Luno Review 2019 – Safe Exchange? EVERYTHING We Found Out

0
292

Read our long form review here:

Luno Review: Complete Beginners Guide

Luno is a crypto exchange that was originally started as BitX back in 2013. They were launched in South Africa but expanded their operations and now have their head office in London.

They cover a number of different regions which include South Africa, Europe, Nigeria and Indonesia.

Luno has not suffered any hacks or breaches in their 6 year history so they have that going for them at least. This is as a result of their cold storage policy together with multi signature hot wallets.

You also have 2FA on the user side that is able to protect against phishing.

Luno has a very limited coverage when it comes to the coins on offer. They only offer Bitcoin and Ethereum which is way less than all the other exchanges that offer at least 3.

Although they have these limited markets, they have still crossed these with the likes of the Nigerian Naira and the South African rand.

With respect to fees, Luno operates a maker taker fee model. This fee operates on a sliding scale based on the amount of volume that you have traded in the past 30 days as well as the currency pair that you are trading.

To compare these fees to those of other exchanges, they range from 0.25% to 1.0% which makes them quite a bit higher than the norm.

You will also have to deal with some other fees like withdrawal fees that are applied to the Fiat withdrawals.

Luno is also an exchange that requires full KYC of their traders. This means that if you want to lift the limits on the exchange you will have to complete their verification process. There are minimal verification accounts but these are very restrictive.

Luno also has a pretty standard customer support option that can be reached through either ticket support or through their customer support emails. There is no phone number unfortunately so you will not be able to give them a call.

There are two platforms on Luno. One is the simple buy / sell where you buy directly from Luno. Here you can buy your Bitcoin and Ethereum with a simple and quick order.

They also have an exchange order book but this is only for their Bitcoin markets. Unfortunately, this is not an option for Ethereum and you will have to buy Bitcoin first to trade against Ethereum.

There is reasonable liquidity on the exchange but the platform is really substandard. You can’t do any sort of charting, there are only basic orders and you cannot see market depth.

There is also a Luno mobile app for those of you who are on the go. Moreover, they have an API that can be used by the developers among you who want to code your own bots and algorithms.

In conclusion, a pretty average exchange that is a fiat gateway for some emerging markets. You can always get your Bitcoin on these exchanges and then move them to another offshore exchange if you want to buy some altcoins.

Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here