Luno Cryptocurrency Exchange Review

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Luno History

Founded in 2013, Luno Exchange is a centralized platform. According to Coingecko resource, the exchange has an average (7) reliability rating. As of December 2020, 13 cryptocurrencies are traded on the exchange, with XBT/ZAR being the most active trading pair. The maximum trading volume during the last 30 days was reached on December 18 in the amount of 3,036 BTC.

Specifics of Work on Luno

Today the Luno site team consists of about 40 to 50 people. The leaders tried to gather specialists from many countries around the world. Everyone has their own goals and objectives. In the end, the goal is the same: to make Bitcoins available to ordinary users. Separately, we note that the Luno exchange is supported by some very serious investors:

  • Digital Currency Group;
  • Naspers;
  • Ventura.

The mobile app for Luno Exchange – Luno Bitcoin – is also worth mentioning. A very simple and convenient cryptocurrency wallet for storing BTC. It has almost the same functions as desktop version. The wallet presents a high level of functionality and ergonomic design, so working with it is a pleasure.

Registration on Luno

To register a new account, go to the official website of the project, where after clicking “Sign up” the system will prompt you to fill out a standard registration form: email ID, username, region of residence and password. The security code for logging in must contain at least 8 characters with upper and lower case letters and numbers.

It is also possible to log in with Facebook and a Google account, as these networks have a very high level of security and recovery of stolen or lost data. A confirmation email is sent to the registered email service ID, which must necessarily be activated to complete the account verification and full registration.

Buying and Selling on Luno

The user will need to fund a Luno account before they will place any brokerage order on the site. Funds can be added to the personal account using various available payment options (most global services are supported). When there is enough money in the wallet, the trader is free to start working with transactions.

To buy and sell on Luno, the crypto-activist is asked to select a crypto-market and the amount he wants to invest. Only after that the order will be placed on the exchange. For the convenience of working with all available transactions and timely analytics of what is happening in the world of coins, the user can use various market or real-time price analysis tools for a specific cryptocurrency and 24-hour trading volume.

Security on Luno

Luno follows a strict security policy and constantly keeps abreast of modern advanced technologies that allow to shield the user’s money and the whole system. All e-currency is in a deep-frozen vault (i.e. without access to accounts from outside), which allows you to process any transaction offline, without using unprotected Internet channels.

The mobile wallet works on multi-sig technology with secret keys that further protect money from cybercrime and eliminate the risk of volatility. Some of the money can be stored in hot wallets, which BitGo takes care of. BitGo also uses multi-sig technology to maintain these active wallets. An interesting feature of the Luno exchange is that it takes more than two parties to approve a transaction. Thus, the user manages the private key and the public key with Bitgo. The hot wallet is mostly used for quick transactions, such as quick withdrawals.

Another security feature is two-factor authentication, which can be activated by the exchange account owner at any time. The user can download the Google Authenticator on any portable or mobile device and scan the QR code of the Luno account. As soon as the account is synchronized, the 2fa protection will start performing its immediate tasks and will be active all the time (in real time).

Thus, every time the trader enters a login, he will receive a 6-digit authentication code, which instantly goes to the registered cell phone number (indicated in the personal cabinet of the user account).

  • Mobile app.
  • Easy account creation.
  • Lack of customer support.
  • Limited options (for countries not on their exchange list).
  • High fees.
  • Negative feedback from users.