Cryptocurrency Trading in Nigeria: Luno vs Paxful

 

If you are faced with the decision of which crytocurrency exchange to go for between Luno and Paxful, we have come with a comparative review of both exchanges. Placing them side by side and bringing out the difference and similarity will help you decide on which one to consider. All you need to do is to go through all the points noted here and make decision based on fact and not just your instinct.

A brief Overview of Luno

Luno is global cryptocurrency exchange platform that was established in the year, 2013. Before its relocation to London, its first headquarters was in Singapore. Luno runs its operational hub from Cape Town and its main hub are situated at Singapore, Johannesburg, and London. The company has more than two million clients all over the world.

Luno is exceptional because it focuses majorly on middle-income and developing company. Luno operates in countries like Nigeria, South Africa, Malaysia, Indonesia and many others. Their operation does not cover South America, Australia, and North America.

The traditional currencies used by traders to buy Bitcoin on Luno are Malaysian Ringgit, the Indonesian Rupiah, and the South African Rand. The cryptocurrencies available on Luno are Ethereum and Bitcoin.

The three main services of Luno are as follow:

  • The Luno Trading Platform

All registered users have the opportunity to trade on this platform with the company charging a certain a commission on sales.

  • The Luno Brokerage Service

This is the instant buy or sell feature that is available to users. With this feature, you can buy cryptocurrency a quoted exchange rate. This transaction includes a fee which depends on the market condition.

  • The Cryptocurrency e-wallet

The company offers its trader e-wallet for trading. You can access Luno Wallet via Android and iOS mobile.

A brief Overview of Paxful

Paxful is an international Bitcoin exchanged platform based in America. Paxful trades in Bitcoin only and it does not operate in New York.

There are two major services offered by this company. These services are:

  • The trading platform for users

This platform allows users to trade Bitcoin with each other.

  • Paxful Bitcoin Wallet

Users can store Bitcoin, make and receive Bitcoin payment with Paxful Bitcoin Wallet.

Comparative Analysis of Luno and Paxful

  • Coverage

Paxful covers more countries than Luno. Luno covers only 40 countries within Africa, Asia, and Europe while Paxful has global coverage and with exception of New York.

  • Cryptocurrency Offered

Luno covers more cryptocurrency than Paxful. Luno offers two cryptocurrencies while Paxful offers only one. Paxful deals in Bitcoin only. This should not call for concern because bitcoin is the most popular and most traded cryptocurrency.

  • Payment Method and Supported currencies

Paxful has significant advantage in these areas. Asides Euro, Luno accepts currency from Africa, Indonesia, South Africa and Malaysia only. Also, it supports bank transfer and debit/credit cards payment. On the other hand, Paxful supports all global currencies so far you have a user that is willing to accept the currency during a trade.

  • Fees

The fees charged by Luno is dependent on your location and type of payment method you chose while Paxful has a standard 0.008BTC fee on every transaction in addition to 1 percent commission of the trade value. This fee is cheaper and simpler than that of Luno.



About OLADAYO SAKOTO