What is Luno?
Luno is a cryptocurrency exchange from the United Kingdom. It currently has its headquarters in London, with hubs in Singapore and Cape Town and users across 40 countries. The United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world.
The exchange was launched in 2013 (back when it was called BitX) by Timothy Stranex, Carel van Wyk, Pieter Heyns, and Marcus Swanepoel, who previously had a career in banking.
Luno CEO and co-founder Marcus Swanepoel
Luno is also the first cryptocurrency exchange in Malaysia to be fully approved by the Securities Commission (SC). Most traffic of Luno came from South Africa (50%), Malaysia, Nigeria, the United States, and Indonesia.
Luno’s first funding round was led by Naspers Group, one of the largest tech investors in the world. The company’s second round involved Balderton Capital, the leading venture capital investor in Europe.
Luno Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Luno’s trading fees for takers are 0.25%. This fee is on point with the industry average. The industry average is namely arguably also around 0.25%. Even more attractive, however, is the trading fee for makers offered at Luno. Luno does not have any fees for makers, i.e. 0.00%, thus promoting the liquidity at the exchange. This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Here’s a table outlining the trading fees at Luno:
Luno Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
How to register on Luno exchange
To register a new Luno account:
1. Open a web browser and launch the Luno webpage: Luno.com
2. Click “Sign Up” on the top right corner of the main page.
The create an account page appears.
Enter your email and password and click Sign Up.
An activation email is sent to your email address.
Go to your inbox, open the email from [email protected] and click Confirm Email Address.
Click Continue.
Enter your mobile phone number.
Enter your code (4-digit) to confirm your number
You can Set up your profile now or later.
Reward
Referral code: Enter code BFAUXA (You can get Bitcoin for both you and your friend).
2-Factor-Authentication (2FA)
Two Factor Authentication is an extra layer of security that requires not only a password and username but also something which only the user can access such as an SMS to their phone or Google Authenticator. It is a security process in which the user provides two different authentication factors to verify themselves to better protect both the user’s credentials and the resources the user can access.
In case of unauthorized access to an email account and it was used to reset your Luno password, with 2-Factor Authentication (2FA), it becomes easier to add another layer of security. If you have 2FA enabled only you will be able to have access to your funds and release trades, that is if you set 2FA for Login, Withdraw and Release.
How to do KYC on Luno
KYC or Know Your Customer is one of the most widely used acronyms in the financial world. When it comes to crypto investments, it’s always best to ensure that any exchange you deal with, has a strict KYC process while on boarding its clients. Check out this video that will outline the entire process and make it super easy for you to get yourself KYC verified!
- In order to verify your identity, click on “Verify Now”
- On the main page, click on Settings (left side of the screen)
- Fill in your personal details such as name, surname and cellphone number
- Hit the Verify button and submit the required documents so that your account can be upgraded. This basically increases your monthly/daily limit.
For the Upgrade section, you need to submit a high-quality photo of your Identity Book or passport. If the photo is blurry and the moderators cannot read all the info on the photo, it will be rejected. If accepted, you will be upgraded to level 2 which allows you to deposit or withdraw R50 000 per month.
In order to upgrade to level 3 which gives you an unlimited amount to deposit or withdraw, you need to verify your address. Supporting documents include a utility bill, mortgage statement, bank statement with your physical address on it, cellphone account etc. This document cannot be older than three months.
Done, now you can buy and sell Bitcoin or Altcoin on Luno exchange.
Conclusion
In conclusion, making money is possible through bitcoin, but it is nowhere near being easy. To make a lot of money, every move you make in the crypto-world has to be very strategic and well monitored. Before starting your investments, there are a lot of things you need to learn and consider. Every day, more and more people of different demographics are getting into the world of cryptocurrencies, and who knows if that will raise or stunt the value of bitcoin. Crypto-trading is spreading around the world, and I guess we’ll just have to see where it goes from here.
Read more:
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