For the past few days Bitcoin has been reducing in price and most exchanges advice a strong sell due it's sudden bearish behavior. Hence, I've been monitoring the Bitcoin price closely, precisely at 10 minutes intervals so as to know when it would tip drastically. Then I noticed something, that Luno, the supposedly best bitcoin exchange available to Nigerians is a dirty thief. Their prices are off the charts compared to other exchanges. You might ask what prices are we not only concerned with BTC/NGN?? No! that's not their only swindle. Their USD/NGN rate is unbelievable.
Facts:
All results and prices where ascertained at 9:29pm check images for proof.

Exhibit A - BTC/USD insane rate
When I checked the price at a 9:20 I noticed that the price of 1 Bitcoin to dollar on Luno was different from the trusted exchange app I was using. On the app, 1 bitcoin was worth $13,389 and was pretty much bubbling. Then I checked google and 1 BTC was worth $13,450. However, on Luno 1 BTC = $13,589.

As as at 9:29pm
These were the various exchange prices:
Investing.com and Binance: 1 BTC = $13,389
Google results: 1 BTC = $13,450
Blockchain: 1 BTC = $13,401
Coinbase: 1 BTC = $13,416

Now, for the man of the year:
LUNO: 1 BTC = $13,589

We all know exchanges differ, and Binance has by far the lowest exchange price on BTC yet inter-exchange differences are quite low, Luno excluded.

Exhibit B - USD - NGN
Frankly this is the exchange rate that piqued my interest. It is quite harsh. On standard exchanges, 1 USD = N360 and that definitely doesn't bubble hourly like the BTC. However, on Luno 1 USD to N389.21 was the rate at which Luno was selling BTC to Nigerians. After all this you'd think that's all, friends it doesn't end there. Luno still charges N23 bank transfer and on top of that reduces your BTC price when reselling to them.


The Conclusion Of The Matter
For every transaction you make Luno charges you a N23 bank fee, plus an extra N39.21 on USD/NGN and an insane extra $200 on BTC price.
Example:
Average exchanges
0.02 BTC = N100,000
0.018832 BTC = N43,416.20
0.001221 BTC = N600

Luno
0.02 BTC = N105,000(-N5000)
0.018832 BTC = N46,809(-N3,393)
0.001221 BTC = N647 (-N47)
The higher the purchase the more money you lose compared to when buying on other exchange.

Note: This is not a conjecture but a fact. It's not arguable.

Cc
Lalasticlala
Ishilove
Semid4lyfe
Obinoscopy

Honestly I don't know why ppl use lino
When coinbase has everything

I noticed that too

Exchanges actually set their own prices , and dont use bitcoin to cash out , etherum is much cheaper and faster.

They even got Etherum atms out here , fees are a bitch no doubt so its advisable to pick the right trade to minimize them.

chukwuka14:
Honestly I don't know why ppl use lino
When coinbase has everything

Can u buy bitcoin on coinbase from nigeria?

how do I use coinbase to buy bitcoin in naira considering that they ve banned Nigeria from buying and selling?

That is not enough reason to call them scam, Luno is the best and most credible exchange. Forget what u are seeing there on the market chart, cashout and u will see that their price reflects the general market price evn same in buying

I use 3 different exchangers but luno is the best

wealthyhrt:
how do I use coinbase to buy bitcoin in naira considering that they ve banned Nigeria from buying and selling?

coinbase does not support citizens outside US and Canada.if u live outside those countries forget coinbase. I only use their wallet

U don't know what you're talking about, they provide the best services when it comes to bitcoin buying and selling even ethereum, I have been using them for over a year now, I still use them

Luno has scammed me of $1000, a payment that was sent to the wallet address they gave me and it didn't reflect in my account, I have been telling them since Dec 2, till now they have not given me an reasonable response or reverse the money,
I am looking for ways to get my money back

Good analysis, but its still not enough to tag them a scam. That word is too heavy for your alleged discrepancies in their rates.

flinton:
U don't know what you're talking about, they provide the best services when it comes to bitcoin buying and selling even ethereum, I have been using them for over a year now, I still use them

Like I said this is not a conjecture. The choice is yours, continue using them or take your time and calculate how they're truly cheating us Nigerians.

Luno is not a scam. Every exchange has a way of making their money. luno only charges U if U use their instant buy and selling option. Trading on luno is free when you use their exchange. My only problem with them is that they only trade Bitcoin and ethereum. Luno is one of the trusted exchange in the world. Check Cex.io price U will be shocked

Pls can you give me reliable place to buy Ethereum?

patinno8:
Pls can you give me reliable place to buy Ethereum?

Use luno fastest way for Nigerians Sign up and start buying

please explain the bolded, thanks

Fmedu:
Luno is not a scam. Every exchange has a way of making their money. luno only charges U if U use their instant buy and selling option. Trading on luno is free when you use their exchange. My only problem with them is that they only trade Bitcoin and ethereum. Luno is one of the trusted exchange in the world. Check Cex.io price U will be shocked

BlueSwede:
For the past few days Bitcoin has been reducing in price and most exchanges advice a strong sell due it's sudden bearish behavior. Hence, I've been monitoring the Bitcoin price closely, precisely at 10 minutes intervals so as to know when it would tip drastically. Then I noticed something, that Luno, the supposedly best bitcoin exchange available to Nigerians is a dirty thief. Their prices are off the charts compared to other exchanges. You might ask what prices are we not only concerned with BTC/NGN?? No! that's not their only scam. Their USD/NGN rate is unbelievable.
Facts:
All results and prices where ascertained at 9:29pm check images for proof.

Exhibit A - BTC/USD insane rate
When I checked the price at a 9:20 I noticed that the price of 1 Bitcoin to dollar on Luno was different from the trusted exchange app I was using. On the app, 1 bitcoin was worth $13,389 and was pretty much bubbling. Then I checked google and 1 BTC was worth $13,450. However, on Luno 1 BTC = $13,589.

As as at 9:29pm
These were the various exchange prices:
Investing.com and Binance: 1 BTC = $13,389
Google results: 1 BTC = $13,450
Blockchain: 1 BTC = $13,401
Coinbase: 1 BTC = $13,416

Now, for the man of the year:
LUNO: 1 BTC = $13,589

We all know exchanges differ, and Binance has by far the lowest exchange price on BTC yet inter-exchange differences are quite low, Luno excluded.

Exhibit B - USD - NGN
Frankly this is the exchange rate that piqued my interest. It is quite harsh. On standard exchanges, 1 USD = N360 and that definitely doesn't bubble hourly like the BTC. However, on Luno 1 USD to N389.21 was the rate at which Luno was selling BTC to Nigerians. After all this you'd think that's all, friends it doesn't end there. Luno still charges N23 bank transfer and on top of that reduces your BTC price when reselling to them.


The Conclusion Of The Matter
For every transaction you make Luno charges you a N23 bank fee, plus an extra N39.21 on USD/NGN and an insane extra $200 on BTC price.
Example:
Average exchanges
0.02 BTC = N100,000
0.018832 BTC = N43,416.20
0.001221 BTC = N600

Luno
0.02 BTC = N105,000(-N5000)
0.018832 BTC = N46,809(-N3,393)
0.001221 BTC = N647 (-N47)
The higher the purchase the more money you lose compared to when buying on other exchange.

Note: This is not a conjecture but a fact. It's not arguable.
If you found this eye-opener helpful and would like to appreciate me, my bitcoin address is my signature. Thank you.

Cc
Lalasticlala
Ishilove
Semid4lyfe
Obinoscopy

Hi there! Thanks so much for starting this thread (and thanks to the other contributors). I’d like to give Luno’s side to this discussion and maybe clear up some misconceptions :slightly_smiling_face:

1. Luno does not set the price of Bitcoin. The market of buyers and sellers (Luno customers in Nigeria) set a price they want to pay to buy Bitcoin or a price they will accept to sell Bitcoin.

2. The price of Bitcoin is different on every platform (in every country), since each platform has their own buyers and sellers which determine the price. We wrote an article to explain this, here: https://www.luno.com/blog/en/post/bitcoin-price-different-different-countries

Note that, if you feel the price of Bitcoin or Ethereum is “too high” on one platform, you can always go and buy it somewhere “cheap” and sell it on the “more expensive” platform. This process is called arbitrage. Specifically to Nigeria, you will soon realise that even though the price of Bitcoin might be 20% cheaper than on, say, Coinbase, Nigerians have no way of buying Bitcoin with naira on Coinbase.

So, again: Luno doesn’t set the price of Bitcoin (no platform does). It’s like being angry at OLX that the price of cars are too expensive. Luno and OLX are marketplaces, it’s people who set and accept/decline the price of the product.

The other thing is that Luno only makes money when you: buy, sell or trade Bitcoin. If you use the Luno Exchange and you place a limit order, you will be charged a 0% fee.

There might be other fees that apply: when you make a deposit or withdrawal, our banking partners charge a deposit/withdrawal fee, but we don’t make money from this. The same for when the Bitcoin network is congested, miner/processing fees are higher - we simply pass this transaction fee over, we don’t benefit or gain from it. If you want to send Bitcoin without incurring a fee, you can send it to the recipient’s email address.

chukwuka14:
Honestly I don't know why ppl use lino
When coinbase has everything

Hi there! Thanks so much for starting this thread (and thanks to the other contributors). I’d like to give Luno’s side to this discussion and maybe clear up some misconceptions :slightly_smiling_face:

1. Luno does not set the price of Bitcoin. The market of buyers and sellers (Luno customers in Nigeria) set a price they want to pay to buy Bitcoin or a price they will accept to sell Bitcoin.

2. The price of Bitcoin is different on every platform (in every country), since each platform has their own buyers and sellers which determine the price. We wrote an article to explain this, here: ww.luno.com/blog/en/post/bitcoin-price-different-different-countries

Note that, if you feel the price of Bitcoin or Ethereum is “too high” on one platform, you can always go and buy it somewhere “cheap” and sell it on the “more expensive” platform. This process is called arbitrage. Specifically to Nigeria, you will soon realise that even though the price of Bitcoin might be 20% cheaper than on, say, Coinbase, Nigerians have no way of buying Bitcoin with naira on Coinbase.

So, again: Luno doesn’t set the price of Bitcoin (no platform does). It’s like being angry at OLX that the price of cars are too expensive. Luno and OLX are marketplaces, it’s people who set and accept/decline the price of the product.

The other thing is that Luno only makes money when you: buy, sell or trade Bitcoin. If you use the Luno Exchange and you place a limit order, you will be charged a 0% fee.

There might be other fees that apply: when you make a deposit or withdrawal, our banking partners charge a deposit/withdrawal fee, but we don’t make money from this. The same for when the Bitcoin network is congested, miner/processing fees are higher - we simply pass this transaction fee over, we don’t benefit or gain from it. If you want to send Bitcoin without incurring a fee, you can send it to the recipient’s email address.

LunoBitcoin:
Hi there! Thanks so much for starting this thread (and thanks to the other contributors). I’d like to give Luno’s side to this discussion and maybe clear up some misconceptions :slightly_smiling_face:

1. Luno does not set the price of Bitcoin. The market of buyers and sellers (Luno customers in Nigeria) set a price they want to pay to buy Bitcoin or a price they will accept to sell Bitcoin.

2. The price of Bitcoin is different on every platform (in every country), since each platform has their own buyers and sellers which determine the price. We wrote an article to explain this, here: ww.luno.com/blog/en/post/bitcoin-price-different-different-countries

Note that, if you feel the price of Bitcoin or Ethereum is “too high” on one platform, you can always go and buy it somewhere “cheap” and sell it on the “more expensive” platform. This process is called arbitrage. Specifically to Nigeria, you will soon realise that even though the price of Bitcoin might be 20% cheaper than on, say, Coinbase, Nigerians have no way of buying Bitcoin with naira on Coinbase.

So, again: Luno doesn’t set the price of Bitcoin (no platform does). It’s like being angry at OLX that the price of cars are too expensive. Luno and OLX are marketplaces, it’s people who set and accept/decline the price of the product.

The other thing is that Luno only makes money when you: buy, sell or trade Bitcoin. If you use the Luno Exchange and you place a limit order, you will be charged a 0% fee.

There might be other fees that apply: when you make a deposit or withdrawal, our banking partners charge a deposit/withdrawal fee, but we don’t make money from this. The same for when the Bitcoin network is congested, miner/processing fees are higher - we simply pass this transaction fee over, we don’t benefit or gain from it. If you want to send Bitcoin without incurring a fee, you can send it to the recipient’s email address.

First if all I'd like to commend you guys for taking the time to reach out to your customers on this forum.

I've been very very happy with luno so far. Can Americans use it? Becuase I've been referring alot of us based users on other forums to it

This OP is a big comedian. Luno is the best exchange to buy, sell and withdrawal of crypto coin I have ever seen.

LunoBitcoin:
Hi there! Thanks so much for starting this thread (and thanks to the other contributors). I’d like to give Luno’s side to this discussion and maybe clear up some misconceptions :slightly_smiling_face:

1. Luno does not set the price of Bitcoin. The market of buyers and sellers (Luno customers in Nigeria) set a price they want to pay to buy Bitcoin or a price they will accept to sell Bitcoin.

2. The price of Bitcoin is different on every platform (in every country), since each platform has their own buyers and sellers which determine the price. We wrote an article to explain this, here: ww.luno.com/blog/en/post/bitcoin-price-different-different-countries

Note that, if you feel the price of Bitcoin or Ethereum is “too high” on one platform, you can always go and buy it somewhere “cheap” and sell it on the “more expensive” platform. This process is called arbitrage. Specifically to Nigeria, you will soon realise that even though the price of Bitcoin might be 20% cheaper than on, say, Coinbase, Nigerians have no way of buying Bitcoin with naira on Coinbase.

So, again: Luno doesn’t set the price of Bitcoin (no platform does). It’s like being angry at OLX that the price of cars are too expensive. Luno and OLX are marketplaces, it’s people who set and accept/decline the price of the product.

The other thing is that Luno only makes money when you: buy, sell or trade Bitcoin. If you use the Luno Exchange and you place a limit order, you will be charged a 0% fee.

There might be other fees that apply: when you make a deposit or withdrawal, our banking partners charge a deposit/withdrawal fee, but we don’t make money from this. The same for when the Bitcoin network is congested, miner/processing fees are higher - we simply pass this transaction fee over, we don’t benefit or gain from it. If you want to send Bitcoin without incurring a fee, you can send it to the recipient’s email address.

hey luno I wanna buy ethereum on your platform, I saw someone on this thread complaining about loosing $1k without getting his coins.
Am I safe??

Luno is good and I approve it. They are the ones who allow Nigerians to at least also get to participate cryptocurrency. We should learn to appreciate them. If you are not OK with them, get another if you can!

MrRichmond:


hey luno I wanna buy ethereum on your platform, I saw someone on this thread complaining about loosing $1k without getting his coins.
Am I safe??

Thanks for the enquiry Luno platform is very safe and secure, please go ahead and purchase the ethereum, we are not aware of any customer not getting value.

AnthonyAk:


First if all I'd like to commend you guys for taking the time to reach out to your customers on this forum.

I've been very very happy with luno so far. Can Americans use it? Becuase I've been referring alot of us based users on other forums to it

Thank you for the referrals
Unfortunately, we are not present in the US

LunoBitcoin:
Thanks for the enquiry Luno platform is very safe and secure, please go ahead and purchase the ethereum, we are not aware of any customer not getting value.

Hello. Someone tried sending ETH to my wallet on Luno a few weeks ago and after several tries, the transaction failed. The sender informed me that this was because the luno ETH address is a contract address and cannot receive from a non-contract address. Can you confirm and throw more light on this?

.

pimpo:


Hello. Someone tried sending ETH to my wallet on Luno a few weeks ago and after several tries, the transaction failed. The sender informed me that this was because the luno ETH address is a contract address and cannot receive from a non-contract address. Can you confirm and throw more light on this?

The person is right, It shows like that if you try to send from blockchain wallet, tell your friend to send from any exchangers like bittress, crypotia, hitbtc, coinbase etc wallet, it will go perfectly.

Pierohandsome:
That is not enough reason to call them scam, Luno is the best and most credible exchange. Forget what u are seeing there on the market chart, cashout and u will see that their price reflects the general market price evn same in buying

I use 3 different exchangers but luno is the best

pls reply my mail or drop ur whatsapp number for me pls

fabulous2000:

pls reply my mail or drop ur whatsapp number for me pls

07038579185

Luno is great, the easy trading between NGN to BTC to ETh is perfect for Nigerians.

LunoBitcoin:
Thanks for the enquiry Luno platform is very safe and secure, please go ahead and purchase the ethereum, we are not aware of any customer not getting value.

Hello luno,

I'd like to know if I can make deposits with a verve card, I tried several times but it didn't work.
Also, can I make deposits through a bank teller, I looked for the luno account number on the website but didn't see anything.

I don't buy/sell btc or ethereum to luno, I make use of their exchange and I set it on limit. They only deducted #200 if I want to cash out to my bank account. l love luno apps