Remitano and Luno are two well-known platforms that have attracted interest in the Nigerian industry.
In recent years, cryptocurrency has skyrocketed in popularity, and Nigeria is no exception. The necessity for reputable cryptocurrency exchanges has grown as interest in trading and investing in digital currencies among Nigerians has increased.
We’ll examine and contrast Remitano and Luno’s features, advantages, and disadvantages in this article to assist you choose which is best for your cryptocurrency trading requirements in Nigeria.
By analyzing various aspects of these platforms, we aim to provide you with a comprehensive comparison to help you make an informed decision.
While we discuss the comparison between Remitano and Luno, we also took out time to compare these platforms with another outstanding peer-to-peer cryptocurrency platform; TransferXO vs Remitano and TransferXO vs Luno.
Remitano vs Luno: Overview
Remitano is a peer-to-peer cryptocurrency exchange that was founded in 2016. Remitano was introduced by Babylon Solutions Limited on the Island of Seychelles in April 2016. It is a P2P wallet and exchange provider.
Remitano is a P2P exchange that links buyers and sellers so they can do business without the use of a middleman. The platform has grown, though, and now provides other services, which I’ll describe below.
The company works with a number of nations, but Nigeria records the greatest daily transaction volume at almost $600,000.
One of the first Bitcoin exchanges to launch was Luno, which was founded at the beginning of 2013. Before changing its name to Luno at the beginning of 2017, the exchange was known as BitX.
The exchange’s main headquarters is at 1 Fore Street in London, although it also maintains outposts in Nigeria, Cape Town, South Africa, and Singapore.
In the short time that Luno has been in business, it has established a solid reputation. According to data from CoinMarketCap, however, Luno’s market value is still viewed as being little when compared to other major cryptocurrency exchanges worldwide.
However, this is largely because Luno predominantly deals in Bitcoin and, more lately, Ethereum.
Is Remitano Better than Luno for Crypto Trading in Nigeria?
Remitano and Luno are two prominent crypto trading platforms that have gained substantial recognition in Nigeria. While both platforms offer similar services, they have certain distinguishing features that set them apart.
Both Remitano and Luno provide user-friendly interfaces, making it easy for beginners to navigate and execute trades. Remitano offers a simple and intuitive design that allows users to quickly buy and sell cryptocurrencies.
On the other hand, Luno also boasts a user-friendly platform with a clean interface, enabling seamless trading experiences.
Remitano and Luno support a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more.
However, Luno provides a slightly larger selection of digital assets compared to Remitano. If you’re interested in trading lesser-known cryptocurrencies, Luno might be a more suitable choice for you.
When it comes to security, both platforms take it seriously and implement robust measures to protect user funds. Remitano uses an escrow system to secure transactions and employs two-factor authentication (2FA) to enhance account security.
Luno, on the other hand, utilizes cold storage and multiple authentication layers to safeguard users’ assets. Overall, both platforms prioritize the security of their users.
Fees are an essential consideration for any trader. Remitano and Luno have different fee structures. Remitano charges a flat fee per trade, while Luno applies a tiered fee system based on the trading volume. It’s important to evaluate your trading patterns and volume to determine which fee structure aligns better with your needs.
In terms of customer support, both platforms offer responsive services. Remitano provides 24/7 customer support through various channels, including live chat and email.
Similarly, Luno offers support via email and a comprehensive help center. In case of any issues or inquiries, you can rely on live chat assistance from both platforms.
While it may seem difficult to compare these two platforms, the best option is to either go for one as they’re both safe. Or you can opt for an alternative like TransferXO.
Remitano vs Luno: Products & Services
Remitano Products & Services
Remitano offers the following 4 basic goods and services:
Peer-to-Peer Cryptocurrency Exchange: Peer-to-peer trading is possible with anyone who has a Remitano account and resides in a country where the platform is accessible.
Fiat Web Wallet: A web wallet accepting deposits in fiat currency is known as a fiat web wallet. You can interact with any supported cryptocurrency using the platform because the wallet is directly connected to the exchange.
Crypto Investing: Remitano’s platform for crypto investments is the following standout item in their range. Any of the ten crypto assets that this facility supports can be used for deposits.
Swap Platform: The Instant Swap Market is the upcoming feature that we are most eager to introduce. Users can instantly switch between any of the supported cryptocurrencies on the Remitano platform thanks to this service. Order execution timelines are eliminated because Remitano proctors facilitate, and enforce the trade automatically.
Luno Products & Services
The following are the services and products that Luno provides:
Luno Instant Buy/Sell: On this site, customers may instantly buy and sell Bitcoin and Ethereum using fiat currencies like the NGN or ZAR. The ‘immediate buy/sell transaction charge begins at 2% but may increase.
Luno Exchange: The Luno exchange serves as a “Trade Room” for trading cryptocurrency pairs. Both experienced and novice traders can do analysis before placing trades using the charts and indicators it offers.
You can trade a number of different cryptocurrency pairs depending on where you are in the world. BTC/NGN, ETH/NGN, XRP/NGN, and other cryptocurrencies are available for trading in Nigeria, for instance.
Depending on your country, transaction fees might range from 0.03% to 1%.
Luno API: With the help of the Luno API, developers may automate trading, create BTC addresses, send and receive messages, and other tasks on their Luno account from another platform.
Luno Business: The Luno business account is made for organizations with a sizable budget who wish to do more than just exchange bitcoins. The goal of this account type is to draw trading companies, financial services companies, miners, cryptocurrency startups, etc.
These are just but a few of Luno’s products.
Remitano vs Luno Products & Services Verdict
Both Luno and Remitano have great products that stand out in their own way. It’s truly difficult to get the exact difference between them.
Remitano vs Luno: Fees and Trading Costs
Trading fees are vital in determining the right exchange to use. Let’s see what makes Luno different from Remitano here.
Remitano Fees and Trading Costs
With regard to Bitcoin deposits on Remitano, the fee is random.
Some currencies have no fees, but others have a fee. Additionally, you must submit the required minimum deposits.
The same rules apply to withdrawals. Furthermore, the withdrawal fees are not fixed and may change depending on how well the blockchain networks function.
Once more, it will depend on how much of your own money you invest. For several types of fiat, there are no charges for deposits or withdrawals.
P2P fees are designed as maker-and-taker fees and are, once more, arbitrary. The price would change depending on where you live and the payment options that are offered.
- Maker Fees: 0.5%
- Taker Fees: Free
- Order Book Taker: 0.25%
- Order Book Maker: 0.25%
Luno Fees and Trading Costs
On Luno, transaction charges are divided into
- Fees are sent and received
- Fees for deposits and withdrawals
- Trading charges
These charges differ from nation to nation and are also based on the mode of payment. The deposit and transaction fees are not set by Luno, just like the blockchain fees mentioned above.
Payment processors are used by them to handle transactions to and from Fiat wallets. Prior to making a payment, the fees are computed based on the payment processor.
This is the method by which Luno makes money. Depending on the nation, the cost varies.
The instant buy/sell commissions are 2% or more. Depending on the nation he is trading from and his trade volume over the last 30 days, the Taker pays a transaction charge at the exchange.
Remitano vs Luno: Fees Verdict
For spot, margin, and futures trading, Luno provides a straightforward cost structure. Furthermore, it offers free P2P trading, unlike Remitano.
Luno might be a better option when it comes to trading costs. The exchange offers a number of ways to get significant trading expenditure reductions. Your trading expenses would be reduced as a result.
Remitano vs Luno: Payment Methods
Let’s compare Remitano and Luno in terms of their payment methods and the currencies they support.
Remitano Payment Methods & Supported Currencies
At the moment, Remitano allows payments in Bitcoin, Ethereum, Tether, Ripple, Litecoin, and Bitcoin Cash.
You can choose from the following three possibilities:
- Use the Remitano coin wallet to make a payment by choosing Remitano and the coin of your choice. To finalize the transaction, click the “Yes” button.
- Purchase cryptocurrency by selecting Buy USDT to buy Bitcoin. The most popular USDT advertisements will be shown by the system. Click Buy Now at the advertisement of your choice. Payment needs to be verified. if you decide to pay using your Fiat Remitano wallet. The transaction is immediately carried out. Simply use the same trading procedures as a typical P2P transaction on Remitano for alternative ways.
- Select the “Deposit Coin” option. If you don’t choose USDT, the system will determine how much of your preferred coin to deposit on your behalf. Click “I have deposited” to confirm your deposit after sending it to the designated address. The remainder will be handled by the system.
Luno Payment Methods & Supported Currencies
The following currencies are supported by Luno wallets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Litecoin (LTC)
- USD Coin
Meanwhile, they support the following fiat currencies:
Supported Fiat Currencies
- Euro (EUR)
- Indonesia Rupiah (IDR)
- Malaysian Ringgit (MYR)
- Nigeria Naira (NGN)
- South African Rand (ZAR)
- Zambian Kwacha (ZMW)
Note that the fiat wallet for your nation is the only one you can access.
Over the years, users have repeatedly questioned why more cryptocurrencies have not yet been added, pointing out that the number of supported coins is not spectacular.
The Luno team, though, intends to add more coins.
This also affected their payment method. The payment method you can use as an individual totally depends on your country. Their payment method is not suitable for For instance, look at the table below:
|Europe||EUR||Debit / Credit card, SEPA|
|Malaysia||MYR||Interbank Giro / IBFT|
|Nigeria||NGN||Bank Transfer, Debit card|
|South Africa||ZAR||Cash deposit, EFT|
Remitano vs Luno: Payment Methods Verdict
Luno and Remitano are strongly competing in this section. However, we would say that Luno has better payment methods. Yet, Luno has its downside. Only on working days, Luno handles transactions three times per day.
Therefore, Remitano will be perfect for you if you want to sell Bitcoin at any moment and have your money in your bank account even on the weekends or at midnight.
Remitano vs Luno: Customer Support
Remitano Customer Support
Remitano offers outstanding customer support. On their website, they offer a live chat feature that can be used to view several how-to manuals or to speak with a support agent directly. They react quicker, which is a benefit.
You can ask for help by sending them an email as well. It does not, however, offer support on its social media platforms.
Luno Customer Support
In 2016 and 2017, Luno’s customer service was appalling. But there has been a noticeable improvement. However, I think more can be done.
The exchange features a sizable HELP CENTER. Most questions have answers right here.
You will need to contact customer service via LIVE CHAT or send a support ticket if you can’t find the answers to your questions in the HELP CENTER.
Responses to support tickets are typically sent within 24 hours, although the LIVE CHAT is not always accessible.
In some cases, you may need to get in touch with customer service more than once to get your questions answered.
Because of complaints about blocked accounts and pending transactions, Luno has a very bad rating on Trust Pilot.
Remitano vs Luno Customer Support Verdict
Customer service at Luno has significantly improved. It now features a Live Chat feature that offers instant responses to queries. Now, it responds to emails nearly instantaneously.
Remitano, on the other hand, has had a great support network from the beginning. According to my personal experience, the “live chat” responds within 10 minutes of a discussion being started. Its performance can be rated by users in the “Live Chat.”
Remitano vs Luno: Which is Best to Use in Nigeria?
Cryptocurrency enthusiasts in Nigeria often find themselves asking the question: “Remitano vs Luno: Which is Best to Use in Nigeria?” Let’s delve into the details and find out!
Remitano: Simplifying Crypto Trading in Nigeria
Remitano is a renowned global cryptocurrency exchange that has gained significant popularity in Nigeria.
With its user-friendly interface and seamless trading experience, Remitano has made cryptocurrency trading accessible to both beginners and experienced traders in Nigeria.
Advantages of Using Remitano
- Wide Range of Cryptocurrencies: Remitano supports various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more. This allows users to diversify their portfolios and explore different investment opportunities.
- High Liquidity: Remitano boasts high liquidity, ensuring that users can easily buy and sell cryptocurrencies without experiencing significant price fluctuations.
- Secure and Reliable: Security is a top priority for Remitano. The platform incorporates industry-standard security measures, including two-factor authentication (2FA) and escrow services, to protect users’ funds and personal information.
- Peer-to-Peer Trading: Remitano offers a peer-to-peer trading feature that allows users to buy and sell cryptocurrencies directly with other individuals. This eliminates the need for intermediaries, resulting in faster transactions and lower fees.
Disadvantages of Using Remitano
- Limited Payment Options: While Remitano supports popular payment methods such as bank transfers and mobile money, it has fewer payment options compared to some other platforms. This can be a disadvantage for users who prefer alternative payment methods.
- Relatively Higher Fees: Remitano charges a trading fee for each transaction. Although the fees are competitive, they might be slightly higher compared to other exchanges in the market.
Luno: Empowering Nigerian Cryptocurrency Traders
Luno is another prominent cryptocurrency exchange that has gained traction in Nigeria. With its intuitive interface and a range of features tailored to the Nigerian market, Luno has emerged as a preferred choice for many crypto enthusiasts.
Advantages of Using Luno
- Simple and User-Friendly: Luno offers a user-friendly platform that makes it easy for beginners to navigate and start trading cryptocurrencies. The intuitive interface and step-by-step guides ensure a seamless experience.
- Instant Buy/Sell: Luno provides an instant buy/sell feature that allows users to purchase or sell cryptocurrencies instantly at the current market price. This feature is especially useful when users want to take advantage of price fluctuations.
- Luno Wallet: Luno offers a secure digital wallet for storing cryptocurrencies. The wallet incorporates multi-signature technology and offline cold storage to ensure the safety of users’ funds.
- Educational Resources: Luno goes the extra mile by providing educational resources and market insights to help users make informed trading decisions. The platform offers articles, tutorials, and webinars to enhance users’ understanding of cryptocurrencies and the market.
Disadvantages of Using Luno
- Limited Cryptocurrency Options: Luno supports a limited number of cryptocurrencies compared to other exchanges. While it covers popular ones like Bitcoin, Ethereum, and Litecoin, users seeking a broader range of digital assets may find the selection limiting.
- Verification Process: Luno has a strict verification process, which involves providing personal information and undergoing Know Your Customer (KYC) procedures. While this is done to comply with regulations and enhance security, it may be a time-consuming process for some users.
Remitano vs Luno: A Comparison
Now that we have examined the advantages and disadvantages of both Remitano and Luno, let’s compare them side by side to help you make an informed decision.
|Range of Cryptocurrencies||Wide selection of cryptocurrencies for diversified trading||Wide selection of cryptocurrencies for a diversified trading|
|User-Friendliness||Intuitive interface for easy navigation||Beginner-friendly platform with step-by-step guides|
|Payment Options||Supports popular payment methods||Offers a variety of payment options tailored to Nigeria|
|Security||Two-factor authentication and escrow services||Multi-signature technology and offline cold storage|
|Liquidity||High liquidity for smooth trading||Instant buy/sell feature for taking advantage of prices|
|Educational Resources||Limited resources compared to Luno||Provides extensive educational materials and insights|
|Verification Process||Straightforward verification process||Strict KYC procedures|
|Fees||Competitive fees, but slightly higher compared to some||Transparent fee structure|
Based on the above comparison, it is clear that both Remitano and Luno have their unique strengths and weaknesses. The choice between the two ultimately depends on your specific trading preferences and requirements.
Let’s explore more features about Remitano and Luno for better comparison to aid you in your choice.
FAQs about Remitano and Luno
Is it safe to use Remitano and Luno in Nigeria?
Yes, both Remitano and Luno are reputable and secure cryptocurrency exchanges that have established a strong presence in Nigeria.
Which exchange offers more payment options for Nigerian users?
Luno provides a wider range of payment options tailored to the Nigerian market, offering convenience and flexibility.
Can I use Remitano or Luno as a beginner in cryptocurrency trading?
Yes, both platforms are beginner-friendly, providing intuitive interfaces and educational resources to help users get started.
Which exchange has lower transaction fees?
Remitano and Luno have competitive fee structures. However, it’s advisable to compare fees for specific transactions as they may vary.
Does Remitano or Luno support mobile trading?
Both Remitano and Luno offer mobile applications, enabling users to trade cryptocurrencies on the go.
Can I buy cryptocurrencies directly from other users on Remitano and Luno?
Yes, Remitano offers peer-to-peer trading, while Luno allows users to buy and sell cryptocurrencies instantly at the current market price.
Is it safe to trade on Remitano and Luno?
Both Remitano and Luno prioritize the security of their user’s funds. They employ stringent security measures, including two-factor authentication and encryption protocols, to safeguard user accounts and transactions.
Which cryptocurrencies can I trade on Remitano and Luno?
Remitano and Luno support popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. However, Remitano offers a wider range of cryptocurrencies compared to Luno, giving traders more options for diversification.
What are the transaction fees for Remitano and Luno?
Remitano and Luno charge transaction fees for each trade executed on their platforms. The fees may vary depending on factors such as the trading volume and the type of transaction (buying or selling). It is advisable to check the respective platforms for the most up-to-date fee structures.
When it comes to choosing between Remitano and Luno for cryptocurrency trading in Nigeria, there is no definitive answer as to which one is the best.
It ultimately depends on your personal preferences, the cryptocurrencies you wish to trade, the payment options you prefer, and the features that matter most to you.
Both Remitano and Luno have established themselves as reputable platforms in the Nigerian market, providing secure and convenient services for cryptocurrency enthusiasts.
Remitano offers a wide range of cryptocurrencies, high liquidity, and a secure peer-to-peer trading feature. On the other hand, Luno provides a user-friendly interface, instant buy/sell options, and educational resources to enhance users’ knowledge.
Before making a decision, consider your specific needs, such as the desired cryptocurrency selection, preferred payment options, and the importance of educational resources. Additionally, take into account the fees associated with transactions on each platform and the verification process required.
Both Remitano and Luno have their own advantages and disadvantages, but ultimately, they provide reliable options for cryptocurrency trading in Nigeria.
It’s recommended to sign up for an account on both platforms, explore their features, and conduct some test trades to determine which one aligns better with your trading goals and preferences.
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