With the popularity of digital currencies rising since the past years, many companies have risen to create technologies and platforms to aid the management of these cryptocurrencies. Luno is one of those companies that offer technologies and tools that aid the buying, selling, and absolute transaction with cryptocurrencies.
In this post, I have taken time to give you every bit of what you should know about Luno. I expect you to read along with keen interest so that you will get every bit of our gist here.
WHAT IS LUNO?
Luno is a cryptocurrency exchange facility that provides a technology platform where users can buy, sell, and store digital currencies like Bitcoin, Ethereum, and so on. Users can also pay for products and services using their cryptocurrency wallets on the Luno platform.
Luno was formerly known as BitX and its headquarters is in London. Available in about 40 countries, Luno currently has over 3.5 million users.
As one of the pioneers in the industry, Luno has continued to grow from strength to strength right from 2013 when it was established. By 2018, Luno is said to have processed over $5 billion.
PROS AND CONS OF LUNO
- You can buy, sell or send cryptocurrency with Luno with no difficulty.
- With your receiver’s email address or phone number, you can send BTC, ETH, and others.
- The built-in Luno wallet helps to simplify things for new users.
- You can sign-up quicker and start using the platform leveraging on the different levels of verification.
- By using Luno, you are totally entrusting your cryptocurrency wealth to the company. You will bear the risk of loss.
- Debit or credit card transfers are not supported on Luno
- If you are transferring large fiat currencies or crypto, Luno will batch the transfers and this slows down the entire process.
- It does not have a community or forum where users could discuss trends.
WHAT DOES LUNO OFFER?
Luno allows its clients to buy and sell Bitcoin and Ethereum simply and in a secure manner, using the cryptocurrency wallet built into the system.
Luno also supports a good number of global fiat currencies like Euro, Pound Sterling, US Dollar, and South African Rand.
In addition to the provision of a secure and simple platform for trading cryptocurrency, Luno also offers brokerage, training, and consultancy services; they help the interested public in the understanding of the complexities involved in Bitcoin, Ethereum and other digital currencies.
HERE ARE THE SERVICES LUNO OFFERS:
1. Luno Cryptocurrency Trading Platform
Using the Luno cryptocurrency platform, you can buy and sell cryptocurrency with ease. This platform is designed to facilitate the electronic process involved in the cryptocurrency transaction.
This trading platform creates a linked account with your bank account, such that you can begin to trade Bitcoin and Ethereum as soon as your account gets verified.
2. Luno Wallet
This Bitcoin wallet allows you to store, buy, and sell your Bitcoin. The Luno Wallet is an app developed to store public and private cryptographic keys and also interact with blockchain technology so that you can complete transactions, store, and monitor your cryptocurrencies.
So, to buy or sell any cryptocurrency, you will have a cryptocurrency wallet; the Luno Wallet offers you that.
3. Luno Brokerage Service
The Luno brokerage service helps to connect cryptocurrency buyers with sellers. Cryptocurrency, however, is traded at a quoted exchange rate which includes a brokerage fee; this fee varies with different market conditions.
The brokerage service offered by Luno is most preferred by parties who are dealing with large trades. It offers a ground for better price, convenience, and flexibility.
SECURITY AND REGULATION
One of the most popular questions people ask about Luno is its level of trustworthiness. Of course, nobody wants to do business with dubious people. Maybe you will make your decision on their authenticity when you’ve gone through this:
On March 31st, 2020, Luno confirmed it has been registered on Indonesia’s Commodity Futures Trading Regulatory Agency which is called Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. The registration certificate number is: 007/BAPPEBTI/CP-AK/03/2020
Unlike online investment platforms or e-wallet services, Bitcoin is monitored by BAPPEBTI. This opens a door on the legality of using the Luno platform.
The verification and security features of Luno helps to ensure that users’ accounts are secure and kept away from intruders.
HOW TO DOWNLOAD LUNO
- Luno is available on IOS, Android and on the Web. To install Luno on Android, visit Play Store.
- Search “Luno app“
- Click “Install” to have it installed on your Phone.
- To install on iPhone or iPad, visit the store to download the Luno app.
- Here is a referral code if you need one – 64EYJF. We both get some cash in bitcoin after completing a task.
HOW TO OPEN A LUNO ACCOUNT
- To create a Luno account after downloading the app from play store or itunes, open the “Luno App” from your device.
- Tap the Sign Up button
- Enter your email address and choose your country of residence.
- Check the “I am not a robot” box
- Tap the blue Sign Up button at the base of the page.
- After this, Luno will send a verification link to the email address you entered. So make sure you can access the email you choose to enter.
HOW TO VERIFY YOUR IDENTITY
- When you have successfully created your Luno app, you will need to verify your identity in order to proceed with the actual business on the platform.
- So, log on to the Luno platform using your password and email.
- A pop-up will appear; click the “Verify Now” button and the bottom right of the pop-up.
- On the left-hand side of the next page, click on the “Settings” tab.
- Now, enter your details in their proper fields. You will enter such information as your name, surname, and cell phone number.
- Finally, click the verify button and submit the needed documents.
- By verifying or upgrading your account, your monthly/daily limit will be increased.
What payment methods are supported by Luno?
The payment methods available on Luno are:
- Bank Transfers.
- Electronic funds transfer.
- Interbank GIRO
What fiats and cryptocurrencies are supported on Luno?
There are 8 fiat currencies accepted on Luno. They include:
Is Ethereum supported by Luno?
- Yes, Ethereum (ETH) is one of the cryptocurrencies supported on the Luno platform.
How much does Luno Charge?
- There is no specific amount charged by Luno on transactions. The amount you are charged depends on the currency you are operating with and the size of your transaction.
Which countries are Luno available?
Luno is available in about 40 countries in the world. In Africa and Asia, the following countries are accepted:
- South Africa
- South Africa
While in Europe, the following countries are accepted:
- Czech Republic
- Hungary Iceland
- Isle of Man
- San Marino
- United Kingdom
IS LUNO LEGIT OR SCAM?
It is normal to ask this kind of question especially when you are new to cryptocurrency or bitcoin. However, with over 4 million customers in 40+ countries, and for the reason that it has been around for over 5 years, one could conclude it is legit and not a scam. Testimonies from users have been more positives than negatives.
Luno provides a safe and secure environment for everyone to deal in bitcoin or cryptocurrencies such as ripple and ethereum.
The major issue people do complain about is the limited customer support which I believe is due to facing high contact volumes coupled with an increased number of people that register on a daily basis. Still, they always get back to you