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Luno Review – Is Luno Scam or Legit?

Luno Exchange Rating
Account Types9.2
Trading Speed9.3
Customer Service8.5
Safety8.8
9
Conclusion
Read our Luno review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Luno review before you sign up with the exchange.

Luno Review

Luno logo

So why do people search long and hard for a cryptocurrency exchange? What is the point of it? What benefits does an online exchange provide? All these questions will be answered in great detail, so read very carefully. Luno is a cryptocurrency exchange, and I have chosen to write this Luno review to help you understand the importance of having a really good exchange in the market. For those of you who are interested in trading cryptocurrencies, then Luno is a really good option. As many people might already be aware, this market is filled to the brim with options in exchanges. You will discover so many platforms offering you these services and promising you the help to make your trading career really successful. But not every exchange is able to provide that service.

This platform, by the name of Luno, offers its customers the chance to trade cryptocurrencies. It is another exchange, but it is not like the rest. If you are interested in carrying out trades in Ethereum and bitcoin, then Luno is definitely the best way for you to go. Because, unlike other exchanges that provide lots of options, Luno only provides its customers with these two cryptocurrencies. But what those exchanges lack is specialization, yes they do provide a variety, but customers struggle to cope with it and do not succeed in trades. One reason can be that customers get confused due to so many options or that they do not receive focused training and help. This is why Luno has chosen to minimize its options and limit it to just two. But the two cryptocurrencies it has chosen, Ethereum and Bitcoin, are both the leading cryptocurrencies in the whole world. These two have proved to be the most successful, and that is why Luno’s customers are one of the luckiest.

When you choose Luno as the exchange to work with, you will realize how progressive it is and that it prioritizes its customers and their ease above everything. Luno has its own individual apps, one for the wallet and for the payment as well. The sole purpose of this app is to provide customers with the easiest way to send or get cryptocurrencies. You can also spend cryptocurrencies or fiat through this app. It makes the whole process really quick, and this way, you can continue working while being on the move. Although there are many exchanges in the market, not all of them are this considerate or innovative. Therefore if you are looking for a cryptocurrency exchange that has continued to update and develop with the passage of time, then Luno is definitely the one.

It also provides its customers with the chance to increase their knowledge, and those who are interested can access the portal for education material. This is called ‘Luno Learning,’ or you can opt for the blog instead. The blog is also targeted at beginners who might be a little lost and not ready for trading top cryptocurrencies. That is why Luno has provided the resources its customers would need to know better. This will be discussed in more detail later on.

Another good thing about Luno is that it makes the process of using your cryptocurrencies really easy. This has been a challenge in the crypto world as many platforms do not care whether customers would be able to convert the cryptocurrencies into the exchange they wish to use. On the Luno site, you do not have to worry about this. Once you have gotten the cryptocurrencies, you can easily convert them into any currency you wish to use. There is no time limit on this either. Luno has many features and services to offer, which makes it a very unique and distinct cryptocurrency exchange. These will be discussed down below.

Background

This cryptocurrency exchange was initially introduced in 2013. But back then, it was introduced by the name of BitX, and then in 2016, the exchange was changed to Luno. This exchange has three offices in total, which are located in various places. These are Singapore, London, and Capetown. It is one of the most successful companies and has become very popular in the market. A total of 3 million people have worked with Luno, and they belong to at least 40 different countries. Although it is quite a successful company, it is run by 100 employees. This company is mainly settled in the UK and has managed to raise a lot of money from investors, which totals an amount of 13 million. Two of Luno’s most prominent investors have been the Digital Currency Group and Ventura Capital.

Luno website

How does this Exchange work?

A noteworthy feature of this platform is that it provides its customers with five options in fiat currencies to trade the bitcoin against. These are the Malaysian Ringgit, South African Rand, Euro, Nigerian Naira, and Indonesian Rupiah. This exchange offers its customers whatever price is set in the market. But cryptocurrencies can immediately be bought or sold at a price set by the exchange. Businesses that are interested in offering their customers the chance to pay in cryptocurrencies or other things can also open a business account with Luno.

What are the Cryptocurrencies that Luno accepts?

Luno is a cryptocurrency exchange that offers many bitcoin crypto pairs. But other than that, you can also trade in Ethereum. However, the only limitation is that coins such as Ripple cannot be bought. So let’s take a look at the accepted pairs and options for cryptocurrencies.

  • Bitcoin/ South African Rand
  • Bitcoin/ Malaysian Ringgit
  • Bitcoin/ Nigerian Naira
  • Bitcoin/ Indonesian Rupiah
  • Bitcoin/ Euro
  • Ethereum

Luno Fees

This is an exchange that decreases the trading fees for those that buy or those that sell according to the increase of the trading volume. If you are located in Malaysia or Europe, then the fees for depositing are completely free. However, if you are located in Indonesia, South Africa, or Nigeria, then you will be charged a fee when you deposit an amount. The fee for withdrawing an amount is very minimum, but it exists. This varies depending on which country you reside in. For instance, if it is Europe, then the fee is 0.30 per withdrawal. Also, if you receive or send money through bitcoin, then a certain fee will be charged too.

The Dashboard of Luno

Every platform is different and therefore has different features and services to offer. At Luno, you will know that most of these features are created with the notion to provide customers with the simplest and quickest ways to trade. The dashboard is another factor that proves this. It provides a simple buying or selling service to its customers. The purpose of this is to simplify the process and have these exchanges occur at a rapid rate. This way, you can easily purchase Bitcoin or Ethereum and not have to wait for a really long time. It also eradicates the procedure that many other platforms have implemented, which includes using sites for trading that are very complicated and confusing.

So the best thing about this platform and dashboard is that through Luno, you can instantly buy whatever coins you require and just pay the fees to Luno for it. The fees depend on many factors, as discussed earlier. Fees can vary depending on the country or type of cryptocurrencies.

The trading platform of Luno

This is a great feature as it has helped many traders to trade their cryptocurrencies easily. To make it even better, customers can access features such as charting, which is highly advanced. This helps while you trade and make decisions in the market regarding cryptocurrencies. Many professionals also use the charting tool so that their trades can be better. This is a tool that is important as it helps with the trading strategy and reduces the loss or the risks that you could potentially face. You will also find that Luno allows its users access to automated trading. This is a feature that has been very popular in the crypto world.

It has helped many traders to increase their revenues because automated trading is very quick and happens constantly. This means that even if you are busy or multitasking, even then, your trades or exchanges will continue to happen, and revenue will continue to generate. Other than this, you can also use indicators while trading, these help in studying and analyzing the market deeply. Through this tool, customers get the chance to study trends that have occurred in the market, whether they are old or new. The sole purpose of indicators is that they improve your decisions because your knowledge of the market increases, so that ensures that whatever you decide is not void of any information. If you are interested in maximizing your profits and minimizing your losses, then do consider these features while choosing your crypto exchange. As participating in the trading market is not an easy thing, and to ensure that you are succeeding, you need to cooperate with an exchange that is progressive and has beneficial features to offer.

Reports are another essential feature as they too play an important role in providing updates on the market and cryptocurrencies. This way, you can constantly be aware of what trading opportunity would provide you with the highest profits. Reports are basically regular updates on markets, on trades, cryptocurrency pairs, and others that keep traders up to date and ensure that they do not miss out on any important information. If you want to perform well in the market, then these tools are a must as they are very helpful.

A disadvantage to many traders can be that the trading volume at Luno is not a lot. It is very less when compared to some other platforms, but one of the reasons for it is that this platform targets users of the developed markets. This means those traders who are interested in keeping up with markets that are progressive and more in touch with technology will be the most satisfied by Luno.

Application for users

As mentioned earlier, this is a great feature. For those of you who are constantly traveling or cannot keep on carrying a laptop with you would really appreciate this feature. Luno offers its users the chance to download the app for Bitcoin Wallet. This is directly linked to your account, and this way, you can send, receive or use your funds at any time without any restriction. The app is compatible with both iOS and Android devices. The downside of this is that rather than you having control for your Bitcoins, it is the Luno platform that has the control.

Different payment methods at Luno

A feature that customers highly appreciate is when they can pay, withdraw and spend in different ways. But this is a rare feature to be seen in the market as not many exchanges offer this. But Luno is once again a distinct platform, and to make trading easier for its customers, many options for payment have been provided. When a platform provides different payment methods, this helps users by allowing them to choose the method which is most convenient for the one that would not require a lot of time to be taken up or be a long and complicated procedure. So Luno does provide options. However, they vary depending on the currency or country too. Customers interested in dealing in EUR currency can choose credit or debit cards, SEPA, Sofort, or iDeal. Those who want NGN can choose Flutterwave, GT bank transfer, Paystack, or card deposit. For ZAR, you can choose from a cash deposit penalty or EFT. For IDR, you can choose a bank wire transfer, and for MYR, you can choose Interbank Giro.

Account levels at Luno

Luno is a really good platform because it provides a diverse plan for accounts. This way, traders can choose one that really suits them without bearing the burden of unnecessary expenses or not being experienced enough for the account. These are based on your level of account verification.

A level 0 – is based on email verification, and this means that you cannot deposit or withdraw anything at all.

A level 1 – is based on phone verification, and this allows users to deposit or withdraw any amount till 1000 Euros, but that is it.

A level 2 – is based on ID verification, and this allows users to deposit or withdraws an amount to 5000 Euros that is per month.

A level 3 – which is the final level is based on proof of your residence, and this allows users to deposit or withdraw an amount to 100,000 Euros, that is per month too.

What safety is provided to Luno users?

Currently, this platform is not regulated, but it has plans to become regular as this has become a winning feature in the market. It has planned to become regulated in at least 4 or 5 markets so that it can assure its customers of its safety while also being recognized as a legal platform.

This platform has also implemented security measures that are on a bank-grade level. This ensures the safety of funds and keeps them protected so that no unwanted person can access funds. Luno is also a platform that has ensured that every customer’s key, which is a form of protection, is stored in a deep freeze that is a very secure place. It refers to boxes of safety deposits that are in bank vaults, and every security deposit is only accessible by one person. A person cannot access more than that, which ensures that every individual gets the chance to a secure trading platform and cannot intermingle with any other. The information of customers is also encrypted so that hackers or scammers cannot use the information.

There are some other security measures as well, including two-factor authentication, which are also incorporated within the system. It is safe to say that Luno takes the security of customers and the funds very seriously.

Education for customers

This was also mentioned earlier. Whether you are a beginner or an expert in trading, knowledge is always important. This is because as the world is progressing, so is the technology, and so is the crypto world. Therefore Luno prioritizes education for its users so they can keep in touch with all the necessary information and updates on the market. On the site, you can access the Learning Portal or the blog. Both provide resources for traders to access. These are important as they are provided with the intention that customers get educated. They gain more knowledge so that they can learn the basics, skills, and strategies to help while trading.

Conclusion

We all know how competitive the market is and that there are so many options for everything. In this case, there are many exchanges to choose from, but not all are worth it. To ensure that your experience is the best and that whichever exchange you choose helps you in trading rather than being the reason for your loss means that you have to choose wisely. So always remember to do proper research before choosing. This is why a review on Luno has been written so that you can choose easily. Luno is by far one of those trading platforms that make it easy to use cryptocurrencies within the real world. It helps customers by simplifying the trading process and spending whatever cryptocurrencies they can get a hand on.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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