LUNO REVIEW – WHAT YOU SHOULD KNOW ABOUT LUNO
I have been trading on luno for few years now and that has given me good experience. It has not been all smooth because I have lost money and as well gained more. At first I was scared but experience gave me confidence. I believe you don’t win by running away.
Luno was formerly known as BItx, although I can tell you that the name Bitx is still in use by Luno. They still use BItx to make payments into peoples account. This company started in 2013 in Singapore as a Bitcoin exchange company, presently the headquarters is in London. They also have a major office at Cape Town. This company has really achieved a lot recently with 2017 being their year of breakthrough. Its on record that they have traded Bitcoin worth Billions of dollars.
In Luno, customers are avail the opportunity to buy and sell Bitcoin or ethereum through SEPA transfer, interbank GIRO/IBFT, bank transfer. Customer who wishes to buy from Luno needs to deposit money into their Luno account. This is presently done through the use of master cards (those been supported by PAY U).
How to Sign Up on LUNO
Signing up is quite an easy process and requires less skills. You can simply sign up on Luno using your android phone or Personal computers. Those with android phone should simply visit the play store and download the Luno application from there. Meanwhile those using PC can simply visit Luno sign up page. After which you simply enter your your email address and choose a password.
Verification on Luno
After Signing up the next thing to do is Verify your Luno account. For those in Nigeria, your Bank verification number(BVN) is required. Verification is been done in three levels. Each stage has its own requirement and conditions. The verification process includes email verification, phone verification, identity verification ( this could be done using a national ID card, drivers licence ID or international passport) and bank or residence verification. In bank verification your bank statement is required. Below is a table showing levels, requirements and trade limits (buy or sell).
Please note that trade limits are specific to a particular country. Some countries have no trade limits. Those mentioned above are specific to Nigerians.
Countries supported by Luno
Over 44 countries are been supported. Some of them are:
Greece, Guernsey, Hungary, Iceland, Indonesia, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Austria, Belgium, Bulgaria, Croatia, Luxembourg, Malaysia, Malta, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom, Monaco, Netherlands, Nigeria, Norway, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, France, Germany, Greece, Guernsey, Hungary, Iceland, Cyprus, Czech Republic, Denmark, Estonia, Finland
This company offers products such as Exchange, wallet and Application program interface(API) services.
In Luno, wallets are been use to store cryptocurrency of any value. Presently only bitcoin and ethereum that can be stored here. They also have provision for fiat currency. It is quite safe and reliable. Appropriate measures are in place to ensure security. You will see more on security at the security sub heading in this article.
How to Deposit Money on Luno Using GTB collections
It is quite easy to deposit money on Luno using GTB and it is cheaper. Depositing money from GTB only cost 105 naira. First you have to open your Luno app. Click on deposit money using GTB and pick out your payment reference code. Then you follow the steps below. The steps are
1. Open your GTB mobile app.
2.Go to other payments
3. Click on more payments
4. Click on financial institutions
5. Click on Luno
Select Luno wallet funding, enter Luno payment reference and amount.
That’s quite easy. Note that you can deposit a maximum amount of 10 million naira via this means depending on your level.
Luno Exchange can be use for trading or simply exchanging from one form of currency to another. Presently those in Nigeria can trade Naira against bitcoin or bitcoin against ethereum. Although direct sales and purchase can be made on the platform as regards to fiat currency, bitcoin and ethereum.
Using exchange to trade is a better option because it keeps you off unnecessary charges. It is more profitable and economical although it is time consuming if you are in a haste.
Luno Application program interface(API) basically makes bitcoin available to anyone. It gives one the ability to:
- Ascertain historic and current Bitcoin market data
- Sell bitcoin and also buy bitcoin
- Generate bitcoin wallet addresses over and over again
- Customize an e-commerce checkout experience
- View order status and decide what to submit as your trade order
- Send and receive bitcoin
Transaction fees in Luno
Just like every business there is always a means to make profit. Little charges are been taken by this company to aid them carry out proper maintenance. The table below shows the transaction fees for various types of transactions. Also depositing money in Luno has its own charges, for those in Nigeria you can deposit using your credit card.
How to send BTC or Ethereum in Luno for little or free transaction fee
Based on my experience. Please if you intend sending bitcoin or ethereum and you want to be charged far less, make sure you don’t have remaining balance after you must have sent. For example if you have 3 BTC and wants to send 2, use the exchange button to place an order to sell 1BTC at a very high price. Now you are left with a balance of 2BTC, you simply send and watch them charge so little or nothing. After which you go to the exchange section and cancel your order. That’s a secret.
You can simply use the above explained method to send ethereum
Withdrawal fee in LUNO
Withdrawing your cash after transacting on Luno usually comes with a price, although it is little. Table below shows different withdrawal fees for different currencies.