The best course of action before trading with Luno or NairaEx is to understand any cryptocurrency platform before investing.
We’ve repeatedly shown this in our platform assessments and comparisons. We now wish to compare and contrast NairaEx with Luno.
The ideal platform for their transactions has been sought by traders and investors.
The two most important platforms currently available are Luno and NairaEx, and many people are researching them to learn more about them and decide which to utilize, especially in Nigeria.
The most popular cryptocurrency in the world, Bitcoin, has allowed many people to succeed financially by presenting chances.
Risk-takers who want to get rich by investing in Bitcoin and other cryptocurrencies are not exclusive to Nigerians.
Knowing the business and how it runs might have a big impact on whether you decide to work with them.
The best cryptocurrency exchanges in Nigeria for purchasing Bitcoin for Naira are Luno and NairaEx. Which, however, is better?
We will examine the two platforms in this post to determine which is better.
TransferXO is your go-to source for the latest and greatest updates on everything happening in Nigeria’s Fintech world, especially for graduates. Stay in the loop with us!
To be more familiar with Crypto Debit Card, read through – How to Get a Crypto Debit Card on TransferXO
Read Also Our Review of TransferXO vs Luno: Is TransferXO Better Than Luno?
Is Luno Better than NairaEx for Crypto Trading in Nigeria?
We advise anyone in Nigeria wishing to begin trading Bitcoin to take a brief look at NairaEx.
NairaEx offers a variety of unmatched perks that look more favorable and alluring for individuals (especially beginners) who only wish to work with Bitcoin.
Experienced traders may value Luno’s variety, but novice users may find this site confusing due to its wealth of possibilities.
Additionally alarming are its continuing investigations and a growing list of regulatory issues.
NairaEx, on the other hand, provides a straightforward process from account registration to platform trading.
These two Bitcoin exchanges provide excellent services. NairaEx may be the best choice for people looking to exchange and save money because its services are targeted toward Nigerians.
Luno has a wider global appeal and seems more developed given the number of cryptocurrencies offered on the site and additional capabilities provided by the app. Although Luno has a benefit over NairaEx, the user ultimately has the final say.
While this is happening, whenever a comparison is made regarding the best cryptocurrency exchange platform to use, other options should also be present in your thoughts. Instead of getting confused, we would suggest just going straight for TransferXO.
Nevertheless, we’ll proceed to compare Luno and NairaEx in detail, starting with an overview, of their functionalities, features, costs, trading, customer service, security, and so forth.
Before we do that, you may want to read our full evaluation and comparison of TransferXO and Luno and TransferXO and NairaEx to help you make an informed decision.
Take some time to browse through our many reviews comparing Luno and NairaEx to other marketplaces.
Luno vs NairaEx: Overview
Luno Overview
A cryptocurrency wallet can be used to pay for goods and services through the Luno digital currency exchange facility, which provides customers with a technology platform to buy, sell, and store digital currencies.
The two most well-known instances of digital currency, usually referred to as a cryptocurrency, are Bitcoin and Ether, the latter of which is the digital currency that powers the Ethereum platform.
The company’s headquarters, formerly known as BitX, is in London, United Kingdom, and it has representation in 40 other nations.
However, Luno is concentrated on developing nations that have demonstrated to be the top cryptocurrency adopters. This includes Malaysia, South Africa, Indonesia, Zambia, and Nigeria.
NairaEx Overview
One of the most well-known Bitcoin exchanges in Nigeria is NairaEx. Fast transfers and other premium services are available. Because it is situated in Nigeria, the business only accepts NGN as fiat money when buying or selling Bitcoin.
The platform’s sign-up process is easy to understand and just requires a few simple steps.
The company has significantly improved its services because it only works with one product and crypto asset. To make its services more accessible, the company also periodically offers promo coupons.
The exchange’s many incentives, such as rapid trading and others, can enable it to make up for platforms that other blockchains lack.
Any browser can be used to access the exchange, and it appears that the brand has not yet produced an official app for people to use on mobile devices. The trading platform has amassed more than 130,000 users since its launch.
Read Also Our Review of TransferXO vs NairaEx: Is TransferXO Better Than NairaEx?
Luno vs NairaEx: Features – A Detailed Comparison
Security
The platform of NairaEx is backed by a strong and hardened security architecture. On the platform, you can fund and withdraw into any bank in Nigeria.
Users can strengthen the security of their accounts by utilizing two-factor authentication (2FA), which Luno provides.
In addition, Luno protects client money by putting most of them in cold storage, shielding them from online threats.
Trade volume
Since NairaEx’s founding in 2015, it has handled a sizable volume of trade and has a spotless track record.
Luno primarily focuses on Bitcoin (BTC) and Ethereum (ETH), two of the most well-known cryptocurrencies in the world.
Although there may be fewer options for those wishing for a wider selection of cryptocurrencies presently, Luno’s streamlined approach ensures a safer and more reliable trading experience.
Easy To Use
NairaEx has streamlined how a novice deals with cryptocurrencies and the Nigerian crypto exchange market by keeping ease of use in mind at every turn. Bitcoin may be easily purchased by individuals using their debit cards.
On the other hand, Luno’s platform is famous for its sleek and user-friendly design, providing a seamless experience for both novice and experienced users.
Fast Service
On NairaEx, you can count on receiving your money transfers or withdrawals as fast as possible. Thanks to features like same-day withdrawals and transfers, the platform has established itself as a dependable option for users.
Any financial platform you are dealing with requires quick and dependable customer service. Just a couple of the ways Luno offers customer support are via email and an extensive FAQ section.
They are recognized for their prompt responses and dedication to resolving user issues immediately.
Benefits for Users
NairaEx has simplified the process of exchanging digital assets for the Nigerian naira, the country’s currency. Users receive referral benefits in exchange for referring new members to the site.
Fees and exchange rates significantly impact the profitability of cryptocurrency transactions.
Following its pricing system, Luno assesses a percentage-based fee for trades dependent on the user’s trading volume.
Although it can appear easy, it’s important to keep in mind that Luno’s prices can be astronomical when compared to NairaEx.
Read Also Our Review of Luno vs Binance: Which is Best to Use in Nigeria?
Luno vs NairaEx User Interface: Streamlined Trading Experience
The user interface (UI) is crucial in determining the ease of trading on a cryptocurrency exchange. Both Luno and NairaEx offer user-friendly interfaces but with slight differences.
Luno’s Intuitive Interface: Luno’s platform boasts an intuitive and modern interface that caters to both beginners and experienced traders. The streamlined design allows for seamless navigation, making it easy to access essential features and perform trades effortlessly.
NairaEx’s Simplicity: NairaEx, on the other hand, takes a minimalist approach with a clean and straightforward interface. While it may lack some advanced features, NairaEx’s UI’s simplicity can appeal to those who prefer a more streamlined trading experience.
Read Also Our Review of Luno vs CoinCola: Which is Best to Use in Nigeria?
Luno vs NairaEx Supported Cryptocurrencies: Variety and Versatility
The range of cryptocurrencies available for trading is a crucial factor to consider. Let’s explore the supported cryptocurrencies on Luno and NairaEx.
Luno’s Diverse Cryptocurrency Selection: Luno offers a wide variety of cryptocurrencies, including popular options such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). With multiple trading pairs available, Luno offers users ample options to diversify their portfolios.
NairaEx’s Focus on Leading Cryptocurrencies: NairaEx primarily focuses on leading cryptocurrencies like BTC and ETH. While the selection may be more limited than Luno, it caters to traders who prefer investing in established digital assets.
Read Also Our Review of Roqqu Vs Luno: TransferXO Review of Crypto Exchanges in Nigeria
Luno vs NairaEx: Products & Services
Luno Products & Services
On the Luno Instant purchase/Sell website, customers can quickly purchase and sell Bitcoin and Ethereum using fiat currencies like the NGN or ZAR. Immediate buy/sell transaction fees start at 2% but are subject to change.
The Luno exchange acts as a “Trade Room” for trading cryptocurrency pair transactions. With the help of the charts and indicators it provides, traders of all skill levels can do analysis before placing trades.
Depending on where you are in the world, there are numerous different cryptocurrency pairs that you can trade. Nigerian traders can trade cryptocurrencies like BTC/NGN, ETH/NGN, XRP/NGN, and others.
Depending on your nation, transaction fees could be between 0.03% and 1%.
Using the Luno API, developers may automate trade, create BTC addresses, send and receive messages, and perform other actions on their Luno account from another platform.
For businesses with a substantial budget who want to do more than just exchange bitcoins, Luno Business: The Luno business account is designed. This account type aims to attract trading firms, businesses that provide financial services, miners, bitcoin start-ups, etc.
These are but a few of Luno’s offerings.
Read Also Our Review of Luno vs Quidax: Which is Best to Use in Nigeria?
NairaEx Products & Services
NairaEx, which has been in business for a while, has a solid track record and has handled a lot of transactions.
Due to its reputation as a legitimate exchange, NairaEx has a sizable user base and good liquidity levels. Behind its platform, NairaEx has a strong and hardened security architecture.
NairaEx has streamlined how a novice engages with cryptocurrencies and the Nigerian crypto exchange market by keeping ease of use in mind at every turn.
Bitcoin may be easily purchased by individuals using their debit cards.
Thanks to features like same-day withdrawals and transfers, the platform has established itself as a dependable option for users.
Read Also Our Review of Remitano vs Luno: Which is Best to Use in Nigeria?
Luno vs NairaEx: Fees and Trading Costs
Luno Fees and Trading Costs
Luno assesses different fees depending on your location, the currency you are trading, and the cryptocurrency network’s activity at the time of the deal.
The cost to send Bitcoin or Ethereum to a wallet is dynamic, meaning it changes based on the volume of transactions taking place on the cryptocurrency network.
There is a cost to receive Bitcoin or Ethereum via an address. However, it costs nothing to send or receive Bitcoin or Ethereum using a mobile app or email address.
All fiat withdrawals are subject to a fee, which varies according to the nation where the deal takes place. The magnitude of the transaction and the national currency both affect the Luno trading fees.
NairaEx Fees and Trading Costs
Users can access the company website for free. Additionally, NairaEx does not charge for deposits made to banks in Nigeria.
The end user must pay a small fee to the exchange in order to trade (this includes purchasing and selling Bitcoin).
The main source of revenue for NairaEx is this fee. The price that is given to the user for the coin already includes the cost that is levied.
These exchange rates differ from one another, and in certain situations, they may even be deemed inexpensive when compared to other exchanges.
NairaEx does provide a fee paid to the user, which is conceptually equivalent to a referral bonus. The user receives this payment for each referral transaction.
Luno vs NairaEx Payment Methods: Convenience and Accessibility
The availability of convenient payment methods can greatly influence your trading experience. Let’s compare the payment options provided by Luno and NairaEx.
Luno’s Wide Range of Payment Options: Luno supports various payment methods, including bank transfers, credit/debit cards, and cryptocurrency deposits. This diverse range of options ensures accessibility for users worldwide.
NairaEx’s Focus on Local Payments: NairaEx primarily caters to the Nigerian market and offers local payment options, including bank transfers and mobile money. This focus on local payments makes it convenient for Nigerian users to deposit and withdraw funds.
Luno vs NairaEx: Security
Luno Security
The organization offers an enhanced degree of security: account passwords are hashed, and a Luno wallet is protected by two-factor verification.
The trading site uses SSL encryption throughout, and the security of Luno wallets is provided by Pretty Good Privacy (PGP) encryption. In essence, Luno holds the money belonging to its customers in a number of “deep freeze” cold storage wallets that are a lot safer than hot wallets.
Private keys for the multi-signature, encrypted cold storage wallets are kept in separate bank vaults. Thanks to the multi-signature functionality, no one person can access a Luno wallet without the assistance of other parties.
NairaEx Security
NairaEx, which has been in business for a while, claims to maintain a high security standard and has been able to avoid cyber-attacks.
Their security procedures, including two-factor authentication (2FA) and a thorough, required verification process, increase their trustworthiness and the environment’s safety.
It is possible to consider NairaEx to be a reliable cryptocurrency exchange.
Luno vs NairaEx Security Verdict
The security procedures used by NairaEx and Luno above clearly show that Luno offers its users better and stronger security safeguards.
This does not in any way question how secure NairaEx is. Luno and NairaEx focus highly on security, and both businesses have taken significant measures to protect customers’ money.
However, because of its robust security procedures, Luno has a slight advantage in terms of overall security.
Luno vs NairaEx: Customer Support
Luno Customer Support
With Luno as a starting point, this cryptocurrency exchange offers a fully-featured support center with a comprehensive FAQ section where you may find answers to the bulk of your concerns and questions.
You can use a virtual assistant as well, and you can always contact them by email or start a support ticket if you have any more queries or issues.
NairaEx Customer Support
Customers can contact the team at NairaEx in a number of ways if they have any problems.
One way that customers can contact the organization for customer service is through an automated chat system that can assist in getting their problems fixed or their questions addressed.
Users can contact the company via their email address and the chat feature.
Another way to receive assistance is to call their customer service department. Users can call the hotline at the number listed on the website during business hours, which are Monday through Friday (9 AM to 5 PM).
Consumers can also look in the FAQ section of the NairaEx website for answers to their questions or concerns when utilizing the exchange.
Luno vs NairaEx Customer Support Verdict
In comparison to NairaEx, Luno’s customer service is quicker to respond and more dependable.
Numerous user complaints claim that customer care for the NairaEx platform is neither responsive nor easily accessible.
Customers can reach Luno customer service at any time or use the live chat function of the app.
Luno vs NairaEx: Which is Best to Use in Nigeria?
The perks and benefits NairaEx provides in comparison to other exchanges in the Nigerian crypto industry are a big factor in its success.
NairaEx has eased the process of converting crypto assets into the local currency, the Nigerian Naira, in contrast to other crypto platforms where the transactions may be slower or the procedure complex.
Users receive referral benefits in exchange for referring new members to the site.
Despite including the prices in the given coin prices, one of the finest cryptocurrency exchanges also offers profitable prices for consumers to purchase Bitcoin in Nigeria.
Additionally, NairaEx is regarded as a platform where user assets are safe.
Luno vs NairaEx Liquidity: Trade with Ease
Liquidity refers to the ease of buying or selling an asset without causing significant price fluctuations. Let’s assess the liquidity levels of Luno and NairaEx.
Luno’s High Liquidity: Luno provides high liquidity across multiple trading pairs, ensuring that traders can execute their orders quickly. This liquidity is advantageous, especially for those who engage in frequent trading activities.
NairaEx’s Moderate Liquidity: While NairaEx may not offer the same level of liquidity as Luno, it still provides reasonable trading volumes for its supported cryptocurrencies. Traders with less frequent trading needs may find NairaEx’s liquidity sufficient for their requirements.
Best Alternatives to Luno and NairaEx in Nigeria
1. TransferXO
TransferXO is a peer-to-peer (P2P) marketplace for digital currencies that is simple to use, adaptable and features reliable financial and legally supported escrow services for crypto enthusiasts and specialists who need to buy and sell goods and services.
TransferXO offers international transactions and bill payments, which is different from other P2P cryptocurrency platforms.
Learn more about TransferXO from this detailed article.
3. Yellow Card
The trade called Yellow Card, akin to the golden ticket to the cryptocurrency world, comes next.
If you live in Nigeria and are looking for a trustworthy way to purchase and sell Bitcoin using Naira, Yellow Card is an excellent choice.
It provides a variety of payment options, such as mobile money and cash deposits, to make your life easier.
Learn more about Yellow Card from this detailed article.
4. Quidax
A slick and contemporary environment for buying and selling bitcoins is provided by the Nigerian exchange Quidax.
Using payment options like bank transfers and credit cards, you can trade Bitcoin and other cryptocurrencies with Quidax.
The exchange also has a mobile app that allows you to sell while you’re on the go.
With a team of professionals committed to protecting your security, Quidax has a reputation for being dependable and safe. Additionally, Quidax features a learning center with instructional materials and equipment for novices.
Learn more about Quidax from this detailed article.
5. Remitano
Remitano may become your new go-to if you’re seeking for a clear-cut and easy solution to trade Bitcoin and other digital currencies.
This P2P exchange operates in multiple nations, including Nigeria, and provides various payment methods. Even if you’re new to cryptocurrency, you can sell Bitcoin with Remitano’s user-friendly platform.
The exchange also offers a system for resolving disputes that aid in shielding users from fraud.
Learn more about Remitano from this detailed article.
Frequently Asked Questions
Is there a mobile app for NairaEx?
Currently, NairaEx does not have a mobile application. On their website, you can access your NairaEx account.
Where can I buy NairaEx?
Users in Nigeria are the only ones who can use it.
Is there a cryptocurrency wallet for NairaEx?
Since it does not hold your currencies, NairaEx does not provide a cryptocurrency wallet.
Is there a minimum transaction amount with NairaEx?
Yes, certain cryptocurrencies require minimum transaction amounts to use NairaEx. For instance, BTC requires a minimum transaction value of N30,000.
Is Using Luno Safe & Legal?
Despite not being a regulated exchange and lacking a license from a respectable agency like the FCA, Luno has a proven track record. This exchange provides the most cutting-edge security features on the market, making it completely secure and legal. Because the trading limits and capabilities are automatically established based on the country you are dealing in, using the exchange is entirely lawful.
What are the NairaEx and Luno transaction fees?
On their platforms, NairaEx and Luno collect transaction fees for every deal. The costs could change based on elements like trading volume and the nature of the transaction (buying or selling). The most recent pricing arrangements should be found by consulting the relevant sites.
Conclusion
Finally, cryptocurrency traders can take advantage of special features and advantages provided by both Luno and NairaEx. NairaEx offers a streamlined and customized trading experience tailored to the Nigerian market.
It’s important to consider your unique trading requirements when deciding between Luno and NairaEx. Luno might be the best option if you value a broad range of cryptocurrencies, sophisticated trading features, and a global presence.
NairaEx, on the other hand, might be the best option for a Nigerian trader looking for a platform that prioritizes simplicity, use, and localized assistance.
Each platform has advantages regarding pricing, security measures, user experience, and customer support. Luno provides a feature-rich UI, competitive fees, first-rate security infrastructure, and round-the-clock customer service.
Selecting a platform that satisfies your current needs and aligns with your long-term trading goals in the constantly changing world of cryptocurrency trading is crucial.
Whether you choose NairaEx or Luno, both platforms present worthwhile chances for cryptocurrency lovers to engage in the dynamic world of digital assets.