Luno Review 2022: Everything You Need to Know!

Luno, previously known as Bitx, is a popular crypto exchange and wallet provider. Launched back in 2013, it expanded from Singapore to 44 countries in the world. Back in 2017, Bitx changed its brand name to Luno, meaning Moon. It has experienced unforeseen growth ever since its rebranding. With offices in Singapore, Cape Town, Australia, Nigeria, Singapore, and London, Luno serves over 7 million users. Luno has raised over 13 million dollars from names like Digital Currency Group and Venture Capital based in the United Kingdom.

It offers Coinbase-like services but cultivates a reach even in countries where Coinbase is not permitted. It is currently the most well-known cryptocurrency exchange in South Africa. It scores the highest trading volume in the nation, followed closely by Nigeria. It offers esteemed features such as quick trade, quick deposit & withdrawal, direct bank account transfer, simple trading, price alert, etc. You are suggested to verify the fee schedule before finalizing the payment. Despite the minor concern, any Luno review will explain that Luno is one of the best crypto exchanges in Nigeria.

In simple words, Luno can be defined as a fiat/crypto to cryptocurrency trading exchange. The exchange connects traders interested in buying/selling digital assets. Known for its lower fees and the support for local currencies make Luno one of the most popular crypto trading platforms.

How Does Luno Work?
Among the primary reasons to check Luno reviews is to be more understanding of its working. Luno also provides services similar to Binance. It helps users that want to trade cryptos instead of merely buying and storing them. To simply put, the exchange allows Bitcoin exchange against five types of fiat currencies, namely:

Malaysian Ringgit (MYR)
Euro (EUR)
Nigerian Naira (NGN)
Indonesian Rupiah (IDR)
South African Rand (ZAR)
It also trades with ETH (Ethereum) and uses Luno Brokerage Services to offer the market price. The brokerage solution also facilitates quick cryptocurrency (Bitcoin and ETH) purchase and sale at the stated price. You can quickly open business accounts on Luno to accept crypto-based payments from other customers.

Is Luno Regulated?
No, the exchange isn’t directly regulated. Since the cryptocurrency market itself isn’t regulated yet, Luno does not possess the property either. Most countries do not even permit cryptocurrencies, so any government does not back them. However, the exchange falls under the pro-regulation of the Central Bank of Malaysia.

It is registered with the bank, which acts as the reporting authority for cryptos. “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.

Pros and Cons of Luno Review
Here are its pros and cons to receive a better understanding of the exchange and make an educated choice.
PROS:
It offers a simple crypto trading experience.
Traders can quickly switch between crypto and fiat currencies.
Business accounts help organizations set up their proceedings.
The option to share free fiat and crypto email payments is available.
It is ideal for beginners.
Luno supports credit cards and bank transfers.
CONS:
The exchange is unregulated.
There is only a limited crypto choice available.
Does not support advanced trading tools and margin trading.
The liquidity offered on the platform is low.
North American traders are not capable of using it.
European users are not able to access the platform trade.

Fees and Charges of Luno
There are three types of transactions fees on Luno:
Sending and receiving fee
Deposits and withdrawals fee
Trading fee
Deposit and Withdrawal Fees
Luno merely offers a payment processing mechanism, and the fees are calculated by the blockchain networks. The payment fees can vary between nil to 1.5% and are shown before completing the transaction.
Trading Fees
Trading fees are the direct method where it earns revenue. Every charge depends on your country, method, and currency. The Instant trade option incurs a 2% or higher fee. The transaction fees for the Taker depend on your country, while there are no additional fees for the Maker.
Deposit and Withdrawal Options
Traders can indulge in deposit and withdrawal activities using fiat and cryptocurrencies on Luno. Depending on your level of account verification, users will face additional withdrawal and deposit limits on this platform.

Supported Countries
Here is the list of all 44 countries that accept the Luno exchange:
Malaysia
South Africa
Nigeria
Indonesia
Zambia
Europe consists of numerous countries supporting the platform – Belgium, Austria, Croatia, Bulgaria, Cyprus, Denmark, Estonia, Czech Republic, France, Germany, Finland, Greece, Hungary, Guernsey, Iceland, Isle of Man, Italy, Ireland, Jersey, Liechtenstein, Latvia, Lithuania, Malta, Luxembourg, Monaco, Norway, Netherlands, Poland, Romania, Portugal, San Marino, Slovenia, Slovakia, Spain, Switzerland, Sweden, United Kingdom.

Luno Review: Conclusion
Despite the web being filled with numerous crypto exchanges, it manages to establish a unique persona. It supports less popular fiat currencies, is available in 44 countries, and supports multiple cryptocurrencies. A lack of email support hurts its industry prestige alongside its occasional malfunctions when users withdraw cryptos. With features like instant buy-sell, bank account transfers, and business accounts, It creates a quality user experience and has managed to be on the best digital currency exchange platform list. Its every charge is based on user details, including payment used, total amount, chosen cryptocurrency, etc.

More details decide whether or not the investment will pay off. After connecting email to the exchange, users can start trading in an instant. If you file a ticket, it tries to respond to the feedback in 24 hours. Its mobile app is seamless yet straightforward, making it an ideal exchange for beginners and veterans alike.

One more thing..
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