Possible Scam At South African Investment Group Leads To $50 Million Lost
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Luno, formerly BitX, is a cryptocurrency exchange known for its high fees on transactions and trading. Re-branded recently inLuno started as BitX back in They are operating in London, and are slowly expanding their operations into Europe as well. The online reviews of Luno show a mixed response. In this review we will try to separate the black from the white and focus on presenting facts about this cryptocurrency exchange. Inwhen they found the need to change, they re-branded BitX to Luno.
They offer mobile applications for both iOS and Android, and also have API bots that are equipped with automatic trading features. Luno kicked off with a fresh approach and plenty of enthusiasm, but eventually the enthusiasm slowed, with users complaining frequently on the network. Luno is only a Bitcoin and Ethereum exchange, meaning you will not find any other cryptocurrencies on the platform.
You can however, purchase Bitcoin bitcoin south africa reviews Ethereum by using government issued fiat currencies. In total they span over almost 40 countries. They also offer wallet services to their users, who can utilize a Luno wallet to store both Bitcoin and Ethereum, but for security reasons, we always advise against storing your coins on exchange platforms and instead bitcoin south africa reviews them in a cold wallet offline.
As Luno is fairly new in game, bitcoin south africa reviews has not been hacked so far, but that does not mean the website is completely secure or bulletproof, it just means it hasn't bitcoin south africa reviews hit yet.
Luno is not blessed with having the best online reviews from its users, but there still are many upsides and advantages that this website boasts. Some of them are. Luno has its fair share of downsides too, and it gets scrutinized and criticized fairly regularly in online forums and social media.
Let us have a look at the loopholes in Bitcoin south africa reviews. Luno has no support in many countries because of compliance issues. Its reach is limited to some countries, which may sound like a lot but it is limited compared to other exchanges.
When it comes to regulation, it has certification from FCA Financial Conduct Authoritywhich is a definite positive but that does not give it a universal accreditation to operate.
Users have the option to enable 2FA two factor authentication on their devices, and also has mobile applications both for Android and iOS.
Luno is a fairly new player in the bitcoin south africa reviews of cryptocurrencies and crypto-exchanges. When we look at its market positioning, we are comparing it to these competitors to give us an idea of user favourability. Luno manages to pull a decent number of views regularly. So far, the number of views it has garnered in last three months is 12 million, which isn't bad but when compared with GDAX A reason bitcoin south africa reviews the views being lower could be its limited geography reach 40 countries and the fact that it only offers bitcoin and ethereum.
When we discuss traffic by countries data taken from similarweb. South Africa is followed by Malaysia 7. Social media has great influence on how popular a platform is. Luno, one of the few online crypto-exchanges that allows users to sign-up and register using their social media accounts, does not perform well on social media analytics. As per data from similarweb.
Signing up on Luno for a new account is fairly easy. As we've mentioned you can even sign-up using Google or Facebook accounts, it is that simple! Registration typically takes a couple of minutes. You just need to provide a bitcoin south africa reviews email ID, along with a strong password.
The verification code will reach your email in seconds, simply input that into the field required. However, to verify your account to start trading on a bigger level, using larger volumes, you will need to get hard-verification done. For that, you need to submit government issued ID, along bitcoin south africa reviews your selfie 'holding the same ID you submitted'. Not only this, you also need to submit your proof of address as a part of your verification documents.
Luno only supports two cryptocurrencies, the two most popular and top of the market cap table - Bitcoin and Ethereum. It has bitcoin south africa reviews other cryptocurrency on-board. This is one of the major reasons why Luno reviews bitcoin south africa reviews not always positive on the web. The Luno fee structure is one of the most debated topics online. On most of the cryptocurrency exchange-review forums and portals, Luno's high fees is discussed. Considering the fact that most of the big exchanges like - Bittrex, Binance and even Poloniex charge between 0.
HitBTC on the other hand rewards the buyers with 0. Luno is the only one with fees this high fees and additional charges on different payment methods. If you are using PayU in Nigeria, you might be charged 1. Although deposits on Luno are generally free, third-parties will charge you if you choose to utilize their services. For withdrawal however, Luno charges fees according to the currency.
If you are withdrawing EUR Euroyou will have to pay 0. This is not actually too bad or at least could be bitcoin south africa reviews lot worse. Bitcoin south africa reviews investors prefer to move to exchanges that have lower fees, more bitcoin south africa reviews and crypto-assets available, as well as increased flexibility. Customer care of Luno is regularly bashed on social media websites, online discussion forums and especially Reddit.
They do answer a lot of queries in their FAQ section, but that alone is not enough. They do not have any live-chat options, which leaves them only with a 'ticketing-platform', where users can raise tickets for their complaints.
It takes days for Luno customer care executives to respond and resolve the issues. This ia a major reason why their customer support needs a lot of improvement. Luno has a clean and eye-pleasing user interface, but when you are operating as a cryptocurrency exchange, moving around millions of dollars worth of cryptocurrency, you need a lot more than just a clean interface.
They need to work on their support, and reduce the fees they charge users. Moreover, if they can bring some more cryptocurrencies onto their platform, it would bitcoin south africa reviews great for the users who want to invest in ICOs, altcoins and other crypto-assets.
They must also look into bitcoin south africa reviews an option of credit card and debit card deposits to their users, this will increase their user-base for bitcoin south africa reviews. With these changes implemented, Luno has a lot of scope to expand in future. Buy Bitcoin Now Rank. Buy Now Go to eToro eToro. Read More Buy Now. Thank you for submitting your comment for moderation. Notify of new replies to this comment.
