Luno is a London-based cryptocurrency exchange founded in 2013. It is a centralized exchange that offers spot, futures and leveraged trading. Pros include user-friendliness, security, and liquidity, while disadvantages include higher transaction fees, limited token selection, and regulatory uncertainty.
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What exchange is Luno?
Luno is a cryptocurrency exchange based in London, UK, established in 2013. The exchange operates in several countries around the world, including Africa, Europe, and Southeast Asia.
How Luno works
Luno is a centralized exchange, which means users store their cryptocurrency assets in the exchange’s wallet. When a user makes a trade, the exchange processes the transaction on their behalf and updates their wallet balance.
Luno offers the following trading methods:
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Spot Trading: Users can buy or sell cryptocurrencies instantly.
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Futures Trading: Users can speculate on the price of cryptocurrencies without actually owning the asset.
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Leveraged Trading: Users can increase the size of trades by borrowing funds, thereby increasing potential gains or losses.
Luno Pros and Cons
Pros:
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User-friendly: Luno’s interface is simple and easy to use, even novices can easily get started.
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Security: Luno uses multiple security measures, including cold storage, two-factor authentication, and anti-money laundering (AML) procedures.
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Strong Liquidity: Luno’s trading volume is large, allowing users to execute transactions quickly and efficiently.
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Extensive Support: Luno offers a wide range of cryptocurrencies and fiat currencies with 24/7 customer support.
Cons:
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Higher Transaction Fees: Luno’s transaction fees are relatively high compared to some other exchanges.
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Limited Token Selection: Compared to other large exchanges, Luno offers trading in a smaller variety of tokens.
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Regulatory Uncertainty: Luno has not yet received clear regulatory approval in some jurisdictions, which may pose regulatory risks.
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