Monica vs Luno
Luno is a South African crypto exchange that also serves Nigeria: you sell from your portfolio or on the Luno Exchange, then withdraw naira to your bank. Monica is a sell only off ramp: you send crypto and the naira goes to your bank. Here is how the two compare, checked against luno.com and guide.luno.com in October 2026.
Side by side
FAQ: Monica vs Luno
Is Monica cheaper than Luno?
Monica charges a 0% conversion fee and a 0% bank withdrawal fee. Deposits are free on USDT, USDC, ETH, SOL, TRX and BNB, with a flat $2 fee on Bitcoin deposits (see our fees page). Luno's Nigeria fees page lists 2% for an instant sell, a 0.10% taker fee on the exchange, and an NGN bank withdrawal provider fee of ₦300 excluding VAT; its withdrawal guide quotes a 2% fee capped at ₦2,000. Work out both for your own amount.
Which pays out faster, Monica or Luno?
Monica pays naira into your bank within 60 seconds of the network confirming. Luno's guide says a naira withdrawal generally takes 6 to 12 hours to get from Luno to your bank account, after you have sold in the app. Both wait for the blockchain to confirm your deposit first.
Can I use both?
Yes. Many sellers do. Your Monica address does not change, so you can send to it from any app or wallet.
Where Luno is the better choice
If you want to buy crypto with naira, trade on an exchange with limit orders, stake, or hold tokenised US stocks alongside your crypto, Luno offers all of that and Monica offers none of it. If you only ever sell, Monica removes the sell step and the withdrawal step.
Try it on a small amount first.
Send a few dollars of crypto, watch the naira land, then decide.