Nigerians are looking for trustworthy platforms to participate in this digital financial ecosystem, and cryptocurrency trading has become extremely popular there. Luno and Binance are two well-known brands that have made their mark in Nigeria.
Do you need assistance choosing which of the two is best for you? Or are you interested in learning what these exchanges have to offer?
Don’t worry; we are here to assist you determine which exchange will be most suitable for you by providing the most logical and thorough analysis of these exchanges.
So without further ado, let’s take you into a comparative description of Luno and Binance.
Is Luno Better than Binance for Crypto Trading in Nigeria?
Both Binance and Luno, each with their own advantages and disadvantages, have grown in favor among cryptocurrency aficionados in Nigeria.
In the end, a person’s preferences and priorities will determine which option they choose.
In Nigeria, the following are the main criteria to take into account when choosing between Binance and Luno:
- Binance might be your first pick if you value user experience and a lively community. An engaging environment for Bitcoin aficionados is created by its vibrant user community and user-friendly design.
- Luno provides an easy-to-use platform for customers who value modern style, a welcoming user experience, and rigorous security standards.
- The better choice is Binance if you want a wider selection of supported cryptocurrencies. Its broad collection enables consumers to investigate various cryptocurrency investing prospects.
- The streamlined approach of Luno, however, can be more enticing if security is a priority and you prefer to stay with the most popular cryptocurrencies, like Bitcoin and Ethereum.
- Take each platform’s costs and exchange rates into account. Unlike Binance, which permits direct negotiations with traders and may provide more affordable rates, Luno uses a transparent pricing system.
- Consider the platform’s liquidity and trading activity. Because Luno is a well-known exchange, it provides significant trading volumes and excellent liquidity, resulting in transactions that go more smoothly.
Another platform that competes so well with Luno and Quidax is TransferXO. TransferXO is a combination of all the features Paxful and Remitano has.
Other articles falling under this category are:
- Binance vs NairaEx: Which is Best to Use in Nigeria?
- Binance vs Remitano: Which is Best to Use in Nigeria?
- Binance vs Quidax: Which is Best to Use in Nigeria?
- Luno vs Quidax: Which is Best to Use in Nigeria?
- Remitano vs Luno: Which is Best to Use in Nigeria?
- Paxful vs Luno: Which is Best to Use in Nigeria?
Luno vs Binance: Overview
A well-known cryptocurrency marketplace called Luno lets users buy, sell, and store Bitcoin. The user-friendly and intuitive software is accessible on both iOS and Android.
Users’ accounts are safeguarded by Luno using a two-factor authentication method, and their Bitcoin storage is protected by numerous layers of security.
A number of other services are also available on the platform, including the option to set up recurring purchases, price alerts, and real-time market data.
In addition, compared to other cryptocurrency exchanges, Luno’s costs are reasonable. Overall, Luno is a trustworthy and safe way to purchase, sell, and store Bitcoin.
A well-known cryptocurrency exchange site by the name of Binance offers users a quick and secure option to buy and sell Bitcoin.
Thanks to the Binance app, which is available for both iOS and Android devices, users can easily access their accounts and trade while traveling.
Although the user interface of the app is somewhat difficult, it provides users with real-time market data and charts so they may make informed trading decisions.
Additionally, Binance offers a wide range of trade pairings, such as BTC/USDT, BTC/ETH, and BTC/BNB, making it simple for users to diversify their portfolios.
Binance has a strict security system that includes multiple layers of security measures, which further ensures the protection of users’ assets.
A reliable and efficient platform for buying and trading Bitcoin is Binance.
Luno vs Binance: Features – A Detailed Comparison
In terms of trading platforms, Nigerian cryptocurrency aficionados are spoiled for options. Binance and Luno, each with its own distinct characteristics and advantages, have emerged as the top competitors.
Let’s compare their features to see which platform is most suited for Nigerian users.
1. User Experience
When it comes to user experience, Binance and Luno both have simple user interfaces that make it simple for newcomers to get around the cryptocurrency world.
Luno’s platform, on the other hand, is renowned for its slick and user-friendly design, offering a smooth experience for both inexperienced and expert users.
On the other side, Binance has a thriving community that is both active and supportive of its users.
2. Security Measures
When dealing with cryptocurrencies, security is of the utmost importance, and Binance and Luno take it seriously.
Users can increase the security of their accounts by using two-factor authentication (2FA), which Luno offers. Additionally, Luno safeguards customer funds by keeping the majority of them in cold storage, which keeps them safe from online dangers.
Along with 2FA and encrypted communications, Binance has also put in place strict security measures.
The fact that Binance is a peer-to-peer marketplace, nevertheless, makes it crucial for customers to use caution and do their due diligence on specific traders before making any purchases.
3. Supported Cryptocurrencies
When selecting a trading platform, the variety of supported cryptocurrencies is an important thing to take into account. Two of the most well-known cryptocurrencies worldwide are Bitcoin (BTC) and Ethereum (ETH), on which Luno principally focuses.
Although users looking for a wider variety of cryptocurrencies may have fewer alternatives now, Luno’s streamlined approach guarantees a safer and more dependable trading experience.
On the other side, Binance accepts a wide variety of cryptocurrencies, including, among others, Bitcoin, Ethereum, Ripple, and Litecoin.
Users have more freedom because of this wide variety, which enables them to investigate various investment opportunities in the Bitcoin market.
4. Fees and Exchange Rates
The profitability of transactions involving cryptocurrencies can be considerably impacted by fees and exchange rates.
Depending on the user’s trading volume, Luno charges a percentage-based fee for trades, which is disclosed in its pricing structure.
Although this may seem simple, it’s crucial to remember that Luno’s costs can be exorbitant when compared to other platforms.
Since Binance is a peer-to-peer marketplace, users can haggle prices with specific traders.
In order to avoid fraud, consumers must exercise vigilance and make sure they are doing business with reliable dealers, which can result in more competitive rates.
5. Customer Support
Dealing with any financial platform requires prompt and dependable customer service. Email and a comprehensive FAQ area are just a couple of the ways Luno provides client help.
They are renowned for being quick to respond and committed to quickly resolving user difficulties.
Binance also provides customer service, but because it’s a peer-to-peer platform, the assistance offered will rely on the particular traders taking part in a given transaction.
It’s critical for Binance users to communicate with and resolve any issues with their trade partners directly.
Luno vs Binance: Products & Services
Luno Products & Services
Crypto Swap: Pick from the more than 25 readily available trade pairings on the exchange.
Spot Trading: A variety of crypto assets, including BTC, BCH, ADA, ETH, LTC, XRP, SOL, and more, are available.
Binance Products & Services
Trading with Leverage: Use up to 20x the maximum amount of leverage.
Spot Trading: This category includes all of your favorite currencies, like BTC, ETH, SOL, XRP, and many more.
P2P Trading: Trade TetherUS (USDT) with transaction costs as low as 0.10% across all markets with 700 payment options.
Enjoy flexible DeFi staking with up to 6.38% and an additional 1.5% APR with Binance Earn.
Futures Trading: You have the following options when trading futures:
- Perpetual or quarterly futures contracts settled in cryptocurrency are known as Coin-M futures.
- Perpetual or quarterly futures contracts settled in USDT or BUSD are known as USD-M futures.
Luno vs Binance Products & Services Verdict
With a significant number of additional trading products and leverage trading possibilities, Binance is unquestionably the victor in this market.
Luno vs Binance: Trading Fee & Deposit/Withdrawal Fee Compared
Let’s now talk about one of the most crucial elements of trading: fees.
Luno Trading Fee & Deposit/Withdrawal Fee
Let’s start with Luno, which has a cost structure that varies a little bit depending on the nation you are trading in.
Additionally, there are expenses associated with sending cryptocurrency; however, receiving cryptocurrency is free.
Your trading volume determines the maker/taker fee structure that governs the trading fees. There are no maker fees on Luno. The taker fees, however, range from 0.03% to 0.10%.
Binance Trading Fee & Deposit/Withdrawal Fee
You can deposit both fiat money and cryptocurrency on Luno, but only through wire transfers, and there are no deposit fees.
You simply have to pay the network fees when withdrawing, which is very affordable.
However, there is a withdrawal charge that is often set and is as follows:
|EUR||SEPA Transfer||EUR 0.30|
|IDR||Bank Transfer||IDR 6,500.00|
|MYR||Interbank GIRO / IBFT||MYR 0.10|
|NGN||Bank Transfer||NGN 200.00|
Let’s look at how much trading on Binance will cost you now.
Starting with the trading costs once more, you will receive a flat 25% discount when you have BNB tokens in your wallet.
0.1% is the typical commission for trading on Binance. Holding BNB coins will therefore be a wise choice if your trade volume is high.
On Binance, there are no deposit fees; nevertheless, when you withdraw cryptocurrency, there are fees associated with them that are dynamic and based on the state of the market.
Luno vs Binance Trading Fee & Deposit/Withdrawal Fee Verdict
Although Luno’s fee structure is a little complicated, overall trading costs are lower, making Luno the winner in this market.
Luno vs Binance: Security
Since you are trading with money, security is one of the most important things to consider when picking an exchange. To learn more about the security measures these exchanges have in place, read on.
One of the most cutting-edge and important technologies that you’ll need for an optimized and secure trading experience is offered by this cryptocurrency exchange. These features consist of:
- Cold Storage
- Air-Gapped Wallet
- Two-Factor Authentication
- AML and CTF Features
In the same vein, Binance does not fall short when it comes to the exchange’s safety and security. The top security features in the market are provided by Binance, and they include:
- Authentication with many factors
- Enterprise Security
- Routine Audits
- High-Tech Data Encryption
- Real-time surveillance
- Safe Cold Storage
Luno vs Binance Security Verdict
It is clear from the above security measures implemented by Binance and Luno that Binance provides its users with better and stronger security measures.
This in no way questions Luno’s degree of security. Security is a top priority for Luno and Binance, and both companies have taken serious steps to safeguard consumers’ money.
However, Binance has a tiny advantage in terms of overall security due to its sophisticated security mechanisms.
Luno vs Binance: Customer Support
Before choosing a crypto exchange, it’s also important to take customer assistance into account, therefore let’s evaluate the exchanges now based on this factor.
Luno Customer Support
Starting with Luno, this cryptocurrency exchange provides a full-featured support center with an extensive FAQ section where you will find answers to the majority of your worries and inquiries.
You can use a virtual assistant as well, and if you have any more questions or problems, you can always send them an email or open a support request.
Binance Customer Support
Similarly to this, Binance offers its users three different methods of help. For general questions and to learn how to use different tools and features for trading, start with the extensive FAQ and Binance Learn sections.
In addition, there is always-available chat help, and if you prefer to speak with a personal assistant, you can do so by opening a support ticket or sending an email.
Luno vs Binance Customer Support Verdict
Luno’s customer support is more responsive and decisive than that of Binance. According to numerous user concerns, customer support for the Binance platform is neither easily accessible nor responsive.
Customers can always get in touch with Binance customer support or use the app’s live chat feature.
Luno vs Binance: Which is Best to Use in Nigeria?
In Nigeria, there are several well-known exchanges that provide services for buying and trading cryptocurrencies, including Binance and Luno.
The Luno brokerage service should be used by anyone who does not want to take part in the “open market” scenario offered by the exchange platform. To buy or sell your Bitcoin (or Ethereum), you can simply use the prices being offered.
Bitcoin trading professionals like Binance’s global reach and range of payment options (and supported currencies).
Due to the possibility of trading with individuals worldwide on the Binance market, it is more competitive. You can also make daily trades in higher quantities if there are no trading limits.
Given the information, it is clear that Luno is preferable for people just getting started in Nigeria, while Binance is preferred for those who have some experience trading cryptocurrencies there.
Best Alternatives to Luno and Binance in Nigeria
A cryptocurrency exchange called TransferXO offers a variety of options to its users. It enables users to purchase and exchange cryptocurrencies including Bitcoin, Ethereum, and Litecoin.
Its user-friendly interface, which makes it simple for users to navigate and conduct trades, is one of TransferXO’s distinguishing qualities.
In addition, TransferXO offers reasonable rates and doesn’t charge for Bitcoin transfers when making deposits or withdrawing funds.
Learn more about TransferXO from this detailed article.
This esteemed Luno and Binance substitute is based in Nigeria.
Both of the exchanges feature quick buy/sell, trade rooms, and crypto storage, making them quite similar.
Additionally, both deposits and withdrawals on Luno and Quidax are immediate.
But Quidax has an advantage over Luno because it supports three more cryptocurrencies than Luno does.
Luno has a competitive advantage over Quidax in terms of liquidity, presence in more countries, and quality mobile app.
Learn more about Quidax from this detailed article.
In terms of commerce volume, Remitano is the leader in Nigeria.
Remitano is the most popular cryptocurrency exchange in Nigeria for trading cryptocurrencies.
This exchange uses a peer-to-peer system rather than the same business strategy as Luno.
Remitano, which is peer-to-peer, allows limitless deposits and withdrawals, unlike Luno, which has a monthly cap of N10 million in bitcoins (EUR 100,000).
The Luno deposit and withdrawal limits only apply to transactions using fiat currencies (such as NGN, EUR, ZAR, etc.). Cryptocurrency deposits, it is limitless.
These restrictions could be one of the factors influencing Remitano’s higher trade volume in Nigeria compared to Luno.
There are also investments and quick payments available on Remitano.
Learn more about Remitano from this detailed article.
One of the first Bitcoin storage and exchanges was Coinbase.
People still use the Coinbase wallet and a lot more used it to store their first bitcoins.
However, because the service is not enabled in Nigeria, people are unable to utilize Coinbase to purchase and sell Bitcoin straight on Coinbase.
But Coinbase is a great substitute for Luno if you live in the USA or Europe.
With over 20 million users, Coinbase has exchanged cryptocurrency valued at over $600 billion.
Learn more about Coinbase from this detailed article.
South African exchange Coindirect was established in 2018. The advantages of Luno and Remitano were combined in this exchange.
More nations and cryptocurrencies are supported than on these two exchanges combined as well.
Users can trade and buy Bitcoin using a P2P network or a debit or credit card (SA only).
Additionally, a user can exchange, store, and trade over 34 additional cryptocurrencies.
For even more freedom, Coindirect also has an app. One of the best Luno substitutes is Coindirect.
Coindirect, however, is not without flaws. The trading volume may be modest depending on your nation. The situation will undoubtedly get better as more users sign up.
Additionally, you can only do this if you are in South Africa, as opposed to Luno, where you can purchase Bitcoin using a credit or debit card from your home country.
Learn more about Coindirect from this detailed article.
A peer-to-peer cryptocurrency trading platform called LocalBitcoins enables users to trade Bitcoin directly with one another.
Users of the software, which works on both iOS and Android, can create their own purchase or sell offers and look for compatible ones in their neighborhood.
Escrow services are used to facilitate transactions by holding Bitcoin until the transaction has been approved by both parties.
Prior to making a transaction, users of LocalBitcoins can check the trading histories of other users thanks to its reputation system.
Learn more about LocalBitcoins from this detailed article.
Frequently Asked Questions
Is it Safe & Legal to Use Luno?
Although Luno is not a regulated exchange and does not hold a license from a reputable organization like the FCA, its past performance is unquestionably reliable. This exchange offers the most advanced security measures available on the market, making it entirely safe and compliant. The exchange is 100% legal to use because the trading capabilities and restrictions are automatically determined based on the country you are dealing in.
Is it safe and legal to use Binance?
On the other hand, Binance is governed by a number of powerful boards and has even received regulatory permission in France, the first nation in Europe to do so. Second, the number of users and size of this cryptocurrency exchange indicate that it is stagnant. Additionally, this exchange offers cutting-edge security features and FDIC insurance, making it among the safest crypto exchanges available.
Is Luno similar to Binance?
Through their Bitcoin wallet services, Luno makes it easier to store Bitcoin and conduct activities including buying, selling, and paying. By trading volume, Binance is the biggest cryptocurrency exchange. The exchange was initially established in China but later relocated to Malta.
How do I get my money out of Binance or Luno?
You must sign into your account in order to withdraw funds from Binance or Luno to a bank account. Once you’ve done that, Select Withdraw after doing so to arrive at the screen with the deposit, withdraw, and send choices.
On Luno and Binance, does money grow?
You can receive an annual interest rate of up to 1.5%* on Bitcoin**, 2%* on Ethereum**, and up to 7.6%* on USDC**. On the first of every month, your earnings are then transferred in cryptocurrency immediately into the corresponding Savings Wallet.
Can I do peer-to-peer trading in Nigeria using Binance and Luno?
Yes, Nigerian users of Binance and Luno can engage in peer-to-peer trading. To reduce the possibility of scams or fraudulent operations, it is crucial to exercise caution and thoroughly study individual traders before entering into trades.
Which platform, Binance or Luno, provides superior customer support?
Both Binance and Luno provide customer service to respond to questions and issues from users. Customer service at Luno is renowned for being prompt and for its commitment to finding quick solutions to problems. Binance also offers customer service, albeit the quality of the service may differ based on the particular traders taking part in a transaction.
What kinds of coins are offered on Luno and Binance?
On Luno, you may buy Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and USD Coin (USDC). Check your jurisdiction because certain coins might not be accessible in all nations.
What is Binance’s minimum BTC withdrawal amount?
0.001 BTC. A withdrawal of $27 or 0.001 BTC is the minimum allowed. Regarding whether withdrawal fees may rise as a result of the growing expenses of Bitcoin transactions, OKX declined to comment. In 2023, the platform will also adopt the LN.
Without a doubt, Binance and Luno are among the best cryptocurrency trading exchanges available. Choosing one of them totally depends on your trading requirements.
For consumers seeking a less expensive exchange with basic trading capabilities, Luno is the ideal option. Beginners who have recently entered the crypto sphere and are eager to understand the fundamentals are best served by it.
On the other hand, if you’re an experienced trader trying to boost your game, Binance is without a doubt the greatest cryptocurrency exchange for you. Its superior charting systems and competitive pricing make it the best option.
Go ahead and investigate these exclusive exchanges right away to increase your profits!