Luno Exchange Review
Luno (formerly known as BitX) is one of the first established Bitcoin exchanges in the world. The company was founded in 2013 and has since built a generally high industry reputation, receiving generally favorable reviews. In spite of its popularity with the bitcoin community, their market cap remains pretty small according to CoinMarketCap, trading rarely exceeding half a million dollars.
This may be due to the fact that Luno, unlike most trading platforms, mostly dealt with bitcoins. As of November 9th of 2017, Luno offers services for Ethereum, customers now being able to buy, sell and hold ETH.
Luno has integrated many platforms which facilitates smooth cross-platform interactions for users. The web platform can be accessed through the main web page which does not require any additional software to be downloaded and installed.
Mobile users have an app which can be found at Google Play Store, that was designed to ensure a safe, seamless and efficient trading experience for mobile devices. WebSocket and API platforms can also be used to access the exchange system. The bitcoin Wallet application for mobile devices lets users purchase bitcoins by using credit cards.
The trading platform is said to offer real time market information, advanced charts, API access for automated trades, CSV export, trade history & reporting, depth liquidity indicators, fast bank deposits & withdrawals and market maker incentives.
Security and reputation
Luno has received very few negative reviews from its customers. The mobile app is quite a popular exchange app for Android users, with a score of 4.4 from its reviewers, making it one of the best rated bitcoin wallet apps for Android.
The wallet application has received complaints on the Google Play website, some users saying they have been scammed. So far, Luno has answered to every complain.
A majority of the clients’ assets are stored in ‘deep freeze’ storage. These wallets have multi signature identification, with private keys which are stored in different banks. A person never has access to more than one key. This makes accessing the accounts a very difficult and intricate task, requiring a combined effort from more than one involved party.
Wallet backups are also kept in encrypted form. The clients’ passwords are kept in hash form with exclusive access from the client only. The 2FA is an extra layer of protection in the verification process.
Transaction fees and charges
Luno is known to have some of the lowest rates in the exchange industry. When sending or receiving bitcoins through email addresses and phone numbers, there are no charges.
When sending and receiving bitcoins through your bitcoin address, there is a transaction fee of 0.0002 BTC. Commissions are calculated differently on whether you are a taker or a giver. Takers are those that decrease liquidity with their trading, and givers – those that increase the liquidity by putting up Bitcoins for sale.
When funding your account, transaction fees are calculated taking into account your geographical location and means of payment. Payments made through credit cards has a commission of 1.50% while bank transfers are free for most countries.
Withdrawals have a commission of up to $50, depending on the withdrawn amount.
Methods of payment
Like the majority of cryptocurrency exchanges and trading platforms out there, Luno also works with fiat currencies. It accepts EUR, IDR, MYR, NGN and ZAR, but not all currencies are available in all countries. The only way fiat deposits and withdrawals can be done is through bank transfers, which are less than convenient considering the fees and time limits.
Fiat funding through banking systems seems kind of inconvenient, and it sort of defeats the purpose of using bitcoin, which is to do transactions anonymously and avoid having to deal with the banking system.
Luno operates in the following countries United Kingdom, Canada, 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 and it also has offices in Singapore, Cape Town, Indonesia, India, Malaysia, Nigeria and South Africa.
Luno’s customer support is pretty sparse, having a help page and an inquiry form. No telephone number is provided.
While Luno’s exchange services seem reputable, for those of you that want more – there are other Bitcoin trading platforms that provide more complete services.