Two fundamentally different approaches to converting crypto to Naira. Monica's automatic conversion model versus Luno's traditional exchange. We compare every aspect to help you decide.
Try Monica FreeMonica and Luno operate on completely different models. Understanding this difference is crucial before comparing specific features. Monica is an automatic conversion platform — you deposit crypto and it is automatically converted to Naira. Luno is a cryptocurrency exchange — you place orders, trade against other users, and manage your portfolio. These are fundamentally different products designed for different use cases.
Monica is designed for one thing and it does it exceptionally well: converting cryptocurrency into Naira. When you deposit any supported crypto into your Monica wallet, it is automatically converted at the current market rate. Your Naira balance is credited within minutes, and you can withdraw to any Nigerian bank for free. No order books, no waiting for buyers, no price negotiations. Monica has 500,000+ users and has processed over ₦400 billion in transactions.
Best for: People who receive crypto payments, freelancers, traders cashing out, anyone who wants Naira fast.
Luno is one of the most established cryptocurrency exchanges operating in Nigeria. It offers a traditional order book where you can place buy and sell orders for supported cryptocurrencies. Luno allows you to buy crypto with Naira, sell crypto for Naira, and hold various cryptocurrencies in your portfolio. The platform uses a maker/taker fee model starting at 0.1% per trade. Luno has been in Nigeria since around 2016 and has a strong reputation among active traders.
Best for: Active crypto traders, people who want to buy crypto with Naira, portfolio management.
A comprehensive feature comparison between Monica's automatic conversion and Luno's exchange model.
| Feature | Monica | Luno | Winner |
|---|---|---|---|
| Model | Automatic conversion | Exchange / Order book | Depends on need |
| Cashout Speed | 5-40 minutes | 24-48 hours | Monica WINNER |
| Selling Fee | $2 flat (BTC/ETH) | 0.1% maker/taker per trade | Monica WINNER |
| Stablecoin Fee | Free (USDT/USDC) | Limited stablecoin support | Monica WINNER |
| Coins for Selling | 7+ (auto-convert) | ~5 tradeable pairs | Monica WINNER |
| Buy Crypto with Naira | Not available | Yes, multiple coins | Luno |
| Ease of Use | Very simple, automatic | Requires trading knowledge | Monica WINNER |
| USDT Network Support | TRC20, ERC20, BEP20, SOL | Limited | Monica WINNER |
| Bank Withdrawal Fee | Free | May apply | Monica WINNER |
| SEC Status | Compliant | Licensed | Tie |
| Order Book Trading | No | Yes, full order book | Luno |
| Price Charts | Basic rate display | Advanced charts | Luno |
| User Base (Nigeria) | 500,000+ | Significant but undisclosed | Monica WINNER |
This is where the difference between automatic conversion and exchange models becomes most apparent. On Monica, your crypto is converted to Naira within 5 to 40 minutes of blockchain confirmation. There is no selling process, no waiting for orders to fill, and no manual steps. Your crypto arrives, it converts, and your Naira balance updates automatically.
On Luno, the process is multi-step. First, you deposit your crypto (which takes the same blockchain confirmation time). Then, you need to place a sell order on the exchange. If you place a market order, it fills immediately at the best available price. If you place a limit order, you wait for the market to reach your price. After your crypto sells, you request a Naira withdrawal, which can take 24 to 48 hours to reach your bank account. This multi-step process means the total time from depositing crypto to having Naira in your bank can be 1 to 3 days on Luno.
Monica's fee structure is simple: $2 flat for Bitcoin and Ethereum transactions, free for stablecoin deposits. This means whether you sell $100 or $10,000 worth of Bitcoin, you pay exactly $2. For large transactions, this flat fee is exceptionally economical.
Luno uses a percentage-based maker/taker model. The standard fee is around 0.1% per trade, which sounds low but adds up. On a $1,000 trade, you pay about $1 in fees. On a $10,000 trade, you pay about $10. For casual users making small trades, Luno's percentage might work out to less than $2. But for larger transactions and frequent sellers, Monica's flat fee saves significantly more money over time. Luno may also charge additional fees for deposits and withdrawals depending on the method.
Monica is designed to be as simple as possible. You send crypto to your wallet address, and it automatically becomes Naira. There is no learning curve, no trading jargon, and no decisions to make about order types. This makes Monica accessible to complete beginners who have never used a crypto platform before. If you receive crypto payments from overseas clients or earn crypto through freelancing, Monica's simplicity is a massive advantage.
Luno offers a more complex experience with market orders, limit orders, stop losses, candlestick charts, and order book depth. While experienced traders appreciate these tools, beginners can find them overwhelming. The learning curve for Luno's exchange features is significantly steeper than Monica's deposit-and-convert approach. Luno does offer an "Instant Buy/Sell" feature for simplicity, but this comes with higher fees than using the exchange.
Monica supports 7+ cryptocurrencies for automatic conversion: Bitcoin, USDT (on four networks), USDC, Ethereum, Solana, Tron, and BNB. Every coin is automatically converted to Naira upon deposit.
Luno offers approximately 5 tradeable cryptocurrencies on its Nigerian exchange, primarily Bitcoin and Ethereum with a few additional pairs. Luno's coin selection for direct NGN trading is actually more limited than Monica's auto-conversion options. However, Luno may support more coins for non-Naira trading pairs, which is relevant for users who want to trade crypto-to-crypto.
One area where Luno clearly wins is the ability to buy cryptocurrency with Naira. If you want to purchase Bitcoin or other crypto using your Nigerian bank account, Luno enables this through its exchange. You can fund your Luno account with Naira and place buy orders for various cryptocurrencies.
Monica does not currently offer crypto purchasing. If you need to buy crypto, you will need to use a different platform. Many savvy Nigerian crypto users maintain accounts on both platforms: they use Luno when they want to buy crypto and Monica when they want to sell crypto and get Naira. This combination leverages the strengths of both platforms.
USDT is the most popular cryptocurrency for Naira conversion in Nigeria, and this is where Monica truly excels. Monica supports USDT on four different blockchain networks (TRC20, ERC20, BEP20, and Solana) and charges zero fees for stablecoin deposits. This flexibility means you can choose the network with the lowest gas fees and fastest confirmation times.
Luno has limited stablecoin support and does not offer the comprehensive USDT multi-network deposit capability that Monica does. For the large number of Nigerians who primarily deal in USDT, this makes Monica the significantly better platform.
Both platforms take security seriously. Monica is SEC compliant in Nigeria, and Luno holds licenses in multiple jurisdictions including Nigeria. Luno benefits from being a larger, internationally regulated company with a longer track record. Monica benefits from being purpose-built for the Nigerian market with localized infrastructure and support. Neither platform has experienced a major security breach, and both implement industry-standard security measures.
Want to sell crypto and get Naira quickly. Receive crypto payments from freelancing or remote work. Need simple, automatic conversion without trading knowledge. Want the lowest fees with $2 flat BTC/ETH and free stablecoins. Primarily deal in USDT and need multiple network options. Value speed — 5-40 minutes vs days. Want free bank withdrawals.
Want to buy crypto with Naira. Are an active trader who needs order books and charts. Want to hold crypto in a portfolio long term. Need advanced trading features like limit orders. Want to trade crypto-to-crypto pairs. Prefer an internationally established exchange brand. Are willing to wait 24-48 hours for withdrawals.
For the specific task of converting cryptocurrency to Naira, Monica is the better platform. It is faster (5-40 min vs 24-48 hrs), simpler (automatic vs multi-step), cheaper for most users ($2 flat vs 0.1%+), and supports more coins and USDT networks for conversion. Luno is the better choice for active trading and buying crypto with Naira.
This comparison is not about which platform is objectively superior — it is about which one fits your specific needs. If your primary goal in the crypto space is to receive cryptocurrency and convert it to spendable Naira, Monica is purpose-built for that workflow and does it better than Luno. If you are an active trader who wants to speculate on crypto prices, manage a portfolio, and buy and sell frequently, Luno's exchange model is more appropriate.
For selling crypto and converting to Naira, Monica is better due to its automatic conversion model, faster cashout (5-40 minutes vs 24-48 hours on Luno), and flat $2 fee. Luno is better if you want to trade crypto with an order book and buy crypto with Naira.
Monica processes crypto to Naira conversions in 5-40 minutes with automatic settlement. Luno's Naira withdrawal process can take 24-48 hours as it involves selling on the exchange order book and then initiating a bank withdrawal which requires processing time.
Monica charges a flat $2 fee for Bitcoin and Ethereum, with free stablecoin deposits. Luno uses a maker/taker fee model starting at 0.1% per trade, plus potential deposit and withdrawal fees. For large transactions, Luno's percentage-based fees can be significantly higher than Monica's flat $2.
No, Monica is currently focused on selling crypto and converting to Naira. If you want to buy crypto with Naira, Luno offers that functionality through its exchange. Many users use Luno to buy and Monica to sell, combining the strengths of both platforms.
Luno's support for stablecoins like USDT is limited compared to Monica. Monica supports USDT on four networks (TRC20, ERC20, BEP20, and Solana) with free deposits. Luno focuses more on major trading pairs like BTC/NGN and ETH/NGN rather than stablecoin conversion.
Monica is significantly easier to use for selling crypto. You simply deposit your crypto and it automatically converts to Naira. Luno requires understanding order books, limit orders, and market orders. Beginners find Monica's automatic model much simpler.
Yes, Luno continues to operate in Nigeria in 2026 as a licensed cryptocurrency exchange. However, Luno has faced regulatory scrutiny in various markets and has adjusted its operations accordingly. Monica operates as an SEC-compliant platform specifically designed for the Nigerian market.
Monica supports 7+ cryptocurrencies for automatic conversion (BTC, ETH, USDT, USDC, SOL, TRX, BNB). Luno offers around 5 tradeable cryptocurrencies on its exchange. Monica actually supports more coins for Naira conversion, especially with its comprehensive USDT network support.
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