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.
6.9
Score6.9
Score Android
Score iPhone
LocationLondon, England
CurrenciesEUR, IDR, MYR, ZAR, NGN
LanguagesEN, ID
Buy withEUR, IDR, MYR, ZAR, NGN
FeesMaker 0% - Taker 0.2%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketYes (The Exchange has Websocket support)
Mobile appYes (Exchange has a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)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.
ADVANTAGES OF LUNO
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 a dedicated mobile app, both for iOS and Android users. Many cryptocurrency exchanges do not have applications yet, some of the oldest exchanges operate only on web, so they are ahead of the game in this aspect.
- Luno Exchange has an innovative API for automatic trading.
- They have high security features, including 2FA (two factor authentication) for their users.
- The interface of their exchange and wallet, is both - easy to understand and user-friendly in nature. Newbies to the cryptocurrency market can get around it easily. There are no complex charts and graphs congesting the screen like many other trading websites.
- Unlike many exchanges that only accept their local fiat currencies, Luno has a multipurpose platform. It accepts a wide range of fiat currency, including EUR, ZAR, IDR, MYR and NGN.
- Luno has an instant buy/sell feature, which allows investors to get the price they intended to. However, there is a limit of minimum and maximum Bitcoins that you can buy. The limit varies according to the currency and payment method that you are using.
DISADVANTAGES OF LUNO
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 -
- The biggest downside is the high fees. Luno charges its users almost 1% in fees, which is 4 times more than the standard 0.25% charged by most exchanges like Bittrex, Binance etc. These high charges have lead people to criticize Luno on many public forums and give it a bad rating. So despite the high fees, some of the feedback online may be unjust.
- Another problem with Luno is that it only has Bitcoin and Ethereum for the time being. To buy any other cryptocurrency, you will have to create an account on another exchange that support the coins you want. Only supporting BTC and ETH does limit users. On the flip side of this however, is that this exchange could be seen in a similar way to localbitcoin, where people can use it to cash out of their positions quickly, ie - the instant transactions.
- Luno does not support mobile wallets like PayPal, Neteller etc. Therefore the only way users can buy Bitcoins is through bank transfers. Even Credit cards and debit cards are not accepted on the Luno exchange, again limiting the users.
Manuals for Luno
Security rating of Luno
“We’ve built some of the world’s most sophisticated Bitcoin security systems and have never been compromised”, explains the official website.
Review of Luno
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.
Mobile apps review of Luno
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:
- Access your bitcoin anytime, anywhere
- Send and receive bitcoin via QR codes, email, or your wallet address
- Purchase airtime for you or your friends (available in selected countries)
- Monitor the price fluctuations of bitcoin
- Trade on the Luno Exchange, including placing limit orders and viewing detailed charts
- Store your bitcoin securely with our advanced multisig and cold storage
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.
