CA
Carolyn A
1 reviews | Active since Jun 2018
27 Sept 2023, 08:30
Fee increases. Greed.
Fees have become greedy. From free to .2 to .4 Can see where this is going. Fleecing people. Time to change platforms.
Helpful (0)
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Replies (2)
Luno's replyOfficial
27 Sept 2023, 09:06Hi Carolyn,
Thanks for reaching out to us.
Sending cryptocurrency from Luno is easy and fast using dynamic send fees, set by Luno and based on how busy the network is.
We use a dynamic fee structure for crypto sends. This means that the fee charged varies dynamically, depending on the network traffic.
You can expect higher dynamic fees when there’s high network activity (generally during the week or when the price is volatile). You can expect lower fees when there is lower network activity (generally during the weekend or when the price is stable).
It’s important to note that send fees don’t go to an exchange, but rather to the crypto miner who mines the transaction in question. Therefore, miners choose to mine the transactions with higher fees so they can earn more cryptocurrency. You can find the average transaction fees in USD per transaction here.
^ UG
Thanks for reaching out to us.
Sending cryptocurrency from Luno is easy and fast using dynamic send fees, set by Luno and based on how busy the network is.
We use a dynamic fee structure for crypto sends. This means that the fee charged varies dynamically, depending on the network traffic.
You can expect higher dynamic fees when there’s high network activity (generally during the week or when the price is volatile). You can expect lower fees when there is lower network activity (generally during the weekend or when the price is stable).
It’s important to note that send fees don’t go to an exchange, but rather to the crypto miner who mines the transaction in question. Therefore, miners choose to mine the transactions with higher fees so they can earn more cryptocurrency. You can find the average transaction fees in USD per transaction here.
^ UG
Best regards,
Luno's reply27 Sept 2023, 09:06
Official
Hi Carolyn,
Thanks for reaching out to us.
Sending cryptocurrency from Luno is easy and fast using dynamic send fees, set by Luno and based on how busy the network is.
We use a dynamic fee structure for crypto sends. This means that the fee charged varies dynamically, depending on the network traffic.
You can expect higher dynamic fees when there’s high network activity (generally during the week or when the price is volatile). You can expect lower fees when there is lower network activity (generally during the weekend or when the price is stable).
It’s important to note that send fees don’t go to an exchange, but rather to the crypto miner who mines the transaction in question. Therefore, miners choose to mine the transactions with higher fees so they can earn more cryptocurrency. You can find the average transaction fees in USD per transaction here.
^ UG
Thanks for reaching out to us.
Sending cryptocurrency from Luno is easy and fast using dynamic send fees, set by Luno and based on how busy the network is.
We use a dynamic fee structure for crypto sends. This means that the fee charged varies dynamically, depending on the network traffic.
You can expect higher dynamic fees when there’s high network activity (generally during the week or when the price is volatile). You can expect lower fees when there is lower network activity (generally during the weekend or when the price is stable).
It’s important to note that send fees don’t go to an exchange, but rather to the crypto miner who mines the transaction in question. Therefore, miners choose to mine the transactions with higher fees so they can earn more cryptocurrency. You can find the average transaction fees in USD per transaction here.
^ UG
Best regards,
CA
Carolyn A's updateReviewer Update
27 Sept 2023, 10:10Thanks for your carefully crafted response to my email and to my review. I'm specificall referring to the transaction fees charged by Luno to South African clients.
The latest increase is not neccessary and driven purely by greed. Clearly I'm not the only South African highlighting this.
" We’ve introduced an updated tiering structure for our Exchange services. These changes only apply to the Luno Exchange... this new fee structure has been designed to remain competitive in line with global pricing."
I maintain that your increase is exploitative as difficult to exit now and change to a more competitive platform until the crypto market recovers.
My advice to people looking to choose a platform is NOT to choose Luno due to the increase in fees which will continue to escalate and make it difficult to exit!
The latest increase is not neccessary and driven purely by greed. Clearly I'm not the only South African highlighting this.
" We’ve introduced an updated tiering structure for our Exchange services. These changes only apply to the Luno Exchange... this new fee structure has been designed to remain competitive in line with global pricing."
I maintain that your increase is exploitative as difficult to exit now and change to a more competitive platform until the crypto market recovers.
My advice to people looking to choose a platform is NOT to choose Luno due to the increase in fees which will continue to escalate and make it difficult to exit!
CA
Carolyn A's update27 Sept 2023, 10:10
Reviewer Update
Thanks for your carefully crafted response to my email and to my review. I'm specificall referring to the transaction fees charged by Luno to South African clients.
The latest increase is not neccessary and driven purely by greed. Clearly I'm not the only South African highlighting this.
" We’ve introduced an updated tiering structure for our Exchange services. These changes only apply to the Luno Exchange... this new fee structure has been designed to remain competitive in line with global pricing."
I maintain that your increase is exploitative as difficult to exit now and change to a more competitive platform until the crypto market recovers.
My advice to people looking to choose a platform is NOT to choose Luno due to the increase in fees which will continue to escalate and make it difficult to exit!
The latest increase is not neccessary and driven purely by greed. Clearly I'm not the only South African highlighting this.
" We’ve introduced an updated tiering structure for our Exchange services. These changes only apply to the Luno Exchange... this new fee structure has been designed to remain competitive in line with global pricing."
I maintain that your increase is exploitative as difficult to exit now and change to a more competitive platform until the crypto market recovers.
My advice to people looking to choose a platform is NOT to choose Luno due to the increase in fees which will continue to escalate and make it difficult to exit!