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Withdrawals attract commissions of up to $50 again, depending on the amount to be withdrawn.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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Not sure is it scam or not but I withdraw money to my local bank from 7 December until now not yet been reflected yet. I open ticket at help center #290546 on December 8 no single reply and it auto make as resolve on 14 December. Also also ticket number #301073 also no single reply. While my few thunsand ringgits money just gone like that. I feel like I am being cheated. I don’t know any other of you guys got the same issue like me?
I have the exact same problem. Nedbank to Fnb.
Yes, they do not reply to any support tickets
I’ve been using Luno for a couple of months now and it’s worked brilliantly for me. I’ve bought Bitcoin and Ethereum instantly and through their exchange platform; paid someone in bitcoin; sold bitcoin on the exchange and had the money transferred back into my bank account in less that 24 hours.
In conclusion, i find the platform super easy to use. I’ve had no issues and I’ve learnt a lot through their step-by-step instructions.
It was the easiest way for me to enter the cryptocurrency market. At the same time of joining luno- I also tried to register on the other recommended South African platform and that wasn’t a smooth process for me at all!
I’m completely satisfied with my luno experience.
Thanks so much for the feedback, Caryn! We’re delighted to have you as a customer.
Team Luno
It is funny to see how quickly you respond to someone writing something positive about you, wish you would do the same to people not getting any response from you.
Yes you should be delighted, but that should be about every client. Clients are hard to come by, in your case they are falling into your lap. This will pass and with the service we get at this moment, you might be begging people to use your service in future.
So should you be happy about every customer and not only about those who have a positive experience.
You are the problem of the complaints, negative reviews and reports from your clients.
With this kind of support you won’t be in business for long.
Luno, number one scammers
Transferred money to luno direct bank transfer two weeks ago Bitcoin still not in my wallet and had zero reply from two emails and a ticket I opened with them. Awful customer service and long transfer times of Bitcoin. Seems like they are holding money and not giving people the bitcoins.
Luno sucks to the max i swear. If i have gotten into this fucking website earlier i wouldnt have choose to use LUNO . Bullshits website where depositing money instantaneously into their fucking account need to take fucking long to verify. Dont do business if you dont have the manpower and self claimed efficient depositing and withdrawing team. Bullshit!
Same here. Transfered btc to my Luno wallet 3 days ago…. Still waiting for it to reflect. Waste of time!
two times, bitcoins I’ve transfered to my luno wallet didn’t reach to my luno account, and there are lost,the third time,yes..i made it,but when I convert it to myr n withdraw it to my account..the status is pending,and the date when I should receive it kept changing..until now,from where I see it, luno is a big big scam..go to hell luno and all of your team..pls die ASAP
Hi Luno,
money still not transfer in my account.
i have raise another ticket #281113
for the issue, please help me too…
thanks you luno support!
Hi am not happy with Luno I withdraw money from my wallet the it did not go to my bank account the back said they can not see nothing . Am from South africa and my Email Is Kingmusa 5(at)gmail.com
It seems that there is a minimum to sell/send bitcoins with luno. I tried Lino for a few days and now I will send bitcoin to another wallet but thuis is moet possible.
Sometimes he asks to deposit money before send OR sell. Why?
hey luno..im cant do anything with my wallet..cant sell or buy eth n btc..already submit ticket to your support..but no feedback at all..
Me too.
danny
Luno Account Compromised
I opened an account with Luno last month and all was well.
However, this morning I received an email from Luno (7:55am Malaysia time) stating that “You have created an API key linked to your Luno account”
But I did not create this API and this is the first time I heard of API.
Then at 7:56am, I received an email from Luno that I had transferred all my BTC to another address and at 8:01am I received another email from Luno that I had transferred somemore BTC (apparently cash available in my wallet is used to purchase BTC and transferred out).
I sent a report to support@luno.com as I cannot find a Luno telephone number to call to.
I considered this as SERIOUS but support@luno.com replied that it may take upto 4 working days to respond to my message and assign a Ticket Reference Number to me (#280372).
QUESTION :
1)Why was an API created and linked to my Luno account without my knowledge?
2)I have “two-factor authentication” enabled and how come my account can be compromised?
3)Should I file a Police Report with my local Police station?
Any advice you you can give is most appreciated.
Thank you
danny
my transaction is pending transaction more than 12 hours. what is going on this trading platform??
Ticket no 277747 still no access to luno or money . Blocked for two weeks now. No reply from helpdesk at all
I keep getting this message when I tried to buy Ethereum. “Cannot Convert Currency at the moment.” Uno customer service sucks. Emailed many times but no reply. I am thinking of pulling all my fund out. My guts tell me its scam.
Absolute nightmare do deal with. Initiated a withdrawal last week and it still haven’t arrived in my account. Support ticket not replied. Basically after they received your money they just forgets about you. Replying is slow, no live support, no phone number to dial. Imagine this, you have withdrawal 10K RM worth of bitcoin and it did not arrive in your bank and you have no means of contacting Luno.com leaving you with sleepless nights. So do yourself a favour. AVOID THEM AT ALL COST AND SPARE YOUR SLEEP!!!
I agree fully have the same problem. No support from Luno, My account is locked due to them needing to verify it. Absolutely no response for weeks now. AVOID LUNO AT ALL COST !!!!!
I agree totally. Feeling edgy.