Previously known as BitX, Luno exchanges is one of the oldest Bitcoin exchanges in the World. The UK-based exchange was founded in 2013 at a time when the digital currency was still in the early stages. With time, Luno has earned a reputation for being one of the most reliable, safe and simple Bitcoin exchanges in the World.
So let us look in detail more about this platform in this Luno exchange review.
Luno Exchange Review
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Luno is one of the world’s leading cryptocurrency exchange that is based in three locations i.e. Cape Town, Singapore, and London. The company has the vision to revolutionize the currency system by bringing Bitcoins in the system. This makes the currency free from any authorities and the users can avail all the benefits from a decentralized system.
Features of Luno
Luno has a team who come from different backgrounds such as engineering, financing etc. and have worked for top tech and finance companies. They are from Microsoft, Amazon, Google, Barclays, and others, so the team brings in diversification and more experience. The team aims to increase the accessibility of Bitcoins among users.
Luno has some of the very powerful investors such as Naspers, Digital currency group, and Ventura. Thus, the company is empowered by renowned ventures in the industry.
The user has several payment options to fund their accounts in different geographical regions. Single Euro Payments Area (SEPA), bank transfers, Electronic Fund Transfer (EFT), Interbank GIRO (IBG) are some of the platforms on Luno for payment processing.
Before you deposit money, you must first verify your identity. Log into Luno and, click ‘WALLETS’ in the menu. Then click ‘deposit’ and follow the instructions. Make an online bank transfer from your bank account to the Luno bank account. Once the money is transferred, you will get an email notification saying you can buy Bitcoin.
After selling the cryptocurrency, you may want to withdraw local currency from Luno to your bank account. To make it simple, ensure your identity is verified and your bank account is linked to your Luno wallet in order to request a withdrawal.
Open the Luno app on your mobile. Select WALLETS from the menu and then WITHDRAW on your local currency account. Enter the amount you want to withdraw. Then select your bank account. Enter your Luno app PIN.
Congratulations, you’ve successfully requested a withdrawal from your Luno wallet
A user will have to fund the Luno account before he can place an order. The funds could be added using various payment options available. Once there is a sufficient amount, the user can begin with transactions.
Buy/Sell at Luno
In order to buy and sell on Luno, a user can select the crypto market and the amount he wishes to invest and eventually place the order. The user can check various market analysis tools to analyze the real-time price for the cryptocurrency and the 24-hour trading volume.
Luno Trading Platform
The Luno trading platform is pretty simple to understand. The trading view comes with market analysis tool, order book and recent trades. This helps the trader to understand the market before trading.
Currently, Luno is only available to users in Malaysia, South Africa, Nigeria, Indonesia, and some selected European countries. The platform offers various methods like SEPA Transfer, Bank Transfer, InterBank GIRO/IBFT, and EPF.
The platform charges zero maker fees and the taker fees ranges from 0.20% to 1.00% depending on the pair.
Deposit fees are free but luno charges only for local currency. Withdrawal fees vary with different currencies.
Luno Buying Limit
Luno Buying limits depend on the verification levels.
- Level 0 – Email verification. The users can’t deposit / withdraw fiat at all.
- Level 1 – Phone verification. The users can deposit / withdraw up to 1000 Euros in total.
- Level 2 – ID verification. The users can deposit / withdraw up to 5000 Euros per mont.
- Level 3 – Proof of residence. The users can deposit / withdraw up to 100,000 Euros per month
Security at Luno
Luno follows stringent policies along with advanced technology when it comes to security. The currency is stored in deep freeze storage, which keeps it offline. The wallet works on multi-sig technology with private keys that keep the money even safer against cyber crimes and eliminate the risk of volatility.
Some of the money is also stored on hot wallets, which are taken care of by Bitgo. Bitgo uses multi-sig technology to maintain these wallets. It requires more than two parties to approve a transaction. Thus, the user controls the private key and the public key is with Bitgo. The hot wallet is basically for quick transactions such as easy withdrawals.
Another feature of security is two-factor authentication (2fa), which can be enabled by the user. The user can download Google authenticator on a device and scan the QR code of the Luno account. Once both the account sync, the 2fa will be active. Thus, every time there is a login, a 6-digit code goes to the registered mobile number.
To summarise this Luno exchange review, the exchange looks more promising. Transferring fund is easy, users who have difficulty in transferring funds internationally will find local exchange helpful. However, in some locations, the high trading fees and users with blocked accounts remains a concern for Luno. If they can solve these problems quickly and maintains more support to users they will be a solid exchange for users for a long time.
Luno exchange review
Trading and Services8.6/10
security and verification7.5/10
- Bank deposit and withdrawal in supported countries
- Easy to use interface
- multiple options for investing
- multisignature web walllet
- available in selected countries
- relatively high fees for some transactions