Are you a resident of Nigeria looking to venture into the world of cryptocurrencies? If so, you may have come across the names Luno and Quidax, two popular cryptocurrency exchanges.
But which one should you choose?
In this article, we will compare Luno and Quidax to determine which platform is best suited for your needs.
Whether you’re a beginner or an experienced trader, we’ll explore the features, security, fees, user experience, and more, to help you make an informed decision.
Luno vs Quidax: Overview of Both Exchanges
Overview of Luno Exchange
History and Background
Luno, founded in 2013, has established itself as a trusted cryptocurrency exchange globally. It started its operations in South Africa and has expanded its reach to several countries, serving millions of users.
With a strong emphasis on security and compliance, Luno has gained recognition as a reliable platform for buying and selling cryptocurrencies.
Features and Services
Luno offers a comprehensive range of features and services to cater to the needs of cryptocurrency enthusiasts.
The platform provides a user-friendly interface, making it easy for both beginners and experienced traders to navigate.
Users can buy, sell, and store various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Luno also offers a mobile app, that allows users to manage their portfolios on the go. The platform provides real-time market data and trading charts to help users make informed decisions.
Additionally, Luno facilitates fiat currency deposits and withdrawals, enabling seamless integration between traditional banking systems and cryptocurrencies.
Pros and Cons
- Established reputation and global presence.
- User-friendly interface and mobile app.
- Wide selection of cryptocurrencies.
- Robust security measures.
- Limited cryptocurrency options compared to some other exchanges.
- Relatively higher fees for certain transactions.
Overview of Quidax Exchange
History and Background
Quidax, founded in 2018, is a rapidly growing cryptocurrency exchange based in Nigeria. It has gained popularity for its user-friendly interface and extensive range of supported cryptocurrencies.
Quidax aims to provide a seamless experience for users to trade digital assets securely.
Features and Services
Quidax offers a diverse set of features and services tailored to meet the needs of cryptocurrency traders.
The exchange boasts a simple and intuitive interface, making it easy for users to navigate and execute transactions.
Quidax supports a wide range of cryptocurrencies, including popular options like Bitcoin, Ethereum, Ripple, and many others.
The platform also provides advanced trading features such as limit orders, stop-loss orders, and trading charts to assist users in executing successful trades.
Quidax emphasizes security by implementing industry-standard practices and utilizing cold storage for funds.
Pros and Cons
- User-friendly and intuitive interface.
- Extensive range of supported cryptocurrencies.
- Advanced trading features.
- Strong focus on security.
- Limited availability in some countries.
- Customer support response times can vary.
Is Luno Better than Quidax for Crypto Trading in Nigeria?
In the context of cryptocurrencies, an exchange is basically an online platform where users may buy, trade, and store digital currencies.
More exchange platforms have emerged as a result of the introduction of more cryptocurrencies, raising awareness among individuals all over the world.
Quidax and Luno, nevertheless, are two of the most utilized and well-liked exchanges. The finest characteristics of an active trader in Nigeria may be found in these exchanges’ many commonalities, differences, advantages, and disadvantages as well as the coins they support.
This will assist you decide which exchange to utilize or if you decide to swap between the two.
In addition, Luno is a 2013-born cryptocurrency exchange that specializes in serving the African region in addition to the overall market.
While Quidax was founded in 2018 by a Nigerian with the intention of helping both Nigerians and people in Africa, it is one of the most well-known cryptocurrency exchanges.
While the Luno platform just functions as a cryptocurrency wallet and an exchange, the Quidax platform works as an exchange, wallet, and a way to aid in cryptocurrency trading.
The second, however, not only permits trading but also includes a Quidax API that allows third-party alliances for trade. Luno offers Luno business, Luno API, and Bitcoin savings.
A sophisticated security system, fantastic user interface, outstanding liquidity, high trade volume, a mobile app, trade history, order book, and immediate transaction procedure are some key characteristics that make Quidax stand out.
A decent trading volume, a trade room, price alerts, a mobile app, an amazing security system, the ability for quick deposits, and a growth spread are some additional characteristics that make Luno effective.
The Quidax platform accepts bank transfers, credit card deposits, USSD deposits, and bank deposits.
It is compatible with a number of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dash (DASH), Tether (USDT), and Tron (TRX).
The following cryptocurrencies are supported by Luno: Litecoin (LTC), BitcoinCash, Ripple, Ethereum (ETH), and Bitcoin (BTC).
While Luno supports the Euro, the Naira (Nigeria), the Rand (South Africa), the Ringgit (Malaysia), the Kwacha (Zambia), and the Rupiah (Indonesia), Quidax only supports specific fiat currencies, such as the Naira (Nigeria) and dollars (US).
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:
- TransferXO vs Quidax: Is TransferXO Better Than Quidax?
- TransferXO vs Luno: Is TransferXO Better Than Luno?
- Remitano vs Luno: Which is Best to Use in Nigeria?
- Binance vs Quidax: Which is Best to Use in Nigeria?
- Paxful vs Luno: Which is Best to Use in Nigeria?
Luno vs Quidax: Complete Comparison
Cryptocurrencies have gained significant popularity in recent years, and Nigeria is no exception. As the demand for cryptocurrencies increases, so does the need for reliable and user-friendly platforms to buy, sell, and trade digital assets.
Luno and Quidax are two leading cryptocurrency exchanges in Nigeria, each offering unique features and services.
Let’s delve into a detailed comparison to find out which one suits you better.
Luno vs Quidax User Experience: Navigating the Platforms
Luno: Simplified Trading Made Easy
Luno aims to provide a seamless user experience for beginners and experienced traders alike. Its intuitive interface allows users to navigate the platform effortlessly.
The registration process is straightforward, and once you’re in, you can easily buy, sell, and store cryptocurrencies.
Luno offers a mobile app for convenient trading on the go, making it accessible to a wider audience.
Quidax: A Feature-Packed Platform
Quidax also prioritizes user experience by offering a feature-packed platform. While it may appear slightly more complex than Luno at first, it provides a range of advanced features for experienced traders.
Quidax supports spot trading, futures trading, and peer-to-peer trading, catering to a diverse set of users. Additionally, it offers a mobile app for trading on smartphones, ensuring flexibility and convenience.
Luno vs Quidax User Experience Verdict
The user interface of exchange plays a pivotal role in attracting and retaining users. Luno and Quidax both strive to provide intuitive and user-friendly interfaces.
Luno offers a clean and straightforward interface, making it easy for beginners to navigate the platform.
Quidax, on the other hand, boasts a modern and visually appealing interface that appeals to more experienced traders. Both exchanges offer mobile applications, allowing users to trade on the go.
Luno vs Quidax: Supported Cryptocurrencies & Payment Methods
Luno Supported Cryptocurrencies
Luno principally concentrates on the two most widely used cryptocurrencies worldwide, Bitcoin (BTC) and Ethereum (ETH).
Users looking for a wider variety of alternative coins may have fewer alternatives now, but Luno’s streamlined process guarantees a more secure and dependable trading experience.
Equally, Luno primarily accepts money from Nigeria, Indonesia, South Africa, and Malaysia in addition to the Euro.
While debit/credit cards and bank transfers are the only forms of payment that it accepts.
Quidax Supported Cryptocurrencies
Quidax supports the following currencies:
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Binance (BNB)
- Polygon (MATIC)
- Pancake (CAKE)
- Stellar (XLM)
- Axie Infinity (AXS)
- Bitcoin Cash (BCH)
- Tezos Coin (XTZ)
- Wakanda Inu (WKD)
- Dash (DASH)
- Tether (USDT- BEP-20)
- Tron (TRX)
- Quidax Coin (QDX)
- Aave (AAVE)
- Shiba Inu (SHIB)
- Chainlink (LINK))
- Filecoin (FIL)
- BabyDoge Coin (BABYDOGE)
- Harmony (ONE)
- Solana (SOL)
- Floki Inu (FLOKI)
Quidax also supports the following fiat currency:
- Nigerian Naira (NGN)
Quidax supports the following payment methods:
- Cryptocurrencies (for Instant Buy/Sell and Order Book)
- Bank Transfer (for P2P)
Luno vs Quidax-Supported Cryptocurrencies Verdict
The range of supported cryptocurrencies is a crucial consideration for traders seeking to diversify their portfolios.
Luno primarily focuses on the most popular and established cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Quidax, on the other hand, offers a more extensive selection, including both well-known cryptocurrencies and emerging altcoins.
This broader range of options gives Quidax an edge for traders looking to explore new investment opportunities.
Luno vs Quidax Products & Services
Luno Products & Services
Luno Trading Platform: The company takes a commission on every transaction made on the Luno Trading Platform, where registered users can trade cryptocurrencies with one another.
Luno Brokerage Services: Users can interact with the instant buy or sell feature of the Luno Brokerage service. With the help of this tool, you may instantly purchase Bitcoin at the specified exchange rate plus a fee. The fee percentage varies based on the state of the market.
Cryptocurrency E-wallet: Luno offers its users a cryptocurrency wallet that they can use to send and receive payments in Bitcoin or to trade in cryptocurrency. On mobile devices running Android and iOS as well as online, users can access the Luno e-wallet.
Quidax Products & Services
The majority of Bitcoin exchanges in Nigeria only offer this basic service, which is frequently their only offering.
This is made easier by Quidax, which enables you to quickly buy/sell numerous cryptocurrencies using NGN.
If using NGN makes you uneasy, you can also instantly purchase Bitcoin using USDT.
Here’s how to use the Instant Buy/Sell option;
- Create an account at Quidax.com, then sign in.
- Invest in your account
- Click the Instant Buy/Sell button on your dashboard.
- Enter the amount of cryptocurrency you wish to purchase or sell after choosing the type of cryptocurrency and the currency you wish to buy or sell it for.
- If you want to proceed with the transaction, click “Continue” once you have confirmed your request.
The Quidax trading platform looks like this.
Makers and takers contribute liquidity to the exchange by using the “market and limit order” in Quidax’s user-friendly marketplace.
The exchange also incorporates a straightforward trade chart from “Trading View” so customers may follow the price development of a cryptocurrency asset over time.
In addition to NGN wallets on the online interface and mobile app, Quidax offers web wallets for all the cryptocurrencies it supports.
Your private keys are not accessible to you through Quidax.
This is not unusual, though, as users cannot access their private keys on any other exchange.
In order to facilitate third-party integration for automated trading, Quidax offers its own API.
Contacting Quidax customer service will grant access to this for interested third parties.
The native cryptocurrency of Quidax Exchange is called QDX.
Click here to learn more about the QDX token.
Quidax founded a P2P exchange in response to the 2021 ban on cryptocurrency in Nigeria.
This will make it simpler for people to add Naira to their accounts.
Only Naira is supported by Quidax P2P.
This enables you to stake the QDX token and generate cryptocurrency revenue passively.
Open the “QDX wallet” and select “vault” if you wish to use the QDX vault. The choice to stake your QDX is available.
Luno vs Quidax Products & Services Verdict
From the above products, it’s obvious Quidax has more products and offers greater services to its users than Luno.
We commend the Quidax platform for taking the lead in this section.
Luno vs Quidax Security: Safeguarding Your Assets
Luno: Ensuring Protection
Luno prioritizes the security of its users assets. It stores the majority of its digital assets in cold storage, keeping them offline and away from potential cyber threats.
Furthermore, Luno implements two-factor authentication (2FA) to add an extra layer of security to user accounts. It also follows strict compliance procedures to meet regulatory standards.
Quidax: Robust Security Measures
Similarly, Quidax takes security seriously to safeguard user funds. The platform employs industry-standard security practices, including cold storage for storing cryptocurrencies.
Quidax also implements 2FA and uses encryption protocols to protect user data.
By adhering to regulatory requirements, Quidax ensures a secure trading environment for its users.
Luno vs Quidax Security Verdict
Security is of paramount importance when dealing with cryptocurrency exchanges. Luno and Quidax both prioritize the protection of user funds and personal information.
Luno implements robust security measures, including two-factor authentication (2FA) and cold storage for storing a significant portion of user funds offline.
Quidax employs advanced security protocols, such as encryption, DDoS protection, and multi-signature wallets, to ensure the safety of user assets.
It’s worth noting that no exchange is completely immune to risks, and users should always follow best practices to safeguard their accounts.
Luno vs Quidax Fees: Understanding the Costs
Luno Fees: Transparent Fee Structure
Luno maintains a transparent fee structure, allowing users to easily understand the costs involved in trading. The platform charges a fee for every transaction, which varies depending on the trading volume.
The fees for instant buys and sells of other currencies are only 2.00% on Luno. The fact that the taker fee range is likewise extremely competitive is another appealing feature.
We have outlined the current cost structure for this exchange in the table below.
Luno Nigeria Fees Features
- Deposit fees – Free
- Instant buy/sell fees – 2.00%
- Receive fees – Free
- Send fees – Varies
- Taker fees – 0.04% -0.10%
Luno’s fee structure is competitive and generally lower than many other exchanges in the market. However, it’s always recommended to review the latest fee schedule on their website.
Quidax: Competitive Pricing
Quidax also follows a transparent fee structure, with fees varying based on the trading volume. The platform offers competitive pricing, and the fees are generally affordable.
- Makers Fee: 0.2%
- Taker Fee: 0.2%
It’s worth noting that different types of trades, such as spot trading or futures trading, may have varying fee structures.
Therefore, it’s advisable to refer to Quidax’s official website for the most up-to-date fee details.
Luno vs Quidax Fees Verdict
Trading fees can have a substantial impact on profitability, especially for frequent traders. Luno adopts a tiered fee structure, where the fees decrease as the trading volume increases.
Quidax, on the other hand, follows a maker-taker fee model, which offers reduced fees for users providing liquidity to the market.
Depending on your trading style and frequency, it’s essential to consider the fee structure of each exchange to optimize your trading costs.
Luno vs Quidax Customer Support: Assistance When You Need It
Both Luno and Quidax recognize the importance of reliable customer support. Here’s how they compare in this aspect:
Luno: Responsive and Helpful
Luno provides responsive customer support to address user inquiries and concerns. They offer multiple channels for assistance, including email support and a comprehensive knowledge base.
Luno’s support team strives to provide timely and helpful responses, ensuring that users receive the assistance they need.
Quidax: Prompt and Accessible
Quidax also offers prompt customer support to assist users whenever they encounter issues or have questions. They provide a support ticket system for users to submit their inquiries.
Quidax’s support team aims to provide accessible and timely support, ensuring a smooth trading experience for its users.
Luno vs Quidax Customer Support Verdict
Reliable customer support is crucial for resolving issues promptly and efficiently. Luno offers customer support through email and a comprehensive help center that covers various topics.
Quidax provides customer support through a ticketing system and a live chat feature, enabling users to get real-time assistance.
Both exchanges strive to address user queries and concerns in a timely manner, ensuring a satisfactory customer experience.
Luno vs Quidax: Which is Best to Use in Nigeria?
Luno and Quidax are both popular choices for crypto trading in Nigeria, but which platform is better? Let’s delve into the various aspects of these platforms to find out.
When it comes to user experience, Luno takes the lead. The platform offers a clean and intuitive interface, making it easy for users to navigate and execute trades.
Additionally, Luno provides a mobile app, allowing users to trade on the go conveniently. Quidax, although user-friendly, falls slightly behind in terms of overall user experience and design.
Luno charges a fee based on a tiered system, which means the more you trade, the lower the fees. The fees range from 0.20% to 1.00% per transaction, depending on the trading volume. Deposit and withdrawal fees may also apply, depending on the funding method.
Quidax offers a simple fee structure, with a fixed 0.20% trading fee for both makers and takers. Deposit and withdrawal fees vary depending on the cryptocurrency.
In terms of fees, Luno may be more cost-effective for high-volume traders, while Quidax offers a straightforward fee structure suitable for all traders.
Another aspect is security is of utmost importance when it comes to crypto trading. Both Luno and Quidax prioritize the safety of user funds through various security measures.
Luno implements robust security features such as two-factor authentication (2FA) and cold storage for cryptocurrencies. It also undergoes regular audits to ensure compliance with industry standards. Quidax, on the other hand, provides similar security measures, including 2FA and cold storage.
While both platforms prioritize security, Luno’s longer track record and extensive security measures give it an edge over Quidax.
In terms of customer support, Luno provides 24/7 customer support through various channels, including live chat and email. They are known for their responsiveness and helpfulness in resolving user queries.
Quidax also offers customer support via email and social media channels, but some users have reported longer response times.
Considering customer support, Luno seems to provide a more reliable and efficient service compared to Quidax.
There are a few differences between Quidax and Luno.
Since Luno has been around longer than Quidax, it has a larger user base, a liquidity database, and a stronger market presence overall.
Quidax’s transaction fee is lower than Luno’s.
On Quidax rather than Luno, identity verification is simpler and faster.
While Luno supports five cryptocurrencies and ten different fiat currencies, Quidax only accepts seven cryptocurrencies and two fiat currencies.
Compared to Luno, which has a level 2 to level 4 transaction limit, Quidax offers a greater transaction limit. In level one, the transaction limit for both exchanges is the same, whereas, in level 2, Quidax and Luno both have a maximum of one million nairas.
Additionally, determining which exchange platform is best for you depends on the features you want from an exchange.
However, Quidax is appropriate if you need an exchange with more cryptocurrency options, while Luno is appropriate if you’re thinking about liquidity, global recognition, additional necessary features, services, and products.
Frequently Asked Questions
Is it safe to use Luno and Quidax for trading cryptocurrencies?
Both Luno and Quidax have implemented robust security measures to protect user funds. However, it’s important to exercise caution and follow best practices to enhance security.
Is Luno a regulated platform in Nigeria?
Yes, Luno is regulated by the Securities and Exchange Commission (SEC) in Nigeria, ensuring compliance with local regulations and providing users with added trust and security.
Can I trade cryptocurrencies on Luno and Quidax using the Nigerian Naira (NGN)?
Yes, both Luno and Quidax support trading with the Nigerian Naira, allowing users to conveniently trade cryptocurrencies within the local currency.
Are there any deposit or withdrawal fees on Luno and Quidax?
Luno and Quidax may charge fees for certain deposit and withdrawal methods. It is advisable to review their respective fee structures for accurate and up-to-date information.
Can I use Luno and Quidax mobile apps for trading on the go?
Yes, Luno and Quidax provide mobile applications for iOS and Android devices, enabling users to trade cryptocurrencies conveniently from their smartphones.
Are there any transaction limits on Luno and Quidax?
Luno and Quidax have different transaction limits depending on various factors such as account verification level and trading volume. It is recommended to check their respective platforms for specific details.
Do Luno and Quidax offer educational resources for crypto trading?
Yes, both Luno and Quidax provide educational resources, including blog articles, tutorials, and guides, to help users learn about cryptocurrency trading and enhance their knowledge
Can I deposit and withdraw fiat currencies on Luno and Quidax?
Yes, both exchanges support fiat currency deposits and withdrawals, depending on the availability in your country, especially in Nigeria.
Is Luno better than Quidax for beginners in Nigeria?
Yes, Luno is generally considered more suitable for beginners due to its user-friendly interface and comprehensive educational resources.
Which platform offers a wider range of cryptocurrencies?
Quidax offers a wider selection of cryptocurrencies compared to Luno, making it a better choice for users interested in trading less mainstream digital assets.
Can I use both Luno and Quidax simultaneously?
Yes, you can use both platforms simultaneously to access a broader range of trading options and take advantage of unique features offered by each platform.
Does Luno or Quidax have lower fees?
Luno’s fees vary based on trading volume, while Quidax has a fixed 0.20% trading fee. For high-volume traders, Luno may have lower fees, but for smaller trades, Quidax may be more cost-effective.
Are Luno and Quidax regulated in Nigeria?
Both Luno and Quidax are registered and regulated by the Securities and Exchange Commission (SEC) in Nigeria, ensuring compliance with regulatory standards.
Can I trust Luno and Quidax with my funds?
Both Luno and Quidax have established themselves as trustworthy platforms with robust security measures in place to protect user funds. However, it’s always recommended to exercise caution and follow best security practices.
When considering the question, “Is Luno Better than Quidax for Crypto Trading in Nigeria?” it’s essential to evaluate your trading needs and priorities.
Luno’s user-friendly interface and extensive range of supported cryptocurrencies make it an excellent choice for beginners and investors looking for diversity.
On the other hand, Quidax’s advanced trading tools and competitive fee structure cater to more experienced traders.
Ultimately, the decision comes down to personal preference and specific trading requirements.