Blockchain
Luno Exchange Review for 2020 – Can You Trust It?

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.

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 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.

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
Quick Facts
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 |

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?

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

Low Fees Overall
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.

Go to Luno

Major African and Southeast Asian Fiat Currencies Supported
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.

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
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.

Registration and Verification
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.

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 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’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
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.

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

- 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
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.

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

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Blockchain
Bitcoin Price to $1 Million in 10 Years ‘Very Reasonable’ Says Kraken CEO


With bitcoin currently enjoying a near 70% YTD increase, bullish predictions see the asset topping into a six or even seven-digit territory in the following decade. These projections came recently from Kraken’s CEO, Jesse Powell, and the Managing Director of Magnetic, William Quigley.
Bitcoin to $150K in the Next Year
Founded in 2010, Magnetic is an investment firm with a pro-cryptocurrency approach, having allocated funds in the industry as well. In a CNN appearance, the company’s Managing Director and Co-Founder, William Quigley, spoke about bitcoin’s future, price performance, and the impact of the COVID-19-induced financial crisis on the asset.
By referring to historical price developments after each halving, the executive forecasted a somewhat bullish projection that can take the cryptocurrency up to $150,000 in the following months.
“We are about half-way through the post-halving bull run, so, by my judgment, we have a lot more to go with bitcoin. Certainly – $100,000 and quite possible $150,000 by the end of this year or maybe Q1 next year.”
Quigley also touched upon the growing number of companies putting BTC on their balance sheet, which he classified as “huge.” He believes that the general narrative for corporations to allocate some of their trillions of dollars currently held in cash in government bonds is fading. Instead, they will continue to look for an asset with a finite supply, namely bitcoin.
He noted that the most critical issues for corporations are inflation and the diminishing of the dollar. In contrast, being a limited-supply type of asset, BTC could serve as a hedge with its decreasing inflation.
BTC to $1M, Says Kraken CEO
In another widely-bullish prediction, Jesse Powell, the CEO of the US veteran crypto exchange Kraken, said that the asset price is going to “infinity.”
When asked to specify in dollar terms what that amount would represent, Powell said that even reaching $1 million per bitcoin sounds “reasonable.”
“People that are believers in bitcoin see it’s going to replace all of the world fiat currencies, so that means basically whatever the market cap of the dollar is, the euro, all of that combined is what bitcoin could be worth.
In the near time, people see it surpassing gold as a store of value. So, a million dollars as a price target within the next ten years is very reasonable.”
He justified his quite optimistic prediction with the excessive amounts of fiat currencies printed by the US and other global superpowers following the COVID-19 pandemic. Additionally, Powell believes that the younger generations are keen to adopt the primary cryptocurrency, which could skyrocket its price.
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Source: https://cryptopotato.com/bitcoin-price-to-1-million-in-10-years-very-reasonable-says-kraken-ceo/
Blockchain
First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained


- Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks.
- The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer.
- In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained.
- Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a few hours ago, the team revealed that it was “hacked” and drained by 73,000 BNB and 13 million BUSD. The total number amounts to roughly over $30 million at the time of this writing.
BSC project Meerkat Finance is suspected of being rug, taking away 13.96 million BUSD, and the other 73,635 BNB. MKAT claimed to be hacked and stole all resources. Currently the project website cannot be opened. This may be the largest fraud project on the binance smart chain. pic.twitter.com/KbdclfDBKA
— Wu Blockchain (@WuBlockchain) March 4, 2021
- It appears that the alleged hacker stole the money by changing the protocol’s smart contract using the original deployer’s account. In other words – the private key of the deployer contract must have been compromised.
- The Twitter account of the project, as well as the website, have also been taken down, causing some to believe that the team rug pulled the entire thing.
- Meanwhile, the official account of Binance prompted the community to provide any additional information they may have on the case.
If you have more information about https://t.co/aGERcVUoMg, please share with us.https://t.co/G29ksXShcl
— Binance Chain Community (@BinanceChain) March 4, 2021
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Source: https://cryptopotato.com/first-major-rug-pull-on-binance-smart-chain-over-30-million-drained/
Blockchain
Parity To Educate Berkeley Students on Developing Blockchain Projects on Polkadot


The popular DLT protocol Parity Technologies has partnered with Berkeley’s Blockchain Xcelerator program to provide educational panels for students in the university’s blockchain curriculum.
As part of the collaboration, Polkadot’s co-founder Gavin Woods will be a guest lecturer in the A. Richard Newton Distinguished Innovator Lecture Series.
Parity to Educate Berkeley Students About Blockchain
Parity Technologies, a core DLT infrastructure company, announced its latest partnership in a press release shared with CryptoPotato.
According to the document, Parity will employ its substrate blockchain-building framework to educate and work together with the university to raise “the overall awareness of next-generation blockchain technologies in order to promote adoption among students and the community at UC Berkeley.”
For the ongoing 2020-2021 academic year, Parity’s developer education team will collaborate with the faculty, students, and the community studying blockchain technologies in their respective coursework. This includes involvement in curriculum preparation, project ideas, and resources to “enrich the educational experience.”
Furthermore, Parity and the university’s DLT-oriented program called the Berkeley Blockchain Xcelerator will advise students and entrepreneurs on how to develop and eventually launch blockchain startups on Polkadot and Web 3.0 ecosystem.
Jocelyn Weber, an executive at the Berkeley Blockchain Xcelerator, said that the “work with parity and other Polkadot ecosystem startups had demonstrated the potential of this technology in educating our community.”
“We strive to expose our students to the tools and skills they will need to enter this space and immediately start making significant contributions – which is why improving their knowledge with tools such as Substrate and networks like Polkadot will be an important part of our curriculum development.” – Weber added.
Gavin Woods to Give a Lecture
The statement also outlined that Dr. Gavin Woods, the co-founder of Ethereum, Polkadot, and Parity, will give a lecture in the A. Richard Newton Distinguished Innovator Lecture series this month.
Wood commented that blockchain innovation is expanding at a rapid pace and has advanced “beyond legacy networks into next-generation, production-grade blockchains like Polkadot.” This makes it “critical” for the newer coders, engineers, and entrepreneurs to be able to take on the growing competition and develop ground-breaking projects.
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Source: https://cryptopotato.com/parity-to-educate-berkeley-students-on-developing-blockchain-projects-on-polkadot/
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