Luno Review 2019

LunoReview

Established in the early part of 2013, Luno is one of the oldest Bitcoin exchanges in the cryptocurrency industry. The exchange was formerly called BitX until it was rebranded in early 2017 as Luno. The exchange head office is located at 1 Fore Street, London but also maintain branch offices in Singapore and Cape Town, South Africa.

Contents

Luno has over the few short years that it has been operationally built up a good reputation in the industry. However, based on statistics from CoinMarketCap, Luno’s market capitalization is still considered small when compared to other leading cryptocurrency exchanges around the world. Nevertheless, this is largely due to the fact that Luno primarily deals in Bitcoin and recently Ethereum as well.

As a cryptocurrency exchange, Luno offers its customers trading services for Bitcoin and Ethereum. Trading in these 2 cryptocurrencies is done through its proprietary web-based trading platform. Since it is a web-based the platform requires no software download or installation. The platform is designed to be cross-platform meaning you can use a Windows-based computer or a Mac. Comparatively, the platform provided by Luno is one of the more advanced platforms that we find in the industry. It features advanced charts, real-time market feeds, trade history, CSV export and reporting and depth liquidity indicators. It has supports automated trading.

Apart from offering its customers an advanced trading platform, Luno has also provided them with an Android-based Bitcoin smart wallet. Available free of charge with zero fees on transactions, the smart wallet offers a great low-cost alternative for cryptocurrencies traders.

Deposit and Withdrawal Options

Luno like most cryptocurrency exchanges accepts major fiat currencies such as EUR, IDR, MYR, NGN, and ZAR. Deposits and withdrawals of these fiat currencies are only done through bank wire transfer or through your credit card. In addition, Luno also provides you with the option to purchase Bitcoin and Ethereum directly with your credit card.

As of now, Luno’s services are available in the following countries:-

  • Austria
  • Belgium
  • Bulgaria
  • Canada
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • India
  • Indonesia
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malaysia
  • Malta
  • Monaco
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Singapore
  • Slovakia
  • Slovenia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom

Fees and Charges

In terms of fees, the rates charged by Luno are considered as some of the most competitive in the cryptocurrency trading industry. Receipt and transmission of bitcoins through email addresses or telephone numbers does not incur any charges. From transactions through your Bitcoin wallet, the fee is 0.0002 BTC.

As for commission charges, the fee depends on the fiat currency used to purchase the cryptocurrencies and the network traffic. Generally, there are no maker fees imposed by Luno. Instead, you have to pay the following taker fees:

  • BTC/IDR – 0.20%
  • BTC/MYR – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
  • BTC/NGN – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
  • BTC/ZAR – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
  • ETH/BTC – 0.25%

As for the funding of your account at Luno, the following fees applies for certain currencies:

  • 58% for Debit or credit card via PayU
  • Cash Deposit Penalty ZAR 20.00 + 5.00%

For withdrawals, the following fees are applicable:

Currency Method Fee
EUR SEPA Transfer EUR 0.30
IDR Bank Transfer IDR 6,500.00
MYR Interbank GIRO / IBFT MYR 0.10
NGN Bank Transfer NGN 200.00
ZAR EFT ZAR 8.50

Privacy and Security

In the light of the spate of hacking activities that have been going on, Luno takes the security of its exchange very seriously. To safeguard the funds stored on the exchange, Luno has taken the following security initiatives:

  • Deep Freeze Storage

The bulk of the Bitcoin funds are kept in cold storage in multi-signature wallets. Private keys are stored in different locations in different banks.

  • Encrypted Backup Wallets

As a further security precaution, Luno also encrypts the wallet backups.

  • Multi-Signature Hot Wallet

The hot wallet used to facilitate instant withdrawal is a multi-signature type. This means no single party will have control over the wallet as the private keys are held by different parties.

  • Passwords

Luno stores all passwords in hashed form. Users are also required to provide a strong password when signing up for an account at Luno.

  • Two Factor Authentication

An additional layer of protection is provided through Two-factor Authentication. Your smartphone will generate a one-time code to authenticate any transaction.

  • SSL Secured Channels

All communications and web services are transmitted through SSL secured channels.

  • Employee Background Checks

All employees of Luno have to pass a background check before they are employed.

Customer Support

Customer support at Luno is quite basic with just a help page and a form which you have to fill up for any inquiries. There is no live chat support or telephone support.

Pros and Cons

Pros

  • Advanced platform
  • Low Fees
  • Secured Platform
  • Support Credit cards and fiat currencies

Cons

  • No live chat or telephone support
  • Choice of only 2 cryptocurrencies

FAQ

  • Is it necessary to have my identity verified?

Luno abides by international legislation regarding anti-money laundering. As part of Luno’s initiative to prevent the abuse of Luno’s services, we are required to verify your identity.

  • How can I verify my Identity?

Depending on the level of verification, the following requirements must be met:

  1. Level 0: Email confirmation or signup with social media profile
  2. Level 1: Confirmation of personal details and phone number
  3. Level 2: Submission of Government issued ID
  4. Level 3: Submit proof of residential address
  • How long does it take for my deposit to be posted to my Luno wallet?

The exact time depends on the banks processing the bank wire transfer. However, Luno will allocate your deposit as soon as we receive it.

  • How can I withdraw funds from my wallet?

To be able to withdraw your funds in your local currency, ensure that your account is already verified. If your account is already verified, simply follow the instructions under the menu for the withdrawal on your account page.

  • How long does it take for a withdrawal to be completed?

The precise withdrawal time depends on the bank processing the withdrawal. On Luno’s side, all withdrawal requests are processed within the same business day.

Conclusion

Although Luno is just one of the many cryptocurrency exchanges existing on the internet, it does offer some unique features which we have so far been unable to find on other exchanges. For starters, Luno supports less traded fiat currencies such as the Indonesian rupiah, the Malaysian ringgit, and the Nigerian Naira. Not surprisingly, this has made Luno especially popular in countries such as Indonesia, Malaysia, and Nigeria.

LunoUser Reviews

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LunoFeatures

Coins Available
  • Bitcoin
  • Ethereum
Accepted Countries
  • Austria
  • Belgium
  • Bulgaria
  • Cyprus
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Indonesia
  • Malaysia
  • Nigeria
  • South Africa

Payment Method

Deposit Options
Wire Transfer, Credit Card
Withdrawal Options
Wire Transfer, Credit Card
Company Information
Exchange DetailsInfo
Headquarters CountrySingapore
Foundation Year2013
Typeexchange
Trading AllowedYes
Contact Information
Email: -

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