Luno vs VALR – Which one is better for you?

The rise in value and popularity of cryptocurrencies themselves have contributed significantly to the explosive growth of cryptocurrency trading. The finest cryptocurrency platforms, exchanges, and applications available today make buying and trading crypto easier than it has ever been, despite the fact that it might first be daunting and despite the fact that frauds have happened and still do.

In this comparison blog post, we’ll review the two most popular crypto exchanges.

Choosing the finest crypto exchange in South Africa for your needs should be based mostly on the platform’s reputation for security, regulation, and favorable customer feedback.

Along with that, you may look at things like trading costs, customer support, cryptocurrency support, minimum deposits and account balances, technical indicator tools, and so on.

Luno Exchange

Luno is a simple crypto exchange platform and app with an intuitive interface that enables you to buy and sell crypto quickly and safely. The platform supports Bitcoin, Ethereum, Ripple, Chainlink, Litecoin, Bitcoin cash and USD coin.

The nicest part about Luno is that it is incredibly user-friendly for beginners, which made it simple for me to purchase Bitcoin for the first time in 2017 despite the fact that I had no idea what I was doing.

Additionally, you may utilize the Luno wallet software to safeguard your cryptocurrency tokens. 95% of all customer money, according to Luno, are kept in cold storage and are further secured by a multi-signature technique.

The major drawback is that Luno supports only 8 coins which is on the low side. Secondly, the typical purchase and sell charges are 2%, which is pricey.

What we like about Luno:

  • Fast deposits and withdrawals
  • Repeat buy to automate crypto investments
  • Trade on the go
  • Industry leading security

Notable Features:

Number of Cryptocurrencies – 8

Trading fees – 2%

Minimum Deposit -R10

Mobile trading (Android & iOS) – Yes

VALR Exchange

VALR is a blockchain-based cryptocurrency exchange platform that aims to give users a way to connect their bank accounts in order to transfer their digital assets or cryptocurrencies to conventional currencies or to directly buy or sell cryptocurrencies.

Its total trade volume increased from R10 billion to R50 billion in just one year, but even more astonishing is the expansion of the client base, which went from 20 000 customers in the previous year to over 125 000 in the present.

The fact that this exchange has a physical presence in South Africa may be convenient for those of you who want to buy and sell cryptocurrency on a local platform.

It is consistently gaining users thanks to positive evaluations and user interfaces that are pleasant on the eyes. Since March 2021, this South African bitcoin exchange has been operating.

What we like about VALR:

  • Based in South Africa
  • Simple buy and sell whatever your trading skill
  • Free fiat and crypto deposits
  • 2 factor authentication

Notable Features:

VALR

Number of Cryptocurrencies – 60+

Trading fees – 0.75% per trade

Minimum Deposit -R10

Mobile trading (Android & iOS) – Yes

Luno vs VALR – Which one is better?

Luno has been built to provide a user-friendly experience. Allowing users to easily buy and sell digital assets, while VALR offers users a wide range of features, including a user-friendly interface, low fees, and a variety of supported currencies. VALR also offers a variety of features that Luno does not, such as the ability to margin trade and bet on digital assets. VALR has a more sophisticated user base, making it a great choice for users who are new to blockchain.

FAQs

What is a cryptocurrency exchange?

A crypto exchange is a digital marketplace where cryptocurrencies and digital tokens are traded. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Crypto exchanges facilitate the trading of cryptocurrencies and tokens by matching buyers and sellers.

Crypto assets remain unregulated but Kuben Naidoo, the deputy governor of the South African Reserve Bank (SARB), has stated that the SARB supports many new laws that will be put into effect in 12 to 18 months.

How do I keep my account secure on exchanges?

In order to protect your account, use a strong password and never share your login information with anyone, enable 2 factor authentication (2FA). Additionally, always make sure to keep your computer and browser up to date with the latest security updates.

How long does it take for money to reflect on my account?

It usually takes up to two business days (48 hours) for the funds to reflect.

What is VALR pay?

An easy, free and fast way to make crypto or cash payments to any mobile number, email address or VALR pay ID.

Read more: Ways FinTech is disrupting the finance industry


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