Popular crypto exchange Luno has surpassed crypto exchange giant Binance by user preference according to a MyBroadband 2024 consumer technology survey.
Notably, analysis of the data obtained from the survey revealed that South African users preferred utilizing Luno’s platform services to trade and invest in cryptocurrencies over Binance.
Ranking the top exchanges in South Africa by user preference: Luno comes in first place with Binance and AltCoin Trader in second and third places respectively, according to the survey data.
According to the platform, “Luno was a clear favourite with 64% of the vote, followed by Binance at 21% and AltCoinTrader at 6%,” said MyBroadband. The results show that over three times South African users prefer Luno to Binance, a wide margin.
MyBroadband’s Survey Process
“MyBroadband conducts regular consumer perception surveys to gain insights into the ICT trends in South Africa.”
Notably, this latest survey on ranking crypto exchanges by user preference in South Africa was carried out in August 202. Markedly, over two thousand South African tech enthusiasts participated in the survey.
According to MyBroadband, “Most respondents were technology decision-makers in their companies and households, making the results important for tracking trends in the local IT and telecoms market.”
Why Luno Might Have Surpassed Binance
Luno’s recent surge over Binance in South Africa’s MyBroadband 2024 survey can be attributed to a mix of regulatory, local support, and user-centric strategies that resonate well with South African users.
Significantly, Luno’s success is partly due to its strategic alignment with South Africa’s financial regulatory framework. Moreover, this compliance fosters trust, as users feel more secure knowing the platform is accountable and regulated, addressing concerns around security.
Additionally, Luno has invested significantly in simplifying crypto access, offering tools and services tailored to South African needs. For context, this includes enabling direct transactions with the South African rand, which makes transactions smoother and reduces reliance on foreign exchanges.
While Binance is globally dominant, it often focuses on advanced trading products (futures, NFTs) that may not appeal as broadly to the general South African market.