The outstanding cryptocurrency platforms that are making a great wave in Nigeria are Luno and CoinCola, providing a wealth of features and services.
One platform might be better suited to your needs than the other, though, due to certain significant variations between them.
Luno might be a better choice for you if you’re seeking a platform with a larger selection of trading pairs and payment alternatives.
On the other side, CoinCola might be a better option if you value a more contemporary and vibrant user interface and are ok with a somewhat higher trading cost.
No matter the platform you choose, never forget to put security last and conduct your own research before making any investments.
Make your choice now that the research has been completed for you.
Is Luno Better than CoinCola for Crypto Trading in Nigeria?
Two well-known cryptocurrency trading sites, CoinCola and Luno, have become well-known in Nigeria. While both platforms provide comparable services, they also have some unique qualities that make them stand out from one another.
The user-friendly interfaces offered by CoinCola and Luno make it simple for new users to navigate and complete trades. Users may instantly purchase and trade bitcoins with CoinCola thanks to its user-friendly interface.
Contrarily, Luno also promises a user-friendly platform with a clear layout that makes trading easy.
Numerous cryptocurrencies are supported by CoinCola and Luno, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and others.
But compared to CoinCola, Luno offers a little bit more choice in terms of digital goods. Luno may be a better option for you if you’re interested in trading obscure cryptocurrencies.
Both platforms take security seriously and put strong safeguards in place to protect customer funds. CoinCola uses two-factor authentication (2FA) to increase account security and an escrow system to secure transactions.
To protect users’ assets, Luno, on the other hand, uses cold storage and many layers of authentication. In general, both platforms give their users’ security first priority.
Any trader should take fees into account. Different pricing schedules apply to CoinCola and Luno. CoinCola levies a flat price per transaction, whereas Luno has a tiered fee structure based on transaction volume.
Both platforms provide responsive services for customer support. Through a variety of methods, including live chat and email, CoinCola offers customer assistance round-the-clock.
A thorough help center and email assistance are also provided by Luno. Both platforms offer live chat support in the event of any problems or questions.
It is difficult to determine if Luno or Coincola is actually better for trading in Nigeria after taking into account all of these facts. If we had to make a definitive claim, we’d argue that Luno has a stronger connection with the Nigerian public than Coincola does.
However, that is not an accurate statement. We firmly believe that the two can work together.
Additionally, we can claim that TransferXO is much better than Luno and more like Coincola.
To assist you in making a wise choice, you can read our thorough analysis and comparison of TransferXO and Coincola as well as TransferXO and Luno.
Spend some time looking through the numerous reviews we have contrasting Luno and Coincola with other marketplaces.
Luno vs CoinCola: Overview
Luno: Streamlined Cryptocurrency Trading
A cryptocurrency wallet can be used to purchase goods and services through Luno, a business that exchanges digital currencies, and to buy, sell, and store digital currencies.
Luno, which was established in 2013 and underwent a name change from BitX in 2017, has its headquarters in the UK and is currently offered in more than 40 nations.
With the largest trading volume in the nation, Luno is the most well-known cryptocurrency exchange in South Africa, followed by Nigeria.
Since Luno is a recognized exchange that focuses on developing nations like Nigeria, Zambia, South Africa, Zambia, etc., the continent of Africa also saw the majority of its trading traffic.
Luno is one of the top exchange platforms for enabling trades between fiat currencies like the Euro, US dollar, NGN, and ZAR and cryptocurrencies like Bitcoin and Ethereum.
But Luno has advantages and disadvantages. It has handled transactions involving cryptocurrencies worth more than $8 billion over time.
The company’s cryptocurrency trading platform, known by the brand name “Luno Wallet,” is a key element of its website.
Users can trade, store, and trace their cryptocurrency transactions using the Luno wallet software, which works with blockchain technology and manages private and public keys.
CoinCola: Versatile Cryptocurrency Marketplace
One of the most well-known, quick, and user-friendly cryptocurrency trading platforms out there is called CoinCola.
The exchange provides minimal costs, a safe wallet for storing your cryptocurrency holdings, real-time trading, and account management.
Both OTC trading and trading of crypto pairs are supported by the exchange.
Bitcoin, Ethereum, and a number of other cryptocurrencies may all be purchased and sold with ease using your local fiat currency.
Additionally, the exchange allows users to buy and sell Bitcoin using a variety of gift cards, including those from Walmart, Google Play, iTunes, Amazon, Steam, and others.
Luno vs CoinCola: A Detailed Comparison
Luno vs CoinCola: Features
Luno
Beginner-friendly crypto trading: Investing in cryptocurrencies is made as simple as possible via Luno. If you’re new to crypto and want an exchange with a low learning curve, it’s worth checking out because it features a user-friendly web platform and mobile app. To purchase cryptocurrency, all you need to do is add your debit card, select your spending limit, and authorize the transaction.
Excellent security: Any crypto exchange needs to be secure, and Luno shines in this department. The majority of cryptocurrency is kept offline in cold storage, and the keys to this cryptocurrency are kept in safe deposit boxes. Luno significantly reduces the likelihood that someone will steal its customers’ money by storing cryptocurrencies offline and making it difficult to access.
Educational resources: We have noticed that Luno contains some of the best educational content available from a crypto exchange. In-depth analyses of particular cryptocurrencies are included in its learning portal’s pages on cryptocurrencies in general. It also features blogs with the most recent cryptocurrency news and video content.
Fast Verification: Licensed cryptocurrency exchanges are required to confirm each client’s identification, albeit some exchanges are faster at it than others. Definitely on the speedier side is Luno. Luno normally only needs a few minutes to confirm your identification after you provide the necessary details, your ID, and a selfie.
Coincola
User-friendly interface: Using CoinCola, you can buy and trade cryptocurrencies without needing to be a tech expert. Their user-friendly interface enables anyone to navigate and conduct trading with ease.
Multiple payment options: They are aware that everyone has various payment preferences and offer a variety of payment methods. To meet your demands, they support a wide variety of payment methods. Bank transfers, credit/debit cards, and even gift cards are all acceptable forms of payment.
Costs that are competitive: CoinCola provides some of the lowest transaction costs available. As a result, you can maximize your profits and keep a larger portion of your earnings.
Safe transactions: They place a high priority on the security and safety of their users’ money. You may trade with confidence with CoinCola knowing that your transactions are secure.
Luno vs CoinCola: Products & Services
Luno Products & Services
Luno Trading Platform: Every transaction conducted on the Luno Trading Platform, where registered users can exchange cryptocurrencies, is subject to a commission charge by the business.
Luno Brokerage Services: Users can engage with the service’s rapid purchase or sell functionality. You can use this tool to instantly buy Bitcoin at the agreed-upon exchange rate plus a fee. The percentage of the fee changes depending on the status of the market.
Cryptocurrency E-wallet: Luno gives its customers access to a wallet for cryptocurrencies that they can use to send and receive payments in Bitcoin or to trade cryptocurrencies. Users can access the Luno e-wallet online and on mobile devices running Android and iOS.
CoinCola Products & Services
The core principles of Bitcoin and Blockchain are fully supported by CoinCola. So there is no central authority that oversees Bitcoin trade. Below are the products and services of Coincola:
Encryption and User Security: You can easily purchase Bitcoin online with CoinCola, and you can trade knowing that you will be charged lower costs and that your assets are safe from hackers. They provide consumers with everything they require to conduct hassle-free cryptocurrency trades among themselves.
Diverse Trades: Bitcoin (BTC), Ethereum (ETH), Dash, USDT, XRP, and a number of other cryptocurrencies are among those you can trade.
Novice-Friendly Interface: CoinCola provides one of the best knowledge bases for those who are just starting out in the world of cryptocurrencies, keeping them informed about everything they need to know about their new endeavor. Even for complete beginners, the User Interface is simple to use, and it meets the requirements of seasoned cryptocurrency traders.
P2P Transactions: All trade is done with Nigerian peers, and sellers are given a trust rating to indicate how reliable they are as business partners. Depending on what suits you most, you can either opt to acquire Bitcoin from your peers or from the exchange.
Escrow Services: CoinCola offers escrow services to protect both buyers and sellers when you buy Bitcoin from other users. Payment is only issued if both parties are pleased.
Luno vs CoinCola Products & Services Verdict
After thoroughly evaluating the products and services offered by Luno and CoinCola, it’s time to render a verdict. Both platforms have their strengths and cater to different types of traders.
Luno excels in its user-friendly interface, a diverse range of cryptocurrencies, and emphasis on security. On the other hand, CoinCola stands out with its intuitive interface, a wide array of cryptocurrency options, and robust customer support.
One standout feature of CoinCola is its peer-to-peer trading functionality. This allows users to engage in direct trades with other individuals, fostering a decentralized and community-driven trading experience.
Ultimately, the choice between Luno and CoinCola boils down to your personal preferences and trading requirements. It’s essential to consider factors such as the user interface, available cryptocurrencies, security measures, fees, and customer support before making a decision.
Take the time to evaluate your needs and goals, and consider testing both platforms with small transactions to get a feel for their functionality.
Luno vs CoinCola: Fees and Trading Costs
Luno Fees and Trading Costs: Unpacking the Costs
Let’s begin with Luno, which has a fee structure that differs slightly based on the country you are trading in.
Furthermore, there are costs involved with sending cryptocurrency; nevertheless, receiving cryptocurrency is cost-free.
The maker/taker fee structure that controls the trading fees is determined by the number of your transactions. On Luno, manufacturer fees don’t exist. However, the taker fees range from 0.03% to 0.10%.
To determine whether Luno is the right platform for you, it’s crucial to understand the fees associated with its services. Let’s explore the various fees you may encounter when using Luno.
1. Deposit Fees
When funding your Luno account, you may be subject to deposit fees depending on the payment method you choose. It’s important to note that deposit fees may vary based on your region and currency.
2. Trading Fees
Luno employs a maker-taker fee structure. Makers are users who provide liquidity to the market by placing limit orders, while takers are users who execute trades against these limit orders. The fees for makers and takers differ, with makers often enjoying lower fees.
3. Withdrawal Fees
Withdrawing your funds from Luno to an external wallet or bank account may incur withdrawal fees. Similar to deposit fees, these fees can vary based on your location and the currency you’re using.
4. Exchange Rate Fees
When trading cryptocurrencies on Luno, it’s important to consider the exchange rate fees. Luno applies a spread between the buying and selling prices, ensuring they earn a profit on each trade.
CoinCola Fees and Trading Costs
Trading costs are, without question, the most crucial consideration when selecting a cryptocurrency exchange. Both platforms offer a wide range of services and costs.
For instance, it costs nothing to buy or sell cryptocurrency from an existing advertisement on CoinCola. Additionally, posting an advertisement is cost-free.
However, those who submit buying/selling advertising will be assessed a 0.7% trading fee once the order has been fulfilled.
Furthermore, there is a 0.1% transaction fee for the exchange market.
Additionally, CoinCola charges withdrawal fees, which are approximately 0.0004 BTC for Bitcoin and vary for other coins. The CoinCola fee page has more information on the charges.
Now that we’ve examined Luno’s fees, let’s shift our focus to CoinCola and uncover the fees associated with using their platform.
1. Trading Fees
CoinCola imposes trading fees based on the trading volume and the cryptocurrency being traded. The fees typically range from 0.2% to 0.7%, making CoinCola a cost-effective option for traders.
2. Withdrawal Fees
Similar to Luno, CoinCola charges withdrawal fees when transferring funds from their platform to an external wallet or bank account. These fees may vary depending on the cryptocurrency and the destination wallet.
3. OTC Trading Fees
CoinCola offers an OTC trading service, where users can buy or sell cryptocurrencies directly with other users. While this feature provides flexibility, it’s important to note that OTC trading may incur additional fees.
4. Gift Card Trading Fees
CoinCola stands out with its unique gift card trading feature, allowing users to exchange cryptocurrencies for gift cards. However, users should be aware that this service comes with specific fees and terms.
Luno vs CoinCola Fees Verdict
After examining the fees of both Luno and CoinCola, it’s time to deliver the verdict and help you make an informed decision.
In terms of trading fees, CoinCola offers a more competitive rate, particularly for high-volume traders. If you engage in frequent trading, CoinCola might be the cost-effective choice for you. On the other hand, if user-friendly features and a streamlined interface are your priority, Luno’s fees might be worth the investment.
It’s important to consider your specific needs and preferences when choosing between Luno and CoinCola. Whether you prioritize low trading fees or a user-friendly platform, both exchanges offer unique advantages.
Luno vs CoinCola: Trading Methods
Luno Trading Methods
In addition to the Euro, Luno only accepts currency from Nigeria, Indonesia, South Africa, and Malaysia.
Additionally, it only takes a select few payment methods, notably debit/credit cards, and bank transfers.
CoinCola Trading Methods
Buying cryptocurrency from peers and exchanging cryptocurrency pairings are both possible on the OTC P2P trading platform and exchange known as CoinCola.
In comparison to other platforms, CoinCola has comparatively low trading and withdrawal costs.
There are numerous ways to deposit money, including gift cards, online wallets, and bank transfers. Deposits made with gift cards or fiat money are simple for users to complete.
CoinCola offers six cryptocurrency trading pairs as an OTC exchange. Some companies in a similar industry lack this.
Luno vs CoinCola Trading Methods Verdict
In addition to a trading platform, Luno, and Coincola both offer an alternative to e-wallets. The majority of the variances are explained by the brokerage service that Luno offers.
As opposed to Coincola, all transactions happen between users, not between a user and the company.
This can be challenging for users who want to buy or sell cryptocurrencies immediately and don’t want to cope with the drawn-out process of arguing on the trading site.
Luno vs CoinCola: Security
Luno Security: A Focus on User Protection
Luno, a well-established cryptocurrency exchange, places a strong emphasis on user protection. The platform implements a multi-layered security approach, incorporating advanced security protocols and encryption techniques to safeguard user funds and personal information.
High-security standards are upheld by Luno, which provides some of the greatest protection available in the market for crypto storage and account security.
The majority of the bitcoin assets that Luno handles are kept in cold wallets, or digital wallets without a network connection. Hackers are unable to access them because they are offline.
In what it refers to as “deep-freeze” storage, Luno keeps these cold wallets in actual bank vaults within safe deposit boxes.
No one has access to more than one of these safety deposit boxes, and only certain people can access them.
Since accessing cryptocurrency in deep-freeze storage is challenging even for the exchange, it stores a limited amount of cryptocurrency that is easier to access for daily operations.
Despite being held in both internet-connected hot wallets and cold wallets, this cryptocurrency is nonetheless incredibly secure.
The Luno exchange and its partner must both approve the transaction for cryptocurrency to be spent from a hot wallet.
Advanced Encryption and Authentication
Luno employs industry-standard encryption algorithms to protect user data and transactions from unauthorized access.
Two-factor authentication (2FA) is enforced for all user accounts, providing an additional layer of security against potential breaches.
Cold Storage and Offline Wallets
Luno stores the majority of user funds in offline, cold storage wallets, which are not directly accessible from the internet.
This offline storage strategy mitigates the risk of hacking and reduces the likelihood of unauthorized fund transfers.
Compliance with Regulatory Standards
Luno adheres to stringent regulatory requirements in the jurisdictions where it operates, enhancing trust and transparency for users.
The exchange employs Know Your Customer (KYC) procedures to verify the identity of users, reducing the risk of fraudulent activities.
CoinCola Security
CoinCola, another prominent cryptocurrency exchange, also prioritizes the security of its users. The platform adopts various security measures to protect user assets and personal data.
Security is one area where Coincola takes itself seriously.
Coincola has not cut corners when it comes to security-related issues in light of reports of hacks affecting a number of cryptocurrency exchanges globally.
To constantly safeguard their assets, they employed the top security professionals available.
To safeguard their assets as well as the assets of their users around the world, they also employ top-notch security equipment.
This is one of the possible explanations for why you haven’t heard of any hacks or security breaches on the exchange.
CoinCola is accessible via the web and mobile devices to make things simple for its users.
You may use your desktop browser to access Coincola or you can download the app from the Play Store or iOS.
Secure Infrastructure and Data Protection
CoinCola utilizes state-of-the-art infrastructure with redundant systems to ensure high availability and protect against system failures.
User data is stored using robust encryption techniques, safeguarding it from unauthorized access.
Multi-Signature Wallets and Escrow Service
CoinCola employs multi-signature wallets, requiring multiple private keys to authorize transactions, thus enhancing the security of user funds.
The platform also offers an escrow service for peer-to-peer trades, ensuring a secure environment for buyers and sellers.
Fraud Detection and Prevention
CoinCola implements advanced fraud detection mechanisms, monitoring user activities and transactions for any suspicious behavior.
In case of suspected fraudulent activities, CoinCola takes swift action to protect its users and maintain the integrity of the platform.
Luno vs CoinCola Security Verdict
When it comes to the Luno vs CoinCola security verdict, both exchanges demonstrate a commitment to user protection. Luno emphasizes advanced encryption, cold storage, and regulatory compliance, while CoinCola focuses on secure infrastructure, multi-signature wallets, and fraud prevention.
Luno does not provide as many security measures as CoinCola does. The platform is quite secure, to start. Additionally, trading on CoinCola is extremely quick and secure. Due to their P2P and OTC techniques.
Ultimately, users should consider their specific needs and conduct thorough research before choosing a cryptocurrency exchange.
Luno vs CoinCola: Customer Support
Luno Customer Support
Luno doesn’t offer live chat support or phone support; instead, you must send an inquiry through a form on the support page of the business.
Luno provides multiple channels through which users can seek assistance. These include:
- Live Chat: Luno offers a live chat feature on its website, allowing users to engage in real-time conversations with their support team. This instant communication method ensures quick resolutions to user queries.
- Email Support: Users can also reach out to Luno’s support team via email. While this method may not offer immediate responses, it provides an avenue for users to articulate their concerns in detail.
CoinCola Customer Support
CoinCola has a team that is pretty responsive and thoroughly investigates every issue.
The platform’s live chat feature has great customer assistance that is frequently active. To assist users in finding their answers, a lengthy list of frequently asked questions is compiled on their website.
However, they provide round-the-clock customer support services, quick response time, and knowledgeable technical assistance on their user-friendly website.
Luno vs CoinCola Customer Support Verdict
After considering the customer support services of both Luno and CoinCola, it is evident that both exchanges prioritize user satisfaction and strive to address user queries effectively. However, there are a few factors that differentiate the two:
- Response Times: While both exchanges aim to respond promptly, Luno’s average response time of 24 to 48 hours is slightly longer compared to CoinCola’s goal of addressing issues within 24 hours. CoinCola has a slight edge in terms of faster response times.
- Support Channels: Luno and CoinCola offer similar support channels, including live chat and email support. Both exchanges provide convenient avenues for users to seek assistance.
- User Satisfaction: Both Luno and CoinCola have received positive feedback regarding their customer support services. Users appreciate the helpful and knowledgeable support teams of both exchanges.
Luno and CoinCola provide commendable customer support services, ensuring users receive timely assistance and resolutions to their queries. While CoinCola has a slight advantage in terms of faster response times, both exchanges strive to deliver exceptional support experiences.
Luno vs CoinCola: Which is Best to Use in Nigeria?
In Nigeria, you may buy and sell cryptocurrencies on two well-known exchanges: CoinCola and Luno.
Use the Luno brokerage service if you don’t want to take part in the exchange platform’s “open market” scenario. To purchase or sell Bitcoin (or Ethereum), all you need to do is use the prices being offered.
The global reach and diversity of payment options (and supported currencies) offered by CoinCola are appreciated by seasoned Bitcoin dealers.
Because you may trade with individuals from around the world on the CoinCola exchange, it is more competitive. You can also make larger volume trades every day without any trading limits.
According to the information provided, it is clear that Luno is preferable for those who are just starting out in Nigeria, while CoinCola is the ideal choice for those who have some experience trading cryptocurrencies in Nigeria.
Best Alternatives to Luno and CoinCola in Nigeria
1. TransferXO
TransferXO is a peer-to-peer cryptocurrency exchange that enables Africans to benefit from compound interest by increasing the adoption of blockchain technology on the continent.
Users of the online trading system operated by TransferXO can buy and sell Bitcoin and other cryptocurrencies.
This website offers an easy-to-use Bitcoin trading service to people in Ghana, Kenya, and Nigeria. The TransferXO Fiat Wallet, a service that converts between fiat and bitcoin, is another element of the platform.
The exchange provides favorable and inviting conditions for trading operations. The traders have a choice of 12 trading pairs. The top seven cryptocurrencies by market capitalization are Bitcoin, Ethereum, Tether USDT, Bitcoin Cash, Ripple, Tron TRX, and Litecoin.
It is widely considered a key player in the cryptocurrency market and has established a reputation as one of the best places to buy or sell Bitcoin.
One of the more recent exchanges, TransferXO, has developed a reputation as a reliable and user-friendly platform.
2. Binance
This cryptocurrency trading platform is like Beyonce in the world of cryptocurrencies: it’s well-liked, strong, and has a ton of supporters.
This exchange platform is well-known for its user-friendly layout, which makes trading Bitcoin and other cryptocurrencies simple for newcomers and experienced traders.
There are many ways to pay, including cash deposits, credit/debit cards, and bank transfers. Furthermore, Binance has a smartphone app that enables trading while on the road.
If you want to have greater control over your assets, Binance is a great platform for you because of its sophisticated features like margin trading, futures trading, and staking.
3. NairaEx
NairaEx can be the exchange platform for you if you’re based in Nigeria and want a simple-to-use local exchange.
With a variety of payment options to meet your needs, this exchange specializes in the buying and selling of Bitcoin and other cryptocurrencies using the Nigerian Naira.
Even those who are completely new to the market can purchase and sell cryptocurrency with ease thanks to NairaEx’s user-friendly platform.
The exchange also offers a referral program where you may earn prizes for bringing in new members.
4. Remitano
Remitano may become your new preferred method of trading Bitcoin and other crypto coins if you’re seeking something clear-cut and uncomplicated.
This P2P exchange, which is active in multiple nations including Nigeria, provides a range of payment alternatives.
Even if you’re new to cryptocurrencies, selling Bitcoin is simple thanks to Remitano’s user-friendly platform.
Additionally, the exchange has a system for resolving disputes that aid in defending users from fraud. Therefore, con artists, are not today.
Frequently Asked Questions
Is Luno a better option for novices than CoinCola?
The user-friendly interfaces of Luno and CoinCola make them both perfect for newcomers. However, Luno is a better choice for newbies due to its affordable fees and top-notch customer assistance.
Which platform, Luno or CoinCola, offers lesser fees?
Because Luno charges less than CoinCola, it is a more cost-effective choice for traders.
Is CoinCola a safer alternative to Luno?
The platforms used by Luno and CoinCola are both extremely secure, guaranteeing the security of users’ money. Coincola, on the other hand, offers more sophisticated security safeguards, making it a more secure choice for traders.
Is Luno reliable and safe?
With more than 7 years of market experience, it is regarded as reliable and safe. Because it is unregulated, users wonder if Luno is a hoax. However, it also provides prestigious security features like 2FA and multi-sign keys.
Conclusion
There is no clear-cut winner when it comes to selecting between CoinCola and Luno for bitcoin trading in Nigeria.
In the end, it comes down to your personal tastes, the cryptocurrencies you want to trade, your preferred payment methods, and the features that are most important to you.
CoinCola and Luno both have a solid reputation in the Nigerian industry and offer safe and practical services for Bitcoin aficionados.
A large selection of cryptocurrencies, great liquidity, and safe peer-to-peer trading functionality are all provided by CoinCola. The user-friendly interface, rapid buy/sell choices, and educational resources offered by Luno, on the other hand, help users learn more.
Consider your unique requirements, such as the preferred cryptocurrency choices, preferred payment methods, and the significance of instructional resources, before making a choice. Take into account the required verification process as well as the costs connected with transactions on each platform.
Although CoinCola and Luno each have their own benefits and drawbacks, they both offer trustworthy alternatives for bitcoin trading in Nigeria.
It is advised to open an account on each platform, investigate its features, and make a few test trades to see which one best suits your trading objectives and tastes.