Luno

Luno

Luno
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

Volume 24H: $1,313,552

Luno is a trading platform for storing, buying and selling cryptocurrency. The exchange is available for users in South Africa, Malaysia, Nigeria, and Indonesia, and only for Bitcoin and national currencies. They pride themselves on their network's speed, ease of use, and security.

The Luno exchange is easy to use, but for beginners it might be easier to use the Instant Buy/Sell feature, which is also available in Europe. The platform's design is user-friendly and looks professional, and the same can be said about the mobile apps.

Crypto Currencies Support

Traditional Currency Support

  • Euros (EUR)
  • Indonesian Rupiah (IDR)
  • Malaysian Ringgit (MYR)
  • Nigerian Naira (NGN)
  • South African Rand (ZAR)

Language Support

  • English
  • Indonesian

Country Support

  • European Union
  • Indonesia
  • Malaysia
  • Most of Eastern European Union
  • Nigeria
  • Norway
  • South Africa
  • Switzerland
  • United Kingdom of Great Britain and Northern Ireland

Platforms Systems

  • Web Interface
  • Mobile App
  • API

Luno security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
Yes
Funds Insured
Funds are not insured
Private Keys Stored On
Exchange platform
Storage Type
At least 80% of user funds are stored in cold storage

Security Features:

  • SSL
  • Bank Level Encryption
  • PGP/GPG email encryption

Legal Registration or Compliance:

  • KYC/AML Compliant

Luno started under the name BitX in 2013 in Singapore. They re-branded in January 2017 and have expanded their services in over 40 countries, but the full exchange is only available in four of them. The team is quite large and they have offices in several countries including the UK. The CEO is Marcus Swanepoel, a man with vast experience in finance.

Summary:

Luno's simple platform allows users in most of Europe, South Africa, Nigeria and Indonesia to buy and sell Bitcoin. It does not have expansive functionality nor extra features, nor does it have high volume for big traders, but its easy and accessible to the average user.

Ease of use
Intuitive
Transaction Fees
0.5% + Depending on Volume
Deposit/Withdrawal Fee
It's free (fees may be hidden)
Deposit/Withdrawal Fee c For Bank Transfer
0.30EUR; 6,500.00 IDR; 0.10MYR; 200.00NGN; 8.50ZAR/withdrawal
Deposit/Withdrawal Fee For Credit Card
N/A
Deposit/Withdrawal Fee Charged For 3rd party Payments
1.58%/NGN Deposit
Anonymous Trading
Yes

Deposit/Withdrawal Options:

Deposit from bank account, Deposit using 3rd party, Withdrawl funds to bank account, Send/Receive Crypto

Functionality:

Luno is a global service, but the full exchange is only available in Indonesia, Malaysia, South Africa, and Nigeria. Europe has access to the very basic Instant Buy/Sell option. It has 3 verification levels requiring various user documents, and the highest level has the highest limits for buying and selling. Luno offers Android/iOS apps as well. The exchange will soon start supporting Ethereum.

Most common
customer complaint:

Some delays on transactions, sometimes slow customer service