Luno Review: Features, Fees & More (Complete Guide)

Luno is a well known cryptocurrency exchange for their beginner-friendly platform, mobile app, secure wallet an easy way to buy/sell and hold crypto.

Available in multiple countries worldwide, Luno allows individuals to invest in popular digital assets such as Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin all in the one place. 

In this Luno review, we will assess the platforms features, deposit methods, fees and more. While we aim to provide you with accurate information, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

Key  Features:

  • Available to use in over 40 countries worldwide
  • Wide variety of deposit methods (e.g. bank transfer, debit cards)
  • Supports 10 different fiat currencies 
  • 0% to 0.1% trading fees
  • Secure wallet that earns interest on crypto funds
  • Highly intuitive mobile app for buying, selling and trading crypto
  • TradingView charts and indicators

overall 

4.1/5

Ease of use

User interface

Fees

Security

Before diving into this review, it is highly recommended to use a hardware wallet such as the Ledger Nano X when buying Bitcoin, Ethereum, Litecoin or other coins. The ownership of crypto assets remains in the investor's possession and control, not the exchange. Read our guide on the best Bitcoin wallets for more information. 

luno website

What Is Luno?

Luno is a cryptocurrency exchange in Singapore and available in over 60 countries worldwide. With over 6 million users globally and 17 billion USD in transactions, Luno is one of the larger exchanges that offers a quick way for individuals to invest in Bitcoin or altcoins such as Ethereum, XRP and Litecoin. 

The trading experience has been designed for beginners and is one of the easiest ways to start trading crypto using a wide range of fiat currency. Luno also provides a trusted and secure online wallet for individuals to temporarily store their coins.  

luno stats

The Luno team comprises of international experts in tech and finance with successful track records working at top global companies such as Google, Amazon, Morgan Stanley, Barclays and Ernst & Young. The company has offices located in Australia, South Africa, United Kingdom, Singapore, Malaysia, Nigeria and Indonesia to fulfil local currency transactions. 

Quick Overview

Exchange Name

Luno

Fiat Currency

AUD, INR, MYR, SGD, NGN, ZAR, EUR, GBP, ZMW & UGX

Cryptocurrency

BTC, ETH, XRP, BCH & LTC 

Payment Type

Bank transfer, SEPA, credit/debit card, Xfers, EFT, PayID & others

Trading Fee

0% - 0.1%

Deposit Fee

None for bank transfers

Withdrawal Fee

None

Mobile App

Yes

Luno Compared

A global cryptocurrency exchange, cutting-edge security measures, an intuitive user interface and a mobile trading app are important features on Luno. This comparison table lists alternate crypto trading exchanges like Luno with excellent features and suited for beginners.

Exchange

Trading Fees

Rating

Review

Promotion

Website

binance

Binance

0.1%

4.8/5

10% off trading fees

coinbase

Coinbase

0.5% - 3.99%

4.7/5

$5 BTC bonus (USA only)

FTX Exchange

FTX

0.02% / 0.07%

4.6/5

5% off trading fees

For USA, visit FTX.US

Features & Services

Ease of use

Unlike other cryptocurrency trading platforms, Luno has been carefully designed with beginners in mind and introduce them to digital coins such as Bitcoin and Ethereum. The sign-up, verification and link to payment process takes only a few minutes to complete. Customers can purchase digital assets using a highly intuitive and elegant user-interface on the desktop or using the Luno mobile app. 

luno buy crypto

Available worldwide

Luno is a true global digital currency exchange that serves customers in more than 60 countries worldwide. It is a popular place to buy Bitcoin in countries like South Africa, the United Kingdom, Singapore and Australia supported local fiat currency and common payment methods.

Advanced Trading Platform

Luno can be used by beginners and professional traders using its advanced crypto exchange. The exchange is comparable to the top cryptocurrency trading platforms in the world, which features a highly intuitive and responsive charts with a full suite of trading tools and indicators. 

Secure Wallet

Obtaining a Bitcoin hardware wallet can a difficult task for beginners, so leaving cryptocurrency on an exchange may be the only option for new investors. Luno exchange provides a safe and secure wallet that has never been hacked. Approximately 95% of funds are left in cold storage with multiple layers of protection to provide its users peace of mind.

Is Luno Safe?

Luno appears to be a safe cryptocurrency exchange that features bank-like security measures to ensure the highest security standards for the protection of customer funds and personal information. Two-factor authentication, 95% of funds in cold wallet storage and multi-signature hot wallet process with industry leading custodian, BitGo are the main security features in place. Since Luno's inception to the cryptocurrency market, the exchange has never been hacked or compromised.

Creating An Account & ID Verification

Before buying cryptocurrency using Luno.com, new users must be at least 18 years or older and have a valid email address. There are no fees to create or maintain a Luno account or wallet. 

Luno has an ID verification process to maintain a high standard in exchange security in accordance with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. There are 3 different account levels with associated deposit and withdrawal limits. To increase the limits, users will need to submit additional documentation.

  • Level 1 - Confirm mobile number and basic personal details and selfie photo 
  • Level 2 - Submit/Photo scan of government-issued ID 
  • Level 3 - Submit proof of residential address

The identify verification process can take up to 24 hours if the documents have been correctly uploaded. Make sure to check the list of supported countries before starting verification. 

Deposit Methods

Depending on the country of origin, Luno offers a wide variety of payment methods which can be linked to an account. The most common way to purchase cryptocurrencies with Luno are a bank transfer from a local bank, credit or debit card. Bank payments can take up to 48 hours to clear depending on the currency. For example, Singaporean's can buy crypto using Xfers which takes about 5 minutes, whereas using a bank order in Australia can take up to 48 hours.

Luno supports up to 10 fiat currencies such as AUD, INR, MYR, SGD, NGN, ZAR, EUR, GBP, ZMW and UGX which can be deposited to a Luno wallet via a bank transaction. Luno does not allow cryptocurrency purchases using PayPal, Amazon Gift cards or cash deposit.

Country

Currency

Deposit Method

Speed

Australia

AUD

Bank transfer, PayID

Up to 48 hours

Europe

EUR

SEPA transfer, Debit/Credit Card

Up to 48 hours

United Kingdom

GBP

Bank transfer

Up to 24 hours

Singapore

SGD

Xfers transfer

Up to 5 minutes

Malaysia

MYR

Interbank GIRO, FPX Instant Transfer

Up to 24 hours

Indonesia

IDR

Bank transfer, Instant Bank Transfer

Up to 24 hours

South Africa

ZAR

EFT, Instant EFT

Up to 48 hours

Nigeria

NGN

Bank transfer, Debit/Credit Card, Instant Bank Transfer

Up to 24 hours

Uganda

UGX

Bank transfer

Up to 48 hours

Zambia

ZMW

Bank transfer

Up to 48 hours

Trades that own cryptocurrency such as Bitcoin can fund a Luno wallet by transferring BTC to the exchange. The transaction will require 3 confirmations to process, which can take between 30 minutes to an hour depending on the network congestion to transfer Bitcoin.

Buying Crypto

Once a Luno account has been verified and funded, users can start buying and selling on the website. Luno supports 5 digital assets which are Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin which can be bought and sold. The available coins is quite limited to the major assets only. Investors looking to diversify to altcoins or DeFi tokens will need to use another exchange such as Binance or KuCoin.

luno buy ether

The user-interface is designed for beginners and features a simple chart which can be toggled to view the price of each coin. The process to buy crypto is quick, easy and will be suitable for new users that are not familiar with using advanced cryptocurrency trading platforms.

Exchange Trading

A charting platform is an important consideration when looking for a cryptocurrency trading exchange as this is where traders will spend most of their time. Luno provides a trading exchange for its users to bring up a live chart, add drawing tools and indicators, set orders and review live positions.

Luno exchange

Luno has integrated with the premium crypto charting software package TradingView to provide the charting features and functionality, which are renowned as one of the best cryptocurrency charting software. This provides trading with all the tools to perform technical analysis, however chart overlays will be removed when switching to a different crypto pair which is a major drawback.

As far as risk management features, Luno provides basic order types such as limit, market and stop-limits. This is quite limited and suited to beginners only. We did not see take profit, stop loss or One Cancels The Other (OCO) order types which are essential when trading cryptocurrencies. Overall, the Luno exchange is not ideal for intermediate or advanced crypto traders.

luno trading

Volume & Liquidity

One of the con's with using Luno's exchange is the lack of volume and liquidity in their own order books compared to other crypto exchanges. Currently, Luno is ranked 27th for trading volume and liquidity which is reflected in the difference between the bid and ask prices (i.e. spread). For example, at the time of writing, the BTC/AUD pair has a 0.4% spread cost that needs to be factored in trade costs.

luno trading volume

Users that are looking for an exchange specifically to trade may prefer to use a more liquid trading exchange such as Binance which has similar trading fees but lower spreads. Not to mention, there are hundreds of trading pairs available to use.

Pricing & Fees

Luno's trading fees are based on a total 30-day trading volume for all trading activity across each market on the exchange. A tier-based trading fee is determined using the last 30 day volume to assign a maker and taker fee. For most supported regions, Luno's trading fee is between 0% - 0.1% which is very competitive in comparison to leading cryptocurrency platforms. For example, the trading fee on Binance is a flat 0.1%. Traders using the exchange should also be aware of the spread fee as mentioned above.

Country

Deposit

Withdraw

Trade (Maker/Taker)

Australia

Free > AUD 50

Free > AUD 50

0% / 0.1%

Europe

Free

EUR 0.30

0% / 0.1%

United Kingdom

Free

Free

0% / 0.1%

Singapore

Free

Free

0% / 0.1%

Malaysia

MYR 0.70

MYR 0.10

0.25% / 0.50%

Indonesia

IDR 4,000.00

IDR 6,500.00

From 0% / 0.8%

South Africa

EFT (Free), Instant EFT (1.40%)

EFT (Free), Instant EFT (1.40%)

0% / 0.1%

Nigeria

NGN 300.00 (bank transfer)

NGN 200.00

0% / 0.1%

Uganda

Free

UGX 2,000.00

0% / 0.1%

Zambia

Free

ZMW 10.00

0% / 0.1%

Depending on the region and deposit method, transferring money via a bank is the cheapest way to send funds to Luno and free of charge in most countries. There is a small deposit charge for the Asian and African jurisdictions using Instant Transfers. Likewise, withdrawing fiat currency from a Luno wallet is free within Australia, the UK and Singapore. The is a minor charge in the other supported countries, which is still quite affordable. For more information, read our article on which countries allow cryptocurrency trading.

Frequently Asked Questions

Is Luno Legal?

Luno is a legitimate and trustworthy cryptocurrency exchange that is incorporated in Singapore as Luno Pte. Ltd. (2012 0954 5R). The company has a number of local entities across the world that appear to be in compliance with local laws and regulations. The full list of the legal entities in each country can be found on their website. For a list of countries where Bitcoin is banned, read this article.

Has Luno Been Hacked?

Luno has not been hacked or compromised resulting in a loss of client funds or information according to our research. The exchange features several security measures in order to protect its customers money.

What Is The Minimum Deposit Using Luno?

To fund an account and begin trading cryptocurrencies, the minimum wallet balance is USD $10. The minimum limit is the equivalent amount in the local fiat currency deposited to the exchange.

Is Luno Available In The United States?

Luno is currently not available in the United States for buying, trading or selling cryptocurrencies. Customers from the States will need to find a US cryptocurrency website. Luno is a fully regulated and licenced cryptocurrency service that is supported in countries such as Australia, Europe, UK, Singapore, Malaysia, Indonesia, South Africa, Zambia, Nigeria and Uganda.

Luno is also not available in popular crypto regions such as India, Canada and New Zealand. Users from these countries will need to use a global trading platform like Coinbase, Kraken, eToro and Gemini which are available in over 100 countries.

Is Luno Legal In South Africa?

Luno is a legitimate cryptocurrency platform in South Africa that is a registered company under the business name Luno (Pty) Ltd (2013/075107/07). The company has offices located in Cape Town and Johannesburg to support the local community to make deposits using the local currency. 

Is Luno Available In Australia?

Luno is available in Australia for customers to create an account, deposit funds in AUD and purchase cryptocurrencies. The cryptocurrency exchange provides the option to deposit funds using PayID and a bank transfer. Since it's launch in late 2020, Luno has quickly become a premium cryptocurrency exchange in Australia with its reliable platform and low trading fees.  

Does Luno Offer A Demo Account?

Luno currently does not allow demo trading on its exchange for beginners to become familiar with the platform or learn how to trade. Traders that want to practise trading with virtual funds will need to find a suitable cryptocurrency demo platform.

Conclusion

To conclude our review on Luno, the exchange appears to be a highly suitable platform for newcomers to begin investing in digital assets. While the exchange is limited to the major cryptocurrencies such as Bitcoin and Ethereum, these are generally the first assets beginners will choose to buy.

A strength of Luno lays in its global reach across multiple countries worldwide to provide an easily accessible and available payment option to accept the local currency. With it's legal compliance in each country, it is a great option to buy crypto in addition to its low trading fees and user-friendly mobile app. For more information, visit the Luno website or get in touch with their customer support.

Luno

4.1

Ease of use

4.0/5

Reputation

3.5/5

Trading fees

4.3/5

Security

4.5/5

Customer support

4.3/5

Pros

  • Beginner-friendly platform
  • Secure wallet to store crypto
  • Available in 40 countries worldwide
  • Low trading fee on spot exchange
  • Variety of deposit options for customers

Cons

  • Limited number of cryptocurrencies offered
  • Trading volume and liquidity is average
  • No ability to trade with margin or leverage
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Kevin Groves
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 and is a swing trader with over 10 years of experience. He loves trading crypto using various platforms and helping others learn about cryptocurrencies via hedgewithcrypto.