An exchange is typically an online platform that allows users to buy, sell and sometimes store cryptocurrencies. There are numerous cryptocurrency exchanges around as more and more cryptocurrencies are created.
We will be comparing two of the most popular cryptocurrency exchanges (Quidax and Luno) in Africa. We will explore their features, services offered, the cryptocurrency and fiat currency they support, and similarities and differences.
What Is Quidax?
Quidax is a cryptocurrency exchange that a Nigerian Buchi Okoro founded in Lagos, Nigeria, and was launched in August 2018.
Quidax runs most of its operations in Nigeria even though its head office is located in Malta. The platform serves as a wallet, an exchange and helps in buying and selling cryptocurrencies.
The Features And Services Offered By Quidax
The features of Quidax include a Great UI, good liquidity and trade volume, a mobile app, excellent security system, trade charts, order book, instant transaction, and a Quidax API.
The services offered by Quidax to its users include the buying and selling of cryptocurrencies. It also serves as a wallet to store cryptocurrencies, an order book that is the trading platform of Quidax, and a Quidax API, allowing a third-party integration for trading.
Currencies Supported By Quidax
Quidax supports about seven cryptocurrencies: Bitcoin, Ether, Ripple, Litecoin, Dash, Tether, and Tron. The fiat currency it supports is just the Nigerian Naira and US dollars. You can also pay for your transactions on Quidax using the bank deposit method, USSD, bank transfer or you use your credit or debit card.
Every cryptocurrency exchange charges a transaction fee whenever you buy or sell a cryptocurrency. Quidax has a transaction fee it charges for some transactions while some transactions are free.
What Is Luno?
Luno was first launched as BitX in 2013 before it was rebranded to Luno in 2017. It serves as a cryptocurrency exchange and wallet. The company has its headquarters in Singapore and branches all over the world. Luno has a large market in South Africa and Nigeria.
The Features And Services Offered By Luno
Luno serves as a platform to buy and sell cryptocurrency, and as a wallet to store cryptocurrencies. It also provides the services of Luno API, Luno business, and Bitcoin savings.
Some of the features of luno include a large trading volume, a trade room, a price alert, a mobile app, a sound security system, fast deposit, a tight spread, etc.
Currencies Supported By Luno
Luno supports the trading of five cryptocurrencies: Bitcoin, Ethereum, BitcoinCash, Ripple, and Litecoin. The fiat currencies it supports are the Euros, Nigerian Naira, South African Rand, Malaysian Ringgit, Zambian Kwacha, and the Indonesian Rupiah.
Luno also charges transaction fees depending on the amount of transaction, type of transaction, and payment mode. Now that we have an idea of the features and services let’s compare their similarities and differences.
Similarities Between Quidax And Luno
- The similarities between the two exchanges include the following:
- They are both a cryptocurrency exchange.
- They both also serve as a cryptocurrency wallet.
- They support the use of the Nigerian Naira.
- They both have good security systems.
- They both provide provisions for users to withdraw their funds to their local bank accounts.
- They both have trading spots where traders can post orders to buy or sell cryptocurrency.
Differences Between Quidax And Luno
- Luno’s transaction fee is higher than that of quidax
- Since Luno is older and has been in existence before Quidax, it has more liquidity, users, database, and more presence in the Global market than Quidax.
- Quidax supports seven (7) cryptocurrencies and two (2) fiat currencies while Luno supports five (5) cryptocurrencies and ten (10) fiat currencies.
- You have to verify your identity on both exchanges before you can start making transactions but identity verification is easier on Quidax than on Luno.
- Also, Quidax has a higher transaction limit than Luno, starting from level 2 to level 4. The transaction limit of both exchanges in level one is N200,000, while in level 2, Quidax limit is 1 million naira and Luno is N500,000, and so on.
Deciding which exchange is the best depends on what you are looking for in an exchange. If you need an exchange with more cryptocurrency options, I will recommend Quidax, but in terms of liquidity, global presence, more service, features, and products, Luno is the best. Also, Luno has more trading pairs than Quidax.
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