Cryptocurrency trading in Nigeria: Luno vs Remitano

As Cryptocurrency trading is spreading its way from Europe to the African countries such as Nigeria, many crypto traders and buyers are faced with the challenges of buying and trading bitcoin and other crypto coins. However, the two popular platforms in Nigeria which makes it safe and easy for people to deal in cryptocurrency are Luno and Remitano.

Luno and Remitano makes it easy for Nigerians in cryptocurrency trading business to be able to buy, sell, transfer, receive and trade Ethereum or Bitcoins affordably. Also, the countries which are restricted from using Coinbase can use Luno and Remitano without any technical glitches or problems. In this article, we will compare the services of Luno and Remitano for the basis of knowing which of them to use in cryptocurreny trading.

Luno and Remitano accept Nigerian clients and have placed no restrictions on Nigerians making use of their platform. However, you would need to go through a verification process before using their service. Remitano only verifies its clients through their email addresses before they can buy and sell on their platform but Luno only requires you to provide your email address and verify it to use and own a Luno wallet but you will have to provide additional information before you can be able to buy and sell on the Luno platform. The additional information would be required by Luno is your email address, phone number, resident verification and identity verification (government issued ID card).

Fees and Charges

Luno

Luno charges fees on 3 transactions (deposit, withdrawal and trade [sell/buy]) on its platform depending on the country where you are operating from. Luno does not charge fees on deposit but at times, they employ the service of a 3rd party payment gateway to process your transaction and you will get to pay for it. Deposit into the Luno wallet is free for countries such as Nigeria, the payment gateway known as PayU charges 1.5% on any deposit made through its platform. On withdrawals, fees are charged based on the currency of withdrawal. Luno makes it easy to send and receive Bitcoin over email on their platform but when you receive the bitcoin to your public bitcoin address, you would be charged a fee of 0.0002btc.

Remitano

Remitano places a 1% transaction fee on every bitcoin purchases.

Security

It is safer to buy or sell bitcoins on Luno because you trade directly with Luno but Remitano is more like a platform that brings buyers and sellers together to trade. But to ensure security and safety, Remitano provides an escrow system which acts as a middleman between buyers and sellers.

Exchange Rate

In Nigeria, the exchange rate is an important factor to consider in cryptocurrency trading.  As at the time of writing this post, the exchange rate on the Luno platform NGN 1,359,000 for 1BTC but on the Remitano platform, the seller at the top position sells at NGN 1,375,773.30 per BTC.

Customer Support

Luno has a slow customer care support team which is not quick to respond to the questions, queries and inquiries made by its clients. Remitano on the other hand has a good customer care support that is swift and quick in giving replying the customers.

In Conclusion,  it is difficult to give a straight answer on the best platform between Remitano and Luno but  both are great exchanges for cryptocurency trading as they have their flaws and strengths.



About OLADAYO SAKOTO