Luno Crypto broker review: Is Luno worth the risk?
Luno presents itself as a sophisticated secure crypto trader, wielding its iconic “Hot wallet” enabling multi-signature e-wallet technology to evade online attacks. Luno’s process revolves around major cryptocurrencies like Bitcoin and Ethereum and wishes to further the cryptocurrency exchange trade throughout the developing countries. One of their primary features is providing exchange services in countries where traders usually avoid to venture. Their user base comprises four million people spread across forty nations. This review delves into the various facets of trading services provided by Luno and whether investing in it is trustworthy.
About Luno
Luno is a UK based broker/exchange offering cryptocoins and digital asset brokerage services along with e-wallet solutions. The firm was initially named as BitX and revamped itself recently; their offices are based across Singapore (incorporated), Cape Town, and London.
Luno is involved in a diverse range of cryptocurrency-related services like providing a bitcoin wallet along with extending API for developers. They also have robust cryptocurrency solutions targeting entities like miners and startups by enabling crypto transactions. They let the trading account through a simple dashboard.
What can you trade with Luno?
Luno supports a range of cryptocurrencies; some of the popular are listed below;
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
Luno supports the following list of major fiat currencies:
- EUR
- NGN
- IDR
Luno brings centralized trading allowing both Fiat-to-Crypto and vice versa transfer. The prime feature is the acceptance of fiat currencies from Africa and South-east countries that misses from other exchanges. Trading is a fairly simple and less cumbersome verification process. Lubo offers competitive fees in the market, the acknowledgment receipt sent via email and telephone is of no charge. The transaction from the BTC wallet is throttled around 0.0002 BTC. The commission varies for different transactions, withdrawal, deposit method, and fiat currency. The registration is relatively simple and allows a small value of crypto trading using mobile phone-based verification.
Payment Methods at Luno
Luno approves the following payment methods,
- Bank Wire Transfer (IDR & NGR)
- Bank Cards (EUR)
- Card deposit (NGN)
- Deal (EUR)
A transaction with fiat currencies during events like withdrawal and depositing is allowed exclusively bank cards or wire transfer. There is an added option to buy ETH and BTC using a credit card. Luno makes the coin purchase simple by selling the coin straight into the account but with an additional charge, it removes the complexity involved in understanding trading platforms. They levy lowest fees with most deposits and withdrawals. Moreover, the additional cost during currency conversion is negated as fiat currencies of developing nations is allowed to trade.
Trading Platform at Luno
Luno boasts of an advanced cryptocoin exchange using a web browser-based interactive module to access their brokerage services and products. The website is equipped with several tools and features to enhance the trading experience. The account dashboard walks through all important changes and notifications along market information and advanced charts. The set up makes availability of liquidity indicators far simpler. They claim to provide a low latency-trading platform with automation.
The platform is efficiently scaled to both mobile and web browser modules. Luno also provides custodial wallet features for both iOS and Android that can be synced with the main account. The keys, however, remain under the control of Luno.
Customer Support at Luno
Luno has a set of knowledge bases on its website which addresses basic issues. There is a separate section for customer assistance under the “Help Center” section of the website. The social media handle of the Luno is displayed at the bottom of the webpage. There is however no chat support or telephone assistance in their redressal mechanism. The team can be reached through their dedicated email. The absence of a quick redressal mechanism can be a critical issue for big and international investors.
Customer reviews about Luno
Reviews on Luno’s exchange service can help understand the operational quality of the trading platform and various issues encountered in the process. Some of the customer reviews are described below,
“Joseph Okeke” rated his experience with the website “positively” but seemed concerned about the delayed response from the Luno team.
Another user with the profile name “Cain Mathe” gave a positive review of Luno’s educational resources and safety solutions.
Most reviews centered on Luno’s inability to provide a robust and fast-paced customer interaction mechanism. Many customers have mentioned their accounts being locked or inability to receive funds in their accounts.
Final Thoughts
Luno is aspiring to become an international cryptocurrency targeting developing countries and using the most of internet viability. The generic spread has enabled many users from erstwhile crypto exchange shy populace that is one of its striking features. The only weak link in such a process is failing to address the key issues in relevant language and communication modules. It has managed to become extremely popular in countries like Nigeria and Indonesia.