Crypto Did you take advantage of Luno crypto price difference as withdrawal reopens?

[sincerem]

In the last 10 months direct withdrawal and deposit has been down for Nigerians most especially via Luno crypto wallet site. Which made it uneasy to move the funds out into fiat currency, unless you send out your coins to a wallet or exchange that features the P2P method.

Now, it is said that Luno is reopening that withdrawal and deposit option for it's customers especially in Nigeria. We know it's never a secrete that Luno crypto prices when compared to fiat currencies with other popular wallet or exchange differs in price, due to systematic errors that failed to meet up true market value of the coins in the market. Lots of investors took advantage of that, keep buying and buying, and storing for the future, hoping that withdrawal reopens in order to take advantage and make profit. And currently that has reopened, which Luno owners made mentioned few weeks ago, that they'll be reopening withdrawals and deposit once again.

Those who took advantage of the uptrend price fluctuations of cryptos to fiat currency in Luno will be at the profit side provided they converted their crypto to Nigerian fiat currency (NGN).

Did you take such an advantage ever since you witnessed the higher prices of coins at the Luno crypto wallet?

 

[Victorial]

Luno has been one of the best crypto wallets available, especially for Nigerians. The ban on crypto made things worse things for Luno as Nigerians could no longer deposit and withdraw directly. This has caused many people to reject and abandon the app for months. The recent development has been good as Luno has promised to open deposit and withdrawal once again. Still, I dont know how they want to do that. Are they going to use peer to peer trading like Binance and other exchanges do?
I have updated the app but I dont see a way to make withdrawals and deposits

 

[sincerem]

Luno has been one of the best crypto wallets available, especially for Nigerians. The ban on crypto made things worse things for Luno as Nigerians could no longer deposit and withdraw directly. This has caused many people to reject and abandon the app for months. The recent development has been good as Luno has promised to open deposit and withdrawal once again. Still, I dont know how they want to do that. Are they going to use peer to peer trading like Binance and other exchanges do?
I have updated the app but I dont see a way to make withdrawals and deposits

I think they're on the process of bringing in withdrawal and deposit features, it will simply be in form of P2P method, where you'll sell to selected number of reputable crypto vendors and you'll be credited fiat currency in your local bank account just as Bundle Africa does. Let's cross our hands and watch what Luno wallet gonna bring up in the coming days or weeks. For them to announce this, it means they've set their route how they'll go about it.

 

[Bookwormlux]

I did not take advantage of their price difference is because I do not see any really interesting thing about the platform , due to the fact that it has so much restrictions which I am not comfortable with .

My getting to discover binance cryptocurrency app has even made things much more easy for me because I now go about my day-to-day activities on cryptocurrency without thinking about useless transaction charges that are always been charged on platforms like luno .

Their high transaction charges is a major hindrance, because a lot of us are not really comfortable with it and that is a major thing as continue to make us to settle for other payment methods and other cryptocurrency exchange alternatives that we have found out there .

I do not know if the owners of the platform are really serious , because by now they should have come to realisation of the fact that a lot of members have already stop using their apps and have since moved on to better alternatives like binance , that are making life easier for us .

There are just so many things are they have to check out on their app to make life easy for investors and traders .

 

[sincerem]

But luno isn't charging that much, I used it many times in the past, I know it isn't same with binance. Binance charges are by far better than what we have with luno. But their are other worst exchanges around, in which their charges are way too high. Just like we have with, Hitbtc, and hotbit, their charges are just too high when it comes to withdrawing to external exchange. I can't forget what I witnessed recently with Hitbtc exchange, which made me lose over $8 due to bizarre charges, for just $11 coin, nothing on earth will make me use such kind of exchange in life. Their are charges are just second to hell, I just love what binance are doing, charges are just simple not too much, which means you wouldn't lose much more gban you never expected.

 

[Mika]

I know Luno crypto wallet but I have never used it. Until 2020, I was only using Coinbase, however, I started using Binance in 2021. I started using crypto in 2016 and never considered using any other wallet and exchanges. Then at the beginning of 2021, I decided to join Binance. I started using Binance for a couple of reasons, one, Binance has more coins in its listing compared to coinbase, two, Binance has earn program that we can use to earn passive income from our crypto assets (crypto staking, yield farming, flexible savings, etc.), three, Binance offers PTP trading. When I started using Binance I began investing in different coins (which were unavailable on coinbase back then, shib coins for example). I also started staking coins, currently I am staking 5 different coins and earn $1 per day staking rewards. I also started doing P2P trading on Binance. I was mainly selling my coins. Since I have never used Luno crypto wallet I do not know any features available in this wallet, since I am happy with Binance, I have never though about using any other wallet. There is a danger of using centralized exchange but I can take that risk.

 

[sincerem]

During early 2020 I enjoyed using Luno wallet for my crypto transactions but ever since I discovered binance exchange,I forgot about Luno totally. Luno isn't an exchange, it has wallet feature no Futures or spot trading feature. You can either buy and sell your currency if it is selected to be withdrawn directly to the bank account at Luno wallet. I got frustrated when Luno paused withdrawal due to my country's order to halt cryptocurrency direct deposit and withdrawal in Naira. So, with time, their system got infected somehow, and their coin price difference was very high compared to what binance offers. But when you withdraw directly to your bank you get equivalent value, that's the reason while lots of users took the advantage of the price change back then. And invest in the coin heavily then swap their coin to naira here in my country, then wait for withdrawal. It worked for them that way, after several months, Luno opened withdrawal, that was how the users who took advantage of the price difference made reasonable profit through such kind of means. Such is an arbitrage capitalization at Luno exchange wallet, due to the wide price difference from other known exchanges or wallets.