Arm yourself with up-to-date price information as it happens. Pick the assets you want to track and keep on top of the market. “An app that is safe, easy to use and makes investing simple.” Enabling investors in over 40 countries to buy, manage and sell their assets.

  • Besides, the exchange offers different free tiers based on the 30-day trading volume of its users.
  • It’s disappointing because I have had the app since 2017 but I didn’t bother to check my funds since as the price of crypto currency’s all over the world fell.
  • However, Luno already announced the firing of 35% of the company staff, ​​citing market turbulence.
  • The service is geared towards miners, crypto services, and trading firms.
  • Overall, if your only goal is to purchase BTC or ETH, Luno may be enough.
  • I’ve been using Luno for a while now and I must say it’s a very useful and effective app.

Customer Reviews

Many of these issues probably stem from hacked passwords on the user end. The company officials deny Genesis’s bankruptcy can impact Luno, but the company swiftly fired 35% of its workforce after the bankruptcy hit the news, signaling there may be tough days ahead. If Luno declares bankruptcy, users may not be able to withdraw their funds from Luno. Funds stored in your crypto wallet are managed by the company, and you don’t control the wallets’ private keys. Remember that you can’t sign up on Luno if you are based in one of the above-mentioned locations. If you signed up on the exchange while you were in a supported country, you wouldn’t be able to use your account while you are in an unsupported location.

Impulsive Trading On Luno

It is possible for the sum of money you have available to you in the Luno trading platform to go into the negatives. This may happen if all of your Luno available balance is invested in open positions, Luno overnight fees are deducted from your Luno account, or trading losses are incurred when trading with Luno. The funds belonging to Luno customers are stored safely in tier 1 banks, and an SSL encryption system is used to protect any personal information is luno legit that may be transmitted to and from Luno. Luno is subject to regulation by Unregulated, which govern how Luno as a company conducts its business.

Key Features Of Luno

I’ve been using Luno for a while now and I must say it’s a very useful and effective app. “Luno is an excellent app for anyone interested in trading and managing cryptocurrencies, especially beginners. The app has a clean, intuitive interface that makes buying, selling, and managing digital assets like Bitcoin, Ethereum, and others incredibly straightforward. It also supports multiple currencies, making it accessible for users across different countries. The fees are competitive, though it would be nice to see more advanced trading options for experienced users. Its important to only fund well regulated trading platforms as you have some recourse if Luno goes under.

Is Luno safe in Malaysia?

This app has informative cards displayed on the home page and helps users to understand Bitcoin and crypto trading – so is not just a trading site but a source of crypto education. The Luno trading platform holds funds which may include fiat currency, cryptos and other assets. Luno have to offer a secure trading platform as part of their regulation. Luno has a number of high-level security features that prevent unauthorised access to the user’s positive balance holdings. Luno comes equipped with built-in DDoS protection as well as standardisation protocols for addressing issues related to large-scale Luno network outages or Luno cyberattacks.

Luno Exchange

  • This may happen if all of your Luno available balance is invested in open positions, Luno overnight fees are deducted from your Luno account, or trading losses are incurred when trading with Luno.
  • Luno Desktop based trading platforms offer a more secure experience than their Luno mobile app counterparts.
  • It provides charts and indicators sufficient for both pro and new traders to conduct analysis before placing trades.
  • A full list of minimum and maximum deposit, withdrawal and other limits can be seen on the Luno website.

The platform is pretty easy to navigate, but while its Instant Buy feature is beginner-friendly, it’s quite expensive. The platform doesn’t charge fees for maker orders, and taker orders start at 0.10%, making Luno very competitive in terms of fees. Binance and Coinbase also offer many additional features like staking opportunities, crypto debit cards, and other Earn products. Binance and Coinbase have the largest trading volumes in the world, whereas Luno isn’t in the top 10 or 20 by trading volume. Luno’s instant fee rates are very similar to Coinbase’s, as both exchanges charge handsomely for instant buy purchases.

While the positive feedback may be overwhelming, the platform was also reported for accounts being suspended without any prior notice. Additionally, several reviews stated how users faced problems with their funds being blocked for no reason. Luno has a straightforward layout further complemented by its simple approach to account opening. Below are some steps to help you open an account with the Luno trading platform.

Looking at this comprehensive review of the Luno exchange, it’s evident that the platform has several unique features that make it stand out from the existing competitors. Besides, the clean and intuitive UI and fee structure make it a unique offering to start your crypto journey. However, similar to the great features, the platform has several drawbacks, and a shortage of potential crypto projects tops the list. Though Luno was launched in 2013 and was previously named Bitx, it is one of the most popular crypto exchange platforms and wallet providers. Luno meaning “Moon,” was named only later in 2017 from its old brand, Bitx.

However, if you want to explore altcoins or trade high amounts, you may find Luno lacking. If you want to set up period purchases, you can enable recurring orders. This feature can be set to buy any specific coin daily, weekly, or monthly.

As a result, the platform stores a majority of its customer funds over offline storage units and stores the keys to such units in safe deposits in different bank vaults. This way, the platform ensures seamless operations while keeping a portion of its funds free for everyday use. While the numbers might be limiting, the given list might change in time since the platform is open to the idea of accepting crypto projects with great potential.

They have also made it very easy to learn about this crypto. Their UI also makes it easy for beginners to use it without hassle. Luno was introduced in 2013 by Marcus Swanepoel and Timonthy Stranex and had a straightforward approach to how its users see crypto and believe in financial freedom and fairness for everyone. Between 74-89% of retail investor accounts lose money when trading CFDs.

Luno has no charges for makers, thus promoting the liquidity at the exchange. However, once traders want more – altcoins, strategies, growing portfolios – Luno acts like a launchpad, not the destination. It’s ideal for “get started” or “dollar‑cost average with low fuss,” but not built for active trading or complexity. We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

Luno Services/Products

For small trades – hundreds or low thousands – execution is quick and reliable. The chart UI delivers basic candles and volume, swim‑lane clean. You link a bank or payment method, deposit local currency, and buy crypto from the dashboard.