Luno is a Bitcoin and Ethereum exchange app that targets mainly the developing countries like Nigeria, Zambia, Malaysia, and Indonesia. In this write up, you will get to know about the services and some commonly asked questions about the company.
Luno Review Summary
Luno is a cryptocurrency exchange that is aimed mainly at emerging markets. Luno provides Bitcoin services to countries such as Indonesia, Malaysia, and Nigeria which are usually not allowed on most Bitcoin exchange.
The fee schedule of Luno is confusing as it offers very competitive fees and it is necessary to check in advance how much you’ll pay.
If you want a detailed review of Luno then keep on reading. Here are the topics we’ll cover in this post:
1. Luno Overview
2. Luno Services
3. Currencies and Payment Methods
4. Fees
5. Luno Buying Limit
1. Luno Overview
Established in 2013 originally as BitX and rebranded to Luno in 2016, Luno has office in 3 cities around the world- London, Cape Town, and Singapore.
The company serves over 2 million users from over 40 countries worldwide and has over 100 employees. The company is based in UK and has risen over $13 million from prominent investors such as Ventura Capital and Digital Currency group.
2. Luno Services
Luno offers several services for its users including a brokerage service, a cryptocurrency trading platform, a Bitcoin wallet, and an API for developers.
Your Luno account is controlled through a simple dashboard that gives you access to various sections such as the instant buy/ sell service, account reports, settings, etc.
a. 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 depth reporting.
Luno’s trading volume at its trading platform is rather tiny, comparing to other trading platforms around. This is possibly due to the fact that the site serves mostly visitors from developing markets.
The fee structure for the exchanges is pretty competitive mainly for market makers.
b. Luno’s instant buy/ sell
Like many other exchanges out there, Luno provides a basic way to buy Bitcoin or Ethereum without the need to use confusing trading platform.
Luno ease the buying process by selling you the coins directly and charging a premium fee for services.
How much fee? It’s hard to tell.
Fees vary among different countries and purchase amounts so every transaction will end up having a different fee. That’s a bit of a downside in my opinion, and if you end up using this service, makes sure to double-check the fees.
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’re not in control over your Bitcoin.
The coins in your wallet are under Luno’s control and you can’t get access to the private key/ seed of your Bitcoins if you needed to.
Luno for Business
This service permits you to safely transact trade and store cryptocurrency for your company. It is aimed at trading firms, miners, and start-ups, etc. that want to send or receive payments in crypto.
Trade cryptocurrencies on the Luno trade and carry out automated strategies using the API.
3. Luno Currencies and Payment Methods
Luno supports the buying and selling of the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
Luno accepts the following fiat currencies:
- Euro (EUR)
- Indonesian Rupiah (IDR)
- Malaysian Ringgit (MYR)
- Nigerian Naira (NGN)
- South African Rand (ZAR)
- Zambian Kwacha (ZMW)
Luno accepts the following payment methods:
- Debit/ Credit card (EUR)
- SEPA (EUR)
- Bank Transfer (IDR and NGN)
- Interbank Giro/ IBFT (MYR)
- Card deposit (NGN)
- Paystack (NGN)
- GT Bank transfer (NGN)
- EFT (ZAR)
- Cash deposit penalty (ZAR)
Keep in mind that various payment methods have different fees incorporated within them, so make sure to double-check before completing a deposit.
Amazingly, credit card and debit card deposits are free of charge with Luno, whereas at many other exchanges you can be charged up to 5%.
4. Luno Fees
Luno has the following fees associated with its services:
- Deposit fees
- Transaction fees
- Withdrawal fees
- Sending/ Receiving fees from your Luno account to other Bitcoin addresses
Transactions are based on a taker and maker fee agenda. Makers don’t pay anything while takers can end up paying anywhere between 0.25% – 1% based on the currencies they are trading.
It’s important to note that if you use Luno’s instant buy feature, fees will vary depending on your country and amount of purchase. Make sure to double-check before carrying out the transaction so you don’t end up paying more than you intended.
5. Luno Buying Limits
Luno has several account levels based on the quality of your identity verification.
Deposit limits depend on your account verification level:
Level 0 (Email authentication) – can’t deposit/withdraw fiat.
Level 1 (Phone verification) – can deposit/withdraw up to 1000 Euros in total.
Level 2 (ID verification) – can deposit/withdraw up to 5000 Euros per month.
Level 3 (proof of residence) – can deposit/withdraw up to 100,000 Euros per month.
If you’re using the direct buying attribute you also have limits on how much Bitcoin / Fiat you can buy in each order you submit. For instance: you are limited to spending up to 8,000 EUR per order.
Conclusion:
From the time of its creation in 2009, Bitcoin and other cryptocurrencies have quickly gained popularity. Simply put, cryptocurrencies are the category given to any form of digital currency that uses cryptography to validate and secure transactions. There are thousands of cryptocurrencies available and on Luno you have access to some of the most popular ones: Bitcoin, Ethereum, and Bitcoin Cash
Website Link : www.luno.com
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