Luno Support and Queries Thread

ETH Transfer

Lunomoney said:
Hi,

The issue has been resolved and your Ethereum should be able to be sent now. Sorry for the inconvenience.
Click to expand...

Luno to Bitstamp ETH sending (executed 1 hr ago) has taken more than 1hr to confirm. Something still amiss. Will it get faster?
 
Seems like we are back to delayed ETH deposits. What's going on Luno?
 
Is there anyway you can see what you paid for your Bitcoin or Ethereum in USD on Luno.

I bought some of both in December and was just interested in what rate I was charged at?
 
ricardo12 said:
Is there anyway you can see what you paid for your Bitcoin or Ethereum in USD on Luno.

I bought some of both in December and was just interested in what rate I was charged at?
Click to expand...
You'd need to manually get the ZAR amount you paid and convert to USD with whatever the exchange rate was on that particular day.
 
ja thats where I am getting confused, I bought R20k of BTC in Dec, I got the spot rate of USD on the day and it calculates to over $20,000 for a BTC, now I'm pretty sure I paid $17,200 for my BTC... I have the same issue with ETH, seriously confused on this matter, either I got charged 30% buy rate or something ridiculous...
 
ricardo12 said:
0.07777 BTC and the rate was at a max of R12.73 throughout the day...
Click to expand...
Average BTC price in Dec = $17 000.
0.07777 BTC = $1322

$1322 * R12.73 = R16 792
R16 792 * 1.08 (luno 8% premium, rough guess) = R18 000.

Between the fluctuating premium on luno, exchange fees and the possibility that bitcoin cost more on the day ($17 500 - $19 000) you can fudge the figures enough to land quite close to the R20 000 you spent.
 
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ja Luno's pricing is madness, never realised how expensive it was, they should really have an example on their website with a total cost structure... at present if the ZAR / USD went back to R12.73 when I bought it, then BTC would have to go up from around $17,200 (whne I bought it) to well over $20,000 to even break even let alone make a profit...
 
ricardo12 said:
ja Luno's pricing is madness, never realised how expensive it was, they should really have an example on their website with a total cost structure... at present if the ZAR / USD went back to R12.73 when I bought it, then BTC would have to go up from around $17,200 (whne I bought it) to well over $20,000 to even break even let alone make a profit...
Click to expand...
My understanding is the premium applies to both ends - you're generally buying and selling at a premium so you're not really incurring a loss if you keep your trades local. It's like a new phone: They cost more locally than in the US, so you're buying at premium, but if you decide to sell it locally - you're also selling at a premium. The only time the premium hits you is if you try to sell that phone in the US, or you try to sell that bitcoin on an international exchange - then you're selling at a loss.

So while I can imagine taking a small % loss due to a fluctuating premium, or due to maker/taker/exchange fees on luno, you should generally still make a 10% profit if the market moves up 10%, so long as you're buying and selling locally.
 
Did you use the 'instant' buy button, or did you create a buy order on the exchange? There is a massive difference...
 
umm I have no idea, I was new at it and put money in my account and then clicked on buy BTC... I'm guessing it was the instant option then, oops...
 
Hi

I have moved countries (from SA to the Netherlands). I want to link my Netherlands bank account to Luno. I have changed my country to the Netherlands but to add my account I must make a small ZAR payment to an FNB bank account? This is not practical from an NL bank account? Why is a European account not showing up? Can you have a ZAR bank account and NL linked at the same time?
 
SAdata said:
Hi

I have moved countries (from SA to the Netherlands). I want to link my Netherlands bank account to Luno. I have changed my country to the Netherlands but to add my account I must make a small ZAR payment to an FNB bank account? This is not practical from an NL bank account? Why is a European account not showing up? Can you have a ZAR bank account and NL linked at the same time?
Click to expand...
You can't EFT from SA to Netherlands; you can't EFT from Netherlands to SA. How do you expect:

1.) To EFT into Luno' account?
2.) To get paid out from Luno into your NL account?

Not sure how you're expecting this to work? The only way would be via SWIFT which Luno don't do. There's surely local NL exchanges you can use?
 
saor said:
You can't EFT from SA to Netherlands; you can't EFT from Netherlands to SA. How do you expect:

1.) To EFT into Luno' account?
2.) To get paid out from Luno into your NL account?

Not sure how you're expecting this to work? The only way would be via SWIFT which Luno don't do. There's surely local NL exchanges you can use?
Click to expand...

Not sure if you understand what I'm saying or if I understand what you are saying... I want to add my NL account to Luno. To do so requires me paying a ZAR amount from an NL account to a ZA (FNB) account of Luno to verify that its my account (thats how they add European accounts). This will cost a lot in Swift fees and before doing that I want to know if there is a simpler arrangement (i.e. a European account which there should be as Luno has a presence in NL). Simple matter is - I have money here that I want to put into Luno....
 
SAdata said:
Not sure if you understand what I'm saying or if I understand what you are saying... I want to add my NL account to Luno. To do so requires me paying a ZAR amount from an NL account to a ZA (FNB) account of Luno to verify that its my account (thats how they add European accounts). This will cost a lot in Swift fees and before doing that I want to know if there is a simpler arrangement (i.e. a European account which there should be as Luno has a presence in NL). Simple matter is - I have money here that I want to put into Luno....
Click to expand...
1.) Afaik Luno SA won't pay out to your NL account.
2.) There's surely local NL exchange you can use. I can't imagine why you'd want to live in NL but incur the SWIFT costs of using a SA-based crypto exchange. Seems very backwards.

Just use the NL Luno: https://www.luno.com/en/nl
 
saor said:
1.) Afaik Luno SA won't pay out to your NL account.
2.) There's surely local NL exchange you can use. I can't imagine why you'd want to live in NL but incur the SWIFT costs of using a SA-based crypto exchange. Seems very backwards.

Just use the NL Luno: https://www.luno.com/en/nl
Click to expand...

Luno does have a local presence and says it has trading in EUR - see pic Capture.jpg

So do I have to make a totally new Luno account? I.e. an SA Luno account and an NL Luno account are totally different? Main reason why I want it is to move funds between NL and SA quickly (and hopefully cost effectively).
 
SAdata said:
Luno does have a local presence and says it has trading in EUR - see pic View attachment 519491

So do I have to make a totally new Luno account? I.e. an SA Luno account and an NL Luno account are totally different? Main reason why I want it is to move funds between NL and SA quickly (and hopefully cost effectively).
Click to expand...


Been there. Done that. You cannot add a european bank account to Luno via a South African registered account. They won't allow multiple currency wallets to exist on the same account. It lends itself to exploitation of exchange control regulations , which is probably why they do it.

You need to register a separate EUR luno account to do this. And even then , you have another problem.

Luno doesnt have an exchange yet for EUR/BTC purchases (like it has for ZAR/BTC). You can buy BTC via their instant buy system in EUR , but it adds a pretty big fee (1.5% +)

Doing it from a foreign exchange works fine , but then you open yourself up to the market for 45+min for the BTC transfer to confirm on the blockchain and become available in Luno. During this time , the price may drop quite a lot - so its not secure enough for doing money transfers.
 
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