LUNO Exchange Review 2019

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 lets us look in detail more about this platform.

Luno Review

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About Luno

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.

luno exchange

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.

Luno Trading

Deposit

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.

luno trade

Withdrawal

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

Trade

luno market

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.

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 Fees

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.

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.

Other cryptocurrency exchanges to know  Bithumb, Coindeal, Indodax, OEX

Final Verdict

Overall, Luno 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.

Latest updates and announcements

Ask us a question! What is your opinion on Luno reviews? Share your views on our Twitter and Facebook pages. Also, read our reviews of some more exchange sites.

Luno exchange review

8.2

Platform interface

8.5/10

Trading and Services

8.6/10

Fees

8.0/10

security and verification

7.5/10

Pros

  • Bank deposit and withdrawal in supported countries
  • Easy to use interface
  • multiple options for investing
  • multisignature web walllet

Cons

  • available in selected countries
  • relatively high fees for some transactions
Summary
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Luno Exchange
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Looking for a detailed guide on Luno trading and Luno Bitcoin Wallet? here is comprehensive view with Luno exchange review by Coinpedia
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coinpedia
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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