Luno Exchange Review: The Best Coinbase Alternative
For years now, Coinbase has been the main way that people buy Bitcoin and Ethereum – the two cryptocurrencies with which all other cryptocurrencies are traded. And while Coinbase has been the go-to platform for a while, it’s starting to see some serious competition from new fiat>crypto exchanges.
Luno may be the best of the bunch. Luno.com is intuitive and useful. Not only is it a fiat onramp for major cryptocurrencies, it’s also a multi-purpose wallet where users can store crypto, without the risk of keeping their Bitcoin on the Luno exchange itself. Luno.com exchange isn’t available for all countries, but if it is for your’s, you should definitely give it a try.
What is Luno?
Luno has 2 main functions:
1. It allows people to use their local national currency to buy cryptocurrencies like Bitcoin and Ethereum. To the average person, this might seem like nothing much. It has the most range of local currencies globally and offers access to purchasing digital currencies in over 30 countries worldwide.
Luno brings global access to digital currencies – focused on upgrading people everywhere to a better financial system they can trust. For the longest time, Coinbase has ruled this market. Luno.com offers users a fantastic alternative.
2. Luno.com is also a currency wallet. Even in countries like the United States where Luno.com is not available as an exchange, the Luno wallet is a sleek and simple way to safely store Bitcoin and other major currencies. Once stored, these coins can be saved, traded, or used as money. As cryptocurrency grows in popularity, the need for secure digital wallets will grow dramatically, and Luno.com will already be established as a trusted source.
Where In the World is Luno Available?
Luno.com is available as a high-quality digital Bitcoin wallet everywhere in the world. It is not, however, available as an exchange in every country.
Luno is based in London, and serves as an exchange in most of Europe, including: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, 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, and the United Kingdom.
Luno makes Bitcoin trading available in Indonesia, Malaysia, South Africa, and Nigeria – with their respective exchanges. Luno.com does not offer buy/sell ability in the United States. Luno.com is always trying to extend its exchange services to new nations, so if it’s not currently available in your home country, keep an eye on Luno because this might soon change.
Luno.com fees are competitive with industry norms, and in most cases is a cheaper alternative. However, because Luno is available in so many nations, each with its own regulations and infrastructure, certain fees may differ depending on where you are using the service. You can find a complete list of Luno fees here. For now, we will concern ourselves with some of the most important.
Sending funds to a Bitcoin or Ethereum address is dynamically priced, but sending to a Bitcoin phone number or email address is always free.
Other deposit, withdrawal and trade fees are as follows:
Starting a Luno Account
Luno.com makes signup as easy as possible. We’ll show images of the critical steps, but anyone who has so much as created a Facebook account will be able to handle this process without difficulty. Start by entering your email address and a unique password, or simply by connecting your Facebook or Google account.
Luno takes security very seriously. It encourages users to create a 2 Factor Authentication (2FA) to secure your account, using a phone app like Google Authenticator or Authy. Enter your email and phone number. Luno will send you a code via text message which you type into the platform. You will also receive a confirmation email from Luno, which contains a link that will verify your account. In a few easy steps, you’ll quickly be inside your wallet.
Above, you can see the main Luno home screen. Easy to navigate and a useful resource to learn more about digital currencies. You can easily access your wallets, create unique Bitcoin addresses, monitor transactions and more via your menu.
Your Bitcoin address will look like the one you see above. It’s the line of letters and numbers. These are procedurally generated, and no one has access to this address unless you give it to them.
How to Buy Bitcoin on Luno.com
Buying Bitcoin on Luno is about as easy as it could possibly be. You simply make a deposit via bank transfer or by debit/credit card deposit. Once you’ve made a deposit via one of these payment methods, click the “Buy” button and follow the easy steps.
You’ll be taken to a screen like this. Luno has a great mobile app, which makes it easy to buy and sell Bitcoin anywhere you are. Simply fill in the amount of Bitcoin you wish to buy, observe the final price, then confirm the order. Your Bitcoin will appear in your Luno Bitcoin wallet.
Luno.com Customer Service
Luno has a dedicated customer service department though you can best contact them via emailing ([email protected]). There is no direct phone line. This is sometimes the case with traditional exchanges like these. Experienced crypto users will be used to this reality.
Luno also offers direct customer service via social media. Luno maintains a strong presence on Facebook, Instagram, Twitter, and Google Plus. There are also many other Luno users on discussion platforms around the web, such as Bitcointalk and Reddit. If all else fails, simply read the Luno.com FAQ.
How Might Luno Be Preferable to Coinbase?
Coinbase is a strong platform that works like a charm for thousands of cryptocurrency investors. However, it has its weaknesses which have some looking for an alternative. Here are some of the reasons why this is the case:
Coinbase has given some user data to the IRS, meaning that users have no choice in how to report their Bitcoin-related tax information, even as the US crypto tax law is in flux. Other countries worry that Coinbase could do the same for their tax regulatory agencies.
Coinbase isn’t cheap. Most fiat>Bitcoin purchases are costly, but some find Coinbase’s costs excessively so.
There have been allegations of Coinbase insider trading, though these have not been substantiated.
Some argue that Coinbase makes platform decisions based on industry allegiances, not customer wishes.
There are significant differences of opinion with regard to these issues. However, for some, these ideas are very important and represent a strong impulse to find an alternative method for buying Bitcoin with fiat currency.
Final Thoughts on Luno Exchange
Luno has been around since 2013. In the five years since its inception, it has distinguished itself as a reliable digital Bitcoin wallet, a pitch-perfect web and mobile application, a trustworthy exchange, and a buying option for many nations without many cryptocurrency services. If you live in part of the world served by Luno, this exchange may offer an excellent alternative to Coinbase, or may simply be the best/only option available to you.
Whatever the case, Luno.com is an excellent Bitcoin exchange. Starting and using an account is a breeze, even for people with little experience in the cryptocurrency trading world. Based in London, Luno is well placed to take advantage of a government supportive of cryptocurrency technology. By expanding into unreached markets, Luno may become a world leader in Bitcoin services. Whatever the future holds, we can recommend Luno on the basis of its intuitive use and reliable performance. Buy with confidence.