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Luno Exchange Review for 2020 – Can You Trust It?

Luno Review

Luno is a simple-to-use cryptocurrency exchange that offers a limited, but well-delivered range of services in a trusted, reliable, and secure fashion. Luno is geared-towards newer users in the crypto market, with attractive and easy-to-use interfaces, as well as a wide range of knowledge and support services. Luno also offers some of the most competitive […]

Luno Exchange Review for 2020 – Can You Trust It? was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

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Luno is a simple-to-use cryptocurrency exchange that offers a limited, but well-delivered range of services in a trusted, reliable, and secure fashion.

Luno Review
Luno Review – A Trusted, Reliable, and Low-Cost Ethereum and Bitcoin Exchange

Luno is geared-towards newer users in the crypto market, with attractive and easy-to-use interfaces, as well as a wide range of knowledge and support services. Luno also offers some of the most competitive fee structures in the industry, reinforcing this focus on accessibility and functionality.

That said, with a limited number of supported countries and only 2 supported cryptocurrencies, cryptocurrency investors will need to open an additional account with another exchange to access the full crypto market (Read our ‘Best Cryptocurrency Exchange‘ guide to see our top 10 recommendations). Despite this, Luno does offer an advanced trading platform to work with for those who want to trade ETH and BTC.

2 supported crypto coins - Source: luno.com
2 supported crypto coins – Source: luno.com

Luno will appeal most to people who want a simple interface for performing fiat-to-crypto trades that involve major cryptocurrencies (ETH & BTC) and fiat currencies from Europe, Southeast Asia, and Africa.

If it sounds like Luno might be the best Bitcoin exchange for your needs, then please read on to find out more.

This review will cover the quick facts about Luno, its distinguishing features, its verification process, its fee schedule and will provide a quick pros and cons summary of what we have learned.

Armed with this knowledge, you will be able to decide if it’s worth your time to investigate Luno further.

“When you rest, you rust. That’s something we firmly believe at Luno, which is why we are always working to change and adapt. Disruptive technologies, like cryptocurrencies, can carry negative connotations and instill a sense of fear by the simple use of big-bad-wolf words like ‘disruptive’. Instead, you could consider this technological disruption a factor of positive change, especially when it comes to having more control over your own money.”

Team Luno, Luno.com

Team Luno

Quick Facts

Luno Facts Sheet
Exchange Type: Centralized
Fiat-to-Crypto: Yes
Crypto-to-Crypto: Yes
Number of Fiat Currencies Traded: 5
Number of Cryptocurrencies Traded: 2
Number of Countries Supported: 40
Bank Transfers/Deposits: Yes
Credit/Debit Cards: Yes
Wire Transfers: No
PayPal: No
Exchange Wallet(s): Yes
Account Size Limits: No
Margin Trading: No
Spending Limit Periods Yes
Trading Fees: 0.2% – 1% taker fee depending on 30d volume and trading pair
Deposit/Withdrawal Fees: Negligible withdrawal fees and deposit fees with 1 exception
Headquarters: UK
Incorporated: Singapore
Luno Review Homepage
Luno Review Homepage

Cryptocurrency exchanges tend to come in a lot of different shapes and sizes, and Luno is no exception.

Luno presents itself as a secure place for people to buy, sell, and store Bitcoin and Ethereum, and also has a surprisingly advanced trading platform. So how is it different from industry leaders like Coinbase, Binance, FTX etc?

Lino Review Features - Source: Shutterstock.com
Lino Review Features – Source: Shutterstock.com

However, overall Luno’s best features are its functionality and the cost savings it offers to cryptocurrency users from its supported countries.

“While we and many other Bitcoin companies are actually fundamentally digital currency agnostic, Luno is currently very focused on Bitcoin, purely because there is no other digital currency that is as safe and widely used at this time.”

Marcus Swanepoel, CEO of Luno

Marcus Swanepoel

Luno Review Features
Luno Review Features

Low Fees Overall

Easily the best feature of Luno is its commitment to low fees in general.

Many deposit and withdrawal options are free, with only a nominal charge on the rest.

Luno’s transaction fees are also very competitive, with 0% maker fees for all currency pairs.

Anyone looking to transact in Bitcoin and Ethereum without having to worry about fees will be well-served by Luno, particularly those users looking to avoid the often high industry standard credit card fees out there.

Luno Review Desposit and Withdrawal Fees
Luno Review – Deposit and Withdrawal Fees

Go to Luno

Luno

Major African and Southeast Asian Fiat Currencies Supported

While almost all fiat currencies can be used on modern crypto exchanges, they generally need to be converted to a major currency, such as the USD or EUR, before they can be deposited and traded.

Major African and Southeast Asian Fiat Currencies Supported - Source: Shutterstock.com
Major African and Southeast Asian Fiat Currencies Supported – Source: Shutterstock.com

This means you have to pay the conversion fees with your payment providers on top of the fees the exchange charges itself.

However, Luno offers a range of major fiat currencies from Southeast Asia and Africa (ZAR, IDR, MYR, and NGN) which allows users from these populous nations to transact and trade in their own currency, and hence, avoid the conversions fees they would encounter with most other exchanges.

Relaxed Verification Restrictions

Luno lets users transact strictly in crypto with no identity documents required for its lowest level of verification, and even lets users from a small number of countries trade small amounts of crypto at this level.

While users who want to trade significant amounts of crypto will still need to meet industry standards of verification, this first level of access is helpful for people who only need to transact in small amounts of fiat currency or in strictly crypto transactions.

Luno Review Verification Limits
Luno Review Verification Limits

Registration and Verification

Luno’s verification process is slightly more relaxed than the current industry standard, allowing some users to buy and sell a small amount of crypto based only on account confirmation through a mobile device and the submission of some personal details without identity document verification.

This is in contrast to the growing trend among crypto exchanges that require identity document verification before any fiat currencies can be deposited and withdrawn or digital assets bought and sold. Which is increasing more and more today.

Registration and Verification - Source: Shutterstock.com
Registration and Verification – Source: Shutterstock.com

In addition, this first verification level is also adequate for people from both supported and unsupported countries to send, receive and transact with Bitcoin and Ethereum using their Luno wallet.

For the higher daily and monthly limits, users need to reach the second verification level by supplying a photo of their identification document and a selfie. This second verification level will increase the daily and monthly maximums slightly.

To get the industry standard daily and monthly deposit and withdrawal maximums for their account, users must undertake the third level of verification. This third verification level at Luno requires the photo of a proof of address.

The Luno daily and monthly maximums for this third level of verification are around what most exchanges will offer for both identification document and proof of address verification. Some exchanges will offer higher daily and monthly limits or unlimited accounts with income and asset verification, but Luno does not currently offer this higher level of verification.

Luno Review Verification Levels
Luno Review Verification Levels

Luno has a quite extensive deposit and withdrawal fee schedule based on the supported country that ranges from the best in the industry for almost all options to among the worst for one single option. However, overall the deposit and withdrawal fees are very competitive.

LUNO Fees Schedules
LUNO Fees Schedules

Luno’s transaction fees are also more complicated than most exchanges, being based on 30d volume and the fiat currency pairing. The Luno market maker fees are some of the best in the industry, while the market taker fees range from decent to very good.

Transaction Fees

Transaction fees at Luno follow a maker/taker model.

Market maker fees are a flat zero across all trading pairs, while they vary from 0.2% to 1% for market takers based on the fiat currency pairing and your 30d trading volume.

Even the high end of 1% is a decent transaction fee by industry standards, though far from the best, and the low end of 0.2% to 0.25% is very good.

Luno Review Transaction Fees
Luno Review Transaction Fees

Credit Card Fees

While only available for deposits in Euro (EUR) and Nigerian Naira (NGN), Luno’s credit card fees are extremely competitive at zero for EUR and 1.58% for NGN up to a maximum deposit fee of NGN 2,070.

Bank Transfer Fees

All of Luno’s bank transfer fees except one can be considered as nominal, coming in at less than €5 equivalent.

The one exception is Luno’s South African Rand (ZAR) cash deposit penalty of 5%+.

Pros and Cons

Here is our brief pros and cons breakdown of what this Luno review has shown us.

Luno Pros and Cons
Luno Pros and Cons

  • Very low fees
  • Simple and intuitive interface
  • Good range of crypto transaction services
  • Trading pairs with ZAR, NGN, MYR, and IDR
  • High quality trading platform

  • Only 2 cryptocurrencies supported
  • Limited countries supported

Closing Thoughts

Luno is a great option for people from the supported countries who only require transactions or trades that involve Bitcoin and Ethereum, or are looking for a low-cost fiat-to-crypto on-ramp. The simple interface and very competitive fees mean that there are few better options out there for people who fall into this group.

Closing Thoughts - Source: Shutterstock.com
Closing Thoughts – Source: Shutterstock.com

People from Indonesia, Malaysia, South Africa, and Nigeria will be particularly well-served by the ability to bank and trade in their native currencies.

However, users looking for more advanced trading features, more tradable cryptocurrencies or people from a large number of unsupported countries will likely be better off looking elsewhere for their cryptocurrency exchange services.

Go to Luno

Luno

Disclosure: Blokt strives to provide transparent, honest reviews, and opinions. The writer of this article is a user of the product(s) or service(s) mentioned in this article and was not influenced by the respective owners.

We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. Thank you kindly for your support.

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Source: https://blokt.com/guides/luno-review

Blockchain

Binance to cease these crypto-derivative offerings in Australia

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Once upon a time, regulators around the world weren’t confident about handling the crypto-ecosystem. This attitude, however, has changed of late thanks to the industry’s growth and the interest it has seen from traditional institutions and major investors.

The aforementioned change isn’t universal, alas, with some crypto-entities still coming under a lot of regulatory fire. Binance is a case in point. The platform has come under increased scrutiny from a growing number of regulators worldwide, including regulatory authorities from the U.K, the U.S, the Netherlands, and Canada.

Australia too has now been added to this ignominious list.

According to an official announcement made by the exchange, Binance will no longer offer Futures and Options trading in Australia. It read,

“As Binance constantly evaluates its product and service offerings to comply with local regulations, we will cease offering the following products to existing Australian users: Futures, Options, Leveraged Tokens”

Moreover, it revealed that ‘existing Australian users will have 90 days to reduce and close their positions for these products.’ Post 23 December, users will no longer be able to manually reduce their positions, and all remaining open positions will cease.

What does this mean for Binance and its executives?

Well, the aforementioned step is in alignment with its executives’ aim – To create a sustainable ecosystem around blockchain technology and digital assets. In fact, according to one of its executives,

“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”

This move followed last month’s restrictions on Options, margin products, and leveraged tokens (New accounts were barred from engaging in).

And the “nightmare” continues… 

Binance took a similar hit in a different part of the world less than two weeks ago. It discontinued support for trading pairs in the Singapore dollar (SGD), again due to regulatory crackdown(s).
Binance found itself in troubled waters earlier this year, with regulators around the world zeroing in on the top exchange. The regulatory pressure forced the leading crypto-company to adopt a proactive approach to compliance. That being said, the jury is still out on whether these steps have been making any difference?
Moreover, US authorities are probing possible insider trading and market manipulation allegations involving Binance. The exchange, for its part, has denied these speculations. Binance has a “zero-tolerance policy for insider trading,” a statement said.
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Source: https://ambcrypto.com/binance-to-cease-crypto-derivative-offerings-in-australia

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Blockchain

Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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Blockchain

Snoop Dogg Reveals His Connection With Twitter Account on NFTs

Snoop Dogg Twitter

Rate this post American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment. Snoop Dog Claims to Be Popular NFT Advocate on Twitter Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs.  The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.   According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll. On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”   Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal. Is Medici Account an Elaborate Prank? The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement. “I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments. Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

The post Snoop Dogg Reveals His Connection With Twitter Account on NFTs appeared first on Cryptoknowmics-Crypto News and Media Platform.

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American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment.

Snoop Dog Claims to Be Popular NFT Advocate on Twitter

Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs. 

The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.  

According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll.

On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”

Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal.

Is Medici Account an Elaborate Prank?

The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement.

“I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments.

Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

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Source: https://www.cryptoknowmics.com/news/snoop-dogg-reveals-his-connection-with-twitter-account-on-nfts/

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