Luno.com Review 2021 – Scam or Not?
What are the odds that you might run into a region-based BTC exchange today? Due to the recent BTC hype, people would frantically look for exchange websites to trade and exchange their Fiat into cryptocurrency. This is because they want to get into the crypto-game, and getting into exchange websites is just one of the options that they can do and quickly get their selves into.
Today, we will be looking into Luno.com and determine if they are an exchange website that is region-based or anyone can create an account with them and have it verified? Join us as we explore their website features, try to have an account verified, and generally know what their services are. Without further delay, let’s talk about that!
Background
Previously known as BitX, Luno.com was founded in 2013 and has been providing their exchange services ever since. The company has its headquarters in London with operations spanning the globe! They offer the buying and selling of Bitcoins and has been a host of more than a billion dollars worth of BTC trades since they launched.
Verifications with Luno.com
How do we get verified with Luno.com? First, we need to create an account with them through their website. To create an account, you just need to provide your active email address, country of residence and that’s it! Users are also able to register using their Google account or Facebook if they want to sign up for these options.
A confirmation email will be sent to the provided email address. Once the email address has been confirmed this will automatically redirect you to their website and into your logged in account. To verify your account, you only need to provide a mobile number for verification. Please be advised that the chosen country will determine the country code for this step, so make sure that you enter the correct country you are currently at and have access to a mobile phone for verification.
The higher the verification level, the higher the limits per account. For example, an Indonesian level 1 account can have a maximum of IDR 15,000,000 of deposit and withdrawals. The level 2 expands that up to IDR 25,000,000 per month for both deposit and withdrawal. For level 3 Indonesian accounts there’s no limit on what a user can deposit and withdraw. Please be advised that this is just for the Indonesian account holder and specific country limits still apply depending on the account level. To read more about their verification levels and limits, please click this direct link.
Features
A global use of their website translates to having access to their wallet services. This means that wherever you are in the world, you are able to use their wallet but not their “other” services which include their exchange. Luno.com is a combination of a wallet and exchange for people that are not aware of this. They also have Two-Factor Authentication extended for accounts which translates to an extra level of security. Luno.com has also a mobile App wherein users are able to purchase BTC with just a few taps and swipes. This feature is great since you do not need to be in front of your computer to purchase BTC and can practically do it anywhere you want to!
Trading with Luno.com
Since we are not part of the countries that have access to their exchange platform, we are unable to show you guys a preview of what their exchange platform looks like. The exchange is not accessible by users that are from Europe but can be accessed by users from Indonesia, Malaysia, Nigeria, and South Africa. The validation process segregates these countries and creates an account suitable for your access.
For instant buy and sell transactions, Luno has set specific limits depending on where you are from. The BTC/IDR market allows a minimum of BTC 0.0005 per transaction and a maximum of BTC 2.00 or IDR 15,000.00 up to a maximum of IDR 120,000.000.00. These limits are for instant buy/sell transactions and are not applicable to their exchange and can only be done through their App.
For users that have full exchange access to the website, we strongly suggest you guys shed light on this area through the comments section below to give our fellow readers an idea on how their exchange platform works.
Fees
Trade fees range from fair to expensive compared to existing exchange websites today. They have zero maker fees here at Luno.com but the taker fee ranges from 0.20% up to 1.00% per transaction.
Deposits and Withdrawals
Here at Luno.com, they accept Fiat and BTC deposits. Deposit methods accepted are SEPA Transfer, Bank Transfer, Interbank GIRO/IBFT, Debit/Credit Card via PayU, Bank Transfer via PayU, EFT. Deposit methods also depend on the country that you are in; this means that not all of the mentioned options above are available for your country. Fees for deposits range from 1.58% up to ZAR + 5.00% per transaction.
When it comes to withdrawals, they accept SEPA Transfer, Bank Transfer, Interbank GIRO/IBFT, Bank Transfer, and EFT. Again, these options greatly depend on which country you are from. To check out the complete list of accepted payment methods and countries please click this link.
Customer Service
Now here comes the sad part, the website literally doesn’t have any direct customer service channels. We strongly suggest reading more about negative reviews about the website before depositing into this website since you have no direct contact. The only help they can provide is their FAQ’s section which is no use when it comes to issues that need to be resolved right away. They do have accounts on Facebook, Twitter, Google Plus, and Instagram.
Pros and Cons
Pros
- Mobile App
- Easy account creation
Cons
- Does not have customer service support
- Limited Features (for countries outside their exchange list)
- Expensive trade fees
Luno Review Conclusion
The website does not have any customer service support; please do let us know in the comments section below if you guys think we missed that one. Aside from that, Luno.com has some serious restrictions to countries that are not part of their exchange platform, everything was doing great until we didn’t get to see their exchange. In general, they offer a BTC wallet that can be used by anyone around the globe. The website isn’t “laggy” and everything is in place. They even have educational materials for people that are new to BTC. Overall, the website isn’t bad; it isn’t also great for us. Please do let us know what your impressions of the website are in the comment section!
Go to luno.com
Crap integrated.
Very unhappy with Luno. No real customer service and transfers are unsafe on the platform. Never use Luno.
I didn’t get my profits. I tried to complain but my trader told me to stop complaining to Luno. Because luno have nothing to do with trading
My experience has being very bad . Up to now I cannot withdraw my money . I was asked for identification which I provide like 4 times . No call back . My money is just there . All verification done still cannot withdraw my money and I need it for urgent needs . I am crying now because I have an urgent need but still no respond for up to 2 weeks now . And they took me off the chat session . Am just crying . I was introduced to lLUNO by a coworker. All my coworker are using it about 15 of us but each one is having different probs . We have decided to go public with this but is so sad . I feel like committing Sucide and ending my life .
Shocking customer services with no contact numbers and no feedback following hacking and theft of all funds with zero notification of unauthorized accessing and tough luck attitude with no recourse following hacking and theft of wallet funds which they claim hacker account details cannot be tracked nor traced. High high risk
Are you supposed to deposit the money so that you can receive your profit
Iv’e been using Luno since end 2017 when BTC at low price. Withdrawal was stuck somewhere in 2018 – 2019 in Malaysia. Until now it was great. Depositing fiat to Crypto was good. Playing for LTC, XRP and BTC was easy. If there is any problem, can contact them via support@luno.com. But I never deposit for large sum of money. Hope Luno will maintain a good service and please don’t scam your costumer.
I was very happy with Luno, unit they locked my account, after I reported suspicious activity.
Initially it looked simple, to get it unlocked, as they send me a push command to upload documents of Identification so that they can review and re-instate the application. It has now been 12 days and numerous emails, with more ID documentation, and I still cannot trade.
The frutration is, as the cryto currency is so volitile, should the currency I have invested in, start dropping and I want to sell to try and recover some money, I am unable to.
I am at my wits end with worry and frustration. I was assisted by someone called Puteri, but now that I have send more documentation, I am not getting any response at all.
Quite honestly, If i get my money back, I am in two minds as to whether I will never use this platform again.
I requested for withdrawal and till now it’s still showing pending for more that
6hours now what’s the problem
Fine exchange do not know about their fees, however when prompted to make a deposit they stop accepting my credit card(s), no connection whatsoever to their payment service.
I wonder what proceeds after making a bankwire with them, if the moneis gets processed or no?
I am not experienced with trading and online bussiness. My experience with Luno has been goodbso far. if I have a specific query that I cannot access on the help menu I email via the unique query option and normally get a answer within 24 hours 48 at the longest. the consultants have been helpful, knowledgable and alway checked that the issue was resolved.
Real scam
Terrible service
All they do is keep asking me for money
I’m still waiting for my profit I deposited R5000 when I click receive it asked the address the lady that was assisting me is not responding can u pls assist
I have deposited a R1000 on the 3rd of September and till date I have not received it, thought luno was safe and secured but now I’m mixed emoted with the way things are going, please help me
Hello Piet, you can contact them via support@luno.com.
I opened a Luno account some 2 years ago, now i cannot access it. I need an email address or Tel No to contact them, but apparently that does not exist.
Hi Pricess
Did you get the money?
Thanks
Please check the fees at luno.com. It depends on your withdrawal method.
Hie there
Yess this very wonderful platform and also secured.
Is Luno asking for 10 % deposit before withdrawal?
hmm my witdrawal request is still pending only God knows
Luno customer service via the only means of email communication is pathetic.You log a request for them to unblock your account and wait for Lord to help as they contacted me on the 13th July2020 promising to unblock my account within 24hours ,but to date i didn’t get any joy,my funds shows pending ,no more communication from Luno..PLEASE HELP.
All i need now is to withdraw my money from their system
Luno. My balanced opinion. There are many cryptocurrency wallets these days. You need to be careful. They blocked my account for security reasons (I’m 73), the funds are stuck in my wallet for 4 days. But after contact with support (works very well, answers after a few hours or even after an hour, and clarifying all doubts, the account has been unlocked. They are professional, you can trust them.
I don’t know if they have bank guarantees, they were in the British association until 2019. I got the answer to the question whether they have bank guarantees “To answer your query about registration with the UK FCA, the UK’s Money Laundering Regulations (the MLRs) have applied to all crypto businesses from 10 January this year. There is also a requirement to be registered with the FCA before 10 January 2021.
We’re excited that all crypto businesses, including us, are now required to comply with the MLRs, and we’re looking forward to having our FCA registration in place before the January 2021 deadline. ”
I can recommend. I had a few comments about them, regarding the application and security, they thanked, unlocked the account, I understand that what they blocked is because people are cheating. They behaved well and I’m writing you – you can trust them. Invest. Greetings from Henry from Poland, a beautiful country in Central Europe 🙂
Hi Guy’s, I made a deposit into Luno. My account isn’t suspended or anything but they just refuse to approve any transaction because they saying that they trying to keep your money safe. Even from my one account to the other account? If I can advise you guy’s please don’t deposit any money into Luno and try to stay away from Luno. Been battling to get my money out of them for more than a week now!!
The platform is ok, I think they have improved. Unlike before.
I introduced Luno to my friends, tell them how good they are, now Luno has turned out to be something else. They could not verify my proof of residence with my bank statement which stated my address correctly
. Luno is not great to use not bad either. I wish they can do something about their verification stuff and also find a way to get customers service support
The Luno customer support service leaves MUCH to be desired.IT IS ALMOST NON EXISTENT!!
Im not happy at all about luno. Yesterday I was asked to make deposit using company wallet and start earning, I did so, later the guy said I must pay R1000 to get my profit credited to my account. He said I’ll lose everything if I don’t pay. I don’t have that 1000 because I used less than that 1000 to buy Bitcoin. This is a scam people. Don’t do it. I lost my money, so I don’t want you too to lose yours
worst service and steal your money by blocking your account with no reason and to actually get help you got a better chance to win the lotto. still waiting for my account to be unblocked then will send all my money away and never go back ever.
Stupid, idiotic, useless platform. I placed a withdrawal from my account since August 22 but I have not received it till today. I have done everything they requested yet no result and they’re not replying my messages any longer.
Stay away. Total scam. They deleted my wallet and only send standard email replies every time I ask where my wallet is. DO NOT USE THEM
All our bitcoun were stolen and its impossible to get hold of anyone. You continually get the same automated response to emails.
It seems the whole thing is a scam
Stay away. Total scam. As soon as I deposited 1000 Euros they blocked my account. On their live chat all they do is say I’ll issue a case number and you’ll receive an email. No money back, can’t withdraw MY money. Total scam. DO NOT USE THEM
Don’t try this application. Luno is bullshit to the core. I put my 150$ there just for trying Luno w/o seeing all the bad review and now I regret it too much that I need that money for medical issue. I hope the developer, staff, etc include in this company of this app will get cursed for whole 7 generation. Thanks for watching my comment.
I am from south africa. I have been requesting withdrawal and am denied my money its over a year now.
I feel this is a scam. Why its easy to deposit but when it comes to withdrawal its a problem
Worst bitcoin exchange I have ever dealt with , poor costumer support and asking for too much things . I have registered with them and sent 1000EURO as a wire , the money showed up on my wallet the next day , and then my account got locked. they told me I have requested to lock it but that is not true.
It has been a week now that I am trying to unlock it , but it is with no success.They have requested to speak with me over the phone and I have done it , next thing they asked me to send them a handwritten note and an ID , and I sent them , next thing they asked me to send them my bank statement and I did , I have been chatting with them for a week now , one agent tells me it will be unlocked within 24hours and today the other agent told me since I personally have requested to lock it , it will be unlocked automatically within 7 days
Very very poor costumer support . so if it takes 7 days to get it automatically unlocked , why did they ask me for so much verification and still did not unlock it ?
Now they are not even opening the chat with me
Not recommended, definitely stay away from it , do not register with them or you will regret it
My wife opened up an account a few months back. It started well. No complaints untill a few weeks back when 0.03 btc simply ‘vsnished’. I had sended her the btc into her account. After more then 700 confirmations her account only showed ‘pending’. She resides in the USA I in Europe but I will join her in a few weeks.
Because of this I opened an account as well. Leveled it up. Made a transfer so far so good until I asked helpdesk where the so called ‘pending’ transaction was. I was a lucky customer I received a reply. My wife was unlucky her account became ‘suspicious’.
Ater several contacts and repeated sending the transaction ID I received word she finally had received the btc. While I read the message she called me upset and in any state. Luno had blocked her account! I inmediate sended a message and received a call. If I was aware that my wife is a Nigerian Scammer trading in Nigeria in Lagos!!!!!!!
I can asure you that the USA is not even near Nigeria!. I had to answer several Questions and send in proof which I dit. But instead of answering any question they just blocked my account as well. No notice, no message. The phonenumber is blocked and the btc? Well gone.
After doing a short google search I noticed the number of bad reviews and scam notifications increased intensly over a period of 6 weeks.
My conclussion? Its a scam stay away from it
I have been using luno.com and app for two years. They have good customer support. At a time I made a fiat deposit and it did not reflect in my account I contacted them and the issue was resolved within 24hours. Their fiat withdrawal is also very fast for naira.
I made a withdraw from luno since 1st of October but till now 9th of October. I have not seen any payment. Luno kept telling mW story’s that their payment service in Nigeria here is slow. But if u wanna send payment to luno. It goes fast. But to pay me my withdrawn they kept telling me story. Luno is a scam bitcoin service. If any one has the appropriate body I will write to sue luno let me have it pls. Beware.
I’m very heartbroken to loose my money like that,I trusted luno.its about two months in trading but didn’t receive even one rand of my profit,so can I get my money back?I don’t have 4000 they want for fixing their software,I’m already in debts while they are looking for money
I have deposited on the luno account, but up to two days I have not yet entered my account … very disappointing ,, contact support via email no reapon
Worst customer service. I think it is a SCAM!
Now it has an amazing customer service. Seems that they want to make things work in a proper way.
Luno is shit. Their recovery system is poor and does not work, been locked out of my account for 2 weeks. There are no humans to contact. I’d rather get violated by a goose that deal with these fucking crooks. Stay away.
Bad. Poor security. No pin required for transactions. Customer services poor. No hotline or telepohone Poor customer service. An agent phone md 4 days after all mu funds were stolen
avoid!!
Very disappointed!! All my funds eere stolen from my Luno Wallet. Very poor customer service! After my funds were stolen an agent phone me after 4 days! They havent a hotline or any other fast communication says when you need them. If you post on their website, you may get a response from customer services in 24 hours.
Very poor security! Any who hacks into your desktop has immediate access to your ZLuno app without password or username. Parhetic. Also no pin to verify transaction.
Avoid!! Dont use them!!
My account was havked and I lost all my money. Stolen from my Ethereum Wallet. Pathetic security. Poor customer support.
Aviod them