Find out why the Luno platform is popular among cryptocurrency investors. You should check out the important security features included in Luno for traders.
Luno, a popular crypto exchange and wallet provider earlier known as Bitx, was launched in 2013. Initially, this application was only available for people who live in Singapore. At present, this platform is accessible in around 44 countries. In the year 2017, Bitx changed its name to Luno, which means Moon. The office of Luno is located in several countries, including London, Singapore, Australia, Cape Town, and Nigeria. It is popular because of features like quick withdrawal and deposit.
Types Of Trading And Order Types
Following are the types of trading and order types available on the Luno Crypto Exchange platform –
- Futures Contract: Futures contract made with Luno allow users to legally buy and sell the assets at a particular time at a fixed price in the future.
- HODLing: Luno allows traders to store cryptocurrencies to gain profit after a few years. However, a huge risk comes with this type of trading because the price can decrease with time, and investors should be cautious while using this.
- Automated Trading: Automated trading is best for users who want to allow the trading bots to trade for them. But you need to remember that trading bots might make incorrect actions.
- Stop-limit Order: Luno has included stop-limit exchange for the investors using their mobile application and Luno exchange. Most crypto traders find stop-limit orders an essential feature because it helps to limit the risk involved with price volatility.
- Limit Order: Luno Crypto Exchange will place a limit order so that cryptocurrency traders can specify both the price and amount they wish to buy or sell the asset.
- Market Order: Once the users specify the trading price, they will see market orders. Traders can check the best available prices in the market.
Is Verification Required – Verification Levels & Fees
To prevent misuse of services and products, Luno follows the highest standards of Anti-Money Laundering (LBA) policy and Know Your Customer (KYC) laws. Luno is committed to complying with all the laws that should be strictly followed in certain countries. Due to these laws, Luno has included certain levels to identify and verify their customers. Before making deposits and transactions, you will be required to submit personal data and identification documents. The personal information of its customers is strictly protected.
Verification Levels And Limits
The cryptocurrency investors living in certain countries can buy, sell, and earn interest in cryptocurrencies. Luno account can be upgraded to Android, iOS, and website. You have to go to settings after logging in to upgrade the account level easily.
- Level 1: You have to submit your mobile number and basic personal information to reach the first level and start investing in cryptocurrencies. Crypto investors can deposit and withdraw around R15000,00 overall time while using this account level.
- Level 2: After reaching level one, you can submit a scanned image of your government-issued ID card. Make sure to check the documents that Luno accepts. Then, upload a selfie to reach level two successfully. You can deposit and withdraw around R50000,00 every month using this account level.
- Level 3: If you want to make a maximum deposit in the Luno app, reaching level three of the verification process is important. You have to provide occupation details, employment status, and funding source along with your residential address.
Users also need to provide proof of residential address at this level of the verification process. After successful verification, there might be some deposit and withdrawal limits set for some countries.
Luno Security Features
Following are the security features of the Luno crypto exchange platform –
- Deep Freeze Storage: Cryptocurrencies of most investors are stored in the deep freeze. The generated keys are stored completely offline in a multi-signature wallet. Moreover, Bitgo Custody manages every generated key. Bitgo Custody is popularly known as the most secure digital asset custody solution in the world.
- Hot Wallet: Luno facilitates instant Bitcoin transactions by adding a multi-signature hot wallet feature. Key’s backups are stored offline in safety deposit boxes that are geographically dispersed. For better security, one of the three keys is held by an external custodian. Additionally, velocity limits are enforced by an external custodian.
- Air Gaps: This machine stores the private keys completely offline and offsite. Airgap is not connected to the internet or another network. Hence, the chances of attack surface get completely reduced without physical access. At an offsite location that remains undisclosed, the airgap machine is kept inside a secure vault.
- Two-Factor Authentication: Luno makes sure that the accounts and assets of crypto investors via a two-factor authentication feature. The Luno users have to enter a one-time code automatically generated and sent to their smartphone.
- Passwords: The passwords of crypto investors are stored in hashed form. Luno ensures that only the account owners can use their assets after logging in using a strong password. The platform won’t allow you to use a weak password while creating an account.
Moreover, Luno recommends various reputable password managers to their customers to generate passwords that hackers can’t crack.
Is Your Money Safe With Luno?
Luno provides a bank-level security experience to its customers. Your private keys will remain stored securely in the deep freeze. In a bank vault’s deposit box, every key will be stored safely. Luno doesn’t provide users access to multiple boxes. Furthermore, users can use security features like encrypted private keys, hot wallets, two-factor authentication, and multi-signature keys.
Luno Pros And Cons
Following are the pros and cons of the Luno crypto exchange platform –
- Easy switching between fiat currencies and cryptocurrencies.
- Excellent crypto trading experience.
- Crypto email payments and share free fiat options.
- Organizations can use a business account to set up their proceedings.
- Beginner friendly application
- Luno supports bank transfers and credit card payments.
- Limited crypto choices.
- Not supported in some countries.
The Luno app is a preferred platform among many traders owing to its easy-to-trade facility, even using fiat currencies. You should first complete the level one verification process to start investing in coins and tokens. If you want to deposit without any limit, then be ready to submit the necessary documents and complete the verification process. After registering, you must secure the account by using a two-factor authentication feature so that no one else can get access to the account.