Luno Review: Suspicious Exchange and Potential Scam

× Alert!
  • - Can't withdraw your funds from this fraudulent company?
  • - Have they asked you to pay excessive withdrawal fees or to deposit more funds?
  • - Or is there an excessive delay in processing your withdrawal?
  • - Are they trying to push you into depositing more money with them even without withdrawing the one you've already put in?

It's a CONFIRMED scam company, recover your stolen funds by clicking the button below, then fill out the form and you will get a FREE Mychargeback consultation today:

Click the button below, fill out the form to recover your lost funds from this scam company

Click Here To Recover Your Stolen Funds

Luno Review: Suspicious Exchange and Potential Scam

Luno Review Update: Another scam that doesn’t even bother to refund members, stay away.

PS: You need tested robots that deliver results to succeed.

Advantages of Autopilot trading robots

Here are the pros of using dependable and tested cryptocurrency trading robots. These robots offer much in terms of better positioning yourself.

  • A high success rate

With these robots, members should expect to get a high success rate than using manual traders or even crypto trading brokers.

Records indicate that the recommended cryptocurrency trading robots make over 85 percent in ROI.

And that means the robots will hit the set target with ease unlike humans who are prone to errors and performance issues.

  • Great customer support

You obviously want a platform that’s available to help you when needed. Most of our recommended cryptocurrency trading robots offer reliable 24/7 support.

Conventional crypto methods of trading such as brokers may not be there to help you with any issues faced.

Try SMARD today, it is a bot designed for crypto traders and investors which uses advanced algorithms to profit from market fluctuations. No programming or trading knowledge is required to start. The algorithm relies on momentum effect strategies to systematically identify market winners. Below are the key reasons why everyone loves    1. You get up to 5% average monthly return on your starting capital.    2. The 10% monthly service fee is charged from your profits only. They don't make money unless you do!      3. You can start with as little as $1000 in your exchange account, meaning that you just need to connect your existing exchange (or open a new one) with Smard and begin trading right away!    4. No upfront payments for the service.    5. It's a smart way of investing in your favourite crypto coins - btc/altcoins, hurdling them while at the same time growing their values through auto-trading instead of just buy and forget.   Operating through API keys, SMARD ensures secure connections without requiring fund transfers to third parties. No upfront payment or card linking is needed. Try Smard today and see the real potential of your crypto portfolio, no upfront fees to pay!

Click Here To Sign Up Now

  • Great for newbies

For those who want to start crypto trading, you don’t need any experience in the field. The platform is one of the best when it comes to ease of use.

These robots offer traders a memorable user-interface.

  • Best in class

These recommended robots are best in class and offer investors the best way of investing in crypto and volatile markets.

The robots have been tested and proven to offer the best in terms of accuracy and overall efficiency in terms of crypto trading.

  • Unmatched customer support

Want to get the best out of crypto trading? You need to get support from reliable staff members all the time.

That’s why our recommended list of forex trading robots have without a doubt offered users the much needed 24/7 support.

About Luno

The obvious reason as to why you’d want to exchange fiat into a Bitcoin or any other Crypto currency is because Bitcoin is being accepted as a mainstream form of online payments. Any avid online user would quickly find that they are in need of the services offered by an online exchange. That is where exchanges like Luno come in.

Unfortunately, Luno is quite controversial and we are also going to list down some of these reasons so that you can determine whether or not Luno is a good exchange for transacting with. Previously known as BitX, the online Crypto Currency exchange has been providing this service since 2013. It is not quite clear why they changed their name but this is most likely something to do with managerial or branding issues as opposed to reputation issues.

They are based in London but their operations are active throughout the globe. The main business is buying and selling of Bitcoins. Throughout their existence, they have managed more than a billion dollars worth of Bitcoins on this platform.

So, does this make Luno any better? Does it make them a legit Crypto currency exchange? That’s what we will find out later in this review. For now, if you want to trade Crypto currencies and make profits, use these automated trading bots.

Luno Review

Just like many other exchanges in this market place, Luno offers one type of a trading account. However, in order to buy or sell Bitcoins through this platform, one has to actually verify their accounts through SMS verification. Other verification methods still apply such as the requirement to submit a Government issued ID and proof of area of residence. When a user submits valid documents for verification, their account will be unlocked for higher transaction limits each month.

Luno review

At the time of writing this review, we observed that users who wanted to buy or sell 1 Bitcoin would be required to complete level 2 verification which involves submitting government issued ID and clear photo of the account holder.

This is a weird requirement and sort of an excuse since Bitcoin and other Crypto currencies are designed for anonymous transactions. So if we are going to verify our IDs and photos in order to use this platform, it defies the logic and purpose for using Bitcoins through the platform in the first place.

There is a small number of exchanges offering spot trading for Bitcoin, and Luno is one of them. Larger exchanges like Coinbase for example have access to a wide range of Crypto currencies and this gives them a greater advantage compared to smaller Crypto currency exchanges.

Luno claims that we can buy or sell Bitcoins with a minimum amount of €1. Although Luno offers spot trading, they do not support leveraged trading.

Rumors has it that Luno rebranded from its previous name due to FCA regulations in the UK. They wanted to join Fintech sandbox of the FCA. Although they’ve expanded out of the UK and are covering countries such as Singapore, Indonesia, Cape Town, Malaysia, Nigeria and South Africa, they are very much interested in the UK client base where they offer instant buy and sell services, transfers and Crypto currency wallet services. Transactions are done in Euros.

Luno is not a regulated service, and we do not think that the law requires them to be regulated. However, since they have secured their membership in the FCA sandbox, it could suggest that this Crypto exchange is intending to run a serious business.

Other than offering buying and selling services for Bitcoin, Luno offers money transfer and wallet services for Bitcoin. They also claim that majority of their clients’ funds are stored in what they call “deep freeze” storage. A deep freeze storage is a multi signature wallet where keys are stored with different bank vaults. There are multiple layers of security checks and encryption that one has to pass in order to access funds. Also, backups for their wallets are stored in encrypted format.

This simply means that Luno is taking security of their clients funds very seriously. In addition to that, a part of their clients funds are kept in a hot wallet and this is meant to facilitate cashing out of the funds in case the customer needs their money. Hot wallets are also secured with a multi signature feature where one key is held by Luno while another held by BitGo.

Is Luno a scam?

While this exchange looks legit, the fact of the matter is that there are many complaints against them and we cannot simply sweep these issues under the carpet and assume that everything is ok.

One client claimed that they were denied access to their account after they had funded it with Bitcoin. They got a warning message informing them that there was a problem and could not transact with the account anymore.

Their support has not been active on this matter simply because their support system keeps blocking this user. It is not clear whether this user has recovered their funds yet.

This seems to be the story for the majority of those who got their accounts blocked by Luno for whatever reason. In fact, majority of the complaints coming from real users is that they are not able to get their money out of Luno exchange.

If these complaints are to be considered, then Luno becomes quite suspicious. It smells of a scam and we do not know why and how an exchange that purports to be serious is doing this to their customers.

Our best advice for you

Where their is smoke, there must be fire. Customer reviews show that Luno is not a very reliable Crypto currency platform to buy or sell Bitcoins from. Also, the site does not have any customer support in place, which is very unprofessional. Our recommendation is that you should stay away from this site at all cost. If you want to safely exchange your Crypto currencies into fiat or vice versa, read this piece.

Leave a Reply

Your email address will not be published. Required fields are marked *

YouTube video

Follow Us will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.