QUIDAX vs LUNO FEES: WHICH IS CHEAPER FOR BUYING AND SELLING CRYPTOCURRENCY?
As the popularity of cryptocurrency continues to rise, more people are looking for reliable platforms to buy and sell digital assets. Quidax and Luno are two well-known cryptocurrency exchanges that offer convenient and secure ways to trade digital currencies. One crucial aspect to consider when choosing an exchange is the fee structure. In this article, we will compare the fees charged by Quidax and Luno to determine which platform offers a more cost-effective solution for buying and selling cryptocurrency.
Quidax is a Nigerian-based cryptocurrency exchange that provides a user-friendly platform for buying and selling digital assets. Here are the key fees to consider when using Quidax:
- Trading Fees: Quidax charges a flat trading fee of 0.2% for both market makers and market takers. This means that regardless of whether you’re placing a buy or sell order, the fee remains the same. The trading fee is deducted from the transaction amount.
- Deposit and Withdrawal Fees: Quidax does not charge any deposit fees. However, withdrawals attract a network fee that varies depending on the specific cryptocurrency being withdrawn.
Luno is a global cryptocurrency exchange that operates in several countries, including Nigeria. Let’s take a closer look at the fees charged by Luno:
- Trading Fees: Luno’s trading fees are based on a maker-taker model. Makers, who provide liquidity to the order book, are charged lower fees compared to takers, who remove liquidity. The fees range from 0% to 1% depending on the trading volume and market maker or taker status.
- Deposit and Withdrawal Fees: Luno does not charge any fees for depositing funds into your account. However, withdrawal fees vary depending on the cryptocurrency and the destination wallet.
Fee Comparison Between Quidax and Luno
To determine which platform is cheaper for buying and selling cryptocurrency, let’s compare the fees charged by Quidax and Luno:
- Trading Fees: Quidax charges a flat 0.2% trading fee, while Luno’s fees vary based on the trading volume and maker/taker status. For high-volume traders, Luno’s fees can be lower, but for smaller traders, Quidax’s flat fee structure may be more cost-effective.
- Deposit and Withdrawal Fees: Both exchanges do not charge deposit fees. However, the withdrawal fees vary between the two platforms and depend on the specific cryptocurrency being withdrawn.
Additional Factors to Consider
Apart from fees, there are other factors to consider when choosing a cryptocurrency exchange, such as security, user experience, available trading pairs, and customer support. It’s essential to weigh these factors alongside the fee structure when making a decision.
How To Exchange Crypto For Fiat on DartAfrica With Zero Fees
DartAfrica is a very easy and highly beneficial way for you to convert your crypto assets to fiat that you can withdraw to your local bank account. DartAfrica is a very new and quickly expanding cryptocurrency trading platform that aims to make it pleasant and easy for users in Ghana and Nigeria (for the time being) to sell cryptocurrencies for fiat. DartAfrica offers support for popular cryptocurrencies like USDT, USDC, ETH, and BTC and has plans to increase this selection in order to cater to a wide range of consumers with various preferences. One of the many potential benefits of using DartAfrica is the fact that there are no transaction fees, unlike other exchange platforms or traditional banking institutions.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Visit their website to register in just a few simple steps.
- Create a transaction pin by logging into your account and selecting “Security” to authorize withdrawals.
- For instructions on creating a local bank account, click “Account Details”.
- Choose the coin you want to deposit by clicking “Sell Coins.” Put the USD amount (at least $20).
- By selecting “Sell Now,” you will be given a barcode and wallet address to deposit the equivalent amount you intend to sell. After two block confirmations, the corresponding amount of fiat is transferred into your account. You may track your transaction in the “Trades” area until the deposit is complete. You can see this on your “Dashboard.”
- To withdraw money to the account you’ve previously set up in step 3, click “Withdraw funds,” then enter the desired amount. Without any additional fees, your local bank receives a quick credit.
Both Quidax and Luno offer reliable platforms for buying and selling cryptocurrency. When it comes to fees, Quidax has a straightforward and transparent fee structure with a flat trading fee of 0.2%. Luno, on the other hand, operates on a maker-taker model with fees ranging from 0% to 1% depending on the trading volume and market maker/taker status.
Ultimately, the choice between Quidax and Luno depends on your trading volume, preferences, and specific needs. It’s recommended to consider not only the fee structure but also other factors like security, user experience, and customer support. By assessing these aspects, you can make an informed decision and choose the platform that aligns with your requirements.
Disclaimer: The information provided in this article is for informational purposes only. Cryptocurrency fees may change over time, and it’s crucial to verify the most up-to-date fee structure on the respective exchange platforms. Always conduct thorough research and seek professional advice before engaging in cryptocurrency trading.