Cryptocurrency Trading in Nigeria: Luno vs Localbitcoin

Luno and Localbitcoin are two cyptocurrency platforms that make it convenient for people to trade in Bitcoin. In this article, we will be examining the features of Luno and that of Localbitcoin. This will provide crytocurrency traders with enough information and also help them while deciding on the cryptocurrency platform to use for their trading.

  • Background of Luno Vs Localbitcoin

Luno was founded in 2013 and it is previously known as BitX. The headquarters of the company is located in London and its operation spans through the globe. The company offers buying and selling of Bitcoins and can boast of over billion worth of Bitcoin trade.

Localbitcoin on the other hand is regarded as one of the oldest exchanges in the industry. It was established in 2012 by Jeremiah Kanga. The company is based in Helsinki, Finland and it operates in 248 countries.

  • Verification with Luno vs Localbitcoin

To get verified with Luno, you need to create account through their website where you supply information like your functional email address and country of residence. Once this is done, a confirmation email will be sent. You need to confirm this email in order to log in to your account. To verify your account, all you need is your phone number.

For Localbitcoin, you don’t need any ID verification or personal details. All you need is your email address. You should note that some buyers and seller may require your personal information but the exchange itself does not require your information.

  • Fees on Luno vs Localbitcoin

On Luno, the trade fees can be fair and also expensive when compared with the current website exchange rate. At Luno, there is Zero maker’s fee but the taker fee varies from 0.20% to 1.00% per transaction.

When it comes to fees, the localbitcoin leaves everything to the trader and makes things as simple as possible. For localbitcoin, a fee of 1% applies to all trades. The sellers are required to pay the fees.

  • Customer support Luno vs Localbitcoin

The Luno website does not have any direct customer service channels. This is actually one of the downside of the company.

However, the support team of localbitcoin is functional. You will get a lot of information from their FAQ section. The only channel through which they offer support is by email. Generally, their customer service is excellent.

  • Features of Luno vs Localbitcoin

You can use Luno wallet anywhere you are in the world but you might not be able to make use of their exchange just like the wallet. Also, there is two-factor authentication for account security. Another excellent feature of Luno.com is the mobile app that allows user to trade without the need of a computer and can trade anywhere.

Localbitcoin.com offers a website that is very easy to use with well-outlined information. The signing-up takes only 20 seconds and the website is extremely fast and responsive. The exchange also uses two-factor authentication. Not only that, it uses login guard and HTTPs encryption, making it highly secured.

Conclusion

Based on the information provided concerning the two crytocurrency platforms, you are now in a better position to choose the best for you.



About OLADAYO SAKOTO