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  • Luno Exchange Review

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    uno is a Bitcoin broker that supports Europe, South Africa, Nigeria, Indoensia and Malaysia.

    We may receive compensation when you use Luno. This post contains affiliate links. Disclosure.

    PROS
    • One of the easiest way to start trading crypto against fiat currencies
    CONS
    • The tools offered to leave a lot to be desired for seasoned traders

    Buy Bitcoin at LunoWith more than 100 million users and 400,000 daily users from all across the globe, it’s safe to say that Bitcoin is more popular than ever before.

    With so many global users, it’s no wonder that Bitcoin exchanges are popping up justify, right, and center in all corners of the Internet.

    poolin

    Today, we’re going to take a look at Luno, one of the companies that seemingly came out of nowhere during the initial Bitcoin craze. The exchange platform has been talked about a lot in the last few months, so now we’re going to see if it lives up to the hype.

    What’s the Luno Exchange?

    First, let’s get into Luno’s backstory.

    Originally, the company was launched in 2013 (back when it was called BitX) by Timothy Stranex, a former Google employee, and Marcus Swanepoel, who previously had a career in banking.

    In 2016, the company rebranded to Luno and opened two additional offices.

    Since the launch, the team managed to raise more than $13.8 million in global funding.

    Luno’s first funding round was led by Naspers Group, one of the largest tech investors in the world. The company’s second round involved Balderton Capital, the leading venture capital investor in Europe.

    Essential Information
    Homepage https://www.coinmama.com
    Established
    2016
     Supported Trading Coins Bitcoin (BTC) and Ethereum (ETH)
    Supported Payment Methods The Euro (EUR) , The South African Rand (ZAR) , The Nigerian Naira (NGN) , The Malaysian Ringgit (MYR) , The Indonesian Rupiah (IDR)
    Resricted Countries Austria, Bulgaria, France, Poland, Norway, Sweden, and the United Kingdom

    More About Luno:

    Luno is expanding quickly.

    Just a few months ago, it didn’t even crack the list of 100 biggest crypto exchanges, but things are quickly changing.

    Stranex and Swanepoel are also planning to expand their operations in the near future. In June 2019, the platform announced its aim to hire 150 additional workers and boost its workforce by 60%.

    Apart from London, they also have offices in Cape Town, Lagos, and Singapore, among other cities.

    Just a few months later, Luno officially started processing more than $5 million worth of Bitcoin daily, although that number fluctuates frequently. If you look at the CoinMarketCap website, the number is currently hovering at around $4.7 million.

    How Does the Luno Exchange Work?

    Now that you know the company’s story from beginning to the present, let’s see how the platform works, what it provides to its users, and how you can get in on the action.

    The company provides crypto trading against several fiat currencies, which include:

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

    Their brokerage service (LBS) offers the standard market price and enables you to buy and sell your cryptocurrencies in a matter of seconds at the exchange rate you’re quoted.

    According to the company’s CEO, a large percentage of Luno’s users base use Bitcoin primarily for investing.

    The service can be used by both individuals and companies. Luno allows entrepreneurs to open business accounts.

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    In turn, this helps businesses accept crypto payments from their customers directly, send invoices to their clients, or simply trade their crypto assets.

    Luno’s services are admittedly still modest. However, you should keep in mind that the company is slowly but surely expanding its services. That means we can expect to see some developments from the company soon.

    Support and Limits

    You now know how the platform works. With that out of the way, let’s take a closer look at the details about the Luno platform and see what it offers to its users.

    Crypto Support

    When Luno first started, its clients only had the ability to trade Bitcoin (BTC) and Ethereum (ETH). But the platform expanded its offering in the past 24 months.

    Recently, Luno also added XRP to its list of supported currencies.

    At the moment, Ripple’s cryptocurrency is the third largest one in the globe, only behind Bitcoin and Ethereum. This move is expected to bring in a good number of new traders to Luno.

    Country Support

    This European-based company offers its services to people from more than 40 countries, including Austria, Bulgaria, France, Poland, Norway, Sweden, and the United Kingdom, to name a few. It operates across Europe, Africa, and Asia, which means it still isn’t available to people in the United States.

    As we mentioned earlier in the review, last November, Luno became the first official crypto wallet available in Malaysia. The country is one of the largest and most exciting new markets in the world, so that’s a huge win for the Luno team.

    Deposit Limits

    There are multiple account levels offered on the exchange. The levels depend on the user’s willingness to verify their identity.

    Your deposit limit will depend on multiple levels of verification, which include:

    1. Email Verification : You won’t be able to make any withdrawals or deposits if you fail to verify your email address first.
    2. Phone Verification : You can withdraw and deposit up to 1,000 Euros if you manage to verify your phone number.
    3. ID Card Verification : You can withdraw and deposit up to 5,000 Euros if you manage to verify your ID card.
    4. Residence Verification : You can withdraw and deposit up to 100,000 Euros if you manage to verify your address.

    Main Features

    A crypto exchange is only as good as its features. That’s why we’re going to take a look at some of Luno’s stand out features and see how they compare to features of other exchanges on the market.

    Safety Options

    As Luno’s official website mentions, the company gives its users “bank-grade” security in order to keep the private information of their users completely safe. The dev team keeps all of the user information in a “deep freeze” state. They pay special attention to safeguarding private keys.

    All of the customers’ keys are kept in safe deposit boxes in an undisclosed bank.

    Consider this, if that doesn’t sound safe enough:

    The company officials claim that not a single person has access to more than one safe deposit box with the keys.

    Trading Platform

    All of Luno users have access to its trading platform. Fiat trading gives you advanced features like API access, charting, automating trading, and reports, that give you an in-depth view of your possible investments. While the platform works fine, it has one downside we can’t ignore.

    The trading volume on the Luno platform is extremely low. It’s even smaller if you start comparing it to other trading platforms out there. The low volume can be attributed to the fact that Luno users mainly come from small markets and developing countries, so they don’t have sufficient funds to trade.

    What is Luno Wallet?

    Luno Wallet is a temporary place to store coins.

    Ideally, you should move coins into a wallet you control. Our guide on Bitcoin wallets will help you select a wallet. Read it here.

    Advantages and Disadvantages

    Let’s round up and examine some of Luno’s biggest advantages and disadvantages, if you’re still not sure whether you should start using the platform or not.

    Luno Pros

    • One of the easiest way to start trading crypto against fiat currencies
    • Allows you to convert your crypto coins with just a few clicks
    • Sending email payments is completely free for both fiat and crypto
    • Helps companies pay in crypto and fiat with the business account
    • The platform is really user-friendly and can be used by a complete beginner

    Luno Cons

    • A lack of cryptocurrencies for trading might be a big turn off for some people
    • The exchange doesn’t have a lending margin, which is a downside for all traders
    • The tools offered to leave a lot to be desired for seasoned traders
    • It still isn’t available in the United States and we’re not sure when it will be
    • The biggest downside is the fact that the exchange isn’t regulated

    Frequently Asked Questions

    Does Luno Accept PayPal?

    Luno does not accept PayPal.

    Does Luno Work in Germany?

    Luno does not work in Germany for buying or selling.

    Does Luno Work in South Africa?

    Yes, Luno works in South Africa.

    Final Thoughts

    We’re living in a time when crypto exchanges are trying to stand out and survive in the market by introducing flashy features and adding dozens of currencies to their offering. You’ve probably noticed that Luno is different if you read our review carefully.

    The platform is trying to make crypto more available to regular people and easier to spend in the real world. Luno is extremely user-friendly and allows the average Joe to convert and spend cryptocurrencies with just a few taps on their phone.

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