In recent times, the cryptocurrency market has witnessed significant changes, especially for Nigerian traders. One of the most notable events is the discontinuation of all Naira activities on the Binance platform. This development has left many Nigerian traders searching for a reliable alternative that offers seamless funding options with Naira. In this article, we will explore Luno as a viable alternative to Binance and how its funding process makes it easy for Nigerians to trade with Naira.
The Binance Discontinuation and the Need for an Alternative
As a popular cryptocurrency exchange, Binance has been a go-to platform for many Nigerian traders. However, the recent decision by Binance to discontinue all Naira activities has left a void in the market. This means that Nigerian traders can no longer directly fund their Binance accounts using Naira or trade with Naira pairs. This has created a need for an alternative platform that provides similar features and convenience.
Luno: A Reliable Alternative for Nigerian Traders
Luno is a well-established cryptocurrency exchange that has gained popularity among Nigerian traders. It offers a user-friendly interface, a wide range of cryptocurrencies, and most importantly, seamless funding options with Naira. Luno provides Nigerians with the opportunity to trade cryptocurrencies conveniently without the restrictions faced on Binance.
Luno Funding Process: Easy and Efficient
One of the major advantages of using Luno as a Binance alternative is its funding process. Luno makes it incredibly easy for Nigerians to fund their accounts using Naira. Here’s how it works:
ALSO READ: Crypto Made Easy: A Beginner’s Guide to Using Luno in Nigeria
- Create an account: The first step is to create an account on the Luno platform. The registration process is straightforward and requires basic personal information.
- Verify your account: To ensure security and compliance, Luno requires users to verify their accounts. This involves providing identification documents such as a valid ID card or passport.
- Deposit Naira: In Nigeria, you can make a deposit by purchasing a voucher and entering your voucher number on Luno. The voucher can be paid for with your bank card or via bank transfer. Once redeemed, the funds will be added to your NGN wallet.
- Start trading: With your Luno account funded, you can now start trading a wide range of cryptocurrencies. Luno offers a variety of trading pairs, allowing you to diversify your portfolio and take advantage of market opportunities.
The funding process on Luno is designed to be seamless and efficient, ensuring that Nigerian traders can easily access the cryptocurrency market without any hurdles.
Benefits of Using Luno as a Binance Alternative
Choosing Luno as a Binance alternative offers several benefits for Nigerian traders:
1. Seamless Naira Funding:
Luno’s funding process allows Nigerians to easily deposit Naira into their accounts, eliminating the need for complicated currency conversions or third-party payment processors. This makes it convenient for traders to start trading cryptocurrencies without any delays or additional costs.
2. Wide Range of Cryptocurrencies:
Luno offers a diverse selection of cryptocurrencies, allowing Nigerian traders to explore various investment opportunities. Over 60 cryptocurrency trading pairs are offered on Luno including top coins like Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin paired against USD, EUR, GBP, ZAR among other fiat currencies.
Having market leading crypto assets creates abundant trading opportunities. Sell orders also get matched instantly with Luno’s built-in order book visible across the web and app.
3. User-Friendly Interface:
Luno’s user-friendly interface makes it easy for both beginners and experienced traders to navigate the platform. The intuitive design ensures a seamless trading experience, with clear charts, order books, and trading tools.
4. Strong Security Measures:
Secured cold storage wallet option
An exclusive Luno feature is its free multi-signature Bitcoin wallet allowing secured offline storage. By keeping private keys in cold storage, traders enjoy robust protection against online hacks with funds transferable anytime to Luno’s hot wallet for liquidity.
With both simplicity and flexibility as focus areas, Luno delivers an accessible yet full-featured platform to own and trade cryptocurrencies.
5. Reliable Customer Support:
Luno has a dedicated customer support team that is available to assist Nigerian traders with any queries or issues they may encounter. The support team is responsive and strives to provide timely solutions, ensuring a positive user experience.
6. Low trading fees and minimums
Competitive fees starting from just 0.1% per transaction make frequent crypto trading affordable. Minimum buy/sell amounts are also low at as little as $2 worth of crypto. So those new to digital currencies can test the waters cost-effectively.
ALSO READ: From Instant Cash to Loan Shark: The Dark Rise of Lcredit in Nigeria’s Loan App Jungle
Conclusion
In light of Binance discontinuing all Naira activities, Luno emerges as a reliable alternative for Nigerian traders. With its seamless Naira funding process, wide range of cryptocurrencies, user-friendly interface, strong security measures, and reliable customer support, Luno offers a convenient and trustworthy platform for Nigerians to trade cryptocurrencies. If you’re a Nigerian trader looking for an alternative to Binance, consider giving Luno a try.
FAQs
- Is Luno safe to use?
Yes, Luno employs multiple security layers including cold storage, address whitelisting, two-factor authentication, and data encryption to protect user assets and information to industry standards. It also secures insurance coverage against crime or hacks.
- What are Luno’s trading fees?
Luno charges competitive trading fees starting from just 0.1%. There are customized fee schedules for each supported fiat/crypto trading pair outlined in its fees guide, with discounts based on 30-day volumes.
- Does Luno have an integrated crypto wallet?
Yes, Luno offers a free multi-signature Bitcoin wallet leveraging advanced cryptography for account holders. It facilitates secured offline storage with funds always retrievable to Luno’s hot wallet supporting active trades.
- What countries does Luno operate in?
Headquartered in London, Luno is available across 40 countries in Europe, Southeast Asia, and key African crypto markets. It secures necessary licenses to comply with local regulations regarding digital asset services.
- Can beginners easily use Luno?
Yes, Luno prioritizes simplicity targeted at mainstream adoption. From intuitive web/mobile design to guided onboarding procedures and responsive customer support, Luno simplifies crypto adoption even for complete beginners starting their trading journeys.
- How to fund Luno in Nigeria?
In Nigeria, you can make a deposit by purchasing a voucher and entering your voucher number on Luno. The voucher can be paid for with your bank card or via bank transfer. Once redeemed, the funds will be added to your NGN wallet.
