LUNO Exchange Review – Reliable, Safe And Simple Bitcoin Exchange

Overview

With more than 100 million users and 400,000 daily users from all across the globe, Bitcoin has become more popular than ever before. With so many global users, it is no wonder that Bitcoin exchanges are rising at a rapid rate.

Luno is a user-friendly cryptocurrency exchange that offers a well-delivered range of services in a trusted, reliable, and secure fashion.

This review will cover the complete facts about Luno Exchange, its distinguishing features, trading, fees schedule, pros and cons, and much more. Let us look into this Luno Exchange Review in detail now,

What is Luno?

Luno is a cryptocurrency exchange from the United Kingdom. The exchange only offers trading in Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. The company serves over 3 million users from over 40 countries worldwide and has over 100 employees.

It has offices in London, Singapore and Cape Town (South Africa). It was established in 2013 under the name BitX, with the rebranding to Luno taking place in 2016. Luno was founded by Timothy Stranex and Marcus Swanepoel. 

Luno Exchange is backed by several notable investors, including Venturra Capital, Digital Currency Group, Balderton Capital, Naspers, and Rand Merchant Investment Holdings (RMI).

Luno Services

1. Luno’s trading platform: Luno offers a Bitcoin to fiat trading platform for its users. The platform supplies users with features such as advanced charting, API access for automated trading, various indicators, and in-depth reporting.
2.  Luno’s brokerage service: Like many other exchanges out there, Luno offers a simple way to buy Bitcoin or Ethereum, unlike the confusing trading platform. Luno simplifies the buying process by selling you the coins directly and charging a premium fee for their services
3. Luno mobile wallet: Luno offers a custodial Bitcoin wallet for iOS and Android that can be paired to your Luno account. This gives you greater flexibility to access your Luno account on the go, however, it also means that you are not in control over your Bitcoins
4. Luno for Business: A service allowing you to securely transact, trade, and store cryptocurrency for your company. Is aimed at trading firms, miners, startups, etc. that want to send or receive payments in crypto. 

Luno Fees and Limits

Luno’s trading fees for takers are 0.25%. This fee is on point with the industry average which is also around 0.25%. However, there is no trading fee for makers offered at Luno. Luno has no charges for makers, thus promoting the liquidity at the exchange.

Luno Exchange fees vary depending on network activity, location, and currency. There is a fee of 0.0002 BTC for receiving bitcoin via a bitcoin address. Although both sending and receiving bitcoin via mobile or an email address is free.

Luno Supported Currencies

At present Luno supports the following cryptocurrencies:

Luno accepts the following fiat currencies:

Luno Mobile App

Like most other cryptocurrency exchanges out there, Luno is also available as a mobile application. This means that you no longer need a desktop to access the cryptocurrency trading world. You can download the app from the App Store or Google Play Store and use it on the go.

How to register on Luno? 

How to recover the Luno password? 

To recover the forgotten password, sign in through the Luno Exchange login and follow the “Forgot password” prompt to receive a password reset link. you will receive a 4-digit code to confirm your password reset. Click on the link to get a new password.

How to deposit on Luno?  

Step 1: Visit the Official site and sign in

Step 2: Select Wallets from the menu

Step 3: Choose your local currency wallet

Step 4: Select Deposit

Step 5: Choose the method with which you would like to deposit to your wallet

Step 6: Then follow the on-screen prompts to complete the deposit

How to withdraw on Luno?  

Step 1: Visit the Official site and sign-in

Step 2: Tap Wallets from the Menu

Step 3: Tap Withdraw on your local currency wallet

Step 4: If you have not yet provided your bank account details, you will be prompted to link your bank account

Step 5: Enter the amount you would like to withdrawStep 6: Select your bank account. You can add an optional note here for your records.

How to buy cryptocurrencies on Luno?

Step 1: Log in to your account

Step 2: From the menu, select the wallet where you would like to buy the cryptocurrency

Step 3: Then, select the Buy option

Step 4: On the next screen, select the ‘Add a new card’ option

Step 5: On this screen, enter your debit or credit card details, Once done, select Add Card

Step 6: You will be taken directly to the Enter Amount screen. Enter the amount you would like to buy, and select Next

Step 7: You will see a confirmation screen. select ‘Confirm’

Step 8: If you have two-factor authentication (2FA) enabled, you will be prompted to enter your 6-digit 2FA code and the payment will be processed

How to sell cryptocurrencies on Luno?

Step 1: Log in to your account

Step 2: From the menu, select the wallet where you would like to sell the cryptocurrency

Step 3: Then, select the Sell option

Step 4: On the next screen, select the ‘Add a new card’ option

Step 5: On this screen, enter your debit or credit card details, Once done, select Add Card

Step 6: You will be taken directly to the Enter Amount screen. Enter the amount you would like to sell, and select Next

Step 7: You will see a confirmation screen. select ‘Confirm’

Step 8: If you have two-factor authentication (2FA) enabled, you will be prompted to enter your 6-digit 2FA code and the payment will be processed

Conclusion

Luno offers a fairly advanced level of overall security. Digital wallets are secured via two-factor authentication and account passwords are stored in a hashed form. SSL encryption is used throughout all web services,

For starters, Luno supports less traded fiat currencies such as the Indonesian rupiah, the Malaysian ringgit, and the Nigerian Naira. This has made Luno especially popular in countries such as Indonesia, Malaysia, and Nigeria.

Thus the Luno Exchange is one of the renowned exchanges which is worth recommending.

Other cryptocurrency exchanges to know  Coindeal exchange, Indodax exchange review, OEX exchange review

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Recent Updates 

• On March 02, 2020, Luno launches support for bech32 addresses
• On March 25, 2020, Luno CEO, Marcus Swanepoel gave a message on COVID-19 and Recent developments.
• On April 15, 2020, The third-largest cryptocurrency by market cap Ripple (XRP) is now available on Luno
• On June  12, 2020, Stop-limit orders were added to the Luno Exchange.
• On July 01, 2020, Litecoin gets now available on Luno with the following pairs LTC/MYR; LTC/ZAR; LTC/NGN

Luno FAQ’s