How safe is Luno ?

IamIvanPta

IamIvanPta

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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
 
Nothing is safe/secure. Don't ever trust software. Keep your coin in your own wallet with your own keys.
 
For starters, you should keep your coins offline. Secondly, NiceHash and Luno have completely different use cases. It's not comparable at all.
 
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.
 
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.
 
IamIvanPta said:
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.
Click to expand...
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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Ok cool. and any suggestions who to use / where to go to create my own private wallet?
 
IamIvanPta said:
Ok cool. and any suggestions who to use / where to go to create my own private wallet?
Click to expand...
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)?
 
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.
 
Hi all, I would also like to know how to create a private wallet and then transfer my luno to it?
 
IamIvanPta said:
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.
Click to expand...

USI-Tech is a pyramid scheme, like bitconnect.
All the best!
 
What are the recommended ways to keep bitcoin offline? Any good guides around on this?
 
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!!!
 
Luno does not make any guarantees. You lose money, it's your problem.
 
You mean crypto exchanges, right? Btw, BitGrail exchange got hacked last week. Over 120 million dollars in nanos were "stolen". Long life crypto.
 
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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