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Luno Review - is it scam or safe?

Luno Review - is luno.com scam or good cryptocurrency exchange?

RATING: 2 / 42 REVIEWS Luno
Luno is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 1%*

*1% is the highest fee Luno charges market makers, depending on the fiat currency.


Luno, like the vast majority of cryptocurrency exchanges, has just one type of trading account. In order to buy or sell bitcoin, one has to verify their account, which is being done through an SMS verification code. There are further levels of verification through government IDs and proof of residence documents. The higher level of verification provide higher monthly limit of transactions on the exchange. In fact, if one wants to buy or sell one bitcoin per month, as per the exchange rate at the time of writing this review, one has to have a Level 2 verification, obtained with the submission of a photo of a government ID. This, in our opinion, sort of defies the purpose of bitcoin’s anonymity.

 

Luno, like a small number of exchanges, offers spot trading only in bitcoin. Most of the larger platforms, like Coincheck, Coinbase, Cryptomate, have a much wider portfolio of cryptocurrencies. Perhaps one of the “champions” is Bisq, with 127 altcoins.

 

Luno notes that trading can be done with as little as €1, i.e. a client can buy €1 worth of bitcoin.

 

This platform, much like many similar exchanges, offers only spot trading in cryptocurrencies and does not support leveraged trading. There, however, are some, usually larger exchanges, who also support trading on margin – Kraken, Coincheck, Poloniex, CexIo, etc.

 

There is also a growing number of “traditional” forex and CFD brokers who offer speculative trading in cryptocurrency CFDs. The most recent addition to the list that expanded its portfolio is the Australian forex broker IC Markets, but there are plenty of others like IG, Plus500, FXTM, HYCM, Grand Capital, XTB, FxOpen, eToro, etc.

 

The Company. Security of Funds

 

Company Country Regulation
Luno UK None

 

Luno used to be known as BitX. The company was established in 2013, but in January 2017 rebranded as Luno and joined the fintech sandbox of UK’s Financial Conduct Authority (FCA). Nowadays the company, has set up its headquarters in London and is focusing on expanding its services in Europe. Additionally, Luno has offices in Singapore and Cape Town and offers its exchange services in Indonesia, Malaysia, Nigeria, South Africa for the local currencies.

 

In the United Kingdom and 35 other European countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom) where Luno offers its wallet, transfer and instant buy services, the supported currency is the euro.

 

The exchange is not regulated and is not required to be, but its membership in FCA’s sandbox suggests it is a reliable and serious company. According to data of Crunchbase, so far Luno has raised a total of $13.8 million in four rounds, the most recent being a Series B round with $9 million from Bladerton Capital.

 

Besides the spot exchange, Luno offers own e-wallet for storing bitcoins, as well as a money transferring service, again for bitcoins. Part of the clients’ funds (the majority) are stored in something called “deep freeze” storage. These are multi-signature wallets, with private keys stored in different bank vaults. No single person ever has access to more than one key. Access to funds from the deep freeze storage requires a coordinated effort with with multiple layers of encryption and security checks. Wallet backups are also stored in encrypted form.

 

A small part of client funds are kept in a hot wallet for instant withdrawal, but it is again multi-signature. One key is kept by Luno and another - by the multi-signature custodian leader BitGo.

 

Additionally, client passwords are stored in hashed form and nobody besides the client has access to the password. There is also a two-factor Authentication (2FA).

 

Similarly to Paybis, Luno offers its clients the option to sign in with their Google or Facebook account, but as we already noted, we find this somewhat disconcerting. We do understand that this is perhaps done for client convenience, but those social media accounts are fairly easy to be hacked. Logging in with a social media account serves as a verification level, but, again, we do not find this very reliable.

 

From the client comments in various forums we gather that Luno provides a simple and reliable service and so far has had no major problems.

 

Trading Platform

 

Due to our location, we do not have access to the exchange platform of Luno, but only to the wallet and instant buy and sell options, so we cannot form an opinion on the trading platform. According to Luno’s site, it offers real time market information, mobile trading on Android or iOS, advanced charts, API access for automated trading, CSV export, trade history & reporting, depth liquidity indicators, fast bank deposits & withdrawals and competitive fee structure with market maker incentives.

 


Methods of payment

 

Like most of the cryptocurrency exchanges and trading platforms we have across so far, Luno also works with fiat currencies. Depending on the country, it accepts EUR, IDR, MYR, NGN and ZAR. The only way one can deposit or withdraw fiat currencies, is through bank transfer, which is not very convenient, considering the transfer fees and time limits.

 

There are cryptocurrency exchanges, like Paybis, who offer multiple funding options for fiat currencies, or at least credit and debit cards. There are even exchanges like Coinmama, Remitano, Coincheck and Paybis who accept cash payments in their offices or their agents’ offices.

 

Conclusion

 

We are not certain how much and when will Luno expand its services in Europe and will start offering the exchange feature, but at this point it could not compete as a wallet and money transferring service on this market. It may be easy to use, but the fact that the only funding method for fiat currencies is bank transfer, does not make it very convenient. After all, the goal of using bitcoin is to be anonymous and avoid the hassle of having to deal with the traditional bank system and its fees. Luno’s platform and its requirements defy both purposes.

 

Then, there is also the extremely limited number of altcoins on offer, i.e. just one – bitcoin. It is true that it is the most popular, but there are hundreds of other coins and most platforms offer at least several of the more popular.

 

Perhaps whenever Luno expands and develops further its service, it would be more sensible to recommend it, but for now we are not very impressed, at least with what we have on offer in Europe.

 

Pros Cons
Mobile app Bitcoin only
  Limited features in Europe
  Limited funding methods

 

 

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Traders` reviews for Luno

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

FRD


NGN 2,000
Sold BTC 0.00048917 for NGN 2,000.00

(NGN 4,170)
Sold 0.001 BTC/NGN @ 4,170,310

09 August `19
NGN -5,999
Bought BTC 0.00141029 for NGN 5,999.00

READ THE FIG.... AND WHAT LUNO CUSMER CARE SAID IT IS CRYPTO NOT THEM ....WHAT CAN YOU SAY TO DIS...

AY 08/10/2019

Disappointed

Good day. I've just registered my Luno account. I'm the 5 July 2019 I deposited the amount of R1600, then later on Saturday deposits R400 in the same account number through the same Reference number. But I'm very much concerned because only R400 reflected in my Luno account. My question is what happened with my R1600? Please help me.

Tshifhiwa Meshack Magonono 07/13/2019

Stop them before they rob others

I think have been scammed I transfered money from my luno acc helped an expert I paid my irs tax when I have to get my money he tells me stories. How can I know this is a scam I need help to stop him before he robs others further

Khumo 07/02/2019

Luno return my money!

Did i ask Luno to close my account? Like i said earlier i buy bitcoin from seller and i sell to my bank once there is increase in bitcoin but the very day i bought bitcoin worth 74000 i saw a locked account on my Luno page warning me not to buy nor sell. I sent a message then they told me that they lock my account for security precusion, i ask for solution then ask me to take a picture of my self holding my national ID and a written note "FOR LUNO USE ONLY" which i did, they even ask of my number i gave it them, they call me asking me Questions relating to my account i answer even those am not hearing him clearly because the way he speak English is like white and am a Nigerian after some time they sent me a message that they have come to a final decision to close my account and i should provide my local bank details in order to send my money to me, i gave them the details but this days they have not return my money

Orogun benson 06/14/2019

Crystaltradex platform

Normally I do a background check before engaging myself in such things. A guy named Xolani recommended this platform after I told him about my financial situation. He introduced me to this Phil who confirmed that I can turn $1000 into $6000 in 12 days. I deposited the $1000 worth of bitcoins then 10 days later I was told that my licence has expired and I need to deposit a further $1000 in order to cash out. I was given some Luno reference number and FNB account and instructions - no eft but atm deposit only. That's when I realized, I have been scammed.This happened yesterday 31 May 2019. Had I researched the comapny first but now it's too late my hard earned $1000 is gone. I think this is another Nigerian scam.

Abzar 06/01/2019

Not reliable

I recently sent my friend in South Africa some bitcoin. But the Luno account for an unknown reason has locked them out. The online help is not very helpful. Many days have passed and still the problem is not sorted.

Mark 05/30/2019

Luno Scam

Stay away from Luno.com they are a total SCAM. As soon as I made a deposit they "LOCKED" my account. They said it was for security?? Didn't lock anything before I made a deposit though, only after.
Their so called support will just spin you around and around asking for more and more outrageous forms of ID until you either die of old age or get so fed up you leave it.
They are a 100% scam. Do not give them any money, you will never see it again.

Peter Wilson 05/17/2019

Luno Account Management?

Hi there.
Iam new to invest and I heard about bitcoin so I opened a Luno account so that I could purchase atleast one bitcoin. So lately I received a text from these random gut on social media asked me if I know about cryptocurrency I told him a little. So he's telling me he wants to manage my luno account, so I wanted to know, is there such a thing. I know there's account management in forex but I dont about bitcoin or cryptocurrency. Please help.

Tevin 03/30/2019

Lunoluno

I was scamed

Thabo mhlangu 03/29/2019

my scam experience

luno is a whole scam do not trust them, the person who was managing my account told me to keep on buying the coins buy using the Luno app, please I am currently pointing together a legal case against companies like this on myscamexperience. The more we are the stronger our case, I believe by sharing our reviews we can help others avoid scams like this.

derrick 03/28/2019

EM

I recently deposited money into the Luno account as ordered by a bit coin company,but somehow I am told the payment has not reflected, how is that possible?... I am from Lesotho and the payment was made on the 8th of March 2019... I have proof of payment

Moselantja Maphatsoe 03/13/2019

Wake-up call

Hello,
Please kindly take my review as a high priority.
Firstly,i think your service in terms of security of accounts/funds is very good,really good.
Your KYL and other verifications before an account could be upgraded to level 2 or level 3 is also very good,really good.

All these said,i think once an account has been verified and all is good,and a customer sends money from his/her bank account to his/her account on luno (with both bank account and luno profile showing the same person as the owner,hence not a third party),then a customer can have a smooth usage of your service considering the nature of the rapid change of bitcoin prices,considering bank payments to have gone through some verification by the banks before finally getting to luno,most bank payments have a 2FA-like features which it is so hard for a third party or hacker to possess. And even if there would be an issue,i believe this issue should be solved by your team within few hours of the same day. I think this should be highly taken into consideration because of the losses it can amount to,due to bitcoin's volatility.

And if after-all you think something is fishy,you should contact the customer for further details or you should make a refund back to the funding account with adequate email/phone notifications to the registered email/phone. These two steps should be taken before the customer could decide to convert the fiat money to cryptocurrency. Once the conversion has taken place,i think the customer has the right and privilege to use his/her cryptocurrency as desired. You already have a KYL about this customer,so why delaying his trade and making him/her losing money while you are making money.


My personal issue for writing this review is because since friday 1/march/2019,i made a payment from my bank account using SEPA payment,i received this payment on my luno account the same day. After a little while,i tried to buy bitcoin with this fund and then send the bitcoin to my other wallets where i hold the backup phrase keys,considering the recent hack from luno-like exchanges,cryptopia.co.nz ,This is why it is always advisable to have your bitcoin in a wallet you control the backup phrase keys. Back to my ordeal,since friday and till now,the bitcoin transfer from luno to my other wallet shows "pending" . I thought maybe because i didnt make the transfer during business hours,so i decided to wait till monday morning. And after the friday SEPA transfer,i had made some money transfer from my bank account to luno account with the knowledge that the money will be shown in my luno account by monday so that i can buy bitcoins and ethereum. On monday,the whole batches of my SEPA transfers came into my luno wallet. And then after,i converted them to bitcoin,then after i tried to move my bitcoin to my desired wallets. Today is Wednesday,all my bitcoin transfers are still showing "pending"
However,i contacted their support via chat and emails because luno cant be reached by phone except they call you. So on tuesday,a mail was sent to me to "
Your identity document.
A handwritten note with today's date and 'For Luno Use Only'. "



I did that and sent it to them,very clear and readable !
And they also stated that if all is good then they will send my bitcoin to my desired addresses,or maybe place a fone call to me,which i expected to do but they didnt call ,neither was any email sent to me.
This was on tueday !!

I didnt hear from them,not even an email for acknowledging that they have received the documents/photos,or email notification to communicate to you if the photo was acceptable or not,or maybe a further (simple or complex) step is required. Please note,some exchange do complain of photos/documents sent to them not being too clear enough,so i always make sure i sent a very clear document/photo with high resolutions so that when you zoom it then you would see clearly every little information. But honestly,you guys please dont compare the camera qualities of a phone to a professional digital-camera,moreover 99.9% of customers use their phone camera to snap these documents/photos. So a high consideration should be considered as regards to the general populace usage.

On wednesday,i didnt hear from them, then i sent another required photo to them again showing the current date which is wednesday and not the previous (tuesday).

Still,no respond from them,not even an automated email to acknowledge the received mail,i think this is really bad for a company like luno who is charged with the responsibilities of our funds and our personal data.

Later that same day which is today wednesday,i decided to login into my luno account, to my dismay my account shows that it has been temporarily suspended. Why would you do such a thing without any notification of any sort? This is really very ridiculous !!

Immediately,i contacted one of their agents on their chatting platform,his name is mihail. Mihail approach was so good and concise,i told him everything,then he saw that i already contacted them and that i was already assigned a ticket,he read this ticket and he told me they are working on it and that i would have to wait between 2 business day for a resolution (another 2 days? ). My issue with luno is firstly,they are not fully communicative and secondly,they are not timely !! And these two factors are not good for a cryptocurrency dealing considering the high volatility of bitcoin and also the case of a hacker taking down your account,luno's late or slow response could make things so tensed for you.

For clarity,my ticket ID is: #604732 and i have more than 2.0 BTC "pending" on luno. Already i have lost some money in the conversion and also in luno's charges and fees. Will i keep loosing considering i am not being able to trade when i should have ?

Please put yourself in my situation. This is so sadden.
In conclusion,i think luno is good in terms of security of accounts/funds,they are very good,really good because they have a 2FA password feature. I will look forward to see luno adding a backup seed to their wallets,i dont know how this is possible,or not.

But what i'm really looking forward to is to be in possession of my bitcoin.
Please i want all the team leaders/departments in luno to read this,this could/should be a wake-up call for them so that they can improve their services.

Regards.

Mar 03/06/2019

this is scam site

do not trust luno ,it is a site for fraud ,they steal me 2000 euro
i hope no one will get ripped

batrak sergei 03/02/2019

Luno scam - They should be stopped

I was also scammed by luno,and I really like to know how to retrieve my funds back. I had to verify all my identification, while the receiving party did not have to. The are part of the problem, because they keep on saying that they are sorry, but they do absolutely nothing to verify both parties. I have laid a formal police case of fraud, and the bank is investigating. For the rest I can only say that they do not have any contact number that works. They phoned me after many emails, but I did speak to a recording or voice simulator.

They offer a safe and secure service, and they keep on saying that their client security is off utmost importance, but they can not be found anywhere?

I am not even convinced at this stage if they create these wallets themselves. Once I asked to many questions they went and lock my account.

I really want to find my money, since I am a mother of 5, and hoped to make an income from home. If anyone can please assist me in this matter it will be greatly appreciated.

They should be stopped. I see to many people being scammed by them.

Wc Adlem 02/02/2019

Luno account blocked

my account was blocked without any reason given , lodge about 6 queries so far and no feedback , surely if a platform blocked your acc they should contact you when they block your acc and give you a reason and give you advice what you need to do to remedy it.

Frederik Christiaan Myburgh 01/20/2019

Scammed by Linda Mpyane / Luno

I had deposited R10000 in Luno using their app and was given activation link which it look legit a week later I was asked to pay R6000 to activate my account then it change to charges eventually I paid only to be given activation code by WhatsApp but when I refused to use the code I could not withdraw but until I was forced to use the code then I could not even see my balance . All in this time I had asked to see my progress on trading with Bitcoin and after three days they sent me a screen shot on WhatsApp showing that I was making profit of R512000 . But now they wanted R200000 for the charge before they can transfer my profit . I refused telling them that I do not have this money. Then this lady called Linda Mpyane said she would help pay R15000 and I must get R5000 I refused then she disappeared from the face of the earth.

I have sent massages to help desk and I have never receive any response from anyone from Luno. I have since reported to police station here in South Africa I need help to report to Egypt and England. Now she has removed her profile on Facebook and WhatsApp profile.

Bongile Nyanga 01/18/2019

I was scammed

Hello, I met someone who said he is a trader and he offered to help me trade for a return on investment every 9 hours. He instructed me the instructed me to deposit my money into a wallet for him to trade with and give me a return every 9 hours. I did and he blocked my line on WhatsApp and never responded to my calls. Please how can get my money back I have his wallet ID.

MAtthias Reyah Sunday 01/17/2019

Luno is a scam, not safe, don't trade with them

I was recently scammed via Luno and I hope to recover my money. The app is not safe at all, they don't refund any money, they don't have a fraud department, if you complain about a fraud they do nothing, simply state due to the nature of the currency payment cannot be reversed.

I'll never use Luno again, I'm telling everyone I know about it, not to use it, not to invest in any crypto currency at all and I'll do much, much more. This doesn't end here. I'll go to consumer agencies, ombudsman, I'll contact newspapers, I'll spread the word far and wide everywhere online and in any way I can about this app that is useless and fraudulent. Don't invest with them at all.

Francesca Gubellini 01/14/2019

Re:Luno FNB Account

I transferred R15 000 into the Luno FNB Account recruited by the broker Phil R Harmanton with reference BX31QCJNG on the 11th of December 2018 for CrystalTradeX Platform. Two days before I can withdrew my accumulated profit I my account was blocked because my trading software need upgrade. I have to pay R29 000 for the upgrade per month.
My frustration is that I was not told about those developments when I joined the platform.
Is this fair brokers practice?

Hope you will find all in good order

Regards

Kedibone Sekhwela 01/01/2019

Big scam

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.J. Blanco 12/29/2018

Luno blocked me

Good day there was a guy by the name of Melokhule Shane who said he works for binary is helping me trade via Luno I have done a deposit of R2000 then 3770 and 3000 the last amount I paid it was the last I heard from him he then blocked me on Facebook he never wanted to give his number and I did not think too much of it. Please help me get my money back.

Rethabile 12/01/2018

Profile blocked

My profile is blocked After numerous request to
To unblock to support emails I get no response
Is this another scam?

Cathy 10/02/2018

Account blocked

My account was blocked because I lost my phone and was trying to access to Luno on my new phone with no success. The authentication code kept on saying incorrect then they decided to block me . So now I want to know what will happen to my money in my account, I think you must have a way to refund or something. Please I want either my money or access my account. This has been going on for The past 3 weeks now....

Joelle 09/30/2018

Suspect Luno are scammers

I opened an account with Luno and transferred the deposit into Bitcoin.

Now when I log into my account I see that my account is disabled, with no reason given. I cannot transfer my Bitcoin out and there is a message to say I should not make any more deposits.

But the problem is that when I try to use their support system when I submit my message to them I get this message. Your request could not be served. Please try again soon.

This has been going on for weeks. And I cannot find any other way of contacting them.

Stinks of scam to me.

Chris 08/17/2018

Scamming

Hi

I was having difficulty in opening a Luno account, so someone offered to assist me, he introduced himself as a trader, so at that time I was pleased to have assistance. I followed his instructions upto even deposing R15 000 into Luno account. I learned later as I was doing research that I actually deposited into his Luno account, he had given me his reference number as well and I transferred from bank account. Later the person asked me to upgrade with R8 000, of which I told him I don't have. Now he's asking me for money for transfer costs..I just wish to get my money back. Can you please assist me, I have his reference number and you can also verify that the amount of R15 000 came from my account. Please help me.

Pontsho Lindiwe Khumalo 08/17/2018

requesting withdrawal

Hi there!
I created a acc with you guys on the 27th July and I invested $500 on it, I’m now having $20871, I sent a mail requesting withdrawal but was not helped, kindly advise me what to do to be helped , was in touch with AlphaOptions.
Thanks

Sibahle 08/17/2018

Luno fee are too high

Luno are the biigest thieves on fee's that I know. for every 5% I make lets say 500$ for my 10000$ there fees for the purchase and sale will come to 420$ so I made 80$ and they made from my risk 420$( they have no risk ) this is not good business in my opinion.

Regards Paul

Paul 07/31/2018

Luno blocked my account

On the April luno decided to block my account with money money inside i send them ticket with attached bank detail and another wallets address for my bitcoin. On the 20 they sent me emeil telling me they have sent R1418 in my capitec. Ohk fine i was happy but where is my bitcoin becausr they didn't send it and when I'm trying to send them ticket their system reject my ticket so I'm confused now and don't know what to di anymore. This people are scam why they sent me R1418 and keep R8000 for my bitcoin and they reject my ticket even I'm sending them emails the don't respond. Luno plz bring my bitcoin

Zethu 04/26/2018

Luno blocked my account

On the 12 April luno diceded to blocked my account they said i broke their rules ok i tried to explain that i was new to luno and i was not to used to it I asked to unblock it and they refused in my account there was funds.I beg them to bring my money back i sent them my bank details and new wallets for my bitcoin but what they did they sent me only R
1418 and my bitcoin of R 8200 is still stuck there in my luno when I'm trying to send them the tickets their system is is rejection its so now i feel helpless yesterday i was shocked when i find out that they mark my tickets #422952 as resolved but my Bitcoin is still with them. Now I'm getting confused these people are scams how come they said my tickets is resolve while the still have my bitcoin.

Zethu 04/26/2018

Ethereum stolen

All my Ethereum was stolen from my Luno eallet Poor security
Dont use them

Nick Hollander 04/17/2018

Confirmation of your evaluation and more

Your evaluation is to the bone correct

On the Malaysian platform I have now been waiting for a withdrawal of my wallet funds for 3 months + few days. The response on tickets and on the Facebook page, we can access, there are continuous soft promises and excuses, ranging from the IRB to the Bank to the officials that are on holiday, always external blame but never themselves
Every update of the feedback has a different level of promise and excuse - such as, even blaming holidays (2-3 days) for a delay of weeks, when dealing with a bank!

There is also the suspicion that they might be using "tradingbots" on their trading platform to keep their trading price at a level from between 20% to 50% above general market value on Btc. (at the time of writing Coindesk indication $7700-Luno Malaysia indication MYR45500/$11375) This ensure that you cannot withdraw your wallet balances through Btc transfer, without forfeiting a lot of your value (that is now assessed in Fiat).
Their various platforms are also efficiently isolated between countries. You cannot access any other platform, but the county's one you are in. I suspect the same happening with their Facebook accounts. This ensure that you have a focused isolated view then thinking they are this huge international transparent trading platform
My view is to stay well away from them - there are no ethics here!!

Herman 03/18/2018

lost all my btc deposit

Luno is the worst wallet. I have my btc income deposited in luno and all lost. So never join this wallet.

chabib basirun 03/03/2018

Luno withdraw

When trying to withdraw money, they cannot find your bank, but it is the same
bank from where the deposit was made...
and you cannot contact them, they simply do not exist....wtf

Len 02/20/2018

Luno wallet emptied

If you want to lose your money, go the route i did, keep it with Luno

My account was hacked, and my money emptied.

Luno wants to take zero responsibility

Crooks. Stay away from them

daniel 02/02/2018

Luno quick sell rip off

What a rip off, wanted to quick sell, value of BTC was 128004 and they determined the value to be R125000ìsh if I sold

Rudi 01/31/2018

sell high refuse u buy low

they sell much higher than other markets and buy low for u
but over all the exchange is about 1000 rinngit higher than international exchange
last nite when eyher crashed I saw an opportunity to buy at its lowest but NO it doesn work
blame on market volatile to give fair price to customer my ass
what nonsense is this
initially I poved luno but now things come to light their true nature form and indefinately suspended?!??
by irb cannot suspend your business for over 1 week max unless they are caugh stealing money etc
I hope u get your act together let us withdraw our money
thats most important
apart from that it deeply aaddens me that this company let so many people down
shame on you

anonymous 01/18/2018

Inquiry

I was trying to verify my account on Luno and it demanding for my Bvn number....is this for real or a scam caus my bvn security number is the access to all my bank account.i need To be very sure so I awaits your response

Ojaogun kolawole 01/10/2018

Withdrawal delay

I had been using Luno for 1 month now. All seems OK but my withdrawal have been pending for 3 weeks now since Dec 01. Claimed have some technical problem with the Malaysian local banks.

This is the only set back I have at the moment using Luno.

Uthayarajan Rasalingam 01/02/2018

Refund

My cash been sitting in my ZA wallet for two weeks now.
Can not get transferred to my bank account.
Please can some offer advise.

Rod Hossack 12/25/2017

Prospective Investors: PLEASE READ

Hi there,

This message is intended for any prospective South African investor interested in purchasing Bitcoin and/or Ethereum through Luno - our local cryptocurrency exchange. If you are still condisering use this service, I implore you to seriously reconsider.

This is a highly unethical company - and that's to say the least. There are three main issues with this business, namely:

1) Dubious Price Setting

Luno sells Ethereum and Bitcoin at a 20% markup compared to most global cryptocurrency exchanges. They are absuing their position as the only South African exchange to charge people far more than what they should. What this means is that when you purchase currencies through this platform you are paying considerably more for the coin that what an investor in the US, UK and Europe would pay. From the moment you purchase through their exchange you have lost money as you paid more than what the going rate actually is for the currency. To make matters worse, the price hike only seems to apply to purchases made, however, when you sell off your holdings for FIAt then miraculously your coins seem to depreciate in value to the globally accepted norm - which means you're selling for the going rate. Luno has published two articles which refer to local supply and demand in this respect, however, it would be wise to treat these articles with circumspection. Obviosuly the people lining their pockets by charging 20% more than what they should will say something to substantite their actions, so they can keep doing it.

2) Terrible. Non-existent customer Support.

This company has no contact details. There are no landline numbers or physical addresses listed on their website or any other web address for that reason. The only contact you could have with this business is through this email address [email protected] If you ae able to get a response with regard to any query you might have then count yourself luky. Personally I have sent this email 5 qeury mails in the past, to which I received no reply. This company has taken every measure to ensure that you are unable to contact it. It leaves all customers that are able to discern what is really going on with the inablity to get hold of anyone. I have tried to find out what the founder and CEO's contact details are so I can have my lawyer deliver a legal letter to him, however, as expected the company was not forthcoming with any details. These actions are in total breach of the consumer protection act, but not to be unexpected from a group of people that have something to hide and dont want to come out.

3) They are thieves

This company will flat out steal from you. To put you in the picture, I set up a recurring payment from my bank account to Lunos accountevery Friday afternoon sothat I could automate my investments. It was working smoothely until I found out how much they hiked their prices by when i compared the price i was paying for a coin to numerous other exchanges. I subsequently sent the aformentioned legal mail to [email protected] but recived no response. However, I forgot to cancel my weekly scheduled payment to Luno. The Friday morning following that mail my payment was deducted from my checking account and subsequenlty transferred to Lunos account(this is instant because we both bank with FNB) and I received my normal sms. Lo and Behold that money never reached my Luno wallet, although they took my money they felt no need to allocate it to my account - that money has still not been allocated to my account to this day and has not been returened to my account. I can't speak for everyone but in my books that is theft.

There are numerous other issues with this company, but those are the three most notable ones I would other inquisitive investors to be aware of. Please do not consider this exchange, you will truly be doing yourself a disservice. Furthmore, you will allow this unethical company filled with immoral people to grow bigger without consequence.

If you want to begin investing in the digital economy then i could suggest the follwoing global sites that will allow you to purchase and hold Bitcoin and Ethereum using your credit or debit card:

Spectrocoin
Coinmama
Localbitcoins

These are all reputable exchanges that you will be able to find with a quick Google. Some of their fees can be slightly high, however, you can rest assured your're dealing with an ethical company and purchasing your coins at an acceptable rate.

That's my 2 cents on Luno. I believe it is just a matter of time before you hear about them in the news for finacial misconduct and consumer abuse. If you do decide to use this company then be prepared to be financially exploitated, receive poor service and if you're lucky, have your money stolen as well.

Best of luck with your endeavours. Oh, and if anyone from Luno is reading this, how does it feel good to be a criminal? Let me know, would be nice to hear from you. You've got my customer support tickets.

Shawn 12/23/2017

Level 3 upgrade

Although Id, proof of residence was uploaded I was just answered by
computer created senseless messages. I am still hoping for respone. If
not I will cancel this account.”

Guido 12/23/2017

Level 2

Since I send my identity document for review but I did not get an answer

Elia Elias Thekiso 12/20/2017
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