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Withdrawals attract commissions of up to $50 again, depending on the amount to be withdrawn.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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I have deposited rm500 on the 17/11/2017 . as at today nothing is shown in my account .My ticket number is # 252734.
Appreciate if your response team can take immediate action soonest possible.
I transferred RM10,000 to Luno the 14th November, with all the correct reference codes. Funds were confirmed transferred to Bitx Malaysia by my bank.
I issued ticket 248946 the 16th Nov. No reply, not even a mere acknowledgement.
I send an email to support@luno.com the 20th November. Still no answer. And still no money in my wallet. After 7 days! And of course no phone line to call.
Beyond the appalling customer service, I worry about the necessary reactivity when one want to trade efficiently.
Luno please take care of my case urgently. Thank you
Matter resolved today, after 8 days. Reason for delay is that my reference number was not in all the fields. I put it in the reference area, but not in the additional optional field. Sounds like bullshit excuse to me, I am a banking officer, and I never saw any client using such a story to delay acknowledgement of payment. But at least My money is not lost.
Hi , on the 15th I paid R5000 , then R2000 and then R1000 , total R8000 . Nothing showing in my account . From my capitec account . No1 is getting back to me .
Ticket number #249134
Please get back to me ASAP
Hi Donovan, was this issue resolved for you?
Luno don’t give reason why verification is rejected. And no customer email/phone. Very bad service! I have keeping sending my documents even AHV which was not stated for Europe/Switzerland. Are they bias or think foreigners living in Europe are All criminals. It’s being almost 2months they keep requesting to resend documents or we don’t provide service for what? What is alll this!!!!! I sure hope you guys read this!
Until now I am very happy with luno. EASY to use, and I do my trading a lot. Deposit fund no problem at all. Withdraw to send to my bank also no problem. I introduced Luno to my Singaporean friends, unfortunately why do nt have Sin $? Understand that Luno also can use in Singapore right?
I have problem with this luno wallet, I send out btc from luno wallet to another btc account and up till now it didn’t reflect on that particular account despite the fact that luno change me $8.16 sending fee alone still I didn’t see the btc I send out up till now so I think luno people are scammers and nothing more
Hey Luno,
My ticket is #238494. Why don’t you have any support phone or live chat for member to contact?
It takes decades to get your reply. We never heard reply from luno for my ticket swhich 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.
Hi Jason, we’re sorry to hear you haven’t been attended to yet 🙁 We can assure you that our support team will be able to assist you with your issue and your money is safe. The support team will look into it for you and somebody will be in touch as soon as possible. We’re working on improving these services so that we can off phone support and live chat in the future. Thanks for your patience and understanding.
Hi please will you help me! I bought 20 ether this morning but only 15 coins are reflecting in my wallet. Thus equates to R30 000 approximately. I have contacted the help centre but no response yet. My ticket number is 257779. I am very concerned but trust that this will be sorted out.
My ticket no is 277747 no reply in over 2 weeks
I’ve used LUNO now on a number of occassions and haven’t experienced any problems. Their platform is so user- friendly. I trust their service and will continue using it. They haven’t let me down yet.
Dear all
Has anyone withdrawn actual money from Luno to their own bank accounts? Large amounts?
Hi Willie, please let us know if there’s anything we can assist you with in terms of withdrawals?
Tried withdrawing some MYR since last week and until now still nothing
Hey Luno, please respond to ticket #230590. It’s been 8 days since I wrote in the support inbox and I haven’t even gotten a reply from help centre apart from an automated message!
Hi Adam, we’re very sorry to hear that you haven’t heard back from us 🙁 We will alert the support team about your ticket and somebody will be in touch. Again, apologies, and thanks for your patience.