Formerly known as BitX, Luno is one of the oldest Bitcoin exchanges in the World. The UK-based company was established in 2013 at a time when most people hadn’t heard of the digital currency and those who had were mostly not interested. With time, Luno has built a reputation for being one of the most reliable, safe and affordable Bitcoin exchanges in the World. Ironically, their market share remains relatively small and trading rarely exceeds half a million dollars. This could be because, for the longest time, Luno was only dealing with bitcoins, leaving out other currencies which might have brought it a bigger number of clients. As such, when the company changed their name from BitX to Luno, there was speculation that they were planning to introduce supporting services for other digital currencies in a bid to improve their market share. Whether that is true or not remains to be seen.
Update (November 9, 2017): Luno now also offers service for Ethereum, allowing their customers to buy, sell and store ETH.
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Trading Platforms
Luno supports a number of platforms which are all integrated to enable seamless cross-platform interaction. First, there is the web platform, accessed through the main web page and which requires no downloads whatsoever. For mobile users, the Luno mobile app is available at Google PlayStore and is tailored to make trading as safe, smooth and efficient as possible in mobile devices. WebSocket and API platforms are also supported and provide alternative ways to access the exchange system.
Transaction Charges and Commissions
Luno has some of the lowest rates in the industry. Basically, traders incur zero charges when sending or receiving BTC using their email addresses or phone numbers. When sending or receiving BTC through your Bitcoin address, a transaction fee of BTC 0.0002 applies. When it comes to purchases, the payable commission is dependent on whether you are a ‘taker’ or ‘giver.’ Takers are generally those traders who decrease the liquidity by buying Bitcoins. Givers, on the other hand are traders who increase the liquidity by offering Bitcoins for sale.
Transaction charges when funding your account depend on your geographic location and means of payment. Credit card payments attract a maximum 1.50% commission while bank transfers are free for most countries.
Withdrawals attract commissions of up to $50 again, depending on the amount to be withdrawn.
Luno Bitcoin Wallet
The Luno Bitcoin Wallet application for mobile devices makes it possible to buy bitcoin using a credit card. Currently in beta, this feature is only available in Canada, India and Europe. Other features include quickly buying and selling bitcoin, accessing your bitcoin account easily even when you’re away from your computer, and a lot more. You can even use the application to trade on the Luno Exchange. Instant buy/sell and the Luno Exchange are currently available in Indonesia, Nigeria, Singapore and South Africa, with more countries coming soon.
Regulation
As of now, Luno has no known licenses under any jurisdiction. This is probably because Bitcoins are not considered legal tender and governments are yet to develop regulatory frameworks. That said, the company complies with Know Your Customer and Anti Money Laundering standards to prevent money laundering and ensure that all transactions are secure.
Payment Method
You can fund your Luno account and/or buy BTC via bank transfer, international wire or credit card. Currencies supported include British Pound, Indonesian Rupiah, Malaysian Ringitt and the South African Rand.
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Customer support
Luno customer support can be reached by visiting the help page (luno.com/help) and filling out the inquiry form.
Local office addresses
1 Fore Street, London EC2Y 9DT
120 Robinson Road, Singapore 068913
De Waterkant, Cape Town 8001
Testimonials
We couldn’t find a lot of negative reviews about this bitcoin exchange. One reviewer from South Africa wrote that he has been “using Luno for a couple of months now and I must say I’m impressed. No delays in incoming/outgoing BTC or FIAT to ZAR. Verification checks were straight forward and no issues paying into Capitec.”
Unfortunately, the Bitcoin Wallet application received quite a few negative reviews on the Google Play website. For example, one reviewer said: “this luno is begining to look more and more like a scam.. first I can’t withdraw my money to my naira bank account now I can’t even send out BTC to another account.. what happened to BITX? Luno is a scam..”
Another reviewer writes: “This guy’s are scam there staff hacks into my account as soon as I received btc, my password, my pin n email where never tempered with, luno AR big thief’s it will never be well with you people.”
Now, Luno has taken time to reply to each of these comments, we’ll give them credit for that. But whether or not you should trust this company remains disputable. We dislike the fact that there’s no telephone number for customer support. And also in general we would not recommend doing business with a non-regulated company.
Luno Review Conclusion
We currently believe that while Luno may not be a scam, there are better Bitcoin exchanges out there.
If you traded with Luno, please leave a comment below detailing your experience with this bitcoin exchange. Once we have additional feedback about Luno, we will be able to reach a more definite conclusion regarding this company. For now, you’re welcome to visit our List of Bitcoin Exchanges for alternatives.
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FURIOUS, cannot speak to anyone, no phone numbers listed, who do you speak to for technical support.
While the site is a self help, there are times you need to speak to someone.
Very dodgy that no telephone numbers listed.
Very poor.
I was told you were connected to FNB in someway, calling there FOREX desk, this don’t know who LUNO is!!
I will advise the person that referred me to your company that I feel hopeless and will look for another avenue to invest.
Hey Lynette,
Sorry to hear about the issues there. We sadly don’t offer telephonic support at this time. But it’s easy to get us to help you. You’ll find a “contact us” button on all articles on our help site, you can also email support@luno.com or find our support resources/messaging feature inside the Luno wallet.
We’re not connected to FNB. We have a bank account with them, so if you’re making a ZAR deposit from your bank, you could make it to our FNB account and once your money shows up, you can use it to buy Bitcoin.
Please send us a support message if you’re stuck, using the links/resources above, and our Community Team will be happy to help out.
What is this new “specified amount contains fractional units” error I am receiving now that I want to sell my BTC? Please help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Hi Brandon, this was a technical issue which has now been resolved.
Hi LUNO,
I wonder why your BTC/MYR exchange rate is much different than current rates? For example in XE (1BTC = RM18,469). The exchange rate differences in other platforms are only within RM50-RM100 more or less.
While your current exchange rate is RM17,999. I have monitored your exchange rate in one to two weeks, it turns out that your difference with the others is about RM500-RM700.
I’m not happy with this. Need your explaination. Thanks
Hi Abuhasheem, this article on our blog will give you more insight: luno.com/blog/en/post/bitcoin-price-different-different-countries
Hi LUNO
Why don’t you have any support phone or live chat for member to contact?
Me and my wife had submit my support ticket (#203004 and #203008) and it takes decades to get your reply. We never heard reply from luno for my ticket since 20th September, which already 6 days and the count still going on. NO REPLY, NO FOLLOW UP, NO STATUS UPDATE. As a member who facing problem with my account, we feel very nervous and insecure. Does LUNO actually receive our ticket? Are they actually handling our case? Well, to LUNO it may just a support case, but to us, it is our hard earn money that lock in the account.
Lastly, we strongly suggest LUNO to implement live chat support or support phone to increase the efficiency to solve member problem. In the world of cryptocurrency, it changes every second, respond time is ultra important.
Thanks,
Tony
Hi Tony, sorry to hear this 🙁 Our team does their best to get through the ticket queue as quickly as possible, however, when we are experiencing high ticket volumes this can take longer than usual. We are currently working on improving these services. Our support team will make out bound calls if necessary. We send the ticket numbers to the team who will look into your issue. Thanks for your patience.
Dear Luno support, I transferred RM10,000 to Bitx Malaysia Sdn Bhd account on 23.18 20 Sep 2017. But until now I havent receive any credit in my account. I created a ticket #204431 about 9 hours ago but yet receive any response from support. Please look into this ticket #204431
It’s been 7 days, my issue remain unsolved/
Yet no response from support.
Issue been resolved
Luno just ruined my day. I just made a transaction of depositing 20, 000 Satoshi I spent days and night to earn, which I planned to use in paying my intuition fee but Luno took all 20,000 satoshi as a transaction levy? Comon guys, this is ridiculous. Luno of course u know what 20,000 satoshi is, when converted to Naira. Luno, this is my worst day ever.
Hey Abisoye – thanks for the message.
We certainly feel your pain and we also wish that sending and receiving Bitcoin could be free. Sadly, the reality is that Bitcoin has grown so much in popularity that more people are using it than the network can effectively handle. This has made Bitcoin slower and more expensive.
Note that we don’t make money or otherwise profit from charging network fees; they simply cover the Bitcoin mining fees and is standard among most Bitcoin platforms. You can learn more about those fees here: luno.com/blog/en/post/bitcoin-network-fees
Sorry about your loss of 0.0002 BTC (currently around $0.76 USD). Note that sending and receiving to another Luno account holder’s email address or phone number remains free of charge and happens instantly.
Respectfully, Werner at Luno.
Now for Malaysia example i withdraw by 13 September when i can get my fund transfer from wallet to my bank account?
Hi Luno, I have make a withdrawal since 9th till today 11th still not receive my money. The status show pending and the date of the withdrawal keep changing and delay. May I know what is the reason of the delay, thanks.
Support ticket: #198763 , #199012
Hi Terry, our Malaysian bank has a known issue, and we’ve already identified the problem — it should be resolved by Wednesday. You can follow the progress on our status page: luno.statuspage.io
Hi Luno,
I facing the same problem with Terry. WITHDRAWAL STUCK.
It is 13th September now but withdrawal is yet to processed.
We start to worry. Hope you can deliver your promise by solving the issue by 13th September as it greatly affect the confidence of member towards luno. Last year bitx account issue in Malaysia still haunted us. If it happen again, I think the world will totally losing faith to you and your team ( it doesn’t matter how many times you change your company name.)
Let’s keep finger crossed.
Regards,
Tony
Hi Tony,
Due to a technical issue, withdrawals from Luno to MYR bank accounts are delayed. We’ve identified the issue and we’re working with our bank to resolve it. It doesn’t affect deposits or Bitcoin transactions: only MYR withdrawals.
We are really sorry about the delay and we appreciate your patience. You can monitor the progress on our status page: luno.statuspage.io/incidents/7jby04f230mz
Thanks.
Hi Luno,
Appreciated that Luno fix the Malaysian bank account issue last week. But now I have another very serious issue. I have submit the ticket, ticket ID #203008. I prefer solve this issue privately with Luno. But the issue is super urgent to me. I hope Luno can look in to the ticket asap and help me resolve it.
Thanks a lot.
Finally my withdrawel arrive to my bank after 1 weeks of waiting. Good service and reliable platform. Thanks for your hard work in resolving the issue.
hello i would like to know why is your price currently 63,923 ZAR for 1BC and its only worth 58795.35 ZAR? where does the extra money come from ?
do you take a cut or what
Hey Nicholas – that’s a pretty common question. In short, we don’t set the price of Bitcoin, we’re just a platform connecting buyers and sellers (the same way that Gumtree/Craigslist/OLX doesn’t set the price of used furniture). Here’s a detailed article on the price.
LUNO.com SUCKS!!! It’s soo hiden and so buggy! So hard to understand what compnay this is. They have ANY licence!!!!! SO how they can get my personal data -my passport, my money from bank. They keep our wallets with MILLION of dollars and nobody regulates them!!! Their BTC price always SUPER bad. Always SUPER slow to update to real value. DO NOT USE IT!
Hey Tomas. Judging by those all caps and multiple exclamation marks I can tell that you’re upset. Sorry if we let you down. Maybe I can provide some context (or invite you to give a detailed description)?
1. “It’s soo hiden and so buggy! So hard to understand what compnay this is. ”
We try to be very clear what Luno is: a place for you to easily buy, sell and learn about Bitcoin. We state so everywhere on our site (and products), but I’ll share your feedback with the team and see where we can improve
2. “They have ANY licence!!!!! SO how they can get my personal data -my passport, my money from bank. They keep our wallets with MILLION of dollars and nobody regulates them!!!”
Please note that Bitcoin is not currently regulated (in most countries in the world). We do, however, take a proactive self-regulatory approach, in line with existing, regulated financial firms. This is why we request personal information: to make sure that we keep the bad guys out and that we play by the rules of regulated industries. You can see more about our compliance measures here: luno.com/en/legal/compliance.
3. “Their BTC price always SUPER bad. Always SUPER slow to update to real value. ”
Note that the price of Bitcoin is not determined by Luno, but by the market of buyers and sellers (supply and demand). The same way that your local classifieds site (OLX, Gumtree, Locanto, Craigslist etc.) connects buyers with sellers (and doesn’t set the price of the goods those buyers and sellers buy or sell), Luno is simply a platform that allows you to buy and sell at the current market price, as determined by supply and demand (not by the platform). Our price updates in real-time, however.
All the best.