Is Luno Good for Investments? What To Know About the Trading App

The validation process segregates these countries and creates an account suitable for your access. Despite not being regulated, Luno is reputable and reliable, hosting security measures that are considered ‘bank-grade’. Private keys of traders are stored in cold storage that is ironically referred to by Luno as ‘deep freeze’. Luno is a Bitcoin cryptocurrency trading platform which was founded in 2013 by Timothy Stranex in Cape Town, South Africa.

1. Luno keeps clients’ funds in ‘deep freeze’ multi-signature wallets that are offline.
2. Essentially, as part of the program, you get some perks like monthly bonuses, VIP support, trading signals, cashback, and more.
3. Customers interested in dealing in EUR currency can choose credit or debit cards, SEPA, Sofort, or iDeal.
4. You cannot currently deposit funds or make a withdrawal in Nigerian naira as the Central Bank of Nigeria has announced banks should stop supporting cryptocurrency companies.

Note that you are responsible for determining what tax you owe after carrying out transactions on Luno. Please ensure to always declare the correct amounts to your appropriate tax authorities. Choose the cryptocurrency you want to buy and the one you want to spend. As with any asset, the values of digital currencies may fluctuate significantly…. The price and value of any investment in digital asset products can fluctuate….

Peers trade directly amongst each other (peer-to-peer) and funds are transferred between their cryptocurrency wallets. Business accounts can be opened for businesses that want to accept cryptocurrency payments from customers; pay invoices in crypto; or buy, sell and trade crypto. We would not be surprised to see even bigger developments from Luno in payment services in the future.

Luno Supported Cryptocurrencies

At the time of writing, Luno had a 24 hour trading volume of $68,706,734. It currently supports only six coins – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and USD Coin (USDC). Luno has high security standards — in terms of crypto storage and account security, Luno offers some of the best protection in the industry. Cryptocurrency selection is a Luno weak point compared to other exchanges. With such a small lineup, it’s missing quite a few major cryptos, including Cardano (ADA) and Solana (SOL).

Remember, due to the nature of digital currencies, transactions are irreversible. The ‘Markets’ tab offers pricing history by token, including 24-hour average price and percentage change. I particularly liked the exchange’s ‘Insights’ tab, which you can filter by asset, and view market sentiment data and key order metrics of peer users. This makes the brand very accessible to new investors with limited initial funding. You can then choose whether to store it, sell it, or send it to a friend.

Is Luno regulated?

The trading platform offers indicators and charts for both new and experienced traders. Anyone wondering “how to make money with Luno” should readily avail of its exchange. Depending on your region, there are numerous crypto pairs on offer. The same goes for Luno transaction fees, which range from 0.25% to 1%.

Binance is known for a comprehensive platform with a wide array of features, while Luno is often favored for its user-friendly interface and services tailored to specific markets. Users should consider factors like security, fees, supported currencies, and customer support when deciding between the two. This is a great feature as it has helped many traders to trade their cryptocurrencies easily. To make it even better, customers can access features such as charting, which is highly advanced. This helps while you trade and make decisions in the market regarding cryptocurrencies. Many professionals also use the charting tool so that their trades can be better.

However, always be wary of scams, look out for a different email format, a suspicious free bitcoin voucher code or XRP airdrop, for example. For each subject, Luno provides detailed descriptions and a YouTube video to cover all the necessary information. The Luno exchange interface is one of the most user-friendly we have come across. All the basic tools are present to analyze a price chart, trade bitcoin, follow open orders and review trading history.

“Is Luno safe” or “Is Luno legit” are common first questions every trader faces after learning about its legal regulation. The answer will still be a “yes.” Even without a traditional regulatory system backing it, Luno is still a secure trading platform. Since the cryptocurrency market itself isn’t regulated yet, Luno does not possess the property either.

LUNO MOBILE APP

Therefore if you are looking for a cryptocurrency exchange that has continued to update and develop with the passage of time, then Luno is definitely the is luno legit one. The Luno app is your trading platform, wallet and PayPal all-in-one. All trading functions are accessible in markets that support exchange trading.

Luno Exchange

Luno supports cryptocurrency trading, staking and transferring on major tokens, including Bitcoin, Ethereum, Ripple and Cardano. There are no maker fees and taker fees vary by trading volume starting from 0.10%. 95% of cryptocurrencies are held in ‘deep freeze’ multi-signature, encrypted wallets.

Luno Alternatives

Don’t invest in crypto assets unless you’re prepared to lose all the money you invest…. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. The process is complete, and users can start trading by going through the guidelines in the next step. If you suspect you’re a victim of a phishing attack you can secure your account here and update your password to ensure only you have access to your account. It is advisable to also update the password for your email address and any other important accounts.

Europe and UK-based users can trade more assets at relatively low prices. As for security, Luno cares about its users’ coins and how protected they are. The wallet, which we’ll talk about in a minute, has the best of the best protections, ensuring that only you can have access to your assets. Their deep freeze storing option keeps the wallets with multi-signature protection that sits behind several layers of encryption.

To buy crypto, you simply add your debit card, decide how much you want to spend, and confirm the transaction. Luno is not a regulated exchange, which is very common in the DeFi industry. However, there is a comprehensive suite of verification, security and responsibility protocols in place, including robust AML practices, KYC verification and 2FA.

What is a decentralized exchange (DEX)?

They offer the buying and selling of Bitcoins and has been a host of more than a billion dollars worth of BTC trades since they launched. What are the odds that you might run into a region-based BTC exchange today? Due to the recent BTC hype, people would frantically look for exchange websites to trade and exchange their Fiat into cryptocurrency. This is because they want to get into the crypto-game, and getting into exchange websites is just one of the options that they can do and quickly get their selves into. As soon as this is completed, the trader can make a deposit into their Luno Wallet using their local currency along with a variety of payment methods which are supported by Luno. To learn more about other cryptocurrency exchange platforms, check out our post on the Best 22 Crypto Exchanges and 8 Alternatives.

We liked that you can view all applicable charges by country of residency before signing up for an account. Luno supports trading on over 12 cryptocurrencies on their platform. This exchange currently supports 12 of the top 30 market cap cryptocurrencies. Luno’s philosophy embeds the notion that a user should feel in command of their journey in the crypto space, with the tools and insights at their fingertips to make informed decisions.