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Cryptocurrency exchanges are online platforms where users can buy and sell cryptocurrency easily, and the Luno crypto exchange is one such exchange. Crypto exchanges have grown in popularity and there have been numerous exchanges created. However, in this article, we will be taking a deep dive into Luno Crypto Exchange and give a full review of Luno Crypto Exchange.  

What is Luno Crypto Exchange? 

Luno Crypto Exchange is a popular crypto exchange and wallet provider that was formerly known as Bitx before rebranding to the new name, “Luno Crypto Exchange”. The change of name was effected in 2017 when the company announced it would be rebranding from Bitx to Luno Crypto exchange, with Luno meaning Moon. 

The Luno Crypto exchange, then known as Bitx, was launched in 2013 in Singapore. It has, however, expanded its operations to over 44 countries in the world. Luno Crypto exchange has experienced unexpected growth after the rebranding, stretching its operations to other countries, with offices in countries such as Cape Town, Australia, Nigeria, Singapore, and London. 

Luno crypto exchange also has a large network of users on the platform, with over 7 million active users and raising over 13 billion dollars in grants and funding from big-name companies such as Digital Currency Group and Venture Capital based in the United Kingdom. 

Key takeaways 

  • Luno crypto exchange was founded in 2013, then known as Bitx, and has its headquarters in Singapore. 
  • Luno is supported in over 40 countries and supports fiat currencies like EUR, IDR, MYR, NGN, and ZAR.
  • Listed currencies on the Luno crypto exchange include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) 
  • Minimum deposit is $10. 

How does Luno crypto exchange work? 

Luno Crypto Exchange offers a range of services similar to Coinbase. However, its user reach extends to even countries where Coinbase is non-operational. In simple terms, Luno Crypto Exchange is a trading platform that connects traders to a range of trading services and tools. 

Luno Crypto Exchange is most popular for the wide range of local fiat currencies supported on the platform, as compared to other crypto exchanges. 

Luno Crypto Exchange offers a range of services and esteemed features such as quick trade, quick deposit & withdrawal, direct bank account transfer, simple trading, price alert, etc

Generally, the Luno crypto exchange allows for the exchange of bitcoin with 5 major local fiat currencies. They include:

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

Additionally, it deals in ETH (Ethereum) and provides the market price through Luno Brokerage Services. The brokerage solution also makes it simple to buy and sell cryptocurrencies (such as Bitcoin and ETH) quickly and at the price agreed upon. 

You can quickly open business accounts on Luno to accept cryptocurrency payments from other customers.

Customers can also use the account to trade, buy, and sell cryptocurrency.

Luno crypto wallet

The Luno crypto wallet is a wallet where users can store cryptocurrencies such as bitcoin, Ethereum, Ripple, etc., and it also has a fiat wallet where the local fiat currencies such as ZMW, MYR, ZAR, NGN, EUR, IDR can be stored or used later to buy or sell cryptos on the platform. 

Luno crypto wallet, however, has a variety of different wallets which have different perks attached. 

Luno Savings Wallet 

Traders can deposit USDC, ETH, and Bitcoin on the exchange and earn 4% interest per year using the Luno Savings wallet.

The procedure begins with the creation of a Luno savings account and the transfer of coins. 

The coins are distributed to Luno’s dependable lending partner. Individual loans are formed by the partner with third parties. On the first of every month, the special interest is deposited into users’ savings wallets. Users have three options to choose from:

  • A USDC Savings wallet generating 7.6% interest.
  • An ETH Savings wallet generating 4% interest.
  • A BTC Savings wallet generating 4% interest.

Other cryptocurrencies can also be transferred at any time without incurring any Luno fees. Although the transfer may take 1 to 7 business days to complete at times, its service portfolio also includes Luno’s app and Luno’s mobile wallet. 

Luna Mobile Wallet 

Luno’s mobile wallet is the mobile version of the company’s original and is rated as one of the best crypto wallets. 

Also read: https://cryptowhat.com/best-cryptocurrency-wallet-software/

The mobile wallet is compatible with both Android and iOS devices and is frequently ranked among the top crypto wallets on the web. It makes trading and investing more convenient by allowing traders and investors to trade from anywhere at any time. 

Here is a quick rundown of the services provided by the mobile wallet:

Features of Luno Mobile Wallet 

  • There are several cryptocurrencies on offer (Ethereum, Ripple, USDC, Bitcoin, and Litecoin)
  • A straightforward user interface
  • Securely store cryptocurrency.
  • Allows for price alerts and advanced charting.
  • Faultless trading experience.
  • Deposits and withdrawals are processed quickly.

Complete Luno Crypto Review 

Luno Business 

For businesses with significant spending caps, there is a Luno business account. It is designed for companies that have goals beyond just using the Bitcoin trading service. The account’s main target market includes entities like miners, financial institutions, startups in the cryptocurrency industry, trading companies, etc.

Advantages of Luno Crypto Exchange

User-friendly interface

Luno Crypto Exchange makes crypto trading simple and accessible. Luno Crypto Exchange has a user-friendly web platform and mobile app, so if you’re new to cryptocurrency, it’s an excellent choice. 

Signing up and verifying your identity takes only a few minutes. After that, you simply deposit funds using one of the accepted payment methods and purchase cryptocurrency.

Low trading fees

Luno’s trading fees are comparable to those of the best cryptocurrency exchanges. Maker-taker fees begin at 0% and 0.10% and can be reduced for investors with high monthly trading volume. There aren’t many platforms that can compete with 0.1 percent or lower crypto trading fees.

Secure Storage 

Security is critical for any cryptocurrency exchange, and Luno Crypto Exchange excels in this area. For the majority of customer funds, it employs “deep-freeze” crypto storage. This crypto’s keys are encrypted and stored in bank vaults inside safe deposit boxes. Luno keeps a small portion of its cryptocurrency in a combination of cold wallets and hot wallets.

Related: https://cryptowhat.com/is-it-safe-to-leave-crypto-on-an-exchange/

Disadvantages of Luno Crypto Wallet

Luno Crypto Exchange unavailable for US residents. 

Sadly, Luno is not available in the United States. This is a significant disadvantage because it excludes a large number of potential customers. It’d be great to see Luno launch a platform in the United States, even if it doesn’t have all of the same features. Multiple international cryptocurrency exchanges, including Binance and FTX, have done so in order to reach a larger audience.

Limited Choice of Cryptocurrencies Available 

Luno offers only six cryptocurrencies for purchase and sale, which pales in comparison to many of its competitors. This is intentional, as Luno’s philosophy is to thoroughly vet cryptocurrencies before adding them to the platform. Regardless, it’s a significant disadvantage.

If you’re just looking for a place to buy Bitcoin and possibly a few other major coins, Luno will suffice. However, if you’re looking for a diverse portfolio of cryptocurrencies, Luno’s limited selection may be an issue.

Trading fees

The taker trading fee on Luno is 0.10 percent. This cost is comparable to, or even a little less than, the average for the entire industry. However, the trading fee for makers that Luno offers is even more appealing. 

For makers, the Luno crypto exchange charges nothing or 0.00 percent. Because those who place new orders on the exchange are rewarded by not having to pay any trading fees, this fee structure encourages liquidity at the exchange. 

This is a significant competitive advantage in the market and is especially helpful for investors who prefer to “go fishing” with maker-orders rather than pick up existing orders from the order book.

Luno also provides trading fee discounts to customers who have met a certain trading volume in the previous 30 calendar days. There are eight different tiers, with the highest tier charging only 0.03 percent in taker fees. The highest tier (tier 8) requires you to have traded for more than USD 20.75 million in the previous 30 days. 

Is Luno Crypto Exchange safe? 

Operations with cryptocurrencies are high-risk, and users are often advised to take caution while operating with them. This is because the cryptocurrency markets are highly volatile since they’re unregulated, and this volatility can lead to grave losses that the crypto exchanges may not be in a position to control. 

Most governments do not support cryptocurrencies because most nations do not permit them. However, the Central Bank of Malaysia is in charge of regulating the Luno crypto exchange, though.

The Central Bank of Malaysia, which serves as the reporting authority for cryptocurrencies, has the Luno Crypto Exchange on file. 

After learning about its legal requirements, every trader naturally has questions like “Is Luno safe?” and “Is Luno legit?” Still, “yes” will be the response. Luno Crypto Exchange is still a secure trading platform even without the support of a conventional regulatory system.

Despite not being a regulated exchange, Luno Crypto Exchange still provides a bank-level level of security. Private keys belonging to customers are kept safely in the deep freezer. No one has the authorization to access more than one safety deposit box, and each key is stored in a separate box in the bank vault. 

Furthermore, it is secure to use thanks to features like two-factor authentication, encrypted private keys, hot wallets, multi-signature keys, etc.

How to withdraw from Luno Crypto Exchange to a bank account 

You might want to transfer local currency from the Luno Crypto exchange to your bank account after selling cryptocurrency. The withdrawal procedure has been streamlined. 

To request a withdrawal from your Luno wallet, users have to ensure their identity has been confirmed and their bank account is connected.

Users can accomplish this using their desktop or mobile web browser as well as the Luno app.

Here’s how to use the app to do it:

  • Start the Luno app, sign in, and select Wallets from the menu.
  • In your local currency wallet, select Withdraw.
  • You will be prompted to link your bank account if you haven’t already if you haven’t provided your bank account information.
  • Enter the withdrawal amount you want to make.
  • Choose a bank account. For your records, you can include an optional note here.
  • Enter your Luno app PIN and you’re done.

How to buy crypto on the Luno Crypto exchange 

Step 1 – Sign up or Sign in to the official Luno website. 

Visit the Luno site and select the “sign up” or “sign-in” option on the official website after arriving there. Select the former and the blockchain networks to start a new account. If you already have an account, figure out the costs for the latter.

Step 2 – ID Verification 

These exchanges offer a variety of options for account verification at different levels. Traders will be subject to deposit and withdrawal limitations based on the level of ID verification. You are unable to deposit if you do not own the first-level account.

Step 3 – Add money into the account 

Traders can now deposit funds into their accounts. As previously stated, the deposit amount is entirely determined by the verification level and region.

Step 4 – Buy Cryptos 

You can now begin purchasing cryptocurrency as you see fit.

Conclusion 

With each new development in the blockchain and cryptocurrency industry, there are hundreds of new crypto exchanges created. However, Luno Crypto exchange has been able to maintain its reputation as one of the oldest and most reliable crypto exchanges in the world, having been created in 2013.

Luno Crypto exchange has managed to develop a distinctive identity as it is accessible in 44 nations, supports multiple cryptocurrencies, and supports less well-known fiat currencies. 

Along with its sporadic malfunctions when users withdraw cryptocurrency, its lack of email support harms its reputation in the industry. It has managed to rank among the best digital currency exchange platforms thanks to features like instant buy-sell, bank account transfers, and business accounts. Every charge is based on user information, such as the type of payment used, the overall amount, the cryptocurrency selected, etc.

You can also read: https://cryptowhat.com/uphold-review/

CryptoWhat
CryptoWhat was created in 2015 and has become one of the most trusted and well-respected sources of information on all things crypto. The blog's authors are dedicated to providing clear, concise, and jargon-free explanations of this complex technology, so that everyone can understand it.
By: Patrick Moore
By: Patrick Moore

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