Nigeria, known for its growing interest in digital currencies, has several platforms that cater to the needs of crypto traders. Two popular platforms that often come up in discussions are Remitano and Paxful.
Remitano and Paxful are two popular options in Nigeria’s cryptocurrency market, but which one is the best choice?
This article aims to compare and analyze the features and advantages of both platforms to determine which one might be better suited for crypto trading in Nigeria.
In this article, we will compare Remitano and Paxful across various aspects to help you make an informed decision.
Remitano vs Paxful: Overview of Both Exchanges
Remitano is a global peer-to-peer cryptocurrency exchange that has gained popularity in Nigeria. It allows users to trade Bitcoin and other cryptocurrencies directly with each other.
On the other hand, Paxful is also a peer-to-peer marketplace that connects buyers and sellers of Bitcoin. Both platforms have their unique features and advantages.
Remitano: An Overview
Remitano is a peer-to-peer cryptocurrency exchange platform that connects buyers and sellers directly.
Babylon Solutions Limited, a Seychelles-based company, owns Remitano. It was initially introduced as a peer-to-peer Bitcoin exchange in April 2016, but it eventually grew to incorporate additional currencies and other services, which I will go into more detail about in a moment.
Since its inception, Remitano has gained popularity for its user-friendly interface and focus on security. It offers a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Based on the bank they use and their home nation, Remitano classifies traders. To ensure that trades are completed quickly, this is done. Remitano stands apart from other P2P exchanges because of this and the live chat customer service that is available 24/7.
The largest market for Remitano is Nigeria, whose daily trade volume is roughly $600,000. Due to this, the second most popular Google search for remittances is Remitano Nigeria.
Remitano operates in many countries, including Nigeria, and has a strong presence in the Nigerian crypto trading market.
Remitano Features
- User-Friendly Interface: Remitano’s platform is designed with simplicity in mind, making it easy for beginners to navigate and execute trades.
- Secure Escrow System: To ensure safe transactions, Remitano employs an escrow system where funds are held in a secure wallet until the trade is completed.
- Quick Transactions: Remitano facilitates fast transactions by providing an efficient matching engine that connects buyers and sellers in real time.
- Variety of Payment Options: Users on Remitano can choose from multiple payment methods, including bank transfers, mobile money, and third-party payment processors.
Paxful: An Overview
Paxful is another peer-to-peer cryptocurrency trading platform that allows users to buy and sell cryptocurrencies directly from each other.
Established in 2015, Paxful has gained significant traction globally and is popular among Nigerian crypto traders.
Paxful Features
- Vast Selection of Payment Methods: Paxful offers an extensive range of payment options, including bank transfers, online wallets, gift cards, and even cash payments.
- User Reputation System: Paxful employs a reputation system that helps users gauge the trustworthiness of potential trading partners based on their past transactions and ratings.
- Global Presence: Paxful operates in numerous countries worldwide, which provides traders with a larger pool of potential buyers and sellers.
- Customer Support: Paxful prides itself on offering responsive customer support, ensuring that users can seek assistance whenever they encounter issues during the trading process.
Is Remitano Better than Paxful for Crypto Trading in Nigeria?
It’s dicey to say Remitano is better than Paxful or Paxful is better than Remitano, because both exchanges are peer-to-peer exchanges, as was already mentioned.
However, we shall compare the two exchanges based on the fact that they each have strengths and weaknesses.
We’ll go over a few of the parameters we’ll discuss below in order to respond to this query.
Now, you all are aware that Remitano is only a year older than Paxful, which offers support for more nations.
Remitano serves 58 countries, which is significantly fewer than Paxful but has more helpful customer service.
Paxful exclusively accepts Bitcoin, and because of the variety of payment methods it offers, its prices are a little more than those of other exchanges.
Remitano, however, gives users more cryptocurrency choices in both its investment section and P2P exchange.
What you want at any particular time ultimately determines which alternative is preferable.
Remitano is a preferable choice if you intend to purchase or sell more cryptocurrencies in addition to Bitcoin. This is so that you have more coin choices.
While Paxful is a preferable choice if you looking for better customer support and more payment methods.
Another platform that competes so well with Paxful and Remitano is TransferXO. TransferXO is a combination of all the features Paxful and Remitano has.
You may read our full evaluation and comparison of TransferXO and Remitano and TransferXO and Paxful to help you make an informed decision.
Other articles falling under this category are:
- Remitano vs Luno: Which is Best to Use in Nigeria?
- Paxful vs Yellow Card: Which is Best to Use in Nigeria?
- Paxful vs Luno: Which is Best to Use in Nigeria?
- Paxful vs Binance: Which is Best to Use in Nigeria?
- Binance vs Remitano: Which is Best to Use in Nigeria?
Remitano vs Paxful: Complete Comparison
Remitano and Paxful both have their strengths and weaknesses and determining which platform is better for crypto trading in Nigeria depends on various factors.
Let’s delve into a detailed analysis to make a more informed comparison.
#1. User Experience and Interface
A seamless user experience and reliable customer support are essential for traders, especially for beginners navigating the crypto world.
Remitano
Remitano offers a user-friendly interface with intuitive navigation. The platform is designed to be accessible to both beginners and experienced traders.
The registration process is straightforward, and users can easily navigate through the various features and sections of the platform.
Remitano’s user-friendly interface makes it a suitable choice for novice traders, as it simplifies the trading process and provides clear instructions.
Additionally, Remitano offers responsive customer support to address any concerns or issues that traders may encounter.
Paxful
Paxful also provides a user-friendly interface that simplifies the process of buying and selling Bitcoin. They also prioritize user experience and provide 24/7 customer support to assist users throughout their trading journey.
The platform offers a clear layout and easy-to-understand instructions, making it suitable for users with varying levels of experience.
Remitano vs Paxful User Experience and Interface Verdict
Both platforms strive to offer a positive user experience, making it a subjective factor depending on individual preferences.
#2. Remitano vs Paxful: Products & Services
Remitano Products & Services
Remitano offers the following services:
P2P Exchange: This is a marketplace where buyers and sellers may transact directly with one another while maintaining the security of an escrow system by buying and selling bitcoin and other supported currencies with their local currency (for example, Naira). Both the video up there and my review of Paxful explain the escrow concept. In the P2P market, additional cryptocurrencies including Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP) are also supported.
Remitano Invest: The Investment platform was launched by Remitano in 2019. Here, you can purchase specific coins and benefit as their value increases. With USDT, investments are made.
Remitano Exchange: You can instantly swap one cryptocurrency for another with this tool. Example: You can exchange Bitcoin for USDT. The wallet section has access to this capability.
Wallet: You may receive, send, store, and exchange the six supported cryptocurrencies using Remitano’s wallet.
Affiliate Program: Remitano is pleased to give you a portion of the money it makes from the people you refer to use the platform. Utilizing a code that is specific to you in the affiliate section, you can invite a friend.
Paxful Products & Services
Users can access the following services via Paxful.
Wallet: You may receive, store, send, and spend bitcoins using your wallet.
Create an Offer/Vendor Service: Once you put a buy- or sell-related offer in the market, you are considered a vendor.
Affiliate Program: Paxful’s affiliate program allows it to pay users 10%–50% of the money it makes from any customers they refer to the company.
Crypto Conversion: You can exchange one cryptocurrency for another using covert cryptocurrency, such as BTC for ETH.
Earn: Paxful lets you stake your Bitcoin for passive rewards. The APY rate is 3.05% as of the time of publication. Rewards are also given out once a week.
P2P Exchange: Here, buyers and sellers can exchange BTC, ETH, and USDT using more than 300 different payment methods.
#3. Security and Trust
Remitano
Remitano takes security seriously and implements various measures to protect user funds. The platform utilizes escrow services to ensure safe and secure transactions between buyers and sellers.
Additionally, Remitano provides a two-factor authentication (2FA) feature to enhance user account security.
Paxful
Paxful has implemented security features such as escrow services and a reputation system to foster trust between buyers and sellers.
The platform also offers 2FA as an additional layer of security for user accounts.
Remitano vs Paxful Security and Trust Verdict
When it comes to crypto trading, security is paramount. Both Remitano and Paxful prioritize the safety of their users’ funds and employ various security measures to prevent fraud and hacking attempts.
Remitano’s escrow system ensures that funds are held securely until the completion of a trade, providing an added layer of protection.
Paxful’s user reputation system allows traders to assess the credibility of potential counterparts before engaging in transactions.
Ultimately, both platforms offer reliable security measures, but Remitano’s escrow system may provide users with slightly more peace of mind.
#4. Supported Cryptocurrencies and Payment Methods
Remitano
Remitano supports a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
But at its investment, Remitano supports the following cryptocurrencies: EOS, Binance Coin, Cardano, Stellar, and Tron.
This variety allows users to diversify their cryptocurrency holdings and choose the one that best aligns with their investment goals.
In terms of payment methods, Remitano only accepts purchasing and selling via immediate online bank transfers in the user’s currency.
For instance, customers from Nigeria will utilize Naira (NGN) to make payments, providing users with convenient options for depositing and withdrawing funds.
Paxful has 352 payment methods they operate with:
- 9 Bank Transfer options (SWIFT, SEPA, …)
- 114 Gift Cards (Amazon, iTunes, ….)
- 128 Online Wallets (Skrill, PayPal, …)
- 55 Cash options (Bank deposits, Cash in Person, …)
- 26 Digital currencies (ETH, LTC, …)
- 20 Credit/Debit Cards (Visa/ Master cards, …)
Paxful
Paxful primarily focuses on Bitcoin trading and offers a wide variety of payment methods to cater to the Nigerian market.
Users can buy and sell Bitcoin using methods such as bank transfers, cash deposits, gift cards, and even digital wallets like PayPal.
This extensive range of payment options allows users to find a method that suits their preferences and accessibility.
Over 350 payment methods are supported. The most popular ones are:
- AmazonGift Card, iTunes Gift Card, Western Union,
- MoneyGram, Steam Wallet Gift Card, Google Play gift card.
- Domestic Wire Transfer, Sephora Gift Card, Alipay,
- eBay Gift Card Walmart Gift Card and Paypal
In terms of currencies, Paxful supports a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Over 15 fiats are available including:
- NGN, GBP, CAD, NRB, PLN, RUB
- SGD, CHF, TRY, EUR, INR, KES
- USD, CNY, AFN, XOF, ALL, GHS
- AOA, ARS, IDR, AUD, JPY, AZN
- ZAR, KRW, UGX etc.
Remitano vs Paxful Supported Cryptocurrencies and Payment Methods Verdict
The availability of diverse payment options is crucial for traders, as it determines their convenience and accessibility to cryptocurrencies.
Remitano supports bank transfers, mobile money, and third-party payment processors, which cater to the Nigerian market’s preferences.
On the other hand, Paxful surpasses Remitano in terms of payment options, as it offers a vast selection including bank transfers, online wallets, gift cards, and even cash payments.
This extensive range of payment methods gives Paxful an edge in terms of flexibility and convenience for Nigerian crypto traders.
#5. Fees and Exchange Rates
Remitano
Remitano adopts a transparent fee structure, with fees varying depending on the type of transaction.
The platform charges a small fee for trading and also applies a spread on the exchange rate.
However, the fees are competitive compared to other platforms, making it an attractive choice for traders.
Remitano charges the following fees:
P2P Exchange
- Makers – 1%
- Takers – 0%
Investment Fee
- When investment closes at a profit – 1%
- When it closes at a loss – 0%
Paxful
Paxful operates on a fee system determined by the individual sellers on the platform. As a peer-to-peer marketplace, sellers set their own exchange rates and fees.
While this can lead to some variability in fees, it also allows users to compare rates and find the most favorable offers.
Here is a breakdown of Paxful’s fees:
- Bank Transfers: …………….0.1%
- Digital Currencies: ……………1%
- Online Transfers: ……………..1%
- Credit/Debit Cards: ………….1%
- Cash Deposits: …………………1%
- Gift Cards: For iTunes and Google Play gift cards, it charges 5% and 2% for every other gift card.
Remitano vs Paxful Fees Verdict
Trading fees can significantly impact the profitability of crypto trading.
Both Remitano and Paxful charge fees for transactions on their platforms, but the fee structures differ. Remitano applies a flat fee on trades, which can vary depending on the cryptocurrency being traded.
On the other hand, Paxful allows sellers to set their own prices and fees, which can result in a more competitive trading environment.
However, it’s important to note that while Paxful may offer more flexibility in fee negotiations, it can also lead to higher fees if sellers choose to charge more.
Traders should consider their trading volume and preferences when comparing the fee structures of both platforms.
#6. Customer Support and Reputation
Remitano
Remitano boasts a responsive customer support team that is available to assist users with any issues or inquiries.
The platform also has a solid reputation in the cryptocurrency community, with many users praising its reliability and ease of use.
Remitano’s reputation for providing a secure trading environment adds to its appeal among Nigerian cryptocurrency enthusiasts.
The platform has an average rating on Trustpilot, however, the majority of user complaints are about unresolved disputes, money lost to crooks, and unanswered questions.
Remitano has a good rating on Trustpilot, with most reviews praising the user-friendly design and the speed with which transactions are executed.
It offers live chat customer service 24 hours a day, seven days a week, however, it can take some time to respond to inquiries.
If you are offline at the time of response, it delivers the response to your queries by email.
Paxful
Paxful offers customer support through various channels, including live chat and email. The platform has garnered a positive reputation for its customer service, with prompt responses and helpful assistance.
Additionally, Paxful has gained recognition as a reputable platform for peer-to-peer Bitcoin trading.
Remitano vs Paxful Customer Support and Reputation Verdict
In case of any issues or concerns, prompt and reliable customer support can make a significant difference.
Both Remitano and Paxful offer customer support services, but Remitano tends to have faster response times and provides more comprehensive assistance.
#7. Local Market and Liquidity
Remitano
Remitano has a significant presence in the Nigerian market, making it a suitable choice for users looking for local liquidity.
The platform connects Nigerian buyers and sellers, ensuring a robust trading ecosystem and competitive prices. The availability of local market depth enhances the convenience and efficiency of trading on Remitano.
Paxful
Paxful also caters to the Nigerian market and offers a wide range of sellers. The platform’s peer-to-peer nature ensures ample liquidity, allowing users to find buyers or sellers for their Bitcoin quickly.
Paxful’s extensive user base contributes to a vibrant trading environment.
Local Market and Liquidity Verdict
The liquidity and market depth of a trading platform is crucial factors that determine the ease of buying and selling cryptocurrencies.
In this aspect, Paxful has an advantage due to its global presence and larger user base. The platform operates in numerous countries and attracts a significant number of traders, resulting in a more extensive pool of potential buyers and sellers.
This increased liquidity on Paxful can lead to faster transactions and potentially better prices.
Remitano, while popular in Nigeria, may have a slightly smaller user base, which could affect liquidity and market depth.
#8. Regulations and Compliance
Remitano
Remitano operates in compliance with relevant regulations and strives to provide a secure and legal trading environment.
The platform adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, requiring users to verify their identity before engaging in trading activities.
Paxful
Paxful also emphasizes compliance with regulations and has implemented KYC procedures to ensure a safe trading environment.
Users are required to complete the verification process, including identity verification, to access the platform’s full features.
Final Verdict: Which is Best to Use in Nigeria?
Considering the specific context of Nigeria, certain regional factors can influence the choice between Remitano and Paxful.
Remitano has established a strong presence in Nigeria and caters specifically to Nigerian users, which can result in a more tailored experience. The platform supports local payment methods and provides localized customer support, creating a sense of familiarity for Nigerian traders.
Paxful, although a global platform, also has a significant user base in Nigeria and offers a wide range of payment options that cater to the Nigerian market. Accessibility to both platforms is relatively straightforward, with mobile applications available for convenient trading on the go.
We can say in particular, that the best platform for you depends on your specific requirements and preferences.
Both Remitano and Paxful offer valuable features and services to Nigerian cryptocurrency traders.
Remitano excels in providing a user-friendly interface, robust security measures, and a wide range of supported cryptocurrencies.
On the other hand, Paxful stands out with its extensive payment options and reputation for reliable customer support.
Considering the factors we’ve highlighted such as user experience, security, supported cryptocurrencies, fees, and local market liquidity when making your decision.
Frequently Asked Questions (FAQs)
Is Remitano available in other countries besides Nigeria?
Yes, Remitano operates globally and is available in multiple countries.
Can I use Paxful without verifying my identity?
No, Paxful requires users to complete the verification process, including identity verification, to access all features of the platform.
How long does it take to complete a transaction on Remitano?
Transaction times on Remitano can vary depending on factors such as network congestion and payment method. Generally, transactions are completed within a few minutes to a few hours.
Are there any limits on buying or selling Bitcoin on Paxful?
Paxful may impose limits on buying or selling Bitcoin based on factors such as user verification level and trading history. These limits are in place to ensure compliance with regulations and enhance security.
Can I trust the sellers on Remitano and Paxful?
Both Remitano and Paxful have implemented measures to enhance trust and security, such as escrow services and reputation systems. However, it’s important to exercise caution, conduct due diligence, and choose reputable sellers with positive feedback and a proven track record.
Is Remitano better than Paxful for crypto trading in Nigeria?
The choice between Remitano and Paxful ultimately depends on individual preferences and priorities. Both platforms have their strengths and weaknesses, and traders should consider factors such as security, payment options, liquidity, fees, user experience, and regional factors when making a decision.
Can I use Remitano and Paxful simultaneously for crypto trading in Nigeria?
Yes, it is possible to use both Remitano and Paxful simultaneously. Some traders may choose to diversify their trading activities across multiple platforms to take advantage of different features and opportunities.
Are Remitano and Paxful safe for crypto trading in Nigeria?
Both Remitano and Paxful prioritize the security of user funds and employ various measures to ensure a safe trading environment. However, it is always advisable to practice due diligence, such as enabling two-factor authentication and conducting thorough research on potential trading partners to mitigate any potential risks associated with crypto trading.
Which platform offers more payment options for Nigerian traders?
Paxful offers a wider range of payment options compared to Remitano. Nigerian traders can choose from bank transfers, online wallets, gift cards, and even cash payments on the Paxful platform, providing greater flexibility and accessibility.
Does Remitano or Paxful have better customer support?
Both Remitano and Paxful prioritize customer support and strive to offer timely assistance to their users. Remitano provides responsive customer support, while Paxful offers 24/7 support. Traders can reach out to the respective platforms for any inquiries or issues they may encounter during the trading process.
Can I trust the escrow system on Remitano?
Remitano’s escrow system is designed to ensure secure transactions by holding funds in a secure wallet until the completion of a trade. The escrow system adds an extra layer of protection and helps mitigate the risk of fraud. However, it is always important to conduct due diligence and verify the credibility of potential trading partners before engaging in transactions.
Conclusion
From all we’ve mentioned above, Remitano and Paxful are prominent players in the Nigerian cryptocurrency market, offering users convenient platforms to buy and sell Bitcoin. Each platform has its strengths and unique features.
Remitano impresses with its user-friendly interface, strong security measures, and support for multiple cryptocurrencies. On the other hand, Paxful stands out with its extensive range of payment methods and reliable customer support.
When choosing between Remitano and Paxful, it’s essential to consider factors such as user experience, security, supported cryptocurrencies, fees, and local market liquidity. Evaluate your specific needs and preferences to determine which platform aligns best with your trading goals.
Remember to conduct thorough research, compare the features and services of both platforms and consider feedback from other users. It’s crucial to prioritize the security of your funds and ensure a seamless trading experience.
Finally, whether you opt for Remitano or Paxful, both platforms offer viable options for buying and selling Bitcoin in Nigeria. Take the time to weigh the pros and cons, consider your individual requirements, and make an informed decision that suits your needs.