Luno, formerly BitX, is a cryptocurrency exchange known for its high fees on transactions and trading. Re-branded recently (in 2017), Luno started as BitX back in 2013. BitX had no regulation however Luno has acquired a FCA (Financial Conduct Authority) license, given in the UK. They are operating in London, and are slowly expanding their operations into Europe as well.
The online reviews of Luno show a mixed response. In this review we will try to separate the black from the white and focus on presenting facts about this cryptocurrency exchange.
BitX started in 2013 by Marcus Swanepoel who was the co-founder and CEO of the company. They raised a huge amount from venture capital firms led by Naspers, Digital Currency Group and later followed by Venturra in 2015. So far they have earned around $14 million in four rounds of funding. In 2017, when they found the need to change, they re-branded BitX to Luno.
They offer mobile applications for both iOS and Android, and also have API bots that are equipped with automatic trading features. Luno kicked off with a fresh approach and plenty of enthusiasm, but eventually the enthusiasm slowed, with users complaining frequently on the network. Luno is only a Bitcoin and Ethereum exchange, meaning you will not find any other cryptocurrencies on the platform. You can however, purchase Bitcoin or Ethereum by using government issued fiat currencies. Luno is fully operational in many countries including - UK, Nigeria, Singapore, Malaysia, South Africa etc. In total they span over almost 40 countries.
They also offer wallet services to their users, who can utilize a Luno wallet to store both Bitcoin and Ethereum, but for security reasons, we always advise against storing your coins on exchange platforms and instead have them in a cold wallet offline. As Luno is fairly new in game, it has not been hacked so far, but that does not mean the website is completely secure or bulletproof, it just means it hasn't been hit yet.
Luno is not blessed with having the best online reviews from its users, but there still are many upsides and advantages that this website boasts. Some of them are -
Luno has its fair share of downsides too, and it gets scrutinized and criticized fairly regularly in online forums and social media. Let us have a look at the loopholes in Luno.com -
“We’ve built some of the world’s most sophisticated Bitcoin security systems and have never been compromised”, explains the official website.
Luno has a clean and eye-pleasing user interface, but when you are operating as a cryptocurrency exchange, moving around millions of dollars worth of cryptocurrency, you need a lot more than just a clean interface. They need to work on their support, and reduce the fees they charge users.
Moreover, if they can bring some more cryptocurrencies onto their platform, it would be great for the users who want to invest in ICOs, altcoins and other crypto-assets. They must also look into providing an option of credit card and debit card deposits to their users, this will increase their user-base for sure. With these changes implemented, Luno has a lot of scope to expand in future.
If you want to trade bitcoin with your mobile device, then you may want to download Luno’s apps, which are available for free for Android and iOS. The app is very well-designed and comes with a sleek UI. As far as I can tell, it has all the same functionality as the desktop exchange client.
If you want to access a lot of charts and data, then you may find yourself scrolling through the app more than you would in the browser client. However, it still makes trading very easy.
The Luno Bitcoin Wallet apps have an average rating of 4.0 stars or above on both app stores. You can setup an account and start trading bitcoin from within the Luno Bitcoin Wallet app. You never need to open your browser. Here’s the step-by-step process using the app:
Step 1) Sign up through the app and complete the verification process
Step 2) Transfer money to your Luno account using a bank transfer or credit card
Step 3) Convert your local currency to bitcoin with Luno Instant Buy
Some of the key features of the Luno mobile app on both iOS and Android include:
Right now, instant buy/sell is available in Indonesia, Malaysia, Nigeria, and South Africa. The company plans to add more countries in the future. As mentioned above, Luno is particularly popular among residents of these countries.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|