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Bitcoin Alert: Luno Insane Rates (photos) by Nobody: 7:39pm On Jan 02, 2018
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

5 Likes 1 Share

Re: Bitcoin Alert: Luno Insane Rates (photos) by chukwuka14(m): 7:42pm On Jan 02, 2018
Honestly I don't know why ppl use lino
When coinbase has everything

4 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by xenastar(f): 7:55pm On Jan 02, 2018
I noticed that too
Re: Bitcoin Alert: Luno Insane Rates (photos) by AnthonyAk(m): 7:58pm On Jan 02, 2018
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.

4 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by polimaf(m): 8:11pm On Jan 02, 2018
chukwuka14:
Honestly I don't know why ppl use lino
When coinbase has everything
Can u buy bitcoin on coinbase from nigeria?
Re: Bitcoin Alert: Luno Insane Rates (photos) by wealthyhrt: 8:17pm On Jan 02, 2018
how do I use coinbase to buy bitcoin in naira considering that they ve banned Nigeria from buying and selling?

1 Like 1 Share

Re: Bitcoin Alert: Luno Insane Rates (photos) by Pierohandsome: 8:17pm On Jan 02, 2018
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

6 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by Pierohandsome: 8:19pm On Jan 02, 2018
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

1 Like 1 Share

Re: Bitcoin Alert: Luno Insane Rates (photos) by flinton(m): 3:51am On Jan 03, 2018
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

3 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by hopeforcharles(m): 7:41am On Jan 03, 2018
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

2 Likes 1 Share

Re: Bitcoin Alert: Luno Insane Rates (photos) by megafaraday(m): 8:13am On Jan 03, 2018
Good analysis, but its still not enough to tag them a scam. That word is too heavy for your alleged discrepancies in their rates.

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by Nobody: 9:55am On Jan 03, 2018
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.
Re: Bitcoin Alert: Luno Insane Rates (photos) by Fmedu: 12:50pm On Jan 03, 2018
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
Re: Bitcoin Alert: Luno Insane Rates (photos) by patinno8: 1:14pm On Jan 03, 2018
Pls can you give me reliable place to buy Ethereum?
Re: Bitcoin Alert: Luno Insane Rates (photos) by AnthonyAk(m): 1:33pm On Jan 03, 2018
patinno8:
Pls can you give me reliable place to buy Ethereum?

Use luno fastest way for Nigerians Sign up and start buying
Re: Bitcoin Alert: Luno Insane Rates (photos) by mikeayus(m): 4:25pm On Jan 03, 2018
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

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by LunoBitcoin: 2:15pm On Jan 05, 2018
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.

4 Likes 1 Share

Re: Bitcoin Alert: Luno Insane Rates (photos) by LunoBitcoin: 2:17pm On Jan 05, 2018
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.

2 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by AnthonyAk(m): 4:18pm On Jan 05, 2018
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

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by owunabastard: 4:43pm On Jan 05, 2018
This OP is a big comedian. Luno is the best exchange to buy, sell and withdrawal of crypto coin I have ever seen.

2 Likes

Re: Bitcoin Alert: Luno Insane Rates (photos) by MrRichmond: 11:13pm On Jan 05, 2018
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??
Re: Bitcoin Alert: Luno Insane Rates (photos) by fajul: 12:10am On Jan 06, 2018
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!

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by LunoBitcoin: 8:37am On Jan 08, 2018
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 smiley Luno platform is very safe and secure, please go ahead and purchase the ethereum, we are not aware of any customer not getting value.

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by LunoBitcoin: 8:40am On Jan 08, 2018
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 referralssmiley
Unfortunately, we are not present in the US

1 Like

Re: Bitcoin Alert: Luno Insane Rates (photos) by pimpo: 9:37am On Jan 08, 2018
LunoBitcoin:
Thanks for the enquiry smiley 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?
Re: Bitcoin Alert: Luno Insane Rates (photos) by Dollabiz: 11:28am On Jan 08, 2018
.
Re: Bitcoin Alert: Luno Insane Rates (photos) by owunabastard: 2:16pm On Jan 08, 2018
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.
Re: Bitcoin Alert: Luno Insane Rates (photos) by fabulous2000(m): 3:15pm On Jan 08, 2018
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
Re: Bitcoin Alert: Luno Insane Rates (photos) by Pierohandsome: 3:35pm On Jan 08, 2018
fabulous2000:

pls reply my mail or drop ur whatsapp number for me pls
07038579185
Re: Bitcoin Alert: Luno Insane Rates (photos) by macaranta(m): 6:17pm On Jan 08, 2018
Luno is great, the easy trading between NGN to BTC to ETh is perfect for Nigerians.
Re: Bitcoin Alert: Luno Insane Rates (photos) by MrRichmond: 8:57am On Jan 12, 2018
LunoBitcoin:
Thanks for the enquiry smiley 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.
Re: Bitcoin Alert: Luno Insane Rates (photos) by deewhydoski(m): 9:29am On Jan 12, 2018
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

2 Likes

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