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Withdrawals attract commissions of up to $50 again, depending on the amount to be withdrawn.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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Hi There. recently opened a Luno wallet to transfer BTC to another account. After three attempts with different email addresses, eventually managed to go through the process, albeit the BTC price had gone through the roof.
So far the transaction process has been quick and efficient but it is a bit disappointing that there are no contact details if you have a problem…(eg: trying to open an account!)
The platform is easy to use and straightforward.
My only concern (apart from the battle to open an account) is the apparent difference between the Luno exchange rate when depositing (ie: live) and the live exchange rate using the XE currency converter. In the same currency to BTC the difference was 10-11% which seems rather large. Would appreciate an explanation for this…but of course there is nobody you contact or email!!
Hi David, sorry to hear you’ve been battling to contact us. You can contact our support team by submitting an email ticket via this link: luno.com/help/en/tickets/new. We’d like to know the issues you experienced with creating your account. If you don’t mind, please would you mail our support team with the issues you experienced – we’d love to hear your feedback so that we can work on improving this process.
Regarding your question about the price, the price of BTC or ETH isn’t set by Luno (or any platform), but instead by buyers and sellers, by supply and demand. Luno is a platform that connects demand (people who want to buy digital currency) and supply (people who want to sell digital currency). There is no standard or “global” price: it simply costs as much as someone is willing to pay for it. Since it is a new currency (and a lot happening in a short amount of time) the price can fluctuate up and down a lot in a short amount of time.
You may sometimes see that the price of Ethereum or Bitcoin appears to be slightly (or very) different on different platforms (or the price you might see on Google). We wrote an article to explain this in detail, here: luno.com/blog/en/post/bitcoin-price-different-different-countries.
Luno and everyone,
Hi all, anyone have problem with withdrawal due to name mismatch? For example,
Name as per ID/Passport: Lee Ah Seng
When u full in details in Luno or any exchange, it’s gonna be given field to input:
First Name/Given Name: Ah Seng
Family name/Last name/surname: Lee
That is the way name is given and written at least in some countries.
So in Luno account it will show Ah Seng Lee instead of Lee Ah Seng as per ID/passport. Will this be a problem? Or it’s accepted??
Hi Bricks, if the reference number is correct, it shouldn’t be a problem.
Dear Luno
Can I visit your office in Cape Town please?
Kind Regards
Hi Willie, at the moment we provide digital support only. For security reasons, we can’t allow customers at our offices, however, we are working on improving these services and will hopefully be able to provide this type of support soon. Do you have a ticket number we can look into?
Hi, plz follow up this case #234944 immediately…
I was sent by misstake… hope to get response soon, tq
Hi there, we’ll look into this for you.
Deposited to my Luno acc on 2 Nov 17 RM10,100 but till now not appeared in my Luno acc. Email to support 3 times – my first ticket #233067- asking Luno to expedite the deposit. Hope, to see this deposit appear soon. I will take all necessary steps, to get my deposit money still not in my Luno account.
I have done the deposit before this and no problem encountered.
Pls expedite Mr Luno- Bitx Malaysia – failiing to do so, will proceed with police report and submitted to my bank for investigation and get back the money.
Luno- if your company want to grow- one of the criteria you should seriously action, is providing effective /efficient support team.
This transaction ie from my bank to Luno- all required – Reference no- done. With no mistake. But wondering why Luno is delaying
This important action their customers.
Hope to get the response soon. Tq
Wow looks like they ripping people off, fraud guys, keep you money and run.
Hi there, we’re sorry to hear you’ve been having issues. Firstly, thank you for your patience. We will get the support team to investigate and somebody will be in touch with you ASAP. Again, apologies for the delay.
Dear Syed Rossedi,
Did you get credited into your account? Their customer service is so bad that there is no reply at all. Can you advice what can i do if there is still no reply from them?
Hi Jason, as mentioned, please share your ticket number so that we can look into your issue. Again, thanks for your patience.
I have an issue on deposit and until today it’s been 5 days without any response or reply. Deposited 11k still not reflected. Could someone please respond to my issue? Ticket number #228537. While waiting bitcoin already went up over the past few days.
Hi 🙂 Thanks for alerting us. We’ll get the team to investigate for you. Somebody will be in touch.
I deposited today, emailed them the POP and an hour later my deposit reflects
How do I cancel my wallet?
Wonder how long before they respond, kind of suspicious that there is no telephone number.
Hi there, please get in touch with our support team via support@luno.com and they will assist you with this. Thanks!
I had a Bix x wallet on my android and just received a text message stating my luno password has been updated and I didn’t initiate it..and I just checked my wallet and it now shows no balance..Wtf?
Rick
Hi Rick, thanks for alerting us. Sorry to hear you’re having issues. Do you have a ticket number you can share with us so that we can look into this for you?
hi , can ur team plz check #223178 ? both of this payment made on wednesday but it still doesnt credit to my id. thanks
Hi Wong, thanks for alerting us. We’ll look into this for you and somebody will be in touch.
I’ve used Luno for a few months and I’ve never had an issue with it. Why? Because I read their terms and condition like any normal, rational individual would when it comes to matters that involve large amounts of money. Also, impressive customer service Luno. Keep it up.
Hi Alvin, thanks for the positive feedback!