Luno review
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Luno review
Luno is a platform for buying, selling and storing various cryptocurrencies. This company wants to make it as easy as possible for its users to use crypto currency. They believe that more and more people will use digital currencies and for this it must be accessible and easy to use. To make it as accessible as possible for everyone, Luno has developed a mobile app for both Android and iOS (iPhone), so that you can buy, sell and send your cryptocurrencies wherever you are. Every effort is made to provide everyone with the ability to use cryptocurrencies and the company continues to improve the platform to make it even easier, cheaper and more efficient to use. In this Luno review we look at the platform, we investigate its reliability and we give a final judgment. On this page you also have the opportunity to leave your own experience via our rating system.
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2.7
2.7 score
2.7 out of 5 stars (based on 9 reviews)
Excellent11% Good22% Average22% Bad11% Very bad34%
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Receive € 25 free in Bitcoin at Luno
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View Luno’s offer |
Easily buy Bitcoin or Ethereum
Easy payment with iDEAL or bank transfer No additional wallet software necessary User-friendly portal and no technical knowledge required |
Alternative to Luno
Did you know that there is a Dutch alternative to Luno where you pay exactly the same amount of trading costs? The Bitvavo Exchange also charges 0.25% trading costs. The difference is that you can pay with iDEAL here, more than 58 cryptocurrencies are offered and you naturally receive Dutch support. New customers get an extra advantage, because if you register now via the button below you will pay 0% commission on the first € 1000.
€ 1,000 FREE trading at Bitvavo
Do not pay any trading fees at Bitvavo for 7 days. A maximum of € 1000 in digital currency applies.
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The assortment at Luno
On the Luno website you will find all the information you need to start buying digital currency. The website looks modern and is very user-friendly. It is possible to register for the platform via the registration page. After you have registered you will receive an email to confirm your email address. After confirmation you can immediately start buying or managing cryptocurrency.
Currently, the range is not yet that extensive and it is only possible to buy and sell Bitcoin (BTC) and Ethereum (ETH). If you compare this with other parties such as Bitvavo, Bitcoin Meester or Litebit, major steps still need to be taken in this area. We prefer to see a broker that offers a wide range of different currencies. It is not clear whether this company will continue to expand the range in the near future. On the website they are clearly only talking about Bitcoin and Ethereum. We wonder how they will compete against a company similar to Coinbase.
Buy and sell cryptocurrency with Luno
To buy or sell cryptocurrency you must first be verified. The verification is simple and it is immediately clear what information they need from you. The basic verification consists of personal information to confirm your identity and your mobile number.
When you have completed these steps you are ready to buy your digital coins. You do this by first depositing euros in your account by means of an iDEAL payment or bank transfer. The deposit in euros is then added to your account. You can then exchange these euros for Bitcoin and / or Ethereum. You have a special Luno wallet for each of these currencies. This digital wallet is hosted and provided by the company itself. This way you don’t have to arrange a wallet yourself and you don’t need extra software on your computer or smartphone. If you are verified with your mobile number you are Level 1 and you can spend a maximum of 1000 euros. To spend more you can increase your level to level 2 or 3. More on this in verifications and set limits.
Receive € 25 free in Bitcoin at Luno
Apply the promo code and trade for at least € 250 through the platform
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How does buying and selling work?
On the platform you can buy coins very easily by going to Wallets. Here you will see a Bitcoin wallet and a euro wallet. If you also want an Ethereum wallet, you can press the plus button and you can add an Ethereum wallet. Under each of these wallets is a Buy and Sell button with which you can buy and sell your coins.
Before you can do this, you must first deposit euros into your Luno account. You do this by clicking on Deposit in your Euro wallet. You can then choose which amount you want to deposit and determine with which payment method you want to pay. By choosing iDEAL it will be implemented immediately. With bank transfer you transfer this from your own bank to the bank address that Luno shows you. It can take a few days before the money is on it but that is normal. The payment is done via SEPA payment, this takes a bit longer.
When the credit is credited to your account, you can exchange your euros for Bitcoin or
Ethereum. Luno also has its own exchange, which is now also available in Europe. The Luno Exchange makes it possible to trade cheaper and provides more functionalities.
Buying and selling cryptocurrencies on the Luno platform is instant, so you don’t have to wait. It all stays within the Luno environment, making it all processed very quickly.
Prices, costs and fees at Luno
Registering and creating an account with Luno is of course completely free. The mobile apps can also be downloaded for free from the stores. Fees are charged for buying and selling and for withdrawing money from Luno to your bank account. This is how this company makes money with the services they offer. A dynamic fee is charged when sending cryptocurrency from your Luno wallet to an external wallet. Dynamic means that it depends on how busy the network is. The costs can vary, but are shown with the transaction. It is noteworthy that a fee is also charged for receiving Bitcoin (BTC 0.0002). Normally this is free with most brokers, because you have already paid a fee for sending your BTC. EUR 0.30 will be charged when sending euro credit to your bank.
Receive € 25 free in Bitcoin at Luno
Apply the promo code and trade for at least € 250 through the platform
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Verifications and limits set
Despite the fact that this company is located abroad (London, Cape Town and Singapore), they must of course adhere to the regulations that are set. These verifications are mainly to combat money laundering and criminal money. There are a total of four levels:
| Level 0 | E-mail address | 0 EUR | 0 EUR |
| Level 1 | Mobile number | 1000 EUR | 1000 EUR |
| Level 2 | ID | 5000 EUR | 5000 EUR |
| Level 3 | Proof of residential address | EUR 100,000 | EUR 100,000 |
At levels 2 and 3, this amount may be deposited or withdrawn monthly.
Luno reliable
Luno is an internationally operating company with branches in London, Singapore and Cape Town. The company tries to be as transparent as possible and has posted photos and names of employees on the website. The employees come from different countries and come from different backgrounds. You can read a piece about everyone to get to know them. These employees have worked at large companies such as Google, Amazon, Morgan Stanley, Barclays and Ernst & Young (EY).
Officially the company is registered in Singapore under the name Luno Pte. Ltd. with the company number 2012 0954 5R. The other locations are as follows:
- Indonesia: PT BitX Payments Indonesia (4014111731102609)
- Malaysia: BitX Malaysia Sdn. Bhd. (1 136 927 A)
- Nigeria: BitX Payments Limited (RC1216337)
- South Africa: Luno (Pty) Ltd (2013/075107/07)
- United Kingdom: Luno Money Limited (10388856)
Luno is a great platform where you can easily start in the world of cryptocurrencies. This way you can easily buy Bitcoin and Ethereum. If you want more than just these two, you are forced to find another solution. Think of Bitvavo, Bitcoin Meester or Litebit. If you really want to start day trading, we recommend an exchange like Binance, exchanges are better suited to trading activities in terms of business model.
Luno is a good solution for the beginner and is very easy to use. Precisely because of its simplicity, new users can easily enter and come into contact with cryptocurrency. With this review you have enough information to verify whether Luno reliable is.
Have you bought something from Luno and would you like to share your experience? This can be done via the assessment form below.
Contact details:
Luno Pte. Ltd..
2 Eastbourne Terrace
London
W2 6LG
luno.com/help/en/tickets/new
iDEAL and Bank transfer
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Product Range:
Bitcoin (BTC)
Ethereum (ETH)
Limits:
Up to € 1000 mobile number
Up to € 5000 ID verification
Up to € 100,000 address verification
All Luno.com reviews:
3.0 score
December 17, 2020
Difficulties with withdrawing money from my wallet. I have 1500 euros left with BlockCHain. Via LUNO I can have my money thru the Wallet. First you have to make a small deposit of 5 euro and than withdraw it back to your bank to link your bank to your Wallet. So now we get my money back again. Instead of withdrawing the small deposit after choosing your bank, you have to deposit (AGAIN) to link your bank. But I already did that! So together with the account manager, to be sure I did the right things, we made another deposit. He was logged in on my screen by ANYDESK and later TEAMVIEWER. Still it didn’t work so I got another account manager. He saw that there was something wrong on the screen of withdrawing. So he purposed to make an deposit of 1900 euros and than he would transfer it back! When I refused, he purposed a 500 euro deposit and so on. WHY ??? It did not work in the first place with the small amounts! I refused to do that! And I do not have that on my bank. Is this a scam???
Who had difficulties with withdrawing your money into your bank and linking your bank? Did you also have to make a 2000 euro deposit after the small amount of 5 euros and all should work? Well, it did not work.
Please help .. thank you!
Serena
1.0 score
November 27, 2020
Pure scam
Juul kindemans
3.0 score
May 23, 2020
Dear i bought from giro fx i trade with an agency from switzerland
to collect the money at giro fx I had to create an account at luno
I was told that I have to enter an amount of 100 to 100,000 euros
that should serve as insurance
I think it is suspicious because if I fill in 2000 euros on it I hope that I have not lost my money the people from Switzerland arrange everything for me and I am starting to have doubts I will be called again on Monday evening
D Van Hoof
5.0 score
March 13, 2020
Very satisfied with luno.
ted
1.0 score
February 4, 2020
They have their own buy and sell walls that push the price up / down. I placed an order somewhere and it was not filled because they put their buywall € 0.01 cents above my order. They have 0% maker fees because they make a lot of money scamming people this way.
Henk de Vries
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