Luno is a global cryptocurrency exchange that also allows users to trade in fiat. The broker was founded in 2013 as BitX before being rebranded in 2016. It is led by CEO and owner Marcus Swanepoel, who has a net worth of $ 2 million, and creator Timothy Strannex.
The company has had offices in cities all around the world ever since its inception.
Small countries that are typically disregarded by larger stock exchanges can use the company’s services. The broker, on the other hand, halted operations in Zambia. The broker’s growth is evidenced by the fact that in June 2021, the platform surpassed the 8 million user mark.
The Luno site’s main feature is a cryptocurrency exchange. Users can exchange cryptocurrencies and stable coins on this platform. Stablecoin is different from other cryptocurrencies in that it is tied to a fiat currency and has lower volatility.
The broker is a low-cost entry-level exchange that trades in a variety of fiat currencies that are rarely traded on exchanges, including the Indonesian rupiah, Nigerian naira, South African rand, and Australian dollar (AUD). The platform does not support the Japanese yen (JPY) or the Chinese yuan (CHY).
Users select the crypto/fiat or crypto/crypto combination they want to swap, the value they would like to swap, and the sort of transactions they want to make using the company’s transfer tool.
Market orders, limit orders, and stop-limit orders are the three types of trades accessible. A market trade is a position in which orders are promptly executed at the best available price at the time, which is the quickest approach but may come with greater costs. A limit order is when customers put a price cap on a position so that it is automatically filled at a defined or better price, saving them money but forcing them to wait.
The broker began offering traders rapid buy/sell services in which they operate as a broker and set the pair’s price. This varies from the exchange function in that the exchange, as an automated market maker, fills the other side of your order.
The procedure of purchasing cryptocurrencies with this function is straightforward: simply choose the cryptocurrency you want, the currency you’ll use to purchase it, and the amount you want to spend. Then you can send a request, and the bitcoin will be sent to you within a brief transaction time. The organization provides a price history chart and a cost estimation tool to assist users in making an informed selection.
If you attempt to sell part of your bitcoin tokens and get the warning “the amount is below the minimum,” it means the quantity is too low. It merely signifies that you have sold less than the cryptocurrency’s minimum sale amount. The Luno webpage has a detailed list of minimum and maximum deposits, withdrawals, and other limits.
By placing crypto tokens in the Wallet function, users can earn passive revenue. You can acquire bitcoin and invest in a platform where Luno will lend it to an affiliate exchange and pass on any profits earned from the lending to you. The broker pays on the first of every month, and you can either withdraw or deposit your gains to continue collecting interest. The goal interest rate is 4%, but it may change depending on market circumstances, thus it may rise or fall in response to market forces for cryptocurrency borrowing and lending. There are no regular or organizational costs, and there are no set limits.
Luno has developed a unique mechanism for consumers to send bitcoins to friends and family without incurring any fees. For making such a transaction on the blockchain, a fee is usually levied. The procedure is straightforward; all you have to do is identify the person to whom you are sending cryptocurrency.
You will have to pay a tiny transfer charge if you are sending other cryptocurrencies, which is determined by how busy the network is at the moment of sending. What you can transmit to other users is limited on a daily and monthly basis, depending on where you are and the amount of verification your account has.
Taker charges, which are based on your 30-day trading volume before t the transactions, are maintenance expenditures. You will be charged a 0.1 percent trading commission if you sell less than £ 250,000. On traded volumes above GBP 16 million, the trading commission is decreased in 0.01 percent increments to 0.03 percent. The Luno website has a detailed analysis of trading fees.
The deposit and withdrawal fees you pay are determined by the fiat currency you use and the amount you move. The majority of them are free; for example, UK traders using bank transfers in GBP do not pay a commission; however, South African traders using the Instant EFT option should pay a 1.4 percent transaction charge.
Customers can transfer funds into their Luno wallets in a variety of ways, however, some are only available in particular regions. In Australia, Malaysia, Uganda, Europe (Europeans can also deposit with a credit or debit card), and in the United Kingdom, you can use bank transfers for fiat currencies, but not in Indonesia, Nigeria, Singapore, or South Africa.
For deposits and withdrawals in Indonesia, you must use ATM or mobile banking, for Singapore, you must use Xfers transfer, and for South African ZARs, you must use EFT. Due to the Central Bank of Nigeria’s announcement that banks should stop assisting cryptocurrency companies, you are presently unable to deposit or withdraw funds in Nigerian Nairas. Deposit and withdrawal times can take up to 48 hours, which is comparable to the time it takes to make a bank transfer. The exchange’s minimum deposits are minimal, at just £ 1, making it accessible to new consumers with limited funds. Please keep in mind that when you’ve completed your transactions on Luno, it’s up to you to figure out how much tax you owe. Ensure that you report the correct amounts to the appropriate tax authorities at all times.
The Luno mobile app is available in the Google Play Store and the Apple App Store for Android and iPhone users. The app can be found by scrolling down the Luno homepage, where a link can be found, or by searching the store.
You can either utilize the Luno website or download the APK file from a third-party website for Windows and macOS.