Bitcoin Forum

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

What exactly is the bitcoin Remitano exchange? Is this a new exchange? That is something I am not familiar with. In the last year, we've seen a couple of exchanges collapse and be scammed. This means that funds are risky to any centralized exchange. You should transfer your funds to a non-custodial wallet as soon as possible and use a reputable exchange to exchange your coins.

They claim to be a p2p exchange but obviously they are not since the service is custodial and needs KYC like Localbitcoins or paxful.

I have known them since 2017 but the platform is so unpopular for obvious reasons like low liquidity and KYC.

Why do you use them when there are other options both centralized and decentralized that gives better service?

If not actually owning their assets is not reason enough, they should consider the secondary risk of breaches and hacks.

- Jay -

The exchange was created in 2015, but not among the top ranked exchanges.

KYC should not be the reason why an exchange is not popular, if KYC is one of the reasons, exchanges like Binance, Coinbase and many other KYC exchanges should not be popular. Everyone wants to own bitcoin and other coins now, but they do not care about privacy which should be what to go for, but prefer convenience.

The worst thing about buying from exchanges like this is the high transaction fee it cost to move your coin around wallets because they still operate using P2PKH. This exchanges aside their poor network issues, not just with Remitano alone but most CEXs, still fail to upgrade so that when we buy from them, it will be cheaper and faster to move them to our cold wallets. DEXs remain the most preferred when it comes to buying and selling of coin, but the only limitations with DEX is it only deal directly with USD and a few popular fiats which will require still moving them to CEX for easy transactions

It is true that Remitano exchanger is very old but it is not as user friendly as other top level exchangers so despite being old it could not come to the top level.
So I won't tell you to use this exchanger, you can use good user friendly exchangers like Binance, KuCoin and Coinbase. But if you ask me today why I am avoiding Centralize, then I will say Centralize exchangers do not have their own control and it can take full access to my wallet, so I do not deposit my large funds in these online platforms.

The type of bitcoin address the exchange support does not matter as exchanges make it not to matter because the exchanges that support even segwit still charge the same withdrawal fee and the fee is far much more than bitcoin transaction fee.

You just need to read the whitepaper on BTC, LTC and see that those are designed to be a peer to peer network.
That means that exchanges come of the trader community which are not really trustworthy. Way too much hype and hype accompanied by fees.

"Not your keys, not your coins".


Yes, I'm familiar with Remitano although I haven't used it before. So I'm not familiar that it will take at least 24 hours before someone can login? If that is the case then it's poorly design and I would have stay away from that kind of exchanges.

So I don't know what keeps you using their services though if you got that bad experience from them. Maybe it's about time to look for alternatives like Binance to used as your exchange. Of course, crypto exchanges are not design to store your bitcoin, we just used their services to do our trades and then we withdraw our bitcoin and send it to the wallet that we have total control of.

Poor network for easy accessibility of exchange shouldn't be what should discourage you in keeping your funds in exchange, it is very risky to keep your funds with them since they can't keep it save due to vulnerability of attack and inappropriate management of investors funds. Look at the exchange that you are even using old but not known due to their poor service method to customers. One thing I dislike in this exchange is that their transaction fee is very high compare to Binance. Keeping your funds an exchange is gambling without any hope of winning.

I have used "Remitano" for more than 3years now, and I have never for ones experience what you just said, but what I know is that that exchange have had several upgrade ever since it launched its official coin known as the  "RENEC", of which I was lucky to be among the first of people who started mining it far back 2021. But moreover, I will not advice anybody storing his/her Bitcoin on an exchange, so as to avoid the repetition of the likes of FTX crash

Negligence and ignorance make people to feel much comfortable in storing money there. I believe there enticing offer that are been given to them makes them their loyal users and can’t leave them now. Since several messages have been sent and disseminated to the public about the issue of storing money in an exchange wallet, then the repercussions shouldn’t bother one again.

Such exchanges that have this type of network problem are not worth trading on, let alone storing your coin.

With all of the stories about how some Crypto Exchanges were hacked and how they will face serious security challenges in 2022, we should always avoid exchanges and instead save our coins in our personal wallets because even reputable exchanges like Binance are not to be trusted. Instead, buy your Bitcoin and send it to your personal wallets.

We've seen plenty of large exchanges fail, such as Mt.Gox and FTX; I don't understand why you'd use such a random exchange; even their layout and interface feel cheap and untrustworthy, like a copy-paste template. I've never heard of it before, and it's not even among the known legitimate ones. In our era, there are even people questioning the legitimacy of Binance or Crypto.com, even those involve some kind of risk since you practically have no access to your funds, let alone an unknown exchange. Either use another known exchange or stop using them altogether.

You should find another  crypto exchange that provides better service.  I do agree that we shouldn't be comfortable, thinking that our fund is safu when it is on exchanges.  Many of then have vague terms and conditions, and has the clause of "the right to modify any terms"  on the agreement.  Take the example of Celsius.  Just like the case stated in this thread: https://bitcointalk.org/index.php?topic=5433252.0 and how they manipulate the TOS according to their favor as stated by franky1 (https://bitcointalk.org/index.php?topic=5433252.msg61554188#msg61554188)

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So we better be vigilant whenever we have funds in exchanges, we should only put funds that we intend to trade and withdraw after that.

Not your keys not your coins. Famous line but totally ignored. Anything you put on exchange is at risk regardless whether they are trusted or not. Trust is something out of hand lately and can go the other way around. I didnt say these exchanges are bad in fact they are super good and convenient for us. But when it comes to security, we should always remember to take care of our own and know the risk of storing to some exchanges.

Remitano is a peer to peer trading platform and it plays as a third party, a middle man provides Escrow service for safe trades between buyers and sellers.

Remitano is more like a gate from cryptocurrency to fiat currency and it is more like by unbanked people. It is not like traditional exchanges where you can trade Bitcoin to others like ETH, USDT and more coins.

In the past one or two years, they launched the swap feature but it is far behind traditional exchange and swapping is not like trading. You will lose more by swapping.

You don't have any private keys or seeds with your account and wallet on Remitano.

Remitano? They are like the Paxful platform but very worse, why use them when you can just use Binance exchange? You can use Naira to buy bitcoin on Binance exchange and move to your hardware wallet, stay away from Remitano, they also cheat when it comes to fees and Naira to Dollar value, worst P2P service ever.

Please learn the difference between a centralized exchange and a decentralised exchange, it seems that you don't know the difference and it is very important for a newbie to understand this.

Also there is a difference between a closed a source crypto wallet and open source crypto wallet, you need to do your own research on these.

If you're talking about exchanges here then i think you need to be specific on which exchange particularly, i can recommend a decentralized exchange for someone to use but i wouldn't dare to do that with centralized exchanges, one has to abstain from any means of custody to our private keys.


There's a simple solution you could just help yourself through, why not buy a hardware wallet and have all your asset in there, anytime you're about to have some expenses to make use of fiat then you can always send that particular budgeted amount to centralized exchanges for your p2p exchange to fiat and if you're not been satisfied with the services from the exchange you're using, why not try another.

I don't use remitano and never had.

But isn't that already a red flag if by just logging in will take you up to 24 hours? That's crazy to think honestly! When I was too naive before and keeping a huge portion of my holdings on an exchange, I was really confident with them before not until I have started to have intermittent access on their website.

Like the cloudflare issue, it made me scared at all and that made me pull out my funds quickly when they're back after the maintenance.

I never knew that Remitano has a crypto wallet, the last time I used the platform it's just the website only, the service they provide can't be compared to crypto exchange, to me it's just a p2p platform and the performance and users reviews are worse, what makes you use their wallet for storing assets? This is wrong.

Not your keys Not your wallet, always remember this warning.

Seek a crypto exchange which is already a reputable one to prevent losing your assets plus losing your credentials or information with their fake KYC, most people are using the binance so why not stick with it, also don't store your assets in an exchange because you don't have the full authorization in terms something happen to their system at least if you have your own wallet you can make easily cashout your funds without any verification needed like freezing of the accounts. Electrum has their own mobile application if you don't have a funds yet to buy a hardware wallet or a pc.

Well, most of the issues have been resolved though, but if you want to get rid of those, stay off from centralized exchanges and have your own hardware wallet, that way you will have less worries as you are in full control of your own bank. Remember that even old and reputable exchanges are never free from issues, so you can never expect for CEX to be mostly good for bitcoin storage.

Seriously I haven't heard about the exchange before this is my first time. It takes 24 hours before you can login to the exchange sometimes and you keep on using it? I can't even use P2P on the exchange, I think you should get a reputable exchange and start making use of their P2P and don't trust a site that will take 24 hour's before you can access sometimes.

Anybody that leaves bitcoin on exchange is just risking their money, if you leave your coin on exchange, just assume the coin is not yours, the bitcoin is not your own and anything can happen to it at any moment.

Sometimes people over reacting on some situation happen to other exchange if you live in fear then you might afraid do trades even on reputable exchange. Maybe the right thing to do is not to afraid but rather to be aware of possible risk of getting scam due to some any possible incident to come. Just trade on exchange but never think about making this as our personal wallet to hold our money for long time.

It is always known and even more encouraged for newbies to never trust crypto exchanges as they can never be reliable in the long run. Although issues might be resolved after days or weeks, but after that, surely another issue will arise that creates another problem for the user. This will continue to happen with crypto exchanges. But if you have your own non-custodial wallet, you will have the sole control of your coins, when to keep them more or withdraw. So you won’t face undesirable problems that most crypto exchanges encountered.

It seems like there are numerous posts about exchanges nowadays convincing people not to store BTCs inside them. While this is indeed the best way in order to secure your cryptocurrencies, you can still use an exchange if you want to conveniently transfer from one wallet to another.

Like what I also mentioned in similar posts like these, I am guilty of the fact that majority of my BTCs are inside an exchange. It is like there is a hanging sword of Damocles above my head with this kind of strategy and I just hope that our local exchange (coins.ph) is not going to be hacked anytime soon.

Again, if you temporarily do not have a hardware wallet, transfer your cryptocurrencies to a trusted exchange for the meantime.

There is someone reading this post who still thinks that nothing can happen to coins and will go on to leave them in CEX despite the numerous cautions on this forum and in other places.
I learned the hard way when I lost access to my account on one of the CEX and had to go back and forth with the service agents to restore access.
As soon as I did, I quickly downloaded electrum wallet and moved my coins leaving only a small amount for transactions.
If you are a newbie, listen to the brilliant advice you receive here and move your coins out now.

In short, don't treat cryptocurrency exchanges as personal wallets, this is what a lot of people practice right now.
They also have reasons why they are doing it, best example is easy to access and convenient, because by just need an email address only.
And the worst part is they don't know the down side or negative effect when using exchange for what they want, there's a change that they will lose their cryptocurrency.

this is the first time I hear about remitano, is this exchange only available in your country? that's the reason you use it?  To avoid the worst-case scenario, I suggest you use a more reliable P2P platform, CEX doesn't have real liquidity, they use and transfer users' money as they please.

I choose crypto exchanges based on their,
 -performance
 - transaction fees
 - speed of confirmation

Based on your experience, waiting for 24 hours just to log in or do anything is something wary. I can really afford to give trust in that exchange even though many people will say it was good and reliable because that long delays will something tells us differently and doubts. I'd rather choose other exchanges than stay with that one as we are not wasting our time waiting but we also loss confidence.
 

There's a little bit of exaggeration from the OP, 24hours I will not agree to not even an hour, that's a a direct dig at the exchange.
I turned hardcore completely after reading and getting full knowledge of the damages using exchnages for longer periods did cause users who trusted the exchnages, but this i won't agree to, Remitano has no such flaw as OP said, I'll agree on the Know your customer aspect and verification of Remitano profile but ask me if I have witnessed such prolonged difficulty to log and get access in I'll say NO!

The exchnage is widely used by Africans and should I say Nigerians Champions the usage of the exchnage for daily Bitcoin buys and sales.

But true that, We shouldn't be confident and reliant on exchange. The warnings are everywhere, those who put them trust on exchnages will suffer the repercussions.

Op, your story about Remitano is exergeratted. How can an exchange take upto 24hrs before one could login?
I suggest you should update your remitano app, that is the only reason you are having the bug that is delaying your login process.
Everyone knows that it is not nice to feel comfortable with exchanges. It is not even nice to feel comfortable with anything you don't have control over. This industry is full of risks and that is why we all need to be careful everytime.

I usually tell people that no matter how good an exchange appears to be, they should not be trusted with your asset. It's extremely dangerous because anything can happen and they can be compromised at any time. Keep your asset in a non-custodian wallet at all times; if you need money, simply withdraw the required amount to the exchange. I've never heard of the Remitano exchange; in terms of security and popularity, I'd recommend Binance or Coinbase.

Unless this is a new development if not I have never seen such before back in my time of making use of the exchange.
I used platform, to me it's not equal to an exchange, since 2018 I make use of it for my small crypto transaction eth, USDT, BTC that was the fastest means I know back then to sell my crypto to my local currency
https://i.postimg.cc/Z5Q6DMdB/Screenshot-20230126-152033.jpg
Before I later come across Luno which I make use of back then and now lots of means to exchange and buy crypto has been at my reach.
The only issue I always have with them was, in each of your
 deposit they charge you some percentage out of what you deposit or they have an actual amount worth of the exact crypto which you are depositing the usually remove before they will all the rest to enter your main balance. Remitano is just some P2P kind of a thing which is for Africa countries mainly for Nigerians.
With all the fee they charge I wonder what drag you there to use it as a sort of wallet for holding your crypto. And before you can be able to hold some above some certain amount there you need to do KYC verification which is what one should not do, for privacy and security reasons.
 

I don't know about this exchange, so I don't know how you came to know about this exchange. Storing funds on any exchange is risky no matter how trustworthy the exchange is. Because in the recent times we have seen how a big exchange has done drama with customers' funds and in the end they have shown themselves to be insolvent. But at the end of the day all the losses have to be borne by the customers. So keeping funds in your private wallet is safer than storing them on an exchange. Because all exchanges look good until the inside information comes out.

Remitano is not a recognized crypto exchange, a low-rated crypto exchange like Bitglobal is x10 better than Remitano, why are you even using the platform? I know they have Fiat to crypto through P2P but this is nothing new in the crypto space anymore because big reliable exchange like Binance offers this service. Luno is even way better as this was the platform I used to purchase my first ever BTC in 2018, but since Binance offers a bit better service I abandoned Luno for Binance exchange.

If you feel uncomfortable with something - change it. We live in a world full alternatives. Cryptocurrency world is flooded with exchanges, I might say that we have exchanges in excess. That is why exchanges must fight for customers, not customers must suffer or feel uncomfortable.

Remitano - does not look like a very popular exchange. I would not be brave enough not only to hold funds there, but even to deposit there. I've checked it on cmc, and Remitano does not inspire confidence with their volumes. If it gets a lot of deposit, I would not be surprised if it gets hacked all of a sudden and we see a static picture under maintenance on index page.

Dont hold funds there or anywhere else. Deposit, trade, withdraw. Its either that way, or prepare to say goodbye to your funds.

Remitano is already on the crypto exchange industry since 2015 without any major issue occur with their service such as hack that turns into loss of their user. Remitano is one of the pioneer crypto exchange here in our country when Binance is still not established. Maybe you are just not familiar because you are from country that doesn’t support Remitano during the early days of crypto but I assure you that Remitano is more trusted than Bitglobal based on my long experience in crypto since 2015.

Bitglobal is the new exchange introduced by Bithumb last 2019. Looking on the duration of their continuous service and issue involved, Remitano is still ahead.They just didn’t improved much their functionality but they are not a mediocre exchange.

Remitano, Luno and Paxful are not real P2P exchanges because they force all their users to pass KYC first, this is why I won't recommend such platform for newbies who are looking for real P2P platform, but this doesn't mean the platforms are not working as intended, it's actually a matter of users choice, I have used Remitano and Luno with no issue but lost money using Paxful, there are better options out there though.

Even as CEX is not to be trusted, when it comes to P2P I will highly recommend Binance and Mexc Exchange for they have served me well and gain my trust when it comes to P2P transaction, their is no where that don't have scam vendors in P2P but that of Paxful is really worst, can't even recommend anyone to use Paxful.

Why using exchanges?
Most whitepaper have the line: The perfect P2P payment coin. You must be aware that P2P means person to person? Crypto is to exclude the middleman not to make him the main player.

A good decision is to never store your crypto on exchanges no matter how trusted the exchange is. It is very risky for you to store your crypto in an exchange even cex. If you aren't not comfortable then you should just find new wallet that many people trust in using then I am sure that you will be comfortable in using it since you are the only one who can access the wallet and no third party is involved in storing the private key, seed phrase or mnemonic phrase.

With their performance, you could really fear worries about your funds and deposits and obviously, it boiled you out and think about scams. For me, it was not a normal scenario if that is a trusted exchange but certainly there is a big problem in their system which could worsen soon. We endure trust upon using an exchange but with this kind of service, I don't think they deserve it instead, it turns negative and arises questions about what really happens on their platform. In fact, it was a concerning issue that the team had need to address otherwise traders/investors will leave.

How about non custodial Exchanges, are there any?
Just a place where people meet and agree on a Swap.

 Fact remains that we can't do without centralised exchanges. My belief remains that the bad ones will eventually crumble while the trusted ones, the likes of MEXC and Binance will remain. MEXC has a record of never having any security breaches. For the years I've stored my crypto assets on the exchange, I've not had any reason for concern. This goes a long way to show that not all exchanges are bad.

To be honest, since the FTX went scam, I have switched to using remitano (not meant to promote) even though I have never kept large amounts of assets there, I have only used remitano when I need fiat money from my country and so far I have been lucky enough not to find problem constraints such as a jammed network or failed depo/wd.


We must remove the feeling of comfort when using an exchange site (dex or cex) because no one can be trusted 100%, just use the exchange as needed, for long-term hodl, always use a personal wallet.

Fair to say, not all centralized exchanges are equally bad, I have not used the MEXC you are talking about, but I have been using Coinbase since 2014 and have had no problems with it. It can be said that Mt.gox and FTX have caused much damage to many people, but both do not represent the entire CEX. But I want to tell you, it's all risky, but there's no safer place than holding your own and when you have full control over your bitcoins. We should only use exchanges as a means of trading and not for storing assets.

I am not familiar with Remitano exchange and this is the first time I have heard of this exchange. Why would you use a non popular exchange where there are many high quality good centralized exchanges where you can buy and sell bitcoins be it P2P or using a credit card you can use Coinbase in this case here you can use a credit card and buy and sell bitcoin or you can also use Binance where you get P2P facilities. Why are you using an exchange like Remitano instead these good exchange ?

OP, you reached a fair conclusion but only by seeing a small part of the bigger picture. It's good though that you reached this conclusion before being prejudiced by an exchange. I will list below more reasons for which everybody should avoid exchanges.


This is also correct. Fear these exchanges and avoid them like you'd avoid a plague! Because this is what they are: a plague for Bitcoin community!

Here's a list of reasons for avoinding exchanges:

• the rule "not your keys not your coins" is more than real: a Court decision (https://www.btctimes.com/news/this-court-ruling-just-made-not-your-keys-not-your-bitcoin-case-law) from 2020 practically says that
• centralized exchanges may be hacked and you lose your money
• centralized exchanges may seize your account at any time and you lose your money
• centralized exchanges may also lose your personal information due to hackers and this puts your life in jeopardy, as hackers sell your private data on dark web and you never know what burglar may show up at your door
• centralized exchanges may perform an exit scam and you lose your money
• centralized exchanges offer your personal information to authorities
• centralized exchanges may even sell your personal information, as it happened in Coinbase's case (https://www.financemagnates.com/cryptocurrency/news/coinbase-admits-its-former-data-provider-sold-client-data/)
• last, but not least, centralized exchanges imply KYC and this topic of 1miau will explain even better the risks associated with KYC: Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497).

More references: the article Hacked Exchanges since 2011 (https://bitcointalk.org/index.php?topic=5090869.0), written by VB1001.

Now you have a full list of reasons for avoiding exchanges.

Centralized exchanges have always its own issues, and even those reputable exchanges are not an exception. So if you would trust any exchange just to keep safe your coins, you should know too that your coins would not be safe in them forever especially if some issues are not fixed or recovered. That is the reason why we need to create our own non-custodial wallet so we can keep and manage them safely, without the fear of being hacked or steal as long as we stay responsible of our own investments.

Well, it’s easy for us to avoid any crypto exchange since we already know the risks associated in it. However, with newbies, no matter how often they will hear about it, they will still end up trusting exchanges so they can be stress-free and they feel more comfortable knowing the exchange is well-known and is very reputable. Until they experience themselves losing their coins from a reputable exchange, that is the only time they will start to trust their own non-custodial wallet.

Remitano Exchange? Honestly this isthe first for me to know this exchange existence.
And I found this:
https://coinmarketcap.com/exchanges/remitano/
At least actually they have quite high volume.
But, Instead of this exchange, why don't you choose top exchanges? At least such as Binance, Coinbase, Kraken, or others? Or even choosing the top DEX?
They also have risks, but they are easier to be used for buying and selling the coins. There is no such complicated rules or activities like as you stated when using these top exchanges like Binance.

They only end up trusting the exchange if they go on the group which support the exchange since the only information they get is the hype and good feedbacks by its supporter so they feed up with idea that the exchange will never hack them. But if they go on neutral place like bitcointalk for sure they get different information and that can give them an idea about not trusting them especially making them as an alternative wallet since they might also get hacked or scammed the same on what happen to other exchange.

I'm learning about this exchange for the first time as well. Who knows if it's a new or established one. Some exchanges have fallen victim to scams perpetrated by con artists, and some exchange owners actually defraud their customers. If you pay attention, it's the customers who lose their assets in both cases. It is wise to store your bitcoin in personal wallets and to always keep in mind the phrase "not your keys, not your bitcoin". There is enough reason why we shouldn't trust any centralized exchange to store bitcoin because we never know which one will be attacked next and even rupatable exchanges cannot be trusted.

After what happened to FTX, I am sure that more traders or investors care about this. Storing assets in the exchange there is something very bad right now. Even someone who traded daily had to withdraw their money when they finished trading.

Maybe there are still some traders or investors who ignore this because they strongly believe in the reputation and security of an exchange. However, we will not know who will deceive and rob us in the future. We have learned a lot from such events in the past. Hoping will never be repeated in the future.

Do you think a real P2P will exist on crypto space without a middleman? Crypto have a pros of decentralized and anonymous and this kind of pros comes with cons since it will be hard to trust other party to send first a transaction since you don’t know anything about the receiver. Be realistic and think carefully if someone is willing to send first on random seller or trader online without the use of this so called middle exchange.

Not only trust on exchange is the main issue here but rather trust to others in general.

Don’t feel too much convenience putting all your hard-earned money in an exchange, that will only allow them to use your funds or you can be a target of scamming. Even if you put your money in reputable exchanges, that won’t guarantee security as there’s no exception to it. Although they can be good for trading but never for safekeeping. So never doubt trusting your own personal wallet, as it’s the only way that you can secure your money out from scammers.

Exchangers seem profitable for buying coins, and they can be suitable in order to buy and take it to a cold wallet, but this is not suitable for long -term storage. But there is less and less exchanges that allow you to do this without verification, so who is concerned about the confidentiality this method may not be suitable.

However, if we use some other methods for exchange using our bank card, then in fact this is the loss of confidentiality, if the exchanger collects user data. But this is another question, and the main thing is that it is not worth storing coins on the exchange, since they can be lost.

I'm pretty sure Investors did not habe BTC in storage with FTX.
Finance has Bitcoin but more for show and/or know how to store those securely.

Crypto is a peer to peers network, at least in most whitepapers. Users need to wise up and leran how to install and use a walletl. Most wallets let you buy Crypto.