Luno Review: Pros, Cons, and More The Motley Fool
There are significant differences of opinion with regard to these issues. However, for some, these ideas are very important and represent a strong impulse to find an alternative method for buying Bitcoin with fiat currency. Luno.com fees are competitive with industry norms, and in most cases is a cheaper alternative.
- Keep in mind that different payment methods have different fees incorporated within them, so make sure to double-check before completing a deposit.
- Luno stores 95% of crypto in “deep freeze” – multi-signature wallets protected by many layers of encryption.
- As you may know, such countries as Nigeria, Malasia, and some other developing countries do not have access to the major part of cryptocurrency exchanges.
- However, overall Luno’s best features are its functionality and the cost savings it offers to cryptocurrency users from its supported countries.
We noticed that the price difference for Bitcoin was quite large on Luno over some days compared to others. Therefore, traders should keep this in mind when using the Luno service. Also, remember that there is no central authority setting the international cryptocurrency prices because they are determined by supply and demand. The Luno trading platform is quite basic compared to other platforms we’ve reviewed.
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The more experienced trader may want to use an advanced trading platform such as TradingView to keep track of international prices. We have a great beginner guide on charting in TradingView when you are ready to take your trading to the next level. Luno’s simple https://forex-review.net/luno-review/ platform allows users in most of Europe, South Africa, Nigeria and Indonesia to buy and sell Bitcoin. It does not have expansive functionality nor extra features, nor does it have high volume for big traders, but its easy and accessible to the average user.
Is Luno Safe to Use?
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’re not in control over your Bitcoins. Fees vary between country and purchase amount so every transaction will end up having a different fee. That’s a bit of a downside, in my opinion, and if you do end up using this service, make sure to double-check the fees. The company is based in the UK and has raised over $13m from prominent investors such as Ventura Capital and Digital Currency Group. Luno is a Bitcoin and Ethereum exchange aimed mainly at developing countries such as Nigeria, Indonesia, Zambia, and Malaysia.
It has one of the simplest trading fee structures we’ve seen, although it’s worth noting that there are crypto exchanges that charge less. Deposit, withdraw, and trade 24/7 on our mobile apps for Android and iOS, so you can experience professional-level crypto exchange features on the move. By the way, Luno offers free charge payments with debit or credit cards in Euros. It is a beneficial opportunity for those who want to deposit in Euros because other platforms usually take up to a 5% withdrawal fee for this operation. It is one of the most respected companies in the industry so users can be assured that the Savings service is reliable and trustworthy. The Japanese yen (JPY) and Chinese yuan (CHY) are not available on the Luno platform.
When writing this Luno review, the platform has not been hacked, indicating great security on the backend. Additionally, the company regularly releases proof of reserve reports to show that it collateralizes user funds. Luno is legit, and a great exchange for novice users, but the difficulty of accessing customer care and finding relevant information might make it off-putting to crypto veterans. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research.
Is Luno regulated?
The size of the fee still depends on the country and currency the buyer uses, and it can vary from 0.25% to 1% of the transaction. The disadvantage of Luno is that size of transactional fees depends on plenty of factors such as the size of transfer and country. That is why you should be careful and check the size of the commission every time you make any operations with your money. For each subject, Luno provides detailed descriptions and a YouTube video to cover all the necessary information.
As a financial services provider, Luno requires that Nigerian customers provide their BVN when upgrading their Luno accounts to buy cryptocurrency. While the exchange is currently trying to respond to the reviews, customer support isn’t always a trading platform’s forte. Even Coinbase and Bitstamp suffer here, so it should not hinder the platform’s performance. Based on this information, users can decide whether the Bitcoin exchange is profitable.
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If you have already had a Luno account, you can skip the step of the sign-up and just fill in your entering data and start trading Bitcoin, Ethereum, or some other types of coins. Moreover, instant purchases also have limits on the size of one transaction — no more than 8,000 Euros per one purchase. Trading fees are comparable to other platforms, and the fee system is focused on market makers. The Luno headquarters is in London, UK, and can be found on Paul Street. For information like Whatsapp phone number, contact details, and office address for Johannesburg, Kuala Lumpur, etc., you will need to go through the Luno help center and send a request.
Luno Review
That said, the company complies with Know Your Customer and Anti Money Laundering standards to prevent money laundering and ensure that all transactions are secure. They re-branded in January 2017 and have expanded their services in over 40 countries, but the full exchange is only available in four of them. The team is quite large and they have offices in several countries including the UK. The CEO is Marcus Swanepoel, a man with vast experience in finance. Luno has security as one of the highest priorities, and they offer a multi-signature wallet with 2-factor authentication and”Deep Freeze” storage.
BingX Review
It’s an easy to navigate, relatively straightforward crypto exchange that makes it easy for newcomers to jump right in and invest. The exchange also offers a mobile app with similarly clean design. There is no doubt that Luno is in for some tough competition from the larger cryptocurrency exchanges. This large Fiat / crypto exchange is based in the USA and has expanded globally. You can deposit through bank wire transfer, credit cards, email address, phone number, or the receiving address of the cryptocurrency you want to deposit.
If you are wondering ‘how does it work’, ‘how to make money when you have no feasible strategy’ or even ‘what is a Luno account’ then there are plenty of online resources available to you. Here is our brief pros and cons breakdown of what this Luno review has shown us. Thus the Luno Exchange is one of the renowned exchanges which is worth recommending. Luno https://forex-review.net/ Exchange is backed by several notable investors, including Venturra Capital, Digital Currency Group, Balderton Capital, Naspers, and Rand Merchant Investment Holdings (RMI). When you join our newsletter, you’ll also get access to The Dungeon community where you can get support and find like minded entrepreneurs and hustlers just like you to network with.
The simple interface and very competitive fees mean that there are few better options out there for people who fall into this group. Luno’s transaction fees are also more complicated than most exchanges, being based on 30d volume and the fiat currency pairing. The Luno market maker fees are some of the best in the industry, while the market taker fees range from decent to very good.
Luno stores 95% of crypto in “deep freeze” – multi-signature wallets protected by many layers of encryption. Luno offers a dynamic, tiered fee structure that’s highly competitive and carefully designed to ensure that you’ll pay lower fees based on your gross trading volume. Ryan is a web designer, writer, and cryptocurrency trader who hails from sunny South Africa. With personal experience in foreign exchange & crypto market trading he is always trying to understand the bigger economic picture. When not meticulously looking over charts he can be found planning his next road trip or running around a 5-a-side soccer field. Perhaps the biggest drawback to using Luno is the limited number of cryptocurrencies available.
