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A Review of London based Cryptocurrency Exchange, Luno

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Formerly known as Bitx, Luno is both a London-based Bitcoin exchange and wallet provider. Since 2013, when it made its first bold steps in the world of cryptocurrency, it has expanded to more than 42 countries, especially after rebranding from Bitx to Luno.

Luno experienced exponential growth last year and now not only provides services that are similar to that of Coinbase but has also managed to make their Bitcoin exchange services and wallet available in countries not supported by the popular American exchange.  

Below are some of the biggest “allures” of the up and coming player of this exciting game.

Fast Withdrawals & Deposits

Luno users can buy bitcoins with fiat trading pairs of their choice by simply linking their online exchange account to their bank account. The cryptocurrency exchange has worked hard to make the process as fast and convenient as possible. For that reason, we see deposits show up in Luno users’ exchange account in a day or two (max) while fiat withdrawals hit users’ bank accounts in under 48 hours.

Sufficient Trading Pairs

At the moment, Luno users can trade mainly Bitcoin, Bitcoin Cash, and Ethereum. However, it also offers trading pairs to customers that not many other exchanges do (i.e. from Bitcoin to fiat money like Indonesian Rupiah, Nigerian Naira, Malaysian Ringgit, and South African Rand), and is beginning to accept traders and deposits in Euros from countries in the European Union.

Variety of Payment Methods

Another plus is the fact that you can buy or sell bitcoin using a variety of methods, including EFT, Interbank GIRO/IBFT, SEPA transfer, and bank transfer. Let us also not forget that Luno is currently working on a solution for instant bank payments from several European banks. That being said, though, if you want to buy bitcoin (you may purchase as little as $1 worth of bitcoin), you first have to deposit fiat currency into your Luno wallet.

High-Rated Mobile Apps

Available for free for iOS and Android, Luno’s apps are very well-designed, with a sleek user interface and almost the same functionality as the desktop version which makes trading very easy even when on the go. As for the average rating of the Luno Bitcoin Wallet apps on both app stores, it could not have been any better (4.0 stars or above). Plus, you don’t need to open your browser to sign up and start trading.

Among others, with Luno’s apps, you can:

  • Receive and send bitcoins through your wallet address, email or QR codes.
  • View detailed charts.
  • Place limits.
  • Store your bitcoin with cold storage securely (multi-signature system).
  • Purchase airtime that you can use yourself or send to your friends (available in selected countries only).

Easy Account Creation

Setting up an account with Luno is a piece of cake. You just need to provide your country of residence and an active email address! Alternatively, you may register with your Facebook or Google account. Add your mobile number and you can also verify your account. It should be noted that depending on how high your verification level is, you may eliminate limits on what you can deposit and withdraw. 

Overall, although Luno focuses solely on Bitcoin, which leaves little room for flexibility in the platform, it does enjoy a high industry reputation and is definitely a solid choice for bitcoin traders.

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