Review: Roqqu Vs Luno – The Battle Of Crypto Exchanges In Nigeria
Roqqu vs Luno is a meaningful discourse among crypto exchanges as they have varying features that might want to make crypto users assert that one is the best over the other. In today’s world, the use of cryptocurrencies is growing, and with it, the number of cryptocurrency exchanges. This rave has, in turn, increased the number of crypto traders and investors that want to make money from the prospects of digital trade.
However, the proliferation of crypto exchanges to serve the vast customer base of crypto users has led to fraudulent crypto exchanges aiming to rip people off their money with scams of all kinds. Therefore, finding a trustworthy crypto exchange has invariably made challenging.
Only a credible and reliable exchange platform can assist you in ensuring the protection of your crypto assets. In this regard, we will compare two crypto exchanges, Roqqu vs Luno, to establish the best to use concerning different metrics.
Table of Contents
Let’s Talk About Luno
Luno is a digital currency exchange company that offers its customers an online platform where they may buy, sell, and store digital currencies, as well as pay for goods and services using a cryptocurrency wallet.
Founded in 2013 and with its name changed from BitX in 2017, Luno is headquartered in the United Kingdom, while it is currently available in over 40 countries across the globe. Luno is the most popular cryptocurrency exchange in South Africa, with the most significant trading volume in the country, followed by Nigeria.
As a reputable exchange company concentrating in developing countries like Nigeria, Zambia, South Africa, Zambia, etc., Luno’s overall most significant trading volume was likewise recorded in Africa.
In terms of facilitating exchanges between fiat currencies like the Euro, US dollar, NGN, and ZAR and cryptocurrencies like Bitcoin and Ethereum, Luno is one of the best exchange platforms. However, Luno has its pros and cons. Over time, it has processed over $8 billion in cryptocurrency transactions.
The Luno wallet is the brand name of the company’s cryptocurrency trading platform, which is a prominent component of its website.
The Luno wallet is an app that interacts with blockchain technology, maintains private and public keys, and allows users to trade, store, and track their cryptocurrency transactions.
The public key enables payments to the wallet’s address, while the private key permits spending cryptocurrency from the wallet’s address. Following the three steps below will make trading on Luno simple.
How To Trade Cryptocurrency On Luno
1. Create a Luno account to get a wallet.
2. Fund your new Luno wallet.
3. Buy your preferred cryptocurrency.
Moreover, with the help of its security framework, Luno has been able to offer a high level of protection for its wallet, which customers may protect using two-factor authentication (2FA) and save their passwords in hashed form.
Luno is different from other crypto exchanges, such that client funds are kept in cold storage using the Luno wallet, which is encrypted using PGP (Pretty Good Privacy) and SSL via the trading site. Additionally, Luno uses encryption to make it one of the safest crypto exchanges.
What Are The Pros Of Luno?
1. Luno has a large trading volume.
2. It is available in over 40 countries of the world.
3. There is no transfer fee when fiat and crypto payments are sent via email.
4. Trading is fast and easy on the platform.
5. Luno has a robust security system.
6. Conversion from cryptocurrency to fiat currency is easy.
What Are The Cons Of Luno?
1. Low liquidity for business accounts.
2. Unavailable for North American traders.
3. It is not regulated.
4. Limited options of tradable cryptocurrencies.
5. There are no advanced trading tools and marginal trading.
Is Luno Legit In Nigeria?
Yes, Nigerian residents can purchase Luno, and the exchange is trustworthy. The exchange is known as Luno Fintech Nigeria Limited, and the Nigerian Financial Intelligence Unit has approved it as a legitimate finanorganisationation, according to the exchange’s official website.
Let’s Understand Roqqu.
Roqqu is a Nigeria-based cryptocurrency trading and payment platform established in 2019 in Lagos, Nigeria. The company offers brokerage services as well as a bill payment processor, allowing Nigerians to easily make international payments as well as pay off bills such as power bills, subscription fees, and so on. Since its inception, the company has processed over $20 million transactions and has more than 250,000 users.
Roqqu offers its users an exchange wallet that enables them to send, receive, store, and trade cryptocurrencies anywhere in the world, much like Luno. Additionally, users receive a wallet for all of the company’s supported coins.
For the time being, Roqqu only operates in Nigeria. It offers the option to convert supported cryptocurrencies into naira, deposited directly into the user’s local bank in Nigeria. The good news is that withdrawal requests—including those made on weekends—are handled within 30 minutes.
The only fiat currency supported by Roqqu is Naira, which presently supports 8 (eight) cryptocurrencies and 1 (one) stablecoin. They include BTC, ETH, BNB, TRON, HIVE, XRP, EOS, and STEEM, the stablecoin.
Also, in terms of security, Roqqu has maintained a 100% capacity because there have been no hacking incidents. It is possible because more than 98% of the cryptos on the platforms are kept offline, and the top players in the online security sector secure the remaining 2%.
Different safety requirements, such as multi-stage verifications and bank security levels, may also be applied to your account. Additionally, you are permitted to use a passcode lock for the app or even turn off access to the app if your phone is lost or stolen.
How To Trade Cryptocurrency On Roqqu
1. Visit the Roqqu website or app to register.
2. Create a Roqqu account to get a wallet.
3. Fund your Roqqu wallet.
4. Begin to buy your preferred cryptocurrency.
What Are The Pros Of Roqqu?
1. It has a low transaction fee.
2. Roqqu is available in mobile apps.
3. It is adequately secured.
4. It allows the instant buying and selling of cryptocurrencies.
What Are The Cons Of Roqqu?
1. It supports one (1) fiat currency, the naira.
2. Roqqu has limited payment options.
3. Slow response rate from customer support.
4. Roqqu is available exclusively for Nigerian traders.
5. It supports a few cryptocurrencies.
Despite not being a surprise given Luno’s background in this area, Luno is superior to the other. However, Roqqu is strongly advised to Nigerian traders as a means around the current crypto restriction in the country.