Luno review (Legit or scam?)

Luno review (Legit or scam?)

Luno review

Is it a legit or scam exchange?

Luno is a Cryptocurrency exchange where you can buy bitcoin, Bitcoin cash and ethereum. Luno was established in 2013.

In this luno review, am going to be writing about the luno exchange and everything you will need to know about (in my opinion, one of the very best exchanges to buy Bitcoin in Nigeria) it.

Table of contents

1. Luno

2. Luno supported countries

3. Luno supported currencies

4. How to buy and sell Cryptocurrency with luno

5. Luno buying limits

6. Luno payment methods

7. Luno customer care/ customer support

8. Luno fees

9. Is Luno a trusted/legit exchange?

10. Alternatives to luno

11. Conclusion

Luno

Luno

Luno was formerly known as bitx, it was only as recently as 2016, that it rebranded to luno.

It was setup by Timothy stranex and the platform offers services as a Cryptocurrency trading platform, a brokerage service and a Bitcoin wallet also.

Luno is aimed at developing countries such as Nigeria, Indonesia, Zambia and Malaysia.

Luno supported countries

Although as earlier stated, luno is aimed at developing countries like Nigeria, Indonesia, Zambia and Malaysia. It also supports countries like:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Indonesia, Malaysia, Nigeria, South Africa, Zambia.

 

Luno supported currencies

Luno homepage
Luno

Luno initially only supported Bitcoin, but as of recent, it has added both ethereum and Bitcoin cash to it’s list of supported currencies.

The exchange seems open to adding even more Cryptocurrency in the future.

 

How to buy and sell Cryptocurrency with luno

Before buying/selling cryptocurrency on luno, you will need to sign up for an account on luno.

After signing up, you will also need to verify your identity.

You will need to deposit money to your local currency wallet on luno.

Once the deposited money reflects on your luno dashboard, you will be able to buy cryptocurrency with it.

You can also buy cryptocurrency by using the luno exchange.

Using the luno exchange, you will be able to place limit orders. This allows you to select a price at which you want to buy cryptocurrency and the order stays pending until the market reaches your price. i.e a seller is willing to sell his cryptocurrency at that particular price.

Luno buying limits

Luno buying limits has four levels which depends on the kind of verification you have done:

Level 0 (Email verification)

Can’t deposit/withdraw Fiat at all.

Level 1 (Phone verification)

Can deposit/withdraw up to 1000 euros in total

Level 2 (ID verification)

Can deposit/withdraw up to 5000 Euros per month

Level 3 (Proof of residence)

Can deposit/withdraw up to 100,000 Euros per month

Luno payment methods

Luno has a wide range of payment options

1. Debit/credit card

2. Bank transfer

3. Card deposit

4. Paystack

5. Gtbank transfer

6. Cash deposit

As you can see, luno has a wide range of payment methods comfortable for you.

Luno customer care/customer support

This is probably the one low of the luno platform, the support is not particularly top notch, lots of customers have complained about the lack of the following:

1. Luno customer care

2. Luno contact address

3. Luno Nigeria office.

Although you can shoot your queries to their Facebook (facebook.com/luno), twitter (twitter.com/lunomoney), Instagram (instagram.com/lunomoney).

I think they can definitely improve on this aspect.

Luno fees

It is good you know the fees charged on luno before you use the platform. Luno fees are:

1. Deposit fees

2. Transaction fees

3. Withdrawal fees

4. Sending/receiving fees from your luno account to other Bitcoin address.

Is luno a trusted exchange?

From my personal experience, I will say “most definitely”.

I have used luno to buy Bitcoin many times and all the time, they have fulfilled my order.

The customer support might not be great, but they are very good and fast at fufilling orders.

If you want to buy bitcoin, ethereum or Bitcoin cash in Nigeria, then luno is a great place to start.

Alternatives to luno

If you for some reason after reading this luno review, you feel like luno is not for you, there are other good alternatives where you can buy and sell e-currency.

Naira2usd:

Naira2usd is an e-currency exchange in Nigeria, owned by simac c & s services and funds ( buy,sell and exchange).

You can buy perfect money, bitcBit, webmoney, ethereum, litecoin, dash, bitcBit cash e.t.c.

One advantage of the Naira2usd platform is that you can buy or sell e-currency without going through the usual rigorous verification process that other platforms put you through.

Naira4dollar:

Naira4dollar is a company of sunej global ventures limited, it is an e-currency exchange company that has been in operation since as far back as 2006.

Naira4dollar is registered with the CAC with registration code RC-1069456.

Instantgold Nigeria:

Instantgold Nigeria is a Nigerian e-currency exchange that was established in the year 2007, they specialize in the provision of fast and efficient e-currency exchange to their clients.

Nairaex:

Nairaex is a Bitcoin exchange platform that is based in abeokuta, ogun state, Nigeria.

Nairaex is into buying and selling of different types of e-currencies, unlike peer to peer exchange, that already have in stock whatever e-currency that you want to buy.

Conclusion

I hope that you have enjoyed reading my luno review. I hope I have answered all the questions you have about luno.

If you have used luno before, or if you have questions about the platform, you can leave them below. Thank you for reading.

 

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