Luno Support and Queries Thread

Lunomoney

Luno Representative
Joined
Jan 11, 2017
Messages
390
So you say South Africans Stupid because they want to pay around 9000 rands more at any given time.? ok

That isn't what we're saying :)

A premium exists in South Africa not only on our exchange but across other South African exchanges too. In some countries, the price of Bitcoin may even be lower than the "market price" seen on bigger exchanges globally.

As mentioned the reason for this boils down to supply and demand. In South Africa, for various reasons, there seems to be a higher demand across exchanges, which leads to a higher market price in South Africa. We are only the platform that facilitates buyers and sellers, who independently decide on the price they wish to trade at.

This is true for any commodity traded anywhere in the world. If there is a higher demand compared to the supply of a commodity in any given market, the price of that commodity increases.

Regarding Bitcoin specifically, seeing large premiums or differences in markets is generally the sign of a young market. As the industry matures, premiums per market should decrease accordingly.

If you have any further questions, please let us know :)
 

Stonerjoy

Active Member
Joined
Mar 5, 2019
Messages
70
That isn't what we're saying :)

A premium exists in South Africa not only on our exchange but across other South African exchanges too. In some countries, the price of Bitcoin may even be lower than the "market price" seen on bigger exchanges globally.

As mentioned the reason for this boils down to supply and demand. In South Africa, for various reasons, there seems to be a higher demand across exchanges, which leads to a higher market price in South Africa. We are only the platform that facilitates buyers and sellers, who independently decide on the price they wish to trade at.

This is true for any commodity traded anywhere in the world. If there is a higher demand compared to the supply of a commodity in any given market, the price of that commodity increases.

Regarding Bitcoin specifically, seeing large premiums or differences in markets is generally the sign of a young market. As the industry matures, premiums per market should decrease accordingly.

If you have any further questions, please let us know :)
As to the Supply of BTC in South Africa,i can see on the blockchain how Btc comes into your house. Arbitration for users is not possible as you so deftly explained ,the prices too high in South Africa to sell anywhere at a profit. That tells me that as a exchange you do use Arbitrage to keep up supply and take advantage of "new market prices" If Prices on Global exchanges drop im sure you guys will take the loss instead of carrying it over to your customers that has open orders? No dude . I understand enough to know that it is your choice not to open Arbitrage between exchanges cutting South Africa off forcing this "NEW Market Prices"
 

Stonerjoy

Active Member
Joined
Mar 5, 2019
Messages
70
Open a API to me and i will put some bots on the job. Try to keep that "New Market Buy Orders" NOT
 

Lunomoney

Luno Representative
Joined
Jan 11, 2017
Messages
390
As to the Supply of BTC in South Africa,i can see on the blockchain how Btc comes into your house. Arbitration for users is not possible as you so deftly explained ,the prices too high in South Africa to sell anywhere at a profit. That tells me that as a exchange you do use Arbitrage to keep up supply and take advantage of "new market prices" If Prices on Global exchanges drop im sure you guys will take the loss instead of carrying it over to your customers that has open orders? No dude . I understand enough to know that it is your choice not to open Arbitrage between exchanges cutting South Africa off forcing this "NEW Market Prices"


We're not entirely certain what you're referring to in the above statement.

We can, however, assure you Luno does not influence or decide on the price in any of our markets. As mentioned it is determined by the supply and demand of the customers trading in that particular region. How each market responds when global prices change, is not determined by Luno.

You are welcome to use our API, it's available here as follows:

 

Stonerjoy

Active Member
Joined
Mar 5, 2019
Messages
70
I need to check into your API. Did not see that available and maybe i will eat some Humble pie as i seem to be wrong.
 

Stonerjoy

Active Member
Joined
Mar 5, 2019
Messages
70
i dont see why arbitrage can't be done without bots
Its not the Bots you need but the connection between Exchanges. Buy and sell over different exchanges from your wallet address. Manually with Fiat Transaction times ,costs and just the fact you dont want so many Bank Transaction for obvious reasons makes it not a favorable way
 

Lunomoney

Luno Representative
Joined
Jan 11, 2017
Messages
390
I need to check into your API. Did not see that available and maybe i will eat some Humble pie as i seem to be wrong.

Absolutely no problem! We're here to help, educate and assist :)

If you need any assistance in using our API please let us know.
 
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phly

Expert Member
Joined
Mar 13, 2013
Messages
2,041
Good to see Luno supporting XRP in the next few days. Move in the right direction.
 

Snyper564

Executive Member
Joined
Oct 1, 2008
Messages
9,694
Good to see Luno supporting XRP in the next few days. Move in the right direction.
VALR will be starting the same week. Thought it was funny that I heard news from valr about 2 or so weeks ago then last week luno pops up and starts 3 days before valr :)
 

hmadhi

Active Member
Joined
Feb 21, 2012
Messages
74
Is Luno liquid?

Waiting 48+ hours for a withdrawal!!! No response from Support and Luno's social media (twitter/insta).
 

Snyper564

Executive Member
Joined
Oct 1, 2008
Messages
9,694
Is Luno liquid?

Waiting 48+ hours for a withdrawal!!! No response from Support and Luno's social media (twitter/insta).
withdrew monday no issue (not a small amount either). What bank you with?
Did you select fast withdraw?

If you pulled money on say for example Monday at 5pm with is after their payment cycle it will only be processed the following day, then normal banking hours apply which means its likely only going to reflect wednesday.
 

hmadhi

Active Member
Joined
Feb 21, 2012
Messages
74
withdrew monday no issue. What bank you with?
Did you select fast withdraw?

If you pulled money on say for example Monday at 5pm with is after their payment cycle it will only be processed the following day, then normal banking hours apply which means its likely only going to reflect wednesday.
Withdrew at 7h54 on the 18th March 2020. My issue is more with the silent treatment from Luno.
 

Snyper564

Executive Member
Joined
Oct 1, 2008
Messages
9,694
Withdrew at 7h54 on the 18th March 2020. My issue is more with the silent treatment from Luno.
which bank?

Also on Luno has it been processed? your wallet only shows zero for example once it clears your bank side
 

hmadhi

Active Member
Joined
Feb 21, 2012
Messages
74
sent proof of banking + statements. Still niks. No response no feedback niks.
 
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