Luno has gained widespread popularity due to its user-friendly interface and accessibility. Unlike many cryptocurrency exchanges that can be overwhelming for beginners, Luno simplifies the process of buying, selling, and trading cryptocurrencies. Even those with no prior experience in the crypto world can easily navigate Luno’s platform.
Here are ten features of Luno:
- User-friendly interface: Luno is designed to be easy to use, even for people who are new to cryptocurrencies. The platform has a simple interface that makes it easy to buy, sell, and trade cryptocurrencies.
- Wide range of cryptocurrencies: Luno offers a wide range of cryptocurrencies to trade, including Bitcoin, Ethereum, Litecoin, and XRP. This gives users a variety of options to choose from when investing in cryptocurrencies.
- Instant Buy/Sell: Luno facilitates instant buy and sell options, allowing users to swiftly execute transactions with ease.
- Competitive fees: Luno offers competitive fees on all of its services. This makes it a cost-effective option for both beginner and experienced traders.
- Secure Wallets: Luno provides secure digital wallets for storing various cryptocurrencies. With a focus on the highest security standards, users can trust Luno to safeguard their digital assets through advanced security measures.
- Mobile app: Luno has a mobile app available for both iOS and Android devices. This makes it easy to trade cryptocurrencies on the go.
- Educational resources: Luno offers a variety of educational resources to help users learn about cryptocurrencies. This includes articles, videos, and webinars.
- Customer support: Luno has a customer support team that is available 24/7 to help users with any questions or problems they may have.
- Regulatory compliance: Luno is a regulated cryptocurrency exchange. This means that it follows all applicable laws and regulations.
- Staking rewards: Luno offers staking rewards on select cryptocurrencies. This allows users to earn passive income on their crypto holdings.
Unfortunately, Luno does not offer its services in Morocco. The platform is not accessible to users in Morocco, meaning residents of the country are unable to create accounts or engage in cryptocurrency trading through Luno. The availability of cryptocurrency exchanges can vary based on geographical regions due to regulatory considerations and business decisions made by the platform.
Is Crypto Legal in Morocco?
In 2017, the Moroccan Office des Changes (OCE), the country’s central bank, issued a statement prohibiting the use of cryptocurrencies, citing concerns about their potential for money laundering and other illicit activities. Despite this ban, cryptocurrency trading continued to grow in Morocco, with many individuals and businesses using peer-to-peer platforms to exchange cryptocurrencies.
In 2022, the Moroccan government announced that it was working on a new law to regulate cryptocurrencies. The draft law was expected to address issues such as licensing and registration requirements for cryptocurrency exchanges, as well as anti-money laundering (AML) and know your customer (KYC) procedures. As at the time of writing, the law has not yet been finalized.
In the meantime, the Moroccan government has taken a more tolerant approach towards cryptocurrency trading. In 2021, the OCE stated that it would not penalize individuals or businesses for holding cryptocurrencies. The OCE warned that trading cryptocurrencies could be risky and that investors should be aware of the potential for losses.
Overall, the legality of cryptocurrency in Morocco remains unclear. The government is still working on a regulatory framework, and it is unclear how this will affect the use of cryptocurrencies in the country. In the meantime, individuals and businesses who trade cryptocurrencies in Morocco should be aware of the risks involved.
Also Read: Is Luno Available in Lesotho?
Crypto Exchanges in Morocco
Given that Luno is not accessible in Morocco, people in the country looking to buy or sell cryptocurrencies may need to explore alternative exchanges. Several cryptocurrency platforms operate globally and may provide services to users in Morocco. Here are two crypto exchanges in Morocco:
Paxful
Paxful is a peer-to-peer (P2P) cryptocurrency marketplace that facilitates the buying and selling of digital assets directly between users. In a P2P system, individuals interact directly with one another without the need for an intermediary, providing a decentralized approach to cryptocurrency trading.
Paxful operates as a platform connecting buyers and sellers, allowing them to trade Bitcoin and other cryptocurrencies using various payment methods. For individuals in Morocco, Paxful serves as a viable option for engaging in cryptocurrency transactions, connecting them with a global network of traders.
To trade on Paxful, users typically need to create an account, complete the necessary KYC (Know Your Customer) verification, and set up a secure wallet. The platform offers a variety of payment options, including bank transfers, digital wallets, and gift cards, providing flexibility for users to choose the method they want.
Bitmama
Bitmama is a cryptocurrency exchange that serves individuals in Morocco, providing them with access to the world of digital assets. As a platform designed to facilitate seamless cryptocurrency trading, Bitmama offers a straightforward registration process for users in Morocco who wish to participate in the crypto market.
To get started, individuals typically need to create an account on the Bitmama platform, providing necessary details during the registration process. While specific registration requirements may vary, users commonly go through a Know Your Customer (KYC) verification, which involves submitting identification documents.
Before you start with cryptocurrencies, make sure to do your research. Take the time to understand how they work, the risks involved, and the potential benefits. The world of cryptocurrencies is always changing, so it’s important to be well-informed before you dive in. Research different cryptocurrencies and the platforms where you can trade them.