What is Luno?
Founded in 2013, Luno is a well-known cryptocurrency exchange and wallet provider. It began operations in Singapore in 2013 and has since extended to 44 nations around the world. Formerly known as Bitx, the exchange platform rebranded and changed its name to Luno in 2017.
Since its rebranding, it has enjoyed unanticipated growth. Luno services over 7 million consumers from offices in Singapore, Cape Town, Australia, Nigeria, and London.
The exchange platform has raised approximately $13 million from investors such as Digital Currency Group and Venture Capital, both of whom are based in the United Kingdom.
Luno is currently South Africa's most well-known bitcoin exchange. It has the most trading volume in the country, closely followed by Nigeria.
The exchange platform has prestigious features including quick trades, quick deposits and withdrawals, direct bank account transfers, simple trading, and price alerts, among others. Before making the payment, you should double-check the charge schedule.
Regardless of the slight issue, any Luno review will reveal that Luno is one of the finest cryptocurrency exchanges.
Traders interested in buying and selling digital assets can connect with each other on the exchange. Luno is one of the most popular crypto trading platforms because of its low costs and support for local currencies.
Luno assists people who want to instantly trade Bitcoin and Ethereum with fiat currency. The fiat trading cost for an instant buy or sale starts at 2% but can go up.
The trading platform imposes transaction limits based on the country's preference. In Nigeria, for example, the minimum limit is 300 Naira, with a maximum limit of 3.6 million Naira. It is important to remember that these restrictions only apply to the immediate trade capability.
Luno pros
- Fast and secure withdrawals and deposits.
- Wide selection of cryptocurrencies to buy, sell, and store.
- User-friendly dashboard makes it easy for beginners to use the platform.
- 24/7 support assistance available for both web and mobile versions of Luno exchange.
- Multi-level security system for storage of cryptocurrencies in cold wallets helps protect users from hackers.
- It offers educational resources to help users better understand the crypto market and trading risks associated with it
Luno cons
- Limited Payment Options: Luno only accepts bank transfers and debit/credit card deposits in a limited number of countries.
- High Fees in Advanced Trading: Luno charges higher fees depending on your trading frequency, which could potentially be expensive.
- Low Liquidity: Since there isn't much demand at most times, you may not get good prices when selling or buying cryptocurrency on Luno.
- Not Offering Margin Trading: Luno does not support margin trading, making it unsuitable for experienced traders who want to take big risks for bigger rewards.
- Delays in Account Verification: Verifying an account requires manually submitting documents that can take weeks to review and process by the staff in the company's main office in Malaysia.
- Withdrawal Limits on Basic Accounts: Standard accounts may have difficulty withdrawing more than $360 per day without proving extra verification documents, limiting their ability to trade larger sums of money at once
Luno features
- Easy and secure log-in, with 2FA and pin protection.
- Access to international markets; buy, store, trade and sell cryptocurrencies like Bitcoin, Ethereum & Litecoin.
- Instant in-app trading for low fees via credit card.
- Intuitive charting and portfolio performance tracking to help you make decisions faster.
- Built-in price alerts that let you know when something important happens in the market.
- Insurance coverage of all currencies stored by our corporate customers on the platform.
- Paperless account creation makes getting started fast and easy, with no paperwork involved.
Luno fees
Luno has one of the simplest trading fee structures, with a flat rate of 0.75% for all trades.
This is slightly higher than some other exchanges, but still competitive in the market.
Cryptocurrency deposits are free, while withdrawals have dynamic fees that depend on network traffic at the time. Luno also supports Bitcoin and Ethereum in the United States, with no additional fees for bank account withdrawals or purchases made using a debit card.
For those looking to get started with cryptocurrency trading, Luno is an excellent choice due to its low fees and simple fee structure.
The lack of deposit fees makes it easier for users to get their funds into the platform quickly and without any extra costs.
Additionally, the support for Bitcoin and Ethereum in the US makes it easier for American traders to access these popular cryptocurrencies without having to use another exchange.
Luno customer support
Customer support at Luno is quite limited, with only a help page and a form for inquiries.
This means that customers are unable to get direct assistance from a customer service representative. The help page provides some basic information about the platform, but it does not offer any personalized advice or solutions to specific problems.
Additionally, there is no live chat or telephone support available, which can be frustrating for customers who need immediate assistance.
Overall, Luno’s customer support system is lacking in comparison to other platforms.
Customers may find themselves waiting days or even weeks for a response to their inquiry due to the lack of direct contact options. Furthermore, without access to an experienced customer service representative, customers may struggle to find answers to their questions or solutions to their problems.
