Thoughts on Luno for BTC?

Partake0486 on 02/02/2022 - 18:05

I've had a crypto.com account for a couple months now, it's my first experience with crypto so I'm still learning. Just want to keep it simple and buy BTC as cheap as I can every month and stake it somewhere to earn interest. The spread and high withdrawal fee is well documented on Crypto.com, so I'm looking around at other exchanges. Binance seems to be the most popular and has the cheapest spread for buying; withdrawal fees for getting it out into something like Celsius are quite high though.

Have come across Luno and it seems ok to me - do not charge anything for a maker trade and only 0.1% for a taker trade, although I'm assuming spread won't be as good as the more popular exchanges. And if I'm interpreting their fees page correctly, withdrawal should just be network fees.

Just wanted to ask if anyone is using Luno regularly and what you think of it?

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Comments

  • Jimothy Wongingtons on 02/02/2022 - 18:14
    +1

    I only went with binance as it seemed to be too big to fail tbh

    • [Deactivated] on 02/02/2022 - 22:22

      thats what i said about liberty reserve

  • AustriaBargain on 02/02/2022 - 18:27

    I got $30 in bitcoin through Luno and now it's only worth like $18, so I wouldn't recommend it.

    • ddhar on 02/02/2022 - 18:31

      Pretty sure that's because BTC price has taken a massive dive in the past 2 months. It's also happening with my free BTC under Swyftx so it's not just Luno.

    • rektrading on 02/02/2022 - 18:34

      A -40% dip is a -40% sale.

      Ozb love when junk go on sale but run scared when assets go on sale.

      • AustriaBargain on 02/02/2022 - 18:35

        Beanie Babies have been on sale for decades now…

        • rektrading on 02/02/2022 - 18:36

          Nobody is buying soft toys as investments.

      • cloudy on 02/02/2022 - 20:38
        +1

        Don’t chase dogs man, let them chase you.

        • rektrading on 02/02/2022 - 20:50

          Of course. Don't chase the price. Be patient and wait for the price to come to the buy zone.

          People bought #Bitcoin at $69,000 thinking that it would be a good investment. The same Bitcoin is now on sale at -44% off. The asymmetrical bet of Bitcoin hasn't changed. It's still the same Bitcoin but only cheaper.

          • cloudy on 02/02/2022 - 21:02
            +1

            @rektrading: yea man, as you reminded me a few weeks ago, buy zone for BTC is $10,000. I'm ready to load up when this dog catches up with me.

            • rektrading on 02/02/2022 - 21:05

              @cloudy: My orders are Bitcoin $30,000 and Ether $2,000.

              Good luck.

  • Mokr on 02/02/2022 - 18:38
    +1

    go buy random reasouce/lithumn stocks

  • w37hsyea on 02/02/2022 - 21:12

    I use FTX.com but they have had issues with PAYID via HiveEx being blocked.

    • arctan on 05/02/2022 - 21:38

      I know FTX has gas free withdraw on crypto. Is the PAYID still blocked?

      • w37hsyea on 06/02/2022 - 11:24

        Resolved but the communications between FTX and HiveEx are complete shit. I reached out by email to both to ask what happened and still no response.
        Which means something significant happened and they are too scared to say anything to the customer.

        • arctan on 06/02/2022 - 16:02

          Just did $20 payID and it went through. I guess we'll just have to put up with non-existence support on this type of exchanges.
          As long as they provide free transfer of crypto I'll use them.

  • Trying2SaveABuck on 02/02/2022 - 21:31

    Binance for me

  • [Deactivated] on 02/02/2022 - 21:52
    -1

    bitcoin is a ponzi scheme and if you're participating you're either a sucker or trying to make money from other desperate suckers

    • Mr Haj on 03/02/2022 - 08:31

      Do you understand how a ponzi scheme works? Please explain how it is a ponzi scheme. Are you saying that the investors BTC is being paid to the miners?

      • bongom on 03/02/2022 - 11:14

        Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.
        https://www.brookings.edu/opinions/the-brutal-truth-about-bi…

        • Mr Haj on 03/02/2022 - 11:27

          Yes this is a more accurate representation of what bitcoin is. Although I think greater fool theory implies that anyone who buys bitcoin is buying it for short term gains. I don't think this is entirely accurate. I think greater fool theory applies for to NFTs which IMO have no real value as there are new NFTs being minted constantly.

          • [Deactivated] on 03/02/2022 - 17:13

            @Mr Haj: Buying it for 'long term gains' doesn't make it less of a Ponzi scheme…just like new NFT's minted constantly, there are thousands of better, more practical cryptocurrencies than Bitcoin.

            • rektrading on 03/02/2022 - 19:28

              @[Deactivated]: There is only one Bitcoin and it is working as designed.

            • Mr Haj on 04/02/2022 - 07:23

              @[Deactivated]: Which crypto currencies are you referring to? Bitcoin has a moat. It has been around the longest and has never been tampered with.

        • rektrading on 03/02/2022 - 11:29

          all investments you need to profit from an investment is to find someone willing to buy the asset at an even higher price.

          • MrMarket on 03/02/2022 - 12:26

            @rektrading: there is a distinction between ponzi and real business earning power

            Ponzi which has no underlying earning power to sustained its price apart from waiting for a greater fool
            business or properties can generate increase profit and its price can be sustained and people are willing to pay higher for this earning stream

            Apple, Google, Amazon etc… generates more and more earning each year and hence high price can be sustained

            a Sydney apartment used to rent for $500 a week may sell for $600-700K now it rent gone up to $700 there will be buyers willing to buy for 700-800K
            as the same logic applied to someone who paid $600-700K when it rent for $500

            • rektrading on 03/02/2022 - 12:44

              @MrMarket: I own digital assets and they provide passive income. I also mine. That too provides passive income.

              I can increase the passive income by reallocating my portfolio and/or buy more miners.

              Hut8 and Riot makes millions of dollars every day. Ethereum stakers makes millions of dollars validating transactions. Iceland and El Salvador make millions of dollars converting stranded sustainable energy to stored energy. Devs make millions of dollars coding the backend for the future Internet.

              This industry is slowly growing bigger every day and there is nothing the world nocoiners can do about it except watch it happen.

              Now take a 💺 and let the inevitable happen.

              • w37hsyea on 06/02/2022 - 11:26
                +2

                @rektrading: You can't convince non-tech people. It's the blind leading the blind.
                These boomers struggle to even log in to ozb.

                • rektrading on 06/02/2022 - 11:55

                  @w37hsyea: 👴 + 👵 mentally 👇

                  “The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’—which states that the number of potential connections in a network is proportional to the square of the number of participants—becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” P.K

  • MrMarket on 03/02/2022 - 12:59

    sound a little pissed today
    we no coiner just so jealous of its earning power and all the encompassing new world order :-)

    • rektrading on 03/02/2022 - 13:11

      I'm always happy.

      I love what I do in an industry that will take over the job market for the next 20Y.

      Code will replace zombie workers and I get to wake up every morning to tell people all about it.

      • MrMarket on 03/02/2022 - 13:52

        yeah I code for a living and I don't see that coming :-)

        Let code someone to make you a coffee or serve you at a restaurant or fixed your broken toilet
        tech enhanced people lives and displaces some jobs but it not the only thing in town

  • furic7 on 04/02/2022 - 13:47

    I use IndependentReserve, I think they are the biggest local exchange in AUS, but they don't have stacking option and their crypto withdrawal fee is NOT low.
    Nexo is another popular platform for stacking but they cant do exchange with AUD.
    Luno is pretty good in terms of trading fees and withdrawal fees, if you don't mind it's new.

  • prplrabbit on 05/02/2022 - 18:20

    Used Luno briefly, it's fine but not the cheapest. There are ways to overcome the poor spread at crypto.com. Deposit AUD fiat, convert to USDC (lowest % spread of all coins), then transfer funds to their exchange, buy BTC (0.4% trading fees).

    • Partake0486 on 06/02/2022 - 10:45

      Thanks for the reply. I still think buying on the luno exchange will be cheaper than the spread on usdc and the 0.4% fee on the crypto.com exchange. Think I'll go ahead and sign up and experiment. Plus if luno truly only makes you pay network fees to withdraw i can play with transferring to celsius or a ledger wallet.

  • serpserpserp on 12/05/2022 - 07:24

    Hope OP didn't put too much money in.

  • MrMarket on 12/05/2022 - 08:29

    a fair few AFR articles on this stuff in the last few weeks

    if you read it, the whole stable coin smells and quacked like Ponzi
    the whole coin stuff is a sophisticated Ponzi.

    where do they get the money to pay 20%? you either continuously need new money or prop up existing coin
    this can only go on for so long, sooner or later it will collapsed.

    this Ponzi is longer because it caught the imagination of the larger crowd so it can perpetuate a lot longer than other

    https://www.afr.com/markets/currencies/everything-broke-terr…

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