Luno.com Review 2020 – Scam or Not?
What are the odds that you might run into a region-based BTC exchange today? Due to the recent BTC hype, people would frantically look for exchange websites to trade and exchange their Fiat into cryptocurrency. This is because they want to get into the crypto-game, and getting into exchange websites is just one of the options that they can do and quickly get their selves into.
Today, we will be looking into Luno.com and determine if they are an exchange website that is region-based or anyone can create an account with them and have it verified? Join us as we explore their website features, try to have an account verified, and generally know what their services are. Without further delay, let’s talk about that!
Previously known as BitX, Luno.com was founded in 2013 and has been providing their exchange services ever since. The company has its headquarters in London with operations spanning the globe! They offer the buying and selling of Bitcoins and has been a host of more than a billion dollars worth of BTC trades since they launched.
Verifications with Luno.com
How do we get verified with Luno.com? First, we need to create an account with them through their website. To create an account, you just need to provide your active email address, country of residence and that’s it! Users are also able to register using their Google account or Facebook if they want to sign up for these options.
A confirmation email will be sent to the provided email address. Once the email address has been confirmed this will automatically redirect you to their website and into your logged in account. To verify your account, you only need to provide a mobile number for verification. Please be advised that the chosen country will determine the country code for this step, so make sure that you enter the correct country you are currently at and have access to a mobile phone for verification.
The higher the verification level, the higher the limits per account. For example, an Indonesian level 1 account can have a maximum of IDR 15,000,000 of deposit and withdrawals. The level 2 expands that up to IDR 25,000,000 per month for both deposit and withdrawal. For level 3 Indonesian accounts there’s no limit on what a user can deposit and withdraw. Please be advised that this is just for the Indonesian account holder and specific country limits still apply depending on the account level. To read more about their verification levels and limits, please click this direct link.
A global use of their website translates to having access to their wallet services. This means that wherever you are in the world, you are able to use their wallet but not their “other” services which include their exchange. Luno.com is a combination of a wallet and exchange for people that are not aware of this. They also have Two-Factor Authentication extended for accounts which translates to an extra level of security. Luno.com has also a mobile App wherein users are able to purchase BTC with just a few taps and swipes. This feature is great since you do not need to be in front of your computer to purchase BTC and can practically do it anywhere you want to!
Trading with Luno.com
Since we are not part of the countries that have access to their exchange platform, we are unable to show you guys a preview of what their exchange platform looks like. The exchange is not accessible by users that are from Europe but can be accessed by users from Indonesia, Malaysia, Nigeria, and South Africa. The validation process segregates these countries and creates an account suitable for your access.
For instant buy and sell transactions, Luno has set specific limits depending on where you are from. The BTC/IDR market allows a minimum of BTC 0.0005 per transaction and a maximum of BTC 2.00 or IDR 15,000.00 up to a maximum of IDR 120,000.000.00. These limits are for instant buy/sell transactions and are not applicable to their exchange and can only be done through their App.
For users that have full exchange access to the website, we strongly suggest you guys shed light on this area through the comments section below to give our fellow readers an idea on how their exchange platform works.
Trade fees range from fair to expensive compared to existing exchange websites today. They have zero maker fees here at Luno.com but the taker fee ranges from 0.20% up to 1.00% per transaction.
Deposits and Withdrawals
Here at Luno.com, they accept Fiat and BTC deposits. Deposit methods accepted are SEPA Transfer, Bank Transfer, Interbank GIRO/IBFT, Debit/Credit Card via PayU, Bank Transfer via PayU, EFT. Deposit methods also depend on the country that you are in; this means that not all of the mentioned options above are available for your country. Fees for deposits range from 1.58% up to ZAR + 5.00% per transaction.
When it comes to withdrawals, they accept SEPA Transfer, Bank Transfer, Interbank GIRO/IBFT, Bank Transfer, and EFT. Again, these options greatly depend on which country you are from. To check out the complete list of accepted payment methods and countries please click this link.
Now here comes the sad part, the website literally doesn’t have any direct customer service channels. We strongly suggest reading more about negative reviews about the website before depositing into this website since you have no direct contact. The only help they can provide is their FAQ’s section which is no use when it comes to issues that need to be resolved right away. They do have accounts on Facebook, Twitter, Google Plus, and Instagram.
Pros and Cons
- Mobile App
- Easy account creation
- Does not have customer service support
- Limited Features (for countries outside their exchange list)
- Expensive trade fees
Luno Review Conclusion
The website does not have any customer service support; please do let us know in the comments section below if you guys think we missed that one. Aside from that, Luno.com has some serious restrictions to countries that are not part of their exchange platform, everything was doing great until we didn’t get to see their exchange. In general, they offer a BTC wallet that can be used by anyone around the globe. The website isn’t “laggy” and everything is in place. They even have educational materials for people that are new to BTC. Overall, the website isn’t bad; it isn’t also great for us. Please do let us know what your impressions of the website are in the comment section!