Why Users Search for Luno Alternatives
Luno is one of the most well-known cryptocurrency exchanges operating in Nigeria. Backed by Digital Currency Group, Luno has been in the Nigerian market for years and has built a recognizable brand. However, despite its name recognition, Luno has several significant pain points that drive Nigerian users to look for alternatives — particularly when it comes to converting crypto to Naira.
The most common complaints from Luno users in Nigeria center around four key issues: excruciatingly slow cashout times, complex trading interfaces, maker/taker fee structures that penalize casual users, and limited cryptocurrency support. Let us examine each of these in detail.
The Luno Cashout Speed Problem
The number one frustration for Luno users in Nigeria is the time it takes to get Naira into their bank accounts. When you sell crypto on Luno and initiate a withdrawal, you can expect to wait anywhere from 24 to 48 hours before the funds appear in your bank account. In some cases, users have reported even longer delays. For someone who needs Naira urgently — to pay a bill, cover an expense, or take advantage of a time-sensitive opportunity — waiting two days is simply unacceptable.
Compare this to Monica, where the entire process from sending crypto to receiving Naira in your bank takes just 5-40 minutes. That is not a marginal improvement — it is a fundamentally different experience. With Monica, you can sell your crypto in the morning and have the money available to spend before lunch. With Luno, you might not see it until the day after tomorrow.
The Order Book Complexity Problem
Luno operates as a traditional exchange with an order book model. This means that when you want to sell crypto, you need to understand concepts like maker orders, taker orders, limit orders, and market orders. You need to read order books, understand bid-ask spreads, and navigate a trading interface designed for experienced traders. For the average Nigerian who simply wants to convert their USDT, Bitcoin, or Ethereum to Naira, this complexity is unnecessary and intimidating.
Monica eliminates this complexity entirely. There is no order book, no trading interface, no limit orders, and no market orders. You simply send your crypto to your Monica wallet address, and the platform automatically converts it and sends Naira to your bank account. The process is so simple that anyone can do it on their first try, regardless of their technical background.
The Maker/Taker Fee Structure
Luno's fee structure uses a maker/taker model where you pay different fees depending on whether your order adds liquidity (maker) or removes liquidity (taker). Maker fees start at 0.1% and taker fees can be higher. While 0.1% sounds small, it adds up — especially on larger transactions. Additionally, Luno's instant buy/sell feature charges even higher fees for the convenience of not using the order book, sometimes reaching 1% or more with spread included.
Monica's fee model is refreshingly simple: a flat $2 for Bitcoin and Ethereum transactions, free deposits for stablecoins (USDT, USDC), and free bank withdrawals. You always know exactly what you will pay, regardless of your transaction size. There are no hidden spreads, no variable percentages, and no confusion about maker versus taker rates.