allow the creation of any receive addresses associated with a Private Key other than receive addresses created through your Luno Wallet. Luno will not credit to your Luno Wallet any cryptocurrency associated with a Private Key other than where such funds have been received via a receive address generated through your Luno Wallet.
Access your list of contacts to instantly send crypto or fiat payments by email. So you may have heard that you can make money from Luno and/or cryptocurrencies like Bitcoin. Now, while we are a cryptocurrency company offering an Exchange and Wallet we, unfortunately, are not a money tree.
The exchange offers trading in bitcoin and ethereum, the two largest coins by market capitalization, across fiat currencies. The Luno wallet and payment app make it easier than ever to send, receive and spend your crypto and fiat. Education is provided through the Luno Learning Portal and blog for the beginner bitcoin trader.
If you have an available balance of Supported Cryptocurrency in your Luno Account above the Minimum Threshold, we will liquidate the cryptocurrency and deposit the value realised from the liquidation into your Local Currency wallet. The Minimum Threshold is USD10.00, or its equivalent in any applicable Supported Cryptocurrency calculated on the day on which the liquidation is performed. We will not send your Supported Cryptocurrency to an alternative cryptocurrency wallet address. Any risk of a negative exchange rate fluctuation shall rest with you and you shall have no claim against Luno for any losses you may suffer as a result of the liquidation of your available balance of Supported Cryptocurrency. You may close your Luno Account by submitting a closure request via the Help Centre.
Luno provides trading of bitcoin against five fiat currencies. They are the Euro (EUR), Indonesian Rupiah (IDR), Nigerian Naira (NGN), South African Rand (ZAR) and Malaysian Ringitt (MYR).
For example, you will have no access, entitlement or claim to any Bitcoin Cash (BCH) sent to a Bitcoin (BTC) receive address. Any Bitcoin, Bitcoin Cash or Ethereum that you receive is stored in your Luno wallet. This is not a physical wallet; it’s software that contains the private keys that authorise the owner of the cryptocurrency to send his or her “coins” to another wallet.
The Luno bank account into which you make a Deposit will be a segregated account used exclusively for the purpose of holding and processing customer funds. Subject to these Terms, you retain a right to any funds you deposit into the Luno bank account until such time as your funds are used or withdrawn. You accept and agree that you have no claim or entitlement to any Local Currency or cryptocurrency received in error, and must immediately return such funds in accordance with the instructions received from Luno.
In each of these platforms, the price will be different due to different amounts of bitcoin traded at the exchange, which are determined by supply and demand. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose.
Luno facilitates Bitcoin storage and transactions such as buying, selling and paying through its Bitcoin wallet services. Luno is SegWit-integrated and also operates exchanges between fiat money and Bitcoin. Let’s say you want to spend some of your hard-earned cryptocurrency money, how do you cash out of Luno? It’s easy to withdraw funds from your Luno wallet directly into your bank account.
The Luno Brokerage Service offers the market price, whereby crypto can be instantly bought or sold at the quoted exchange price. Business accounts can be opened for businesses that want to accept cryptocurrency payments from customers; pay invoices in crypto; or buy, sell and trade crypto. We would not be surprised to see even bigger developments from Luno in payment services in the future. One of its original investors is South African e-commerce payment giant PayU.
The Luno app is your trading platform, wallet and PayPal all-in-one. All trading functions are accessible in markets that support exchange trading. Multiple wallets can hold your bitcoin, ethereum and local currency.
Is Luno safe and legit?
If you are looking for an exchange to buy cryptocurrency pairs across dozens of different cryptos, Luno is not the best option. What Luno does do it does very well. The exchange offers trading in bitcoin and ethereum, the two largest coins by market capitalization, across fiat currencies.
Since it is a web-based the platform requires no software download or installation. The platform is designed to be cross-platform meaning you can use a Windows-based computer or a Mac. Comparatively, the platform provided by Luno is one of the more advanced platforms that we find in the industry. It features advanced charts, real-time market feeds, trade history, CSV export and reporting and depth liquidity indicators. If you are looking for an exchange to buy cryptocurrency pairs across dozens of different cryptos, Luno is not the best option.
Local Currency deposited into your Luno Wallet (see Deposits) is solely for the purchase of Supported Cryptocurrencies and/or Withdrawal to an approved bank account (see Withdrawals). In certain countries we may also allow you to purchase specific goods and/or services from selected third parties using your Local Currency balance. You accept and agree that any such purchase will be subject to these Terms.
What cryptocurrencies does Luno support?
- Trading in these 2 cryptocurrencies is done through its proprietary web-based trading platform.
- As a cryptocurrency exchange, Luno offers its customers trading services for Bitcoin and Ethereum.
Deposits and withdrawals of these fiat currencies are only done through bank wire transfer or through your credit card. In addition, Luno also provides you with the option to purchase Bitcoin and Ethereum directly with your credit card. First of all, the cryptocurrency market is regulated by the rules of supply and demand. The price moves at all times, showing a big interest in trading this new currency. In order to purchase Bitcoin, it is possible to do it through exchange platforms.
You may receive Supported Cryptocurrency into your Luno Wallet by providing the sender with a receive address generated in your Luno Wallet. Your Luno Wallet will only be credited with Supported Cryptocurrency sent to a receive address generated through your Luno Wallet and associated with that Supported Cryptocurrency.
Luno requires verification to deposit or withdraw fiat from the platform. Users who only need to transact in or store cryptocurrencies can participate without needing further verification.
In terms of fees, the rates charged by Luno are considered as some of the most competitive in the cryptocurrency trading industry. Receipt and transmission of bitcoins through email addresses or telephone numbers does not incur any charges. From transactions through your Bitcoin wallet, the fee is 0.0002 BTC.
As a cryptocurrency exchange, Luno offers its customers trading services for Bitcoin and Ethereum. Trading in these 2 cryptocurrencies is done through its proprietary web-based trading platform.
The fees Luno charges vary depending on your location, the currency you are trading and how active the cryptocurrency network is at the time of the trade. The fee to send Bitcoin or Ethereum to a wallet is dynamic, meaning it is adjusted according to the cryptocurrency network traffic. Luno is a digital currency exchange facility that offers clients a technology platform to buy, sell and store digital currencies as well as pay for products and services using a cryptocurrency wallet. Digital currency is also known as a cryptocurrency and the two most famous examples are Bitcoin and Ether, the latter being the digital currency used to power Ethereum. Luno like most cryptocurrency exchanges accepts major fiat currencies such as EUR, IDR, MYR, NGN, and ZAR.
What is Luno?
Should we have reasonable grounds on which to suspect you are using your Luno Wallet primarily for the purpose of storing Local Currency, Luno reserves the right to restrict, suspend or terminate your Luno Account. You may be charged a fee to send Supported Cryptocurrency from your Luno Wallet and/or to receive Supported Cryptocurrency into your Luno Wallet. Please see the Fees and Features page of the Luno website for further information on send and receive fees.
Apart from offering its customers an advanced trading platform, Luno has also provided them with an Android-based Bitcoin smart wallet. Available free of charge with zero fees on transactions, the smart wallet offers a great low-cost alternative for cryptocurrencies traders. Local Currency deposited into your Luno Wallet may only be used for the purchase of Supported Cryptocurrencies and/or Withdrawal to an approved bank account (see The Luno Wallet). You must not use your Luno Wallet for the purpose of storing Local Currency.
Step 4: Buy cryptocurrency
For example, your Luno Wallet will be credited with ETH when it is sent to an ETH receive address generated through your Luno Wallet. Proceeds from the sale of Supported Cryptocurrencies will be credited to your Local Currency Luno Wallet, less any applicable fees (as explained in Fees, and on the Fees and Features page of the Luno website). Luno does not pay interest on Local Currency or Supported Cryptocurrency balances held in your Luno Wallet. to any cryptocurrency sent to a receive address associated with your Luno Wallet, where that receive address is associated with another cryptocurrency.
Such requirements are designed to protect you from loss and Luno will not action a closure request until they are satisfied. Where your identity has been verified (in accordance with the Identity Verification requirements), you may deposit Local Currency into your Luno Wallet by depositing funds into a Luno bank account (a “Deposit”).