Luno: The Ultimate guide for beginners

Luno: The Ultimate guide for beginners
Luno: The Ultimate guide for beginners. Image source: Pixabay

What is Luno, you ask?

What is Luno? It’s a question that many people ask. A cryptocurrency is also known digital currency. The two most popular examples are Bitcoin (the digital currency that powers Ethereum) and Ether (the digital currency that powers it).

Formerly known under BitX, the company’s headquarters is in London, United Kingdom. The company has representation in 40 countries around world. Luno is focusing on developing nations that have shown to be the most enthusiastic about cryptocurrency adoption. This includes South Africa (Nigeria), Indonesia, Zambia, and Malaysia.

What is a cryptocurrency trading platform?

The exchange of cryptocurrency for fiat money is possible through a cryptocurrency exchange platform. With the introduction of Bitcoin, a decentralised cryptocurrency, exchange platforms were established in 2009. There have been many other cryptocurrencies launched since then. Ether, which powers Ethereum and Bitcoin Cash was created by a Bitcoin Hard Fork, is just one of many.

A cryptocurrency exchange is either a brick-and-mortar type business that converts traditional fiat currencies, such as US Dollars, Euros and Pound Sterling, or a web-based platform which facilitates the exchange between fiat currencies and cryptos.

The company accepts credit card payments and electronic funds transfers in exchange to cryptocurrencies. The business can pay cryptocurrencies to customers or transfer them to a gift card that can be used for withdrawing funds from ATMs all over the world.

You usually have to sign up on a site like Luno and download an app from the App Store.

What can Luno do?

Luno gives its clients an easy and secure way of buying and selling Bitcoin and Ethereum with a built-in cryptocurrency wallet. It supports several fiat currencies, such as the US Dollar and Euro, Sterling Pound Sterling, and the South African Rand.

Luno also offers brokerage services and training and consultancy services to help people understand the complexities and implications of cryptocurrency such as Bitcoin or Ethereum.

The full-service offer of the company includes:

Luno cryptocurrency trading platform

The Luno website’s core platform is the cryptocurrency trading platform. This platform allows you to buy and sell digital currency electronically using fiat currency, such as US Dollars or Euros.

After your Luno account verification, the trading platform links your account to your bank. Once that happens, you can start trading Bitcoin or Ethereum immediately.

Luno clients who have registered accounts can trade digital currency between themselves and Luno receives a commission on all sales.

Luno wallet

A Luno-Wallet is a software program (app) that stores private cryptographic keys and interacts to the blockchain technology. Clients can use it to buy, sell, store and monitor cryptocurrency transactions.

A cryptocurrency wallet is required to be able to sell or buy any cryptocurrency. The public key is used to make payments to the address of the Luno wallet. The private key is used for spending cryptocurrency at that address.

Luno brokerage service

Luno’s brokerage services facilitates selling and buying cryptocurrency through a dealer network. This is in contrast to centralised exchanges. A Luno broker matches buyers with sellers and facilitates a sale. The quoted exchange rate for cryptocurrency includes a brokerage charge. Market conditions can affect the fee percentage.

Luno is the best option for large trades because it provides both parties with a better deal and is more flexible.

API for developers

Luno API gives developers financial information as well as trading capability in the digital currency markets. This functionality allows developers working with Bitcoin and Ethereum, to access blockchain technology that is required to perform tasks such as accessing historic and current cryptocurrency market data.

Learning portal

Cryptocurrency, a revolutionary digital currency that is decentralized and distributed worldwide, can be confusing even for the most tech-savvy clients. Luno’s learning portal will help you learn more about cryptocurrency, understand the language surrounding Bitcoin and Ethereum, and teach you how to trade cryptocurrency responsibly.

Luno Store

The Luno Store is similar to Google’s Play Store. The Luno Store is where Luno clients can find the latest and most interesting crypto-based services and apps that have been released in the digital currency space. Apps promoted in the Luno Store were carefully vetted and pre-screened to ensure that they are safe to be used.