasing trading volume.
Remitano charges a 1% fee on trades, which is higher than Binance but still competitive compared to other P2P exchanges.
User Interface and Experience
Both Binance and Remitano offer user-friendly interfaces for trading. Binance’s interface is more complex, offering advanced trading options like margin trading and futures trading.
Remitano’s interface is simpler and geared towards beginner traders.
Deposit and Withdrawal Options
Binance offers a wide variety of deposit and withdrawal options, including bank transfers, credit/debit cards, and a variety of cryptocurrencies.
Remitano also offers bank transfers and cryptocurrency deposits and withdrawals but does not support credit/debit cards.
Customer Support
Customer support is an important aspect of any cryptocurrency exchange, and both Binance and Remitano offer support via email and live chat.
Binance also has a large knowledge base and FAQ section, while Remitano offers a comprehensive user guide and video tutorials.
Mobile App Experience
Both Binance and Remitano offer mobile apps for iOS and Android devices. Binance’s app offers advanced trading options and features, while Remitano’s app is more focused on the basic trading experience and ease of use.
Education and Resources
Education and resources are important for new cryptocurrency traders, and both Binance and Remitano offer a variety of educational materials.
Binance has a large knowledge base, offering articles, guides, and video tutorials on various trading topics. It’s known as the Binance Academy.
Remitano also offers a comprehensive user guide, video tutorials, and a blog with articles on cryptocurrency trading and news.
Binance vs Remitano: Trading & Products
Binance Trading & Products
If you want to day trade cryptocurrencies, Binance is a better option. The platform is useful even if you are trying to develop a portfolio because it contains a variety of markets and other features that are advantageous to both novice and experienced traders.
- Spot Trading
- Margin Trading
- Derivatives trading in USDT, USDC & Crypto (up to 125x leverage)
- Crypto Options
- Binance Leveraged Tokens
- P2P Trading
Remitano Trading & Products
We shall examine all of the items offered on Remitano’s platform. We will also go over the specifics of how each works.
Remitano has 4 basic products and services:
- Peer-to-Peer Crypto Exchange: Peer-to-peer trading is possible with anyone who has a Remitano account and lives in a nation where the platform is available.
- Fiat Web Wallet: A fiat web wallet is a wallet that accepts deposits in a country’s currency. Because the wallet is directly linked to the exchange, it is possible to interact with any cryptocurrency supported by the platform.
- Crypto Investing: The next feature product in their lineup is Remitano’s crypto investing platform. Deposits can be made in any of the 10 crypto assets supported by this facility.
- Swap Platform: The next item we are excited to introduce is the Instant Swap Market. This service allows our clients to quickly change between any of the supported cryptocurrencies on the Remitano platform. Because the trade is automatically proctored, facilitated, and enforced by Remitano, order execution timelines are removed.
Binance vs Remitano: Trading & Products Final Verdict:
From all indications, Binance provides a comprehensive trading experience, ranging from sports trading to their p2p exchange. Its smartphone app, in particular, is very user-friendly. Remitano, on the other hand, is designed for a specific purpose.
Binance is definitely the clear winner in terms of trading.
However, one thing that Binance and Remitano lack when it comes to their trades is educational information that new traders who want to get into the trading field can benefit from. If they want to add functionality to their website, providing educational material is a smart idea.
Binance vs Remitano: Trading Fee, Deposit, & Withdrawal Fee
Binance Trading, Deposit & Withdrawal Fees
With a maker-and-taker fee model, Binance has a simple fee structure. Additionally, if you pay the cost using BNB, you’ll receive an extra 25% off the spot trading fee.
The spot trading commission, both ordinary and reduced, is, therefore:
- Maker Fee – 0.1000%
- Taker Fee – 0.1000%
The Binance futures trading cost structure is similarly comparable. You also receive a 10% discount on your futures trades.
There are no charges for depositing crypto tokens. You must, however, pay fees for cryptocurrency withdrawals. The fee is based on the blockchain’s specifications as well as a few other elements.
Transaction fees are charged for deposits and withdrawals made in fiat. There are also no costs for some payment options.
Remitano Trading, Deposit & Withdrawal Fees
The charge is arbitrary in terms of Bitcoin deposits.
There are no costs for some currencies, while there are fees for others. You must also make the necessary minimum deposits.
Similar conditions apply for withdrawals. Additionally, the withdrawal costs are not set in stone and could fluctuate based on how well the blockchain networks are performing.
Again, it will depend on how much fiat money you put in. There are no fees associated with deposits or withdrawals for several types of fiat.
Regarding P2P Fees, they are once again arbitrary and are structured as maker-and-taker fees. The cost would vary according to your residence and available payment methods.
- Maker Fees: 0.5%
- Taker Fees: Free
- Order Book Taker: 0.25%
- Order Book Maker: 0.25%
Binance vs Remitano: Trading Fee Comparison
Binance offers a simple cost structure for spot, margin, and futures trading. Furthermore, unlike Remitano, it provides free P2P trading.
In terms of trading fees, Binance is a better pick. The exchange provides several options for receiving substantial reductions in trading expenses. As a result, your trading costs would be cheaper.
Binance vs Remitano: Payment Methods
Binance Payment Methods
Binance provides consumers with several deposit choices. These are a few examples:
- Crypto deposit: If you already own cryptocurrencies supported by Binance, you can transfer them to Binance-compatible wallets.
- Bank Deposit: Binance accepts bank deposits in all fiat currencies.
- Visa and Mastercard are the accepted credit/debit cards.
- PTP Trading: Bank transfer and over 60 other alternatives.
- Third-Party Payment: Banxa and Simplex.
Remitano Payment Methods
The Remitano Payment Gateway is a straightforward application that enables users to rapidly pay for goods and services with cryptocurrencies. Remitano presently accepts Bitcoin, Ethereum, Tether, Ripple, Litecoin, and Bitcoin Cash payments.
You have the option of selecting one of three options:
- Use Remitano coin wallet: To pay, select Remitano coin wallet and your desired coin. Click the “Yes” button to confirm the payment.
- Buy Cryptocurrency: Choose Buy USDT to purchase Bitcoin. The system will display the top-selling USDT adverts. At the advertising of your choosing, click Buy Now. Payment must be confirmed. If you opt to pay with your Remitano fiat wallet. The transaction is executed right away. For other methods, simply follow the same trading steps as a conventional P2P transaction on Remitano.
- Deposit Coins: Select the Deposit coin. If you do not select USDT, the system will calculate the amount of your choice coin to deposit for you. After making a deposit to the specified address, click “I have deposited” to confirm. The system will take care of the rest.
Binance vs Remitano Payment Methods Comparison
From the above-stated payment methods for both Binance and Remitano, it’s obvious that Binance has more payment methods for users than Remitano.
Binance vs Remitano: KYC Requirements & Security
Binance KYC Requirements & Security
The most secure cryptocurrency exchange currently operating is Binance. Multiple global jurisdictions are included in the exchange.
In order to safeguard the money and personal information of its users, it has also added top-notch security measures and uses offline storage. Additionally, the exchange has absolutely no history of hacks.
Equally, Binance makes completing your KYC verification a requirement.
Without undergoing identification verification, you are not permitted to utilize the exchange at all. The restrictions for deposits and withdrawals vary according to the type of KYC verification you have finished.
Remitano KYC Requirements & Security
The level of security in Remitano is unusually high. They provide a white list option for withdrawals and 2FA.
They make sure that 80–90% of the money is kept offline and secure by using an elastic multi-stage wallet technique.
Additionally, users must successfully complete an improved verification process that includes proof of the legitimacy of their identifying documents in order to withdraw money.
At the same time, you don’t have to finish your identity verification to a great level using Remitano.
For instance, if you only authenticate your account using a phone number, you can benefit from a $75 daily purchase cap.
However, if you want to increase your daily purchase cap, you must authenticate your account with supporting documentation and bank information.
By implementing the Customer Identification Program and Customer Due Diligence Rule, they make a lot of effort to outlaw and actively combat money laundering and other activities on the platform.
Binance vs Remitano: KYC Requirements & Security Final Verdict:
In light of the fact that you can use the exchange to some extent without proving your identity, many conclude that Remitano triumphs in this category by providing more security features than Binance.
However, we disagree with this, because Binance is one of the safest and largest cryptocurrency exchanges, with millions of users worldwide.
The exchange has been rock stable from its beginning, with no history of hacking.
Binance vs Remitano: Customer Support
Binance Customer Support
It’s also a no-brainer to seek Binance’s assistance. You have the option of using live chat, which will connect you with a support professional right away. They also have a quick response time.
You can also contact customer service via email or on Twitter for immediate assistance. Alternatively, you can contact Binance’s support via Twitter at @BinanceHelpDesk.
Binance also provides assistance through its social media channels and provides timely responses.
Remitano Customer Support
Remitano provides amazing client service. They provide a live chat tool built on their website that can be utilized to view various assistance guides or directly connect with a support representative. The advantage is that they respond more quickly.
You can also seek assistance by writing them an email. However, it does not provide assistance through its social media sites.
Customer Support Verdict
Binance assistance is more convenient and accessible. As a result, it is the winner of this section.
Binance vs Remitano: Which is Best to Use in Nigeria?
There are various aspects to take into account when deciding between Binance and Remitano. When deciding which of these two exchanges to use, take into account the following:
Remitano is less suitable for traders who want to trade a variety of cryptocurrencies because Binance offers a greater selection of trading pairs than Remitano. Remitano, on the other hand, has a smaller number of trading pairs, which could not be appropriate for traders who want to trade more unusual coins.
Compared to Remitano, which has a 1% flat fee, Binance charges a trading fee of 0.1%. The cost structure of Binance can be confusing, with additional discounts offered to users who possess Binance Coin (BNB), in contrast to Remitano, whose fee is straightforward and offers additional savings.
To secure user funds, Binance and Remitano both employ cutting-edge security procedures. However, Binance has a better track record when it comes to security lapses, and the platform has a devoted security staff that is always trying to strengthen the security of the network.
Both Binance and Remitano offer simple, user-friendly interfaces that are suited for newcomers. Nevertheless, some users may find Binance’s interface to be too complex and full of options.
Users who may have problems can contact Binance’s customer support team at any time, day or night. Remitano also has customer service, although it can take longer for them to respond than Binance does.
Overall, Binance and Remitano are both great exchanges with unique features and advantages. Remitano is a better option for traders who value simplicity, transparency, and a smaller number of coins, whereas Binance is preferable for those who desire a greater variety of trading pairings and reduced fees.
Your unique tastes and trading requirements will ultimately determine whether you choose Binance or Remitano.
However, if you’re still confused, you can use both of them interchangeably.
Best Alternatives to Binance and Remitano in Nigeria
Cryptocurrencies are here to stay, and anyone who wants to take advantage of the current or future benefits may get started today. However, remember that there is no such thing as a risk-free investment.
As a result, educating oneself on alternative applications of cryptocurrencies outside Binance and Remitano is a fantastic approach to keeping current.
Here are the best alternatives to go for when Binance and Remitano fail to offer the services you desire:
- TransferXO: TransferXO is a peer-to-peer cryptocurrency exchange platform that allows you to send money to numerous countries. The site offers reasonable exchange rates and low fees, making it an affordable option for overseas transactions.
- LUNO: Luno has been in the cryptocurrency space for nearly as long as Bitcoin, with over 21 billion dollars in completed transactions. Luno’s crypto wallet and trading exchange make purchasing Bitcoin safe and secure.
- Paxful: Paxful is a peer-to-peer financial platform that was developed to provide equitable access to everyone, regardless of location. Paxful encourages financial inclusion by giving access to about 400 different payment methods for the purchase, selling, and trading of Bitcoin and other digital currencies.
FAQs
Is Binance available in Nigeria?
Yes, Binance is available in Nigeria and is one of the most popular cryptocurrency exchanges in the country.
Is Remitano safe to use?
Yes, Remitano is safe to use, and the platform uses advanced security measures to protect users’ funds.
Which platform has lower fees, Binance, or Remitano?
Binance has lower fees than Remitano, with a 0.1% trading fee compared to Remitano’s 1% flat fee.
Can I buy Bitcoin on both Binance and Remitano?
Yes, you can buy Bitcoin on both Binance and Remitano, as well as other popular cryptocurrencies.
Which platform has a better selection of trading pairs?
Binance has a wider range of trading pairs than Remitano, making it a better choice for traders who want to trade a variety of cryptocurrencies.
Is customer support available on both platforms?
Yes, both Binance and Remitano have customer support teams that are available to assist users with any issues they might encounter.
Final Verdict
If your goal is to conduct day trading, Binance will be awesome. However,
Binance can be used for more than only P2P trading; it can also be used for spot, margin, and derivatives trading at minimal cost and huge leverage, allowing traders to earn significantly.
Remitano, on the other hand, is an excellent alternative if your primary goal is to generate money through P2P trading.
The exchange boasts an easy-to-use user interface and low trading fees.