Monica vs Remitano — Full Comparison for Nigerian Crypto Sellers

What Is Remitano and How Does It Work?

Remitano was founded in 2016 and has established itself as one of the more popular P2P cryptocurrency platforms in Africa and Southeast Asia. The platform operates an escrow-based P2P trading system where sellers list their crypto at a desired price, buyers browse available offers and initiate trades, and Remitano's escrow holds the seller's crypto until the buyer confirms they have sent Naira payment via direct bank transfer.

This sounds safer than raw P2P trading, and it is — but it does not eliminate the fundamental risks that affect Nigerian crypto traders. The escrow only secures the crypto side of the transaction. The Naira payment still flows directly between bank accounts, outside of Remitano's control. If a buyer pays you with stolen or fraudulent funds, Remitano's escrow cannot protect you from the consequences. This is the core vulnerability that Nigerian P2P traders face, and no amount of escrow improvement can fix it because the problem is on the fiat side, not the crypto side.

Remitano also charges a 1% escrow fee on each trade, which is applied to the seller's crypto before it enters escrow. This is a transparent fee, but it adds up quickly for frequent traders. Combined with the rate spreads that P2P buyers build into their offers, the total effective cost of using Remitano can be significantly higher than platforms with flat-fee models like Monica.

Platform Overview

Head-to-Head Comparison

Why Monica Beats Remitano for Nigerian Crypto Sellers

1. The Counterparty Risk Problem on Remitano

Remitano's escrow system is often marketed as making P2P trading "safe." And it does reduce one specific risk — the buyer running away with your crypto without paying. However, it does nothing to address the bigger risk that Nigerian P2P traders face: receiving fraudulent Naira payments.

Here is how the risk works: A buyer on Remitano initiates a trade to buy your Bitcoin. Remitano locks your BTC in escrow. The buyer then transfers Naira directly to your bank account. You verify the payment, confirm receipt on Remitano, and the escrow releases your BTC to the buyer. Everything seems fine — until two weeks later, when the EFCC flags your bank account because the buyer's funds were linked to fraud.

This is not a hypothetical scenario. It happens regularly in Nigeria's P2P trading ecosystem. The EFCC does not care that you had no way of knowing the funds were fraudulent. Your account gets frozen, and you lose access to your legitimate funds for weeks or months while the investigation proceeds. Remitano cannot help you at this point — the Naira payment was between you and the buyer, outside their system.

On Monica, this entire risk category is eliminated. There is no P2P buyer. When you deposit crypto on Monica, the system converts it automatically and the Naira in your Monica balance comes from Monica's own operational liquidity — a registered, SEC-compliant entity. When you withdraw to your bank, the transfer comes from Monica, not from some unknown individual. The EFCC freezing risk simply does not exist.

2. Fee Comparison — The Real Cost of Remitano

Remitano charges a clear 1% escrow fee on every P2P trade. This alone makes it more expensive than Monica for most transactions. On a $500 trade, Remitano's escrow fee is $5 — more than double Monica's flat $2. On a $1,000 trade, it is $10 — five times Monica's fee. On a $5,000 trade, Remitano charges $50 while Monica still charges just $2.

But the 1% escrow fee is only part of the cost. On Remitano's P2P marketplace, buyers set their own rates. These rates always include a spread — the difference between the market price and the price the buyer is willing to pay. In Nigeria, this spread typically ranges from 1% to 4%, depending on market conditions and demand. So the total cost of a Remitano trade is the 1% escrow fee plus the 1-4% P2P spread, totaling 2-5% per transaction.

Monica's pricing is straightforward: a flat $2 for Bitcoin and Ethereum deposits, free stablecoin deposits (USDT, USDC), and free bank withdrawals. The conversion rate is based on real-time market data — no P2P negotiations, no spreads, no hidden markups. For a $1,000 Bitcoin trade, the total effective cost comparison is stark: Monica costs $2; Remitano costs $20-50 or more. For stablecoin trades, Monica costs $0; Remitano still charges 1% plus spread.

3. Speed — Automatic vs Manual P2P Process

Monica's speed advantage is significant. The entire process on Monica is: send crypto to your deposit address, wait for blockchain confirmation, and receive Naira in your bank account. Total time: 5-40 minutes depending on the cryptocurrency's confirmation time. There is nothing to do after the initial deposit — the system handles everything automatically.

On Remitano, selling crypto involves multiple manual steps: listing your crypto at your desired price, waiting for a buyer to take your offer (which could take minutes or hours depending on your price competitiveness), waiting for the buyer to send Naira to your bank account, checking your bank to verify the payment actually arrived (not just a fake alert), confirming receipt on Remitano to release the escrow, and then the trade is complete. If the buyer does not pay on time, or if there is a dispute, the process can stretch to days.

For traders who need to convert crypto to Naira regularly — freelancers receiving international payments, remote workers getting paid in crypto, or traders managing positions — Monica's automatic process saves hours of manual effort every week. There is no sitting around waiting for buyers, no checking bank alerts, no releasing escrow. Just deposit and receive Naira.

4. Regulatory Protection — SEC Compliance Matters

Monica operates in compliance with Nigeria's Securities and Exchange Commission (SEC) Digital Assets Framework. This is not just a badge — it means Monica meets capital requirements, implements proper AML/KYC procedures, is subject to regulatory oversight, and has a legal obligation to protect user funds. If anything goes wrong, you have legal recourse through Nigeria's regulatory system.

Remitano is headquartered internationally and operates as a global P2P platform. While it serves Nigerian users, it does not have the same level of local regulatory compliance. This matters because if you have a dispute with Remitano or lose funds through their platform, pursuing legal recourse against an international company is significantly more difficult than dealing with a locally regulated entity.

In Nigeria's crypto market, where scam platforms have cost users millions and regulatory uncertainty has caused disruption, SEC compliance provides a critical trust layer. It separates legitimate platforms from the rest and gives users confidence that their funds are protected by law.

5. The Mental Toll of P2P Trading

Every Remitano P2P trader knows the routine: post your offer, wait anxiously for a buyer, receive a payment notification, open your banking app to verify it is real (fake payment alerts are common in Nigeria's P2P ecosystem), confirm on Remitano, and release escrow. Repeat this process for every single trade. If you sell crypto frequently — daily or weekly — this manual, anxiety-laden process consumes significant time and mental energy.

The anxiety is compounded by the ever-present risks: Is this buyer legitimate? Is the payment alert real or spoofed? Will this Naira come back to haunt me with an EFCC investigation? What if the buyer opens a dispute after I release the escrow? These concerns are not paranoia — they are rational responses to well-documented P2P trading risks in Nigeria.

Monica eliminates this entire stress cycle. You send crypto and walk away. The automatic system handles everything. No buyers to vet, no payments to verify, no escrow to release, no disputes to worry about. For regular crypto sellers, this peace of mind is invaluable.

6. Network Support and Flexibility

Monica supports 13 cryptocurrencies and offers USDT deposits on four different networks: TRC20, ERC20, BEP20, and Solana. This network flexibility is important because transfer fees vary dramatically between networks. Sending USDT via TRC20 costs a few cents, while ERC20 can cost $5-20 in gas fees. By supporting multiple networks, Monica lets you choose the cheapest option for your specific situation.

Remitano supports popular cryptocurrencies for P2P trading but has historically been slower to adopt new networks and chains. The broader network support on Monica means you can send crypto from virtually any wallet or exchange without worrying about network compatibility issues. Whether you hold your USDT on Tron, Ethereum, BNB Chain, or Solana, Monica has you covered.

7. Remitano's Invest Feature — A Different Offering

Remitano has expanded beyond P2P trading to offer features like "Invest" (a simplified trading interface) and token swaps. While these features add utility for users who want to actively trade or invest in crypto, they are outside the scope of this comparison. Monica is focused purely on crypto-to-Naira conversion — doing one thing extremely well rather than trying to be an all-in-one crypto platform.

For Nigerian users whose primary need is converting crypto to Naira, Monica's focused approach delivers a better experience. There are no confusing trading interfaces, no investment products to navigate, no token swaps to figure out. Just a clean, simple process: deposit crypto, receive Naira. This simplicity reduces the likelihood of user errors and makes the platform accessible even to those with limited crypto experience.

Pros and Cons

Monica

Remitano

Who Should Use Which Platform?

The Verdict

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