The word Exchange in cryptocurrency simply means an online platform that allows users to sell, buy as well as store digital currencies.
The launch of more cryptocurrencies has birthed more exchange platforms, causing awareness in people around the world.
However, among the most used and popular exchanges are Quidax and Luno. These exchanges have quite a number of similarities, differences, advantages, and disadvantages, coins they support, the best qualities for an active trader in Nigeria.
This will help guide you when choosing an exchange as a potential user, or in case of switching between both.
Furthermore, Luno is a cryptocurrency exchange launched in the year 2013 and it is currently serving the general market as well as also focused on the African countries.
While Quidax is one of the popular cryptocurrency exchanges created in the year 2018 by a Nigerian with the purpose of also serving Nigerians and Africa.
Quidax platform serves as an exchange, wallet, and also a means to help in the trading of cryptocurrencies meanwhile Luno platform serves as just a cryptocurrency wallet and an exchange.
Luno offers Luno business, Luno API, and Bitcoin savings but the other does not just allow trading but also has a Quidax API that allows third-party alliance for trading.
Some essential features that Quidax stands out for are an intelligent security system, great user interface, good liquidity, large trade volume, a mobile app, trade history, order book, and immediate transaction process.
Luno also has some features that make them efficient like a good trading volume, a trade room, price alert, a mobile app, an impressive security system, allows fast deposit, and a growth spread.
Quidax platform supports Bank Deposit, Card Deposit, USSD Deposit, and Bank Transfer
it supports some cryptocurrencies like Bitcoin (BTC), Ethereum Ether (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), Tether (USDT), Tron (TRX)
Luno supports the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), BitcoinCash, Ripple, Litecoin (LTC)
Quidax supports some fiat currencies like Naira (Nigeria) and dollars (US) while Luno supports the Euros, Naira (Nigeria), Rand (South Africa), Ringgit (Malaysia), Kwacha (Zambia), and Rupiah (Indonesia).
Some differences between Quidax and Luno are:
- Luno has been around longer than Quidax, and it has more users, a liquidity database, and more presence in the universal market than the other platform.
- Luno has a higher transaction fee than Quidax.
- Identity verification is easier and faster on Quidax than Luno.
- Quidax embraces 7 cryptocurrencies and two 2 fiat currencies but Luno supports five 5 cryptocurrencies and 10 fiat currencies from different countries.
- Quidax permits a higher transaction limit than Luno, which ranges from level 2 to level 4. The transaction limit of both exchanges in level one is the same while in level 2, Quidax has is 1 million naira limit and Luno is 500, 000 naira.
In addition, deciding which exchange platform suits you is dependent on what you are searching for in an exchange.
However, if you require an exchange with more cryptocurrency choices then Quidax is suitable, but if you are considering liquidity, global recognition, extra essential features, services as well as products then Luno is suitable.
NB: Luno has multiple trading partners than the other platform.
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