Last Updated on 1 year by Komolafe Bamidele
LUNO makes for one of the best platforms when it comes to buying and selling cryptocurrencies like Bitcoin and Ethereum. Its cryptocurrency services are available in many countries all over the world.
LUNO has a user-friendly interface that makes it easy to use and understand for both beginners and experienced traders. Trading on the platform is transparent with prices being set by market demand rather than the platform itself.
In this article, we are going to provide a complete review of LUNO. In our LUNO review, you will find a complete guide on how to withdraw Bitcoin directly to your bank account using LUNO.
You will also find other guides like how to deposit money in your LUNO wallet and how to buy Bitcoin on the LUNO platform.
Pros
- Advanced cryptocurrency platform
- Low fees
- Secured exchange platforms
- Supports many countries and deposit methods
- Withdrawals are made directly to the bank account
Cons
- No live chat or telephone support
- It usually takes time for banks to clear payments
- Supports only 2 cryptocurrencies
- High fees for some transactions
What is LUNO?
LUNO (formerly called Bitx) is a Bitcoin-related company that provides cryptocurrency services. Their services include Bitcoin storage and cryptocurrency transactions like buying, selling and paying through their Bitcoin wallet services.
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Founded in 2013, LUNO has become one of the most popular Bitcoin exchange companies in the world. The company also supports other cryptocurrencies like Ethereum which was introduced in 2017.
Deposit Methods Accepted by LUNO
LUNO supports various payment platforms which is why it is accessible in many countries. Deposit Methods accepted by the company include:
- Bank Transfer
- Cash
- Credit Card
- Debit Card
- Electronic Funds Transfer
- Bank Transfer (SEPA)
- Interbank GIRO
- Interbank Funds Transfer
Fees Charged By LUNO
Generally, the fees charged will depend on your location, network activity, currency, and the type of transaction.
Deposit, trading, and withdrawals attract different fees. Deposit fees usually depend on the deposit (payment) method used while withdrawal will depend on the amount to be withdrawn.
Countries That Can Use LUNO
LUNO supports a lot of countries all around the world, however, you should check if your country is supported on the platform before using it.
LUNO is available is users in the countries below.
- Indonesia
- Malaysia
- South Africa
- Nigeria
- European Countries
Although LUNO supports most European countries, you should first check their website to confirm that your country is supported by the platform.
Cryptocurrency Prices
Cryptocurrency prices on the LUNO platform are different from other platforms. The price of Bitcoin is calculated by supply and demand. This means that the price is determined by the buyers and sellers interested in the currency.
Its Ethereum price is calculated in a similar way. LUNO does not influence or set the price of any cryptocurrency.
LUNO Exchange
LUNO exchange connects potential buyers with potential sellers. They can exchange currencies, products, and stocks using the LUNO platform.
If you want to exchange (buy or sell) Bitcoin on the platform, LUNO simply connects you with someone who would be interested in your offer. LUNO does not buy or sell any products.
Before buying or selling on the LUNO platform, it is advised that you understand the exchange process. LUNO explains how its exchange platform works here.
LUNO charges a fee for trading on its exchange platform. The fee charged depends on your trade volume. To know more about this, you can check out the LUNO trading fees page.
How to Buy Bitcoin On the LUNO Platform
To buy Bitcoin on the LUNO platform, you will have to sign up on the platform first. You can register on the website or download its app from the respective playstores.
To register on the LUNO website, follow the steps below
Step 1: Access the LUNO website. Click on “Get Started”.
Step 2: On the signup page, type in your email address and password. Then select your country and accept the Terms of Use. Confirm your authenticity by clicking on the “I’m not a robot” captcha. When done, check to make sure the info you provided is correct then click “Sign Up”.
Step 3: A confirmation mail will be sent to your email address. Access your email to confirm your email address. When you have confirmed your email address, click on the “confirm” button.
Step 4: You will be taken to the login page. Fill in the email address you used to sign up. Click “Next” and fill in your password on the next page. When done, click “Next”.
A 4-digit code will be sent to your email address. Access your email to get the code and fill it in the space provided.
Step 5: You will be directed to your account page. Before you can buy Bitcoin, you will have to verify your identity. Click on the exchange price in ‘RED” and you will be taken to the mobile number verification page.
Step 6: Fill in your mobile number and click “Next”. A message will be sent to the number you provided. Within the message is a confirmation code. Enter the confirmation code in the space provided and click “Confirm”. You will receive a success message then click on “Next Step” to proceed.
Step 7: You will be required to fill in your name, date of birth, citizenship and a bank verification number. When done, click “Next”. Confirm that your details are correct, and then click on the “Confirm” button. Once confirmed, you can go on to buy Bitcoin.
Step 8: To buy Bitcoin, click on the exchange price highlight in red in the photo below. You will be directed to a page to deposit money to purchase Bitcoin.
Step 9: Choose the deposit method you want to use and the amount you want to deposit. Once the transaction is complete, the money will be credited to your wallet.
Step 10: You can use the funds in your wallet to buy Bitcoin. Click on “Wallet” then navigate to the BTC wallet and click on “Buy”.
Step 11: Choose the currency you want to buy the Bitcoin with. Then select the amount you wish to buy and click “Buy”. If successful, your LUNO wallet will be credited with the Bitcoin you purchased.
How To Withdraw Bitcoin Direct to My Bank Account Using LUNO
Withdrawals are only possible for those who have verified their accounts. There are 3 levels of verification which will determine how much you can deposit and withdraw from the account.
If you’re using the LUNO platform from Nigeria, then these levels of verification and its restrictions apply to you.
Level 1: If you verify with your phone number, you will be restricted to only N200,000 on your account for life.
Level 2: if you verify with an ID card (driver’s license, national ID or international passport), you will be restricted to N500,000 on a monthly basis
Level 3: verification with either a utility bill or a bank statement, you will be restricted to N10 million monthly.
How to Withdraw
Step 1: Click on Wallet and choose your local currency. If you are from Europe, move to the “EUR wallet” and click on “Withdraw”.
Step 2: Confirm that your bank details are correct and enter the amount you want to withdraw
Step 3: A confirmation code will be sent to your phone, email address or Google App Authenticator depending on if you’re withdrawing from the web or app. Type in the code and click on “Withdraw”. You will receive a success message.
Depending on your bank, you can receive the payment in your bank account in a few hours. However, it can take up to two business days with some banks, so you will have to be patient.
If your bank is unable to clear the payment within 2 business days, you can contact LUNO’s support team for further assistance.
How to Link Your Bank Account To Your LUNO Wallet
It is very easy to link your bank account to your LUNO account, however, the process is not the same for every platform. If you’re doing so on the website, you will have to follow a different process from those using the app.
Using the Website
To add your bank account using the website, follow these steps:
Step 1: Go to the Menu and click on “Beneficiaries”
Step 2: Click on the drop-down menu to see more option. Select “Add Bank Account”
Step 3: Enter your details including your country, name and account number.
Step 4: Enter your bank account details and confirm it is correct. When done, click “Add Bank Account”
Using the App
To add your bank account using the app, follow these steps:
Step 1: On the menu, click on “More” and then on “Withdraw Money”
Step 2: Click “Add Beneficiary”
Step 3: Fill in your bank details and Click “Next”. Once successful you will able to withdraw to your bank account.
Things to Know Before Making A Withdrawal
Before making withdrawals there are a few things you should know
- You can only make withdrawals to the bank account linked to your LUNO account. This bank account must belong to the same person that owns the LUNO wallet. Details like the name of the person must be the same.
- You cannot withdraw money into someone else’s bank account
- Those with company bank accounts must apply for a company account at LUNO before they can make withdrawals.
LUNO Security Features
Increasing hacking activities have made it important to have a strong security system, especially for cryptocurrency sites. LUNO takes security very seriously which is why it has various identity verification processes and security initiatives to help protect the user’s account.
Bitcoin Storage
LUNO stores its Bitcoin funds in deep freeze storage. Deep freeze storage is multi-signature wallets with private keys stored in bank vaults. One key is accessed by only one person.
Also spending Bitcoins from the storage goes through multiple layers of security checks and encryption.
Passwords
LUNO asks users to use a mixed password with alphabets and numbers to make it stronger and harder to hack. It is important that you provide a unique and strong password when signing up to the platform.
Two-Factor Authentication
Two-factor authentication requires your phone and your password to access your account. To login to your account, you will have to type in your password and a code sent to your mobile number.
This prevents your account from being hacked by anyone that knows your password since they don’t have access to your phone.
SSL Encryption
SSL encryption provides extra security so that all the information provided on the website is secure.
Customer Support
Although LUNO is one of the best options to consider when it comes to buying and selling cryptocurrencies, we weren’t too impressed with its customer support. LUNO only offers a basic help page with no live chat or telephone support.
Frequently Asked Questions
Why Does LUNO Need MY Bank Verification Number (BVN)
If you’re from Nigeria, you will be required to type in your BVN before you can get verified on the LUNO platform. Normally, your BVN is not to be shared with a third party, however, LUNO requires this number to safeguard your account on the LUNO platform.
Providing your BVN protects your account from identity theft and will help you gain access to your LUNO account if you ever get locked out.
LUNO does not share your BVN with anyone and will not access your bank account or financial information through your BVN.
What are the Accepted Proof of Identity Documents
The type of documents accepted by the LUNO platform as a proof of identity will depend on your country. You can check out LUNO support page for more information.
Wrapping Up LUNO Review
You should be able to deposit and withdraw on the LUNO platform by following this guide .if you plan to buy Bitcoin you can also follow the guide.
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However, check the restrictions on the amount of bitcoin you can purchase before going ahead.
Our Final Score
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