T8
Trader 86
1 reviews | Active since Oct 2014
08 Jul 2021, 04:30
LUNO: ************ BUSINESS PRACTICES!!!
I have been trading on the luno app for years and recently discovered a major issue. Luno sets dynamic fees that are charged upfront with a high gas limit of 50,000 per eth transaction.
The gas used on all the transactions are 21,000, unused gas is never refunded but you are charged for it. The laws are clear on this, I accept the gas price and the gas limit but after execution any unused gas must be returned as I was charged for this.
Every transaction has unused gas of 29,000 (50000 gas limit- 21000 gas used) but this is ****** by the company. I have done over 500 transactions resulting in over 2 ETH in excess charged. My ticket number is ***, sort this out immediately before I report this to the FSB.
LET ME QUANTIFY THE MAGNITUDE OF SUCH AN OVERSIGHT:
Luno processes all inwallet ethereum transactions from the address 0x416299AAde6443e6F6e8ab67126e65a7F606eeF5
This address has a ***** of close to 1 million.
Gas used for all the ethereum transactions by way of a standard transfer is 21,000 in most cases.
Luno charges all users upfront for the transaction fee, but instead of charging you for 21,000 gas they charge you for 50,000 units of gas and never refund any unused gas after transaction execution.
(50,000 - 21,000)/50,000 = 58%, so you are in essence overcharged by 58% on all ethereum transfer costs.
A simple analogy:
The LUNO ethereum address has 0x416299AAde6443e6F6e8ab67126e65a7F606eeF5 has spent roughly 2,4 million dollars on fees for send transactions, this fee is made up of the 42% ( 21,000/50,000) gas paid by luno to the miners in total for standard ethereum transfers.
Note that the 2.4 million USD is what was paid by LUNO but if the users carefully look at their transaction costs inwallet, they will notice that 50,000 units of has is charged by LUNO for every eth transfer.
This results in an overcharge of 58% on every transaction.
So if you had to take the fee paid which is 2.4 million USD and multiply that by 0.58/0.42 = 3.31 million dollars earned by LUNO in a ********* manner.
Reply to LUNO on trust pilot platform:
Please listen to me LP, I am a very experienced trader with over 15 years experience.
I trade millions of dollars on multiple platforms so you do not have to tell me how ETH gas works.
Here are two tiny transaction hashes: Check the gas limits and this has been there for all of my 500 transactions: 1)0x9a6d180af1552cd5d***e2d503f6e854b51d622fe5c2bb***5a08
2)0x16ca104fa3fabcf***cde1e7093baf9b4e050f0b849e2fd29fd2a9f817ad
This is actually very concerning as this error is robbing millions of clients.
It will have to be reported to the authorities!!!
Helpful (0)
Replies (9)0
Replies (9)
Luno's replyOfficial
08 Jul 2021, 11:34Hi Umesh,
Thanks for getting in touch.
We charge a dynamic fee per send transaction which is constantly changing.
As an example, let’s assume that the current fee is BTC 0.0005 per transaction. If you have only BTC 0.2 in your wallet and you want to send out your full balance of BTC 0.2, there won’t be enough balance left to cover the BTC 0.0005 fee. This means the transaction cannot be sent as is.
In this case, we automatically adjust the send amount to BTC 0.1995 and display a warning on the confirmation screen to explain that the amount has been changed.
If you confirm the payment, the recipient will receive BTC 0.1995, you will be charged BTC 0.0005 for the send fee and your remaining balance will be 0.
We provide this feature to make it easy for you to transfer out your full balance without having to calculate the fees yourself.
If you have any further queries or concerns, please don't hesitate to reach out to us again.
To learn more about Ethereum Fees, follow this link to our Blog: https://www.luno.com/blog/en/post/understanding-ethereum-fees-how-gas-works
^SR
Thanks for getting in touch.
We charge a dynamic fee per send transaction which is constantly changing.
As an example, let’s assume that the current fee is BTC 0.0005 per transaction. If you have only BTC 0.2 in your wallet and you want to send out your full balance of BTC 0.2, there won’t be enough balance left to cover the BTC 0.0005 fee. This means the transaction cannot be sent as is.
In this case, we automatically adjust the send amount to BTC 0.1995 and display a warning on the confirmation screen to explain that the amount has been changed.
If you confirm the payment, the recipient will receive BTC 0.1995, you will be charged BTC 0.0005 for the send fee and your remaining balance will be 0.
We provide this feature to make it easy for you to transfer out your full balance without having to calculate the fees yourself.
If you have any further queries or concerns, please don't hesitate to reach out to us again.
To learn more about Ethereum Fees, follow this link to our Blog: https://www.luno.com/blog/en/post/understanding-ethereum-fees-how-gas-works
^SR
Luno's reply08 Jul 2021, 11:34
Official
Hi Umesh,
Thanks for getting in touch.
We charge a dynamic fee per send transaction which is constantly changing.
As an example, let’s assume that the current fee is BTC 0.0005 per transaction. If you have only BTC 0.2 in your wallet and you want to send out your full balance of BTC 0.2, there won’t be enough balance left to cover the BTC 0.0005 fee. This means the transaction cannot be sent as is.
In this case, we automatically adjust the send amount to BTC 0.1995 and display a warning on the confirmation screen to explain that the amount has been changed.
If you confirm the payment, the recipient will receive BTC 0.1995, you will be charged BTC 0.0005 for the send fee and your remaining balance will be 0.
We provide this feature to make it easy for you to transfer out your full balance without having to calculate the fees yourself.
If you have any further queries or concerns, please don't hesitate to reach out to us again.
To learn more about Ethereum Fees, follow this link to our Blog: https://www.luno.com/blog/en/post/understanding-ethereum-fees-how-gas-works
^SR
Thanks for getting in touch.
We charge a dynamic fee per send transaction which is constantly changing.
As an example, let’s assume that the current fee is BTC 0.0005 per transaction. If you have only BTC 0.2 in your wallet and you want to send out your full balance of BTC 0.2, there won’t be enough balance left to cover the BTC 0.0005 fee. This means the transaction cannot be sent as is.
In this case, we automatically adjust the send amount to BTC 0.1995 and display a warning on the confirmation screen to explain that the amount has been changed.
If you confirm the payment, the recipient will receive BTC 0.1995, you will be charged BTC 0.0005 for the send fee and your remaining balance will be 0.
We provide this feature to make it easy for you to transfer out your full balance without having to calculate the fees yourself.
If you have any further queries or concerns, please don't hesitate to reach out to us again.
To learn more about Ethereum Fees, follow this link to our Blog: https://www.luno.com/blog/en/post/understanding-ethereum-fees-how-gas-works
^SR
T8
Trader 86's updateReviewer Update
08 Jul 2021, 15:52How are you even employed in the cryptocurrency environment? Do you understand gas limits?
"Gas Limit
The gas limit is called the limit because it’s the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in a contract, and you end up spending 1 ETH, then 10 ETH, and then 1000 ETH, going in circles but arriving no where.
However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won’t help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an ‘Out of Gas’ error.
All unused gas never leaves your wallet. So if you go to MyEtherWallet, send 1 ETH to our donation address, and use a gas limit of 400000, you will receive 400000 - 21000* = 379000 back. However, if you were sending 1 ETH to a contract, and your transaction to the contract fails, you will use the entire 400000 and receive nothing back.
*21000 is the standard gas limit for regular transactions.
THIS MATTER IS BEING THOROUGHLY LOOKED AT BY MANAGEMENT, so I kindly ask the luno representative here to educate themselves before providing an idiotic response and wasting my time.
I am a very experienced trader with over 15 years experienced and have investe millions of dollars, so please DO NOT PATRONIZE ME!!!
"Gas Limit
The gas limit is called the limit because it’s the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in a contract, and you end up spending 1 ETH, then 10 ETH, and then 1000 ETH, going in circles but arriving no where.
However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won’t help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an ‘Out of Gas’ error.
All unused gas never leaves your wallet. So if you go to MyEtherWallet, send 1 ETH to our donation address, and use a gas limit of 400000, you will receive 400000 - 21000* = 379000 back. However, if you were sending 1 ETH to a contract, and your transaction to the contract fails, you will use the entire 400000 and receive nothing back.
*21000 is the standard gas limit for regular transactions.
THIS MATTER IS BEING THOROUGHLY LOOKED AT BY MANAGEMENT, so I kindly ask the luno representative here to educate themselves before providing an idiotic response and wasting my time.
I am a very experienced trader with over 15 years experienced and have investe millions of dollars, so please DO NOT PATRONIZE ME!!!
T8
Trader 86's update08 Jul 2021, 15:52
Reviewer Update
How are you even employed in the cryptocurrency environment? Do you understand gas limits?
"Gas Limit
The gas limit is called the limit because it’s the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in a contract, and you end up spending 1 ETH, then 10 ETH, and then 1000 ETH, going in circles but arriving no where.
However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won’t help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an ‘Out of Gas’ error.
All unused gas never leaves your wallet. So if you go to MyEtherWallet, send 1 ETH to our donation address, and use a gas limit of 400000, you will receive 400000 - 21000* = 379000 back. However, if you were sending 1 ETH to a contract, and your transaction to the contract fails, you will use the entire 400000 and receive nothing back.
*21000 is the standard gas limit for regular transactions.
THIS MATTER IS BEING THOROUGHLY LOOKED AT BY MANAGEMENT, so I kindly ask the luno representative here to educate themselves before providing an idiotic response and wasting my time.
I am a very experienced trader with over 15 years experienced and have investe millions of dollars, so please DO NOT PATRONIZE ME!!!
"Gas Limit
The gas limit is called the limit because it’s the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in a contract, and you end up spending 1 ETH, then 10 ETH, and then 1000 ETH, going in circles but arriving no where.
However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won’t help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an ‘Out of Gas’ error.
All unused gas never leaves your wallet. So if you go to MyEtherWallet, send 1 ETH to our donation address, and use a gas limit of 400000, you will receive 400000 - 21000* = 379000 back. However, if you were sending 1 ETH to a contract, and your transaction to the contract fails, you will use the entire 400000 and receive nothing back.
*21000 is the standard gas limit for regular transactions.
THIS MATTER IS BEING THOROUGHLY LOOKED AT BY MANAGEMENT, so I kindly ask the luno representative here to educate themselves before providing an idiotic response and wasting my time.
I am a very experienced trader with over 15 years experienced and have investe millions of dollars, so please DO NOT PATRONIZE ME!!!
T8
Trader 86's updateReviewer Update
10 Jul 2021, 05:36Still waiting for this matter to be finalized. It's very frustrating that clients are not respected at this establishment, I have been a loyal client for years but the level of service has deteriorated considerably over the past two years. The support staff lack basic crypto knowledge and continuously provide system generated responses which is appalling. To all those that are interested in investing in crypto, do not use this platform!!!!! I will update this thread if there is a positive outcome and will take this to the media should this business provide a lame excuse for their oversight.
T8
Trader 86's update10 Jul 2021, 05:36
Reviewer Update
Still waiting for this matter to be finalized. It's very frustrating that clients are not respected at this establishment, I have been a loyal client for years but the level of service has deteriorated considerably over the past two years. The support staff lack basic crypto knowledge and continuously provide system generated responses which is appalling. To all those that are interested in investing in crypto, do not use this platform!!!!! I will update this thread if there is a positive outcome and will take this to the media should this business provide a lame excuse for their oversight.
T8
Trader 86's updateReviewer Update
12 Jul 2021, 18:54Still no response from this business.
The level of service is appalling. We as customers shouldn't be forced to accept this terrible level of service. Do not make a mistake and invest alot of money here as when you have a problem it takes weeks to get a response and months or even longer for a resolution.
We as customers support a business and when their client base grows they feel its fine to treat customers like dirt.
Do not use this platform. This query will be escalated to the media and hopefully everyone will become aware of LUNO's ************ business practices.
The level of service is appalling. We as customers shouldn't be forced to accept this terrible level of service. Do not make a mistake and invest alot of money here as when you have a problem it takes weeks to get a response and months or even longer for a resolution.
We as customers support a business and when their client base grows they feel its fine to treat customers like dirt.
Do not use this platform. This query will be escalated to the media and hopefully everyone will become aware of LUNO's ************ business practices.
T8
Trader 86's update12 Jul 2021, 18:54
Reviewer Update
Still no response from this business.
The level of service is appalling. We as customers shouldn't be forced to accept this terrible level of service. Do not make a mistake and invest alot of money here as when you have a problem it takes weeks to get a response and months or even longer for a resolution.
We as customers support a business and when their client base grows they feel its fine to treat customers like dirt.
Do not use this platform. This query will be escalated to the media and hopefully everyone will become aware of LUNO's ************ business practices.
The level of service is appalling. We as customers shouldn't be forced to accept this terrible level of service. Do not make a mistake and invest alot of money here as when you have a problem it takes weeks to get a response and months or even longer for a resolution.
We as customers support a business and when their client base grows they feel its fine to treat customers like dirt.
Do not use this platform. This query will be escalated to the media and hopefully everyone will become aware of LUNO's ************ business practices.
Luno's replyOfficial
13 Jul 2021, 10:38Hi Umesh,
A member of the Luno team has responded to your support ticket. Please check your emails and if you require any further assistance you can respond directly to the email sent from us.
^CT
A member of the Luno team has responded to your support ticket. Please check your emails and if you require any further assistance you can respond directly to the email sent from us.
^CT
Luno's reply13 Jul 2021, 10:38
Official
Hi Umesh,
A member of the Luno team has responded to your support ticket. Please check your emails and if you require any further assistance you can respond directly to the email sent from us.
^CT
A member of the Luno team has responded to your support ticket. Please check your emails and if you require any further assistance you can respond directly to the email sent from us.
^CT
T8
Trader 86's updateReviewer Update
14 Jul 2021, 17:41Still no response here and the only replies I am getting on the support tickets is that they still waiting for feedback from their relevant department. How can such a simple complaint take two weeks and is still not resolved. This is unacceptable!!! The shocking level of service is definitely making me consider raising a complaint with the FAIS ombud and informing the media about this.
T8
Trader 86's update14 Jul 2021, 17:41
Reviewer Update
Still no response here and the only replies I am getting on the support tickets is that they still waiting for feedback from their relevant department. How can such a simple complaint take two weeks and is still not resolved. This is unacceptable!!! The shocking level of service is definitely making me consider raising a complaint with the FAIS ombud and informing the media about this.
T8
Trader 86's updateReviewer Update
15 Jul 2021, 23:10Still no response. It is very concerning that a business cannot resolve a simple query such as this. Luno thinks it is fine to make customers wait for weeks to resolve a complaint, this is beyond frustrating. I have wasted weeks on this query and over 2 ETH in funds have been taken from my wallet in fees that was clearly a significant oversight...this business clearly runs away from their mistakes and treats customers like dirt. I really hope that this business loses millions of clients once a full investigation is done and the media publishes their findings. REMEMBER without us as clients, this business will be nothing today. The level of service from LUNO is shocking!!! Please do not use that platform if you value your money.
T8
Trader 86's update15 Jul 2021, 23:10
Reviewer Update
Still no response. It is very concerning that a business cannot resolve a simple query such as this. Luno thinks it is fine to make customers wait for weeks to resolve a complaint, this is beyond frustrating. I have wasted weeks on this query and over 2 ETH in funds have been taken from my wallet in fees that was clearly a significant oversight...this business clearly runs away from their mistakes and treats customers like dirt. I really hope that this business loses millions of clients once a full investigation is done and the media publishes their findings. REMEMBER without us as clients, this business will be nothing today. The level of service from LUNO is shocking!!! Please do not use that platform if you value your money.
T8
Trader 86's updateReviewer Update
19 Jul 2021, 17:50This complaint still hasn't been resolved and I have been given another idiotic *********** response from luno support.
I have wasted enough time explaining simple concepts to the support staff and will now pursue a formal case against Luno.
This is not a small issue and millions of dollars have been gained by Luno due to this ********** manipulation of their fees. I will post the case findings here once this matter has been finalised and a ruling has been made.
I have wasted enough time explaining simple concepts to the support staff and will now pursue a formal case against Luno.
This is not a small issue and millions of dollars have been gained by Luno due to this ********** manipulation of their fees. I will post the case findings here once this matter has been finalised and a ruling has been made.
T8
Trader 86's update19 Jul 2021, 17:50
Reviewer Update
This complaint still hasn't been resolved and I have been given another idiotic *********** response from luno support.
I have wasted enough time explaining simple concepts to the support staff and will now pursue a formal case against Luno.
This is not a small issue and millions of dollars have been gained by Luno due to this ********** manipulation of their fees. I will post the case findings here once this matter has been finalised and a ruling has been made.
I have wasted enough time explaining simple concepts to the support staff and will now pursue a formal case against Luno.
This is not a small issue and millions of dollars have been gained by Luno due to this ********** manipulation of their fees. I will post the case findings here once this matter has been finalised and a ruling has been made.
Luno's replyOfficial
21 Jul 2021, 15:32Hi Umesh
We have provided you with a complete response to all of your queries on the support ticket. We acknowledge the separate complaint you have sent through our complaints channel and confirm that it is being addressed.
^TR
We have provided you with a complete response to all of your queries on the support ticket. We acknowledge the separate complaint you have sent through our complaints channel and confirm that it is being addressed.
^TR
Luno's reply21 Jul 2021, 15:32
Official
Hi Umesh
We have provided you with a complete response to all of your queries on the support ticket. We acknowledge the separate complaint you have sent through our complaints channel and confirm that it is being addressed.
^TR
We have provided you with a complete response to all of your queries on the support ticket. We acknowledge the separate complaint you have sent through our complaints channel and confirm that it is being addressed.
^TR