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Withdrawals attract commissions of up to $50 again, depending on the amount to be withdrawn.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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My wife opened up an account a few months back. It started well. No complaints untill a few weeks back when 0.03 btc simply ‘vsnished’. I had sended her the btc into her account. After more then 700 confirmations her account only showed ‘pending’. She resides in the USA I in Europe but I will join her in a few weeks.
Because of this I opened an account as well. Leveled it up. Made a transfer so far so good until I asked helpdesk where the so called ‘pending’ transaction was. I was a lucky customer I received a reply. My wife was unlucky her account became ‘suspicious’.
Ater several contacts and repeated sending the transaction ID I received word she finally had received the btc. While I read the message she called me upset and in any state. Luno had blocked her account! I inmediate sended a message and received a call. If I was aware that my wife is a Nigerian Scammer trading in Nigeria in Lagos!!!!!!!
I can asure you that the USA is not even near Nigeria!. I had to answer several Questions and send in proof which I dit. But instead of answering any question they just blocked my account as well. No notice, no message. The phonenumber is blocked and the btc? Well gone.
After doing a short google search I noticed the number of bad reviews and scam notifications increased intensly over a period of 6 weeks.
My conclussion? Its a scam stay away from it
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To Signup as a Luno Investor please visit our Investment page here: luno-invest.com
I have only had really good service from Luno. It is my preferred platform for BTC trading.
I have deposited a few times, and also withdrew money. I have not had any problems with Capitec Bank South Africa yet, and I am entirely satisfied with Luno.
The nice thing is when you give your code as a refferal to someone and as soon as they have traded more than R500 they recieve R10 free bitcoin.
My referral code: ZVJRD
Feel free to use it any time.
Selling BTC at liviacoins is easy and reliable.
Actually, LiviaCoins seems to be a SCAM!
I like the Luno exchange – it’s easy to use and I have had no issues with transactions thus far. Recently when BTC took a nose dive, the robustness of the exchange was tested but it held up reasonably well.
I would like to see more features added to the graphical displays like is available on Bitstamp, Coinbase etc. but I guess that these features must be on the cards for implementation in 2018 as the site is growing.
Also – Luno please review your taker fees structure in line with current BTC pricing. Do that and this site will grow exponentially.
About the ‘premium’ on this site, this ‘premium’ exists on both sides of the equation. One might buy at a higher price but one also sells at a same premium.
**** 4 stars for you.
Dear Luno,
i am having trouble withdrawing money to my Malaysia maybank account since mid of December , there is a alert saying you guys a facing a trouble for withdrawal and deposit from maybank , but i have tried withdrawing to another bank in Malaysia such as CIMB or HSBC also there deposit keep pending for almost 10 days now , i wanted to know the way forward on this , the last update from luno team was on 28th dec 2017 , since then there is no updates on the page about the withdrawal issue , and i have seen there the response from ticket is a automated response , with a such profile company operating in many counties i don’t expect such a low follow up on a issue that put the customer nerve on a knife , its a about money issue , pls guys , wake up and make a response , you guys having bunch of people and your salary is been payed from customer transaction , but when we need in your service , you guys are neglecting , what going on ?? I need know the updates on my withdrawal money
Hi Luno,
I have having trouble withdrawing money to my Public bank account since mid of December, and the withdrawing keep pending almost 17 days, please help me to take a look on it thanks you.
hai, I got solution for your all, I am from malaysian to…let me tell you my experience…
1. I bought bitcoin for usd 2.45 and transfer it into dogecoin from Luno bitcoin to dogecoin at freewallet.org ,after sometimes it goes 0.02 perbit dogecoin (total amount up to usd33.17), then problems come..cannot buy bitcoin back to luno because of some reason…so after 2 hours finding some solution ,then I went to ATM machine to withdraw the invested money…hahaha I got my rm 120.00 from rm 10.00 investment after selling the dogecoin.. visit this blog..tinambakagri.blogspot.my to try my solution
LUNO is beginning to behave like a scam. I have similar problem withdrawing my money just like you. Looking at all these post means mine is not an isolated case. Same message appears on their website and it’s always “tomorrow” I am starting to spread word all over other platforms to warn others. Share as much as possible.
Luno is scammer. I never received my money back. Keep pending.
I lost $3000 earlier this year. I tried to transfer currency from another platform to Luno. The transfer was successful but after days of waiting and enquiring as to why it is not showing up in the Luno account, Luno came back to us saying it has been lost and it is not retrievable. We demanded that a technical person or management contact us as we could not just let it go. But the customer service guy just kept saying sorry for your loss. They don’t list contact numbers anywhere and I don’t know what else to do. Worst experience ever.
Interestingly my Mum deposited money into her account in early December and it still doesn’t show as a deposit yet twenty ish days on, I however deposited money and missed the correct ref number but alerted them to this and it was picked up and it reflected as a deposit, maybe it was a five day wait, but Mum has raised three support tickets and had nothing back for a response.
Trying to withdraw my money from my luno account in Malaysia. Been few days, all I get is standard response of technical problem. What I don’t understand is I don’t have problem depositing money into anybody’s bank account.
Totally scam, just know to auto resolve your case and ask u wait and wait. So you need to reque again and again. Case can’t settle eventhough a month already. Scam! Scam! Scam!
Reggie has your case been resolved yet? Mum EFT’d her money on 12 december and now 8th jan it’s still not reflecting as a deposit in her wallet : o