Luno: on and off block transactions

[Polymathic]

Are all bitcoin trades and purchases within Luno done off the blockchain? I have some concerns about transaction fees on transaction on the block chain.

 

[znh]

Trades are offchain, you can also send your BTC to another luno user via email which is also offchain. Everthing else will be on the blockchain and occur the fees

 

[Polymathic]

Trades are offchain, you can also send your BTC to another luno user via email which is also offchain. Everthing else will be on the blockchain and occur the fees

The reason I'm asking is for cashing out alt coins, thinking converting them to ether then sending the ether to Luno, trading the ether for btc than cashing out.

 

[znh]

The reason I'm asking is for cashing out alt coins, thinking converting them to ether then sending the ether to Luno, trading the ether for btc than cashing out.

Your plan is sound,

If you are willing to place sell orders on the exchange and waiting for them to be filled you can avoid the taker fees (both for converting ETH->BTC and BTC->ZAR) that way there will only be the cryto network fee (for ETH) and that should be minimal. There no BTC network fee when you sell your BTC

 

[saor]

The reason I'm asking is for cashing out alt coins, thinking converting them to ether then sending the ether to Luno, trading the ether for btc than cashing out.

Why not just cash out the ETH? Or even just sell the alts for BTC and cash that out here. Seems to me you're losing money buying a stronger currency (BTC) with a weaker currency (ETH). Or does it actually work out a lot cheaper?

 

[backstreetboy]

Convert to BTC and cash out. Why muck about with ETH?

 

[Polymathic]

Why not just cash out the ETH? Or even just sell the alts for BTC and cash that out here. Seems to me you're losing money buying a stronger currency (BTC) with a weaker currency (ETH). Or does it actually work out a lot cheaper?

It's a huge amount, hearing horror stories of 40, 50 dollar transaction fees on the Bitcoin Blockchain converting back to rands that's pretty painful to stomach

 

[saor]

It's a huge amount, hearing horror stories of 40, 50 dollar transaction fees on the Bitcoin Blockchain converting back to rands that's pretty painful to stomach

And you're not going to lose money converting from ETH to BTC?

 

[saor]

So I just sold some stuff on an exchange that didn't allow me to sell for ETH.
I sold for BTC, then bought ETH, then sent the ETH here.

Worked out cheaper than cashing out the BTC here.

I think your best option might be to sell for ETH and just send that here to cash out.

 

[Lunomoney]

Are all bitcoin trades and purchases within Luno done off the blockchain? I have some concerns about transaction fees on transaction on the block chain.

On-chain transactions are only done for sends/ receives to and from BTC wallet addresses.
Trades and Social Sends (BTC transactions done via an email address or cell number) are done off-chain and do not occur any fees.

A fee is quoted before the send is processed, we calculate fees based on network congestion, it currently costs ~0.001108 (about R230) to send an on-chain TX.

You can read more about how our fees work here https://www.luno.com/blog/en/post/dynamic-send-fees
Other fees are listed here https://www.luno.com/en/countries