Luno is UK based exchange which was founded in 2013. Luno used to be known as “BitX” but in 2017 they changed their name to Luno and Joined Fintech sandbox of UK’s Financial Conduct Authority (FCA). The company run its operations from London and provides its services in all major Europe countries. In this post, we will share the detailed review and will tell whether Luno is best for your or not.
Does Luno offer its services in your country?
Luno offers its services in following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, 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 and United Kingdom.
As Luno works with FCA so it requires all regular personal documents to verify yourself. The company has multiple account levels and to reach the Level 3 account which is the highest level you will have to verify email address, mobile number, personal details, Scan of your ID or Driver license or passport and proof of residential address. Verifying process can take up to 1-3 days.
Limit & Liquidity
Luno has multiple account levels and with each level, you unlock new buying limits.
Level 0 account is when you signup and verify your email address, you can’t buy bitcoins at Level 0 and you will have to verify your phone number to get level 1 account.
Level 1 account holders can deposit up to 1000 EUR per month and withdrawal limit is also set to 1000 EUR. You can get level 1 account by verifying your phone number.
Level 2 Account holders can deposit up to 5000 EUR per month and withdrawal limit is also set to 5000 EUR per month. You can get level 2 account by submitting a scan of your national ID or Driver license or passport.
Level 3 account holders can deposit up to 100,000 EUR per month and withdrawal limit is also set to 100,000 EUR per month. You can get level 3 account by verifying your residential address.
How to create Luno Account and Buy Bitcoins?
Creating an account on Luno is very simple. You can create your account by following steps
- Enter your email address
- Choose your password
- Select your country
- Solve reCaptcha
- Click “Sign up”
- You will get email link, click on the link and verify your account.
- You will be asked to verify your phone number to get level 1 account.
- For level account, you will need a scan of your ID or Driving License or Passport.
- For level 3 account you will need to verify your residential address.
- Now you are all set to buy Bitcoins.
- Luno only accepts bank transfer as payment and bank transfer take up to 3 days to transfer the funds to Luno.
- As soon as funds will be verified you will get the Bitcoins in your wallet.
How secure is Luno?
Luno is not a big exchange but it follows strict security protocols to keep your funds secure. The company keeps the most of clients’ funds in “deep freeze storage” and storage is also protected by multi-signatures so no one person can access these funds and these funds can only be accessed by the coordinated efforts of multiple people with keys. Storage backups are also stored in encrypted form.
The company also keep “Hot storage” for instant transfer but this storage is also protected by multiple security checks and encryption. One key is kept by Luno personnel and multi-signature custodian leader BitGo.
The company also use 2 Factor Authentication (2FA) to keep the users accounts secure. Moreover, the company also keep client passwords in hashed form so even company don’t know the user’s password.
Luno charges around 0.30 Euros as Withdrawal fees and 0.25% as Trade fees. There are no fees for Bitcoin deposits or withdrawals.
You can also use other local currencies and you will be charged with following fees.
- IDR – 6500 IDR / Bank transfer
- MYR – 0.10 MYR – Interbank GIRO/IBFT
- NGN – 200 NGN – Bank transfer
- ZAR – 8.50 ZAR – EFT
The company has almost no customer support. We tried our best to find any number or official email address to contact customer support but we failed. Company’s social media accounts are active so you can contact there for support. On some Bitcoin platforms, we found this email address firstname.lastname@example.org but we also found that their customer support is not very responsive and it will take normally up to 5 days to get your answer.
Luno is known as one of the best Bitcoin exchanges in Europe. We found no negative reviews about the company and as the company is also associated with FCA which proves its legitimacy. We also felt that company need to add more payment options to facilitate their customers. Company’s customer support is also nonexistent and they should work to improve it. Overall Luno is a good Bitcoin exchange and if you don’t have any problem with its limited payment option then we recommend Luno. You can read reviews about other Bitcoin exchanges on our website.