Luno: Platform for Buying and Selling Bitcoin

Description

Luno (initially BitX) is a bitcoin and other cryptocurrency exchange. The company operates in over 40 countries in North America, Africa, Asia, and Europe and allows users to buy, sell, send, and receive bitcoin. The platform can be accessed on the web or via mobile apps available for iOS and Android devices.

Luno offers advanced features such as a price alert, repeat buys, and API. The API allows traders to access the platform from their applications and create custom trading strategies. Price alert enables users to receive notifications when the bitcoin price reaches the target level. With a Repeat Buy feature, it is possible to set up a regular purchase of bitcoin (daily, weekly, or monthly). It is helpful for users looking to save money by dollar cost averaging their investments.

How It Works

Sign up for an individual or business Luno account; the platform will require you to provide proof of identity. After verifying the account, you can fund it using bank transfers, debit or credit cards, or other payment methods available for your country.

Once you have signed up, you can create a local currency wallet with the following supported fiat currencies to fund the Luno account: AUD, EUR, IDR, MYR, NGN, SGD, ZAR, UGX, GBP, and USD. Luno is an exchange that offers a custodial wallet service. So along with the local currency account, you may create a bitcoin wallet. This means that Luno holds your funds, and you do not have direct control over them. The service has a disabling bitcoin sends feature and two-factor authentication to increase security. However, it can not provide as much security as hardware wallets you own.

The process of buying bitcoin can be done in two ways:

1. A taker order. The buyer can choose an already existing order created by the seller.
2. A bid. The buy can create a new order and set how many sats he wants to buy and the price he is ready to pay.

Fees and Limits

Luno’s exchange limits and fees depend on the country in which you are located and your payment method. For example, the buy/sell fee is 1.5% in the United Kingdom, and the buy/sell fee in Uganda is 2%. The minimum amount you can start buying is $10. Limits also depend on the verification level. There are three verification levels: basic, intermediate, and highest, and to get it, you need to confirm and submit your basic personal details and scans of some documents.

The Luno Exchange has two different fees for trading following a maker-taker model. The first fee is a maker fee that is not charged when a user places an order that is not immediately matched with an existing one. The second fee is a taker fee which is charged when an order is immediately matched with an existing order.

More Information

• List of countries
• Luno updates on Twitter
• YouTube channel