Luno Support and Queries Thread

wernerdoubell said:
...then where is the TXID if it was submitted?
Click to expand...

Slootvreter said:
I am not Luno, therefore I do not know.
Click to expand...

WTF Slootvreter, help the guy!

lol

In any case, I had the same experience with Freewallet. The tx doesn't appear on the blockchain, sometimes for hours. Which, to my understanding, means they simply haven't sent it there.

And, no, this is not congestion on the blockchain at all. After using a proper wallet like Mycelium and saw my tx transmitted to the blockchain immediately, I checked some of the Freewallet tx's that was bundled together with my tx.

It would appear they aggregate the tx's and transmit it to the blockchain in one go, paying minimal fees. This has a delay of up to 6 hours (in my testing) before your tx even appears on the blockchain.

I initially thought Freewallet took long because of the low fee (sats) I'm paying, and the wallet doesn't allow to set a higher fee. Then I noticed 63 transactions bundled with a tx fee of $56 (150 sats/byte, which is very low)

The fee that is charged for a tx on Freewallet is roughly $7.5 or 0.0004666

That times 63 tx minus $56, they profit quite a bit by it. I won't be surprised if a lot of other exchanges does the same thing.
 
envo said:
WTF Slootvreter, help the guy!

lol

In any case, I had the same experience with Freewallet. The tx doesn't appear on the blockchain, sometimes for hours. Which, to my understanding, means they simply haven't sent it there.

And, no, this is not congestion on the blockchain at all. After using a proper wallet like Mycelium and saw my tx transmitted to the blockchain immediately, I checked some of the Freewallet tx's that was bundled together with my tx.

It would appear they aggregate the tx's and transmit it to the blockchain in one go, paying minimal fees. This has a delay of up to 6 hours (in my testing) before your tx even appears on the blockchain.

I initially thought Freewallet took long because of the low fee (sats) I'm paying, and the wallet doesn't allow to set a higher fee. Then I noticed 63 transactions bundled with a tx fee of $56 (150 sats/byte, which is very low)

The fee that is charged for a tx on Freewallet is roughly $7.5 or 0.0004666

That times 63 tx minus $56, they profit quite a bit by it. I won't be surprised if a lot of other exchanges does the same thing.
Click to expand...

That explains it! Thank you very much for the great answer!!
 
LUNO DEPOSIT NOT REFLECTING

I made a deposit from my nedbank account on the 02 jan 2018 and till today it does not reflect. ive send through an email but only got a response that they working on this however i am getting a bit worried now. can you please assist
 
can you please assist i made a deposit on the 02/01/18 but till date it does not reflect .
should i be worried, can you please assist
 
envo said:
WTF Slootvreter, help the guy!

lol

In any case, I had the same experience with Freewallet. The tx doesn't appear on the blockchain, sometimes for hours. Which, to my understanding, means they simply haven't sent it there.

And, no, this is not congestion on the blockchain at all. After using a proper wallet like Mycelium and saw my tx transmitted to the blockchain immediately, I checked some of the Freewallet tx's that was bundled together with my tx.

It would appear they aggregate the tx's and transmit it to the blockchain in one go, paying minimal fees. This has a delay of up to 6 hours (in my testing) before your tx even appears on the blockchain.

I initially thought Freewallet took long because of the low fee (sats) I'm paying, and the wallet doesn't allow to set a higher fee. Then I noticed 63 transactions bundled with a tx fee of $56 (150 sats/byte, which is very low)

The fee that is charged for a tx on Freewallet is roughly $7.5 or 0.0004666

That times 63 tx minus $56, they profit quite a bit by it. I won't be surprised if a lot of other exchanges does the same thing.
Click to expand...

Spot on.

Exchanges are outright charging a per tx fee then seemingly batch them together with multiple other tx's at a single fee. They are raking in tons and tons on tx fees from clients that they dont actually pay to the network. Not sure if its happening on all ZA exchanges but I noticed it is definitely the case with luno. None of the international exchanges I deal with do things this way. They charge you the nominal tx fee and submit your process your withdrawal without waiting to bundle tx's, the way it should be done ethically if you are charged for the tx from the start.
 
Hello all - I'm looking at purchasing other crypto via Binance. I have a Luno account with ETH and BTC and want to transfer ETH to Binance. Do I just go to Deposits/Withdrawals in Binance and scan the QR code with my Luno app?
 
SyncSA said:
Hello all - I'm looking at purchasing other crypto via Binance. I have a Luno account with ETH and BTC and want to transfer ETH to Binance. Do I just go to Deposits/Withdrawals in Binance and scan the QR code with my Luno app?
Click to expand...

I did the same thing.

In Binance you select deposit ETH, it will give your address. Copy the address then on Luno select send ETH and paste the address then send. It’s really simple.

Just be warned sometimes it’s quick and sometimes not. Mine took about 1-2 hours to show in my Binance wallet.
 
SyncSA said:
Hello all - I'm looking at purchasing other crypto via Binance. I have a Luno account with ETH and BTC and want to transfer ETH to Binance. Do I just go to Deposits/Withdrawals in Binance and scan the QR code with my Luno app?
Click to expand...
As easy as that
 
So I recently had to reset my phone.
I know my username and password, but cannot get the The two-factor authentication code correct.

Please, please help.
 
Last edited by a moderator:
decofam said:
So I recently had to reset my phone.
I know my username and password, but cannot get the The two-factor authentication code correct.

Please, please help.

Regards,
Bernard
Click to expand...
Dude take your personal details off.
 
Last edited:
So I recently had to reset my phone.
I know my username and password, but cannot get the The two-factor authentication code correct.

Please, please help.
 
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