How safe is Luno ?

Joined
Nov 20, 2016
Messages
22
#1
I am wondering how safe is Luno after the breaking news of the NiceHash hack? I have an account with Luno and I am hoping they are pretty secure.

Please share your thoughts.

Thanks,
Ivan
 
Joined
Dec 6, 2017
Messages
32
#2
Nothing is safe/secure. Don't ever trust software. Keep your coin in your own wallet with your own keys.
 

Honey Badger

Honorary Master
Joined
Apr 30, 2010
Messages
18,568
#3
For starters, you should keep your coins offline. Secondly, NiceHash and Luno have completely different use cases. It's not comparable at all.
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,352
#4
Nicehash could arguably have been a scam right from the start - intended to acquire a huge BTC stockpile then run for it.
Who knows.

Luno are as secure as they claim to be.
I hold crytpocurrencies on exchanges and am aware of the risk. For large amount I keep in private wallets where I at least have ownership of the private keys.
Hacks on any site are always possible.
 
Joined
Nov 20, 2016
Messages
22
#5
Hi, thanks for the good advice. I am sort of new to the Bitcoin scene. What do you mean keeping my coins offline? Isn't it enough to just have my bitcoin wallet address?

Again , please excuse my ignorance. And thank you for the advice.
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,352
#6
Hi, thanks for the good advice. I am sort of new to the Bitcoin scene. What do you mean keeping my coins offline? Isn't it enough to just have my bitcoin wallet address?

Again , please excuse my ignorance. And thank you for the advice.
If your bitcoin is kept in Luno or any other exchange - you don't really own that bitcoin. If something goes wrong you have no recourse of your own to salvage your bitcoin. Transferring your bitcoin to a private wallet where you have access to the private keys (think of it like an address to your bitcoin on the blockchain) allows you to claim it as your own and access it whenever you want. If the exchange where you store your bitcoin goes down, you don't have access to your bitcoin.
 
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saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,352
#8
Ok cool. and any suggestions who to use / where to go to create my own private wallet?
If you're just starting I'd start small and just keep it on Luno for the time being.
Are you planning to buy and keep it for a few years or trade it (buy & sell often)?
 
Joined
Nov 20, 2016
Messages
22
#9
I am planning to keep it for a few years. I also invested in USI-tech pakcages. I just want to make sure the little BTC i have stays safe.
I dont trade at all , I just buy when I have an extra bit of cash at the end of the month.
 

kfc4unme

Well-Known Member
Joined
Dec 27, 2016
Messages
344
#10
Hi all, I would also like to know how to create a private wallet and then transfer my luno to it?
 

Hendrix

Senior Member
Joined
Aug 2, 2012
Messages
840
#11
I am planning to keep it for a few years. I also invested in USI-tech pakcages. I just want to make sure the little BTC i have stays safe.
I dont trade at all , I just buy when I have an extra bit of cash at the end of the month.
USI-Tech is a pyramid scheme, like bitconnect.
All the best!
 

Nava G

New Member
Joined
Feb 11, 2018
Messages
1
#14
Luno is definitely NOT SAFE!!! I had a substantial amount transferred from my account to another's EWallet and when I lodged a complaint I was told that I could not be helped. I have the double security check so did not feel at risk. Luno is a SCAM!!!
 
Joined
Nov 28, 2017
Messages
40
#17
You mean crypto exchanges, right? Btw, BitGrail exchange got hacked last week. Over 120 million dollars in nanos were "stolen". Long life crypto.
 

Zamah100

New Member
Joined
Apr 23, 2018
Messages
1
#18
Help me with luno they blocked my account with my bitcoin inside i tried to send the ticket but their system reject my my ticket. Now i feel helpless from 12 April till now. Now I think this luno thing is scam
 
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