Breet VS Luno: A Side-By-Side Comparison

It’s a busy Monday morning in Lagos, and Tunde, a young entrepreneur, just received a payment for his online business in Bitcoin. His suppliers are waiting, and he needs to convert it to Naira fast. But where should he go? Breet and Luno are two well-known platforms in Nigeria, yet each operates differently.

Tunde knows that picking the proper exchange isn’t just about speed. The fees, security, and ease of withdrawing his money all play a role. Understanding these differences is essential for entrepreneurs, freelancers, and crypto users. 

This article provides a detailed, real-world comparison between Breet and Luno to help you decide which best suits your needs. Based on current platform data and real user experiences, our comparison analyzes both platforms across key metrics, including security features, trading fees, user experience, and customer support.

Overview of Breet and Luno

What is Breet?

Breet is Nigeria’s best growing cryptocurrency trading platforms designed for instant crypto-to-cash conversions. It prioritizes simplicity, making it ideal for users who want to convert crypto to Naira effortlessly without the complexities of peer-to-peer (P2P) trading. Its user-friendly layout, fast transaction time, and simple features have made it well-known in Nigeria and Ghana. Breet’s support for various cryptocurrencies makes it a perfect platform for people looking to sell crypto in Nigeria & Ghana.

The platform is specifically designed for those who need fast, reliable, secure, and transparent crypto transactions without dealing with the volatility of trading markets.

What is Luno?

On the other hand, Luno is a well-known cryptocurrency platform in the market and has been operational longer than Breet. Luno has a track record of offering dependable and safe services. Because of its user-friendly design, users may easily buy, sell, and store digital assets. Additionally, although Luno only accepts a small selection of cryptocurrencies, it offers high liquidity, which makes it simpler for customers to purchase and sell their digital assets.

Breet VS Luno: Key Differences

1. User Experience

Breet is designed to be user-friendly and straightforward, especially for individuals new to trading cryptocurrencies. Although Breet may be a better option if you’re searching for a platform that’s expressly made to be user-friendly, Luno also provides a user-friendly experience.

2. Cryptocurrencies Supported

Breet and Luno support Bitcoin and Ethereum, but Breet has a more extensive selection of supported cryptocurrencies, including coins like Litecoin, USDT, Dogecoin, and Bitcoin Cash. If you want to trade more cryptocurrencies besides those supported by Breet, Luno might be a better option.

3. Charges

Luno charges high fees for buying and selling cryptocurrencies, but these fees differ according to transaction size. If you want to keep the cost of your cryptocurrency trading as low as possible, Breet is a better option because it is entirely free. There are no charges for trading cryptocurrencies on the Breet App. Users keep wondering how Breet makes its profits from the transaction, which shows how small its charge fee is. 

Here’s a recent review from a Breet User:

Today was my first experience trading Litecoin with Breet. Everything was hassle-free, from registration, verification, and cash to bank verification. Breet, please keep up the good work. At first, I was afraid due to my experience with other crypto platforms, so I started with a smaller amount, and it worked faster than I imagined. 

The exchange rate is comparable to that of the black market. I wonder how Breet makes its profit from the transaction.” Sabiboii. AppStore review

4. Limit

There are no deposit limits for Breet users, only withdrawal restrictions. Your withdrawal cap is based on the degree of verification of your Breet account. Without KYC, your daily withdrawal cap is 30,000 Cedis or two million Naira.

With the Basic level KYC, your withdrawal limit will rise to five million Naira or 65,000 Cedis. However, you won’t have any withdrawal restrictions using an advanced KYC. Advanced KYC cannot be finished without the basic KYC being completed first.

Your limits on Luno are also based on the degree of account verification. You can deposit as soon as you register; however, withdrawals are only possible after account verification. 

5. Payment Methods

Luno and Breet provide payment options, such as bank transfers and credit/debit card purchases. Luno also accepts mobile money. Breet is more constrained than Luno in that it only supports Naira bank transfers for Nigeria and mobile payments for Ghana. Before you sign up, it’s crucial to confirm which payment options the platform supports to ensure you can easily make deposits and withdrawals.

6. Transaction Speed

Both Luno and Breet have significantly different transaction speeds. On Luno, transactions might take up to 5 minutes or more, but on Breet, selling your Bitcoins only takes a few seconds. Breet usually is more expedient because no waiting is involved, and your money is sent directly to your bank account.

Breet VS Luno: Similarities

1. Security

Breet and Luno take security seriously and utilise cutting-edge security techniques to safeguard your money and personal data.

2. Customer Support:

Both Breet and Luno provide excellent customer care, so you can be confident that you will get the assistance you require if you have any queries or problems.

Breet’s customer support is available 24/7, based on user reviews and testimonies. Day or night, they are always accessible. Additionally, Breet offers several ways to get in touch, including a phone number, email address, Live chat, WhatsApp, Twitter, Facebook, and Instagram. This establishes legitimacy and trustworthiness.

 3. Ease of Use

Breet and Luno offer various tools and services to assist you in beginning your Bitcoin trading career. They are both simple to use.

Frequently Asked Questions

1. Can I trade cryptocurrencies on Breet and Luno?

Luno is a full-fledged crypto exchange that enables users to buy, sell, store, and trade cryptocurrencies. Breet, however, does not support trading; it is focused on instant crypto-to-cash conversions without the need for peer-to-peer trading.

2. Which platform offers lower transaction fees: Breet or Luno?

Breet typically charges very little transaction fees when converting crypto to cash, making it ideal for liquidating assets. Luno, however, applies trading fees that vary based on market activity and transaction size.

3. Is Breet or Luno better for beginners?

Breet is more beginner-friendly for users who want a straightforward way to convert crypto to fiat without trading complexities. Luno, however, provides a more comprehensive experience, including educational resources, making it a good option for those looking to learn and trade actively.

4. Which platform supports more cryptocurrencies?

Luno supports many cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Breet primarily focuses on major cryptocurrencies like Bitcoin, allowing quick conversions to cash.

5. Which platform is faster for converting crypto to cash?

Breet is designed for instant crypto-to-cash conversions, often processing transactions within minutes. Luno requires users to sell their crypto on the exchange, which may take longer depending on market conditions and liquidity.