This is a comparative guide on Quidax vs Luno Exchange. Letting you know which of Quidax or Luno is best for trading cryptocurrency in Nigeria.
In this guide, you will know;
- What Quidax and Luno is about
- Major differences and similarities between them
- Coins supported by Quidax and Luno
- The best one for active cryptocurrency trading in Nigeria.
Are you new to cryptocurrency market and wondering which Exchange will give you the best experience as a Nigerian?
Keep reading to find out.
About Quidax and LUNO
Quidax is one of the top cryptocurrency Exchanges in founded by a Nigerian (Buchi Okoro) to serve Nigerians and other Africa countries. LUNO is also a cryptocurrency exchange that has been in existence since 2013, founded by Marcus Swanepoel and three other people. It is serving the global market and also focus on Africa countries.
These two exchanges simultaneously serves as a cryptocurrency wallet and a trading platform, for beginners. Why do I say beginners? Keep reading.
Similarities between Quidax and LUNO
Luno and Quidax has a lot in common and what they have in common are;
- They are both cryptocurrency exchange (where buying and selling of cryptocurrencies take place)
- They both support Naira Currency (making it convenient for Nigerians)
- They both can act as wallet (where coins can be kept for a specific period of time
- They both offer SPOT TRADING (where traders can place their buy and sell orders)
- They both offer sophisticated security measures
- Make use of Tradingview for Analysis
- Both offer withdrawal of funds to local bank accounts
Are there differences between them? Yes, there are some differences you should know.
Differences between LUNO and Quidax
- COINS: The coins supported by Quidax are; Bitcoin, Ethereum, XRP, TRON, DASH, Litecoin and Tether (USDT), while the coins supported by LUNO are; Bitcoin, Ethereum, Bitcoin Cash, XRP and Litecoin.
- CURRENY: The currency supported by Quidax is Naira and USDT, While LUNO supports NGN, USD, AUD, EUR, GBP, MYR, SGD, UGX, ZAR and ZMW. It is global.
- TRANSACTION FEE: Transaction fee is higher on LUNO compare to Quidax (N100 for deposit and withdrawal). Withdrawal fee on LUNO is N200.
- TRANSACTION LIMIT: They both offer verification of identities. The basic level on Quidax, the limit is N200k, level 2 is N1m, Level 3 is N2m and so on. On LUNo, level limit is N200k, Level 2 is N500k and so on. Verifying Identity on Quidax is easier than on LUNO.
- NUMBER OF USERS: LUNO has more user database and known in Global market. Quidax has less user compared to LUNO
- ORDER BOOK: LUNO has Stop-limit Order. Quidax does not have Stop-limit Order (which makes losing of money inevitable for his users).
- APP: LUNO has Spot Trading activated on his APP. While Quidax is yet to implement Spot Trading on his APP (Users have to make use of the web version before they can use the Order Book).
- PRICE ALERT: LUNO has price alert and “order-filled notifications” on web and app versions, Quidax offers only “order-filled notification” when you use laptop or desktop devices to access their order book.
Which is the best to trade with?
Before answering this, I’d love to let you know that either of these two exchanges is for you if you are still at the beginner to intermediate level of trading cryptocurrency.
Now to answer the question of which of Quidax or luno to trade with, I recommend LUNO exchange as a beginner.
Other than the fact that LUNO has larger user base when compare to Quidax, the stop-limit order feature will help you in making sure you keep your losses at minimal level.
NOTE; if you are a fan of TRON or USDT (fiat currency), LUNO isn’t your best shot. Aside that, you are good to go.
The second reason I recommend LUNO over Quidax is, Quidax still has problem with handling surge in traffic. During the times when prices of coins are up and lot of people are trying to buy or sell, as a trader, you will have issue with trading using Quidax (talking from experience).
And lastly, you don’t necessary need browser to make use of order book on LUNO. The APP is perfect to handle placing of orders.
Wrapping up Quidax vs LUNO Exchange
In this article, we have been able to show you the similarities and differences between LUNO and Quidax. And we also give a recommendation of which of the two is better for trading cryptocurrency at the SPOT MARKET.
Should Quidax make changes and updates to the platform, this article will be updated.