What’s Luno? This is a common question. It is the digital currency exchange platform that allows clients to purchase, store and trade digital currencies. Clients can also use Luno to pay for goods and services through a cryptocurrency wallet. The most well-known examples of digital currency are Bitcoin and Ether.
The company was formerly known as BitX. Its headquarters are located in London, United Kingdom. There are 40 offices around the globe. Luno’s focus is on developing countries that have been leading adopters of cryptocurrency. This includes South Africa and Malaysia, Nigeria, Indonesia and Zambia.
An exchange platform for cryptocurrency allows the exchange of traditional fiat currency with cryptocurrencies. Exchange platforms were created in 2009 by companies that offer services to customers. Since then, many more cryptocurrencies were launched. Ether is the second most popular cryptocurrency and it powers Ethereum Cash. It was created via a Bitcoin Hard Fork.
A cryptocurrency exchange can be a bricks-and-mortar business, similar to a bank that trades fiat currencies such as the US Dollar, Euro, and Pound Sterling. Or it can be a web-based platform that allows for the exchange of fiat currencies or cryptocurrencies.
In exchange for cryptocurrency, the business accepts credit cards payments as well as electronic fund transfers. It transfers cryptocurrencies to customers’ cryptocurrency wallets or pays them out to prepaid gift cards that can be used to withdraw money from ATMs around the world.
You can usually access cryptocurrency exchange platforms by signing up for a website like Luno or downloading an App Store app. Or you can access them via Google Play.
Luno provides its clients with a secure and simple way to purchase and sell Bitcoin and Ethereum. It supports many fiat currencies worldwide, including the US Dollar, Euro and Pound Sterling, as well as the South African Rand.
Luno provides a brokerage service and offers training and consultancy services for the general public to help them understand the complexities surrounding cryptocurrencies like Bitcoin and Ethereum.
The full-service offerings of the company include:
The core of the Luno website is the cryptocurrency trading platform. It facilitates the electronic purchase and sale of digital currency using fiat currencies such as US Dollars and Euros.
Once your Luno account has been verified, the trading platform will create a linked account with you bank. You can instantly start trading Bitcoin and Ethereum.
Luno clients can trade digital currencies with one another through registered accounts. Luno also earns commission for all sales.
A Luno wallet (software program) is an app that stores private and publicly cryptographic keys. It interacts with blockchain technology to allow Luno clients to buy and sell cryptocurrency, keep it safe and monitor transactions.
A cryptocurrency wallet is essential if you wish to purchase or sell any cryptocurrency. The public key in a Luno wallet allows for payments to that wallet’s address. The private key allows you to spend cryptocurrency from that address.
Luno’s brokerage service allows you to buy and sell cryptocurrency via a dealer network instead of a centralised exchange. A Luno broker links buyers and sellers to make a sale. A quoted exchange rate, which also includes a brokerage fee, is used to sell or buy cryptocurrency. Market conditions may affect the percentage of fees charged.
For larger trades, the Luno brokerage service is preferred because it offers both parties a better price and is flexible and more convenient.
Luno API allows developers to access financial information and trading capabilities in the digital currency marketplace. This functionality allows developers with Bitcoin or Ethereum to access blockchain technology, which is needed for tasks such accessing historical and current cryptocurrency market data.
The revolutionary digital currency cryptocurrency is confusing and complex for even the most tech-savvy clients. Luno’s portal teaches you how to understand cryptocurrency and how to trade it responsibly.
The Luno Store works in a similar way to Google’s Play Store. This is where Luno clients go to discover new crypto-based apps, and services, that were recently launched in the digital currency market. All apps in the Luno Store are pre-screened and thoroughly vetted to ensure their safety.