What Is Luno ?
Luno (formerly BitX) is an intuitive and feature-rich cryptocurrency exchange with an international presence. Headquartered in London, Singapore, and Cape Town, Luno boasts a diverse and experienced team and is backed by several notable investors, including Venturra Capital, Digital Currency Group, Balderton Capital, Naspers, and Rand Merchant Investment Holdings (RMI).
Users from supported countries can take advantage of Luno’s fiat integration by buying or trading bitcoin or Ethereum with fiat currency directly through the Luno platform. Its built-in digital wallet also offers security and convenience.
Where is Luno Available?
Before beginning, you will need to make sure that your country is supported by the Luno platform.
Currently, Luno is only available to users in:
- South Africa
- Select European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom)
|Country||Wallet||Exchange||Instant buy/sell||Payment methods|
Luno has some of the lowest rates in the industry. Basically, traders incur zero charges when sending or receiving BTC using their email addresses or phone numbers. When sending or receiving BTC through your Bitcoin address, a transaction fee of BTC 0.0002 applies. When it comes to purchases, the payable commission is dependent on whether you are a ‘taker’ or ‘giver.’ Takers are generally those traders who decrease the liquidity by buying Bitcoins. Givers, on the other hand are traders who increase the liquidity by offering Bitcoins for sale.
Transaction charges when funding your account depend on your geographic location and means of payment. Credit card payments attract a maximum 1.50% commission while bank transfers are free for most countries.
Verifications with Luno.com
How do we get verified with Luno.com? First, we need to create an account with them through their website. To create an account, you just need to provide your active email address, country of residence and that’s it! Users are also able to register using their Google account or Facebook if they want to sign up for these options.
A confirmation email will be sent to the provided email address. Once the email address has been confirmed this will automatically redirect you to their website and into your logged in account. To verify your account, you only need to provide a mobile number for verification. Please be advised that the chosen country will determine the country code for this step, so make sure that you enter the correct country you are currently at and have access to a mobile phone for verification.
The higher the verification level, the higher the limits per account. For example, an Indonesian level 1 account can have a maximum of IDR 15,000,000 of deposit and withdrawals. The level 2 expands that up to IDR 25,000,000 per month for both deposit and withdrawal. For level 3 Indonesian accounts there’s no limit on what a user can deposit and withdraw. Please be advised that this is just for the Indonesian account holder and specific country limits still apply depending on the account level. To read more about their verification levels and limits, please click this direct link.
How To Buy Bitcoin Or Eth With Luno
Unlike many cryptocurrency exchanges, Luno is designed primarily to facilitate the purchase of bitcoin (BTC) and Ethereum (ETH) with fiat currency, rather than trading one cryptocurrency for another. Buying cryptocoins with Luno is fairly straightforward, but the process will depend somewhat on your country of residence.
You simply make a deposit via bank transfer or by debit/credit card deposit. Once you’ve made a deposit via one of these payment methods, click the “Buy” button and follow the easy steps.
Luno has a great mobile app, which makes it easy to buy and sell Bitcoin anywhere you are. Simply fill in the amount of Bitcoin you wish to buy, observe the final price, then confirm the order. Your Bitcoin will appear in your Luno Bitcoin wallet.
Luno Trading Platforms
Luno supports a number of platforms which are all integrated to enable seamless cross-platform interaction. First, there is the web platform, accessed through the main web page and which requires no downloads whatsoever. For mobile users, the Luno mobile app is available at Google Play Store and is tailored to make trading as safe, smooth and efficient as possible in mobile devices. WebSocket and API platforms are also supported and provide alternative ways to access the exchange system.
Luno Bitcoin & ETH Wallet
The Luno Bitcoin And Eth Wallet application for mobile devices makes it possible to buy bitcoin or Eth using a credit card. Currently in beta, this feature is only available in Canada, India and Europe. Other features include quickly buying and selling bitcoin,eth, accessing your bitcoin account easily even when you’re away from your computer, and a lot more. You can even use the application to trade on the Luno Exchange. Instant buy/sell and the Luno Exchange are currently available in Indonesia, Nigeria, Singapore and South Africa, with more countries coming soon.
Luno’s never suffered a devastating hack that we know of, so there’s that.
They also go through some of their security procedures at an exchange level. These include storing the majority of their funds in “deep freeze” cold storage wallets. These are essentially multi signature wallets that are stored off line in bank vaults which no one person at Luno has access to.
They also store their “hot wallets” in multi signature wallets that are shared with BitGo. By splitting the keys between two different companies, Luno is ensuring an extra layer of security from any potential hacker or attacker.
As for individual users, though, the basic security options are available like two-factor identification and email confirmations. This is pretty plain vanilla when it comes to user side safety.
As a side note, we would like to stress that no matter how safe an exchange is, you do not leave large amounts of cryptocurrency on it. There is always a risk when it comes to determined hackers.
Luno Review Conclusion
We currently believe that while Luno may not be a scam, there are better Bitcoin exchanges out there.
If you traded with Luno, please leave a comment below detailing your experience with this bitcoin exchange. Once we have additional feedback about Luno, we will be able to reach a more definite conclusion regarding this company. For now, you’re welcome to visit our List of Bitcoin Exchanges for alternatives.