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Cryptocurrency exchanges can be difficult to use, and finding a user-friendly platform with a fiat-to-crypto gateway and trading capabilities is challenging. However, Luno has attracted attention or its simplicity and TradingView integration. But how does it compare to platforms? Throughout this Luno review, we'll discuss the platform's features, fees, ease of use, and overall performance so our readers can decide whether it's right for them.
Luno is a leading cryptocurrency exchange that simplifies the investing experience, making it accessible to beginners. Between its highly competitive fees, strong security, and TradingView integration, Luno is a great option for novice traders and investors looking to break into the crypto market.
Although the platform is far easier to use than more feature-rich exchanges like Bybit and KuCoin, its lack of advanced tools renders it unsuitable for day traders or experienced investors looking for an all-in-one platform.
- Easy to Use For Beginners
- Reasonably Low Fees
- Fiat Gateway Supports Multiple Currencies
- Lack of Advanced Features
- Not Many Crypto Assets
- Easy to Use. One of the main benefits of Luno is its simplicity. The exchange is not overly stuffed with features and boasts a basic interface, making it suitable for novice investors and traders.
- Fees. Luno offers comparable credit/debit card deposit fees, making it a good option for those learning how to trade crypto.
- Fiat Gateway. Luno lets you instantly buy crypto using fiat currencies which is ideal if you don't have existing crypto holdings. Additionally, you can cash out to your bank for free, making Luno even more valuable.
- Lack of Advanced Features. Although Luno is good for everyday people, it lacks advanced features like trading bots, yield farming, and derivatives trading.
- Not Many Assets. Unfortunately, Luno only supports 11 cryptocurrencies which pale in comparison to platforms like KuCoin, which offer over 850. As such, those looking for a quality altcoin platform should avoid Luno.
Luno Compared and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|385||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|241||0.4% (maker), 0.6% (taker)|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|None available at this time||Visit Coinhako||Coinhako Review|
|BTC, ETH, XRP, USDT, ADA and 25 more||0.5% maximum, 0.02% minimum|
|None available at this time||Visit Independen...||Independent Reserve Review|
Luno At A Glance
Founded in 2013, Luno is a UK-based cryptocurrency exchange with over 10 million users globally. The user-friendly company is registered in several jurisdictions, including Australia (AUSTRAC), Europe (AMF), Indonesia (BAPPEBTI), and South Africa (Financial Intelligence Centre).To assist with fulfilling local requirements, Luno has offices in Australia, South Africa, the United Kingdom, Singapore, Malaysia, Nigeria, and Indonesia.
|Features||Fiat-to-Crypto Gateway, Repeat Buy, Crypto Wallet, Trading Platform|
|Accepted Fiat Currencies||GBP, EUR, AUD, +5 Others|
|Deposit Methods||Cryptocurrency, Bank Transfer, Credit/Debit Card|
|Number of Trading Pairs||73|
|Trading Fee||0.1% (Maker) / 0.09% (Taker), 1.5% Instant Buy|
|Customer Support||Live Chat, Chatbo, Help Center, Ticket System|
|Security Measures||2FA, Proof of Reserves, Cold Storage|
|Mobile App||Yes (Android and IOS)|
Luno's Features & Services Reviewed
Fiat to Crypto Gateway
Luno offers a simple fiat-to-crypto exchange to buy digital assets. The service is accessible from the wallet section of the platform. To make it easy for investors to buy crypto quickly, Luno includes pre-set purchase prices, but you can also select 'Other' to tailor your investment, ensuring you'll always be able to purchase the right amount of crypto for your needs.
To ensure the fiat-to-crypto gateway is widely accessible, Luno lets you spend funds within your crypto and local currency wallets. Additionally, you can link a credit or debit card to Luno and complete purchases using that payment method. With exchanges like Binance halting purchases in certain currencies, Luno's service is ideal for first-time investors building portfolios.
Set Price Alerts
A useful feature we discovered on Luno is the ability to create automated price alerts. You can create alerts for every crypto the platform supports, making buying at the right time easier. Price alerts can be created directly from the same section as the fiat-to-crypto gateway, so reviewing prices and purchasing is convenient after an alert is triggered.
For our Luno review, we tested the alerts system and noted that it was easy to manage alerts as they were all contained in the same area. Additionally, you can choose to be alerted once or every time an asset reaches a specific price which is useful for dollar-cost-averaging at a certain price target. Furthermore, alerts can be created using GBP, EUR, and USDC, enabling international investors to understand pricing.
Unfortunately, there is no way to set up SMS or Telegram/Whatsapp alerts; only email is supported. That said, not many exchanges we've reviewed offer price alerts in any capacity so Luno is a valuable tool for that reason alone. Alternatively, using a separate platform like Tradingview can be used for alerts.
Repeat Buy Crypto
In addition to enabling you to purchase crypto for fiat, Luno offers a tool called Repeat Buy that lets you automatically buy crypto assets at predetermined intervals. Ideal for those looking to invest with minimal input, the service supports daily, weekly, or monthly buys, providing a good amount of customizability.
Using repeat buying helps to simplify the popular Dollar-Cost-Averaging (DCA) strategy by automating the time-consuming process of purchasing crypto. As such, the tool will appeal to those looking to take a set-it-and-forget-it approach to investing. What's more, repeat buy supports purchases via your Luno fiat wallet as well as credit/debit cards, making it widely accessible. Although some larger exchanges we've reviewed, like Bybit, offer an automated investing tool, it's fairly uncommon and is a big plus to Luno.
Luno Crypto Wallet
Knowing which Bitcoin hardware wallet to buy and setting it up can be a difficult task if you're new to cryptocurrency. What's more, using a non-custodial wallet comes with a lot of responsibility as you're required to securely store your private keys and the recovery phase to avoid losing access to your funds. Additionally, 95% of user funds are left in cold storage with multiple layers of protection to provide its users peace of mind.
To help its users store their assets, Luno offers a free exchange wallet for every asset tradable on the platform. On top of being convenient due to being built into Luno, the wallets do not require any assets to be locked. Considering most XRP wallets cost 10 XRP to create, Luno's wallets could be ideal for crypto users wishing to buy small fractions of Bitcoin.
Luno Account Verification Requirements
In contrast to no-KYC crypto exchanges we've reviewed previously, Luno has a strict verification process for new users. Initially, you're required to provide and confirm a password/email address. However, although browsing the platform is possible, Luno requires you to complete Know-Your-Customer (KYC) verification to buy crypto.
While testing the platform for our Luno review, we completed the verification process and were impressed by its efficiency. You must take a picture of an ID (passport, driving license) and provide a selfie. As the process is conducted via Onfideo, you can use a mobile device. After uploading the required documents, our verification was confirmed within 10 minutes.
Supported Fiat Currencies and Deposit Methods
While exchanges like Binance or Bybit let you select which fiat currency to deposit, Luno only enables you to use your local currencies. For example, if you're based in the UK, Luno will only accept GBP deposits. Although this should be fine, it could be problematic if you frequently move around, as you'll have to keep changing your Luno location by providing proof of address.
Luno supports eight fiat currencies, including GBP, EUR, and AUD. Furthermore, you can deposit funds via credit/debit card, bank account transfer, or cryptocurrency, which should be suitable for most users. If you want to buy crypto using less popular payment methods, a Peer-to-Peer (P2P) crypto exchange could be a superior option.
Supported Cryptocurrencies and Trading Pairs
Unfortunately, Luno doesn't support many unique assets for direct fiat purchases. While exchanges like OKX support 300+ assets, Luno only offers 11, including Bitcoin, Ethereum, Solana, and XRP. However, you can access an additional 73 trading pairs denominated in fiat currency, BTC, and USDC through the exchange, increasing the viability of Luno as a trading platform.
The fee to instantly buy and sell crypto using fiat currency within a Luno wallet is a flat 1.5% lower from its previous 2% charge. Regarding trading, Luno utilizes a volume-based maker/taker fee schedule. Initially, fees are 0.1% (maker) and 0% (taker). However, these costs can be reduced to 0.03% with over $16,000,000 in volume.
|30-Day Volume||Trading Fee (Maker/Taker)|
|$0||0.1% / 0%|
|$250,000 to $500,000||0.09% / 0%|
|$500,000 to $1 Million||0.08% / 0%|
|$1 Million to $2 Million||0.07%/ 0%|
|$2 Million to $4 Million||0.06% / 0%|
|$4 Million to $8 Million||0.05% / 0%|
|$8 Million to $16 Million||0.04% / 0%|
|Over $16 Million||0.3% / 0%|
While most exchanges charge upward of 3%-4% for credit/debit card purchases, Luno's 1.5% fee makes the platform ideal for buying crypto with a debit or credit card. Below, we've included a table comparing Luno to other popular crypto exchanges.
|Exchange Name||Trading Fee (Taker/Maker)|
|Luno||0.1% / 0%|
|OKX||0.1% / 0.9%|
|Binance||0.1% / 0.1%|
|KuCoin||0.1% / 0.1%|
Deposit and withdrawal fees
When it comes to depositing fiat currency, there are no fees to deposit via bank transfer, Pay Direct (or cryptocurrency). While withdrawals to a bank account are free, you'll have to cover network fees to withdraw most cryptos. However, XRP withdrawals cost a flat 0.03%.
Luno Ease of Use
The platform boasts an intuitive interface that is easy to navigate thanks to the header menu, which directs you to critical features like the in-built crypto wallets, Bitcoin exchange, and fiat-to-crypto gateway.
The primary Luno platform is suitable for the general public as it features as it offers a way to buy crypto without any advanced trading tools or complex charts. However, the more advanced Luno exchange lets you access 73 trading pairs through an order-book-based interface that boasts charting provided by TradingView.
On the exchange, you can view open orders to understand buying sentiment, which is useful for swing traders trying to predict the market. Although TradingView offers a wide range of analysis tools, the chart lacks data which indicates a lack of volume. Furthermore, only Limit, Market, and Stop-Limit orders are available, making entering and exiting positions more cumbersome than platforms like Binance.
Overall, Luno is a well-designed crypto exchange that is straightforward to navigate.
Luno has created an app that is available for Android and iOS devices. Despite being rated 4.5/5 on the App Store, the mobile version of Luno is only rated 3.8/5 on the Play Store based on over 100,000 reviews indicating poor optimization on Android, as evidenced by users sharing issues with locked accounts and prices disappearing from the app.
We tested out the app for our Luno review and noted that all of the web platform's features are available on mobile. Each feature can be easily accessed using the bottom navigation menu. Additionally, the app felt highly responsive as each section of the site loaded up quickly, helping to streamline workflow.
Similarly to the web platform, the fiat-to-crypto gateway can be accessed via the wallet section, making swapping between the platforms flow well. Buying crypto was straightforward and could be completed in just a few clicks after linking a payment method to Luno.
The Luno exchange is accessible via a small dropdown menu which could cause confusion if you're new to the platform. Although you can swap between candlestick, line, and depth charts, no fullscreen option or analysis/drawing tools are available on mobile. Therefore, a secondary charting website for crypto or app is needed to plot strategies.
In short, the Luno mobile app is good for quickly checking prices, placing trades, or buying crypto. However, the lack of technical analysis and cryptocurrency trading tools makes it unsuitable as a stand-alone trading platform.
To make sure that its customers can always receive assistance when needed, Luno has introduced a virtual assistant dubbed Toshi that can direct you to articles from the help center that are relevant to your problems. However, if you prefer, you can also manually browse articles in the help center, many of which feature short video guides.
On top of the help center, Luno offers live chat support, which can be accessed by requesting an advisor via virtual assistance. For our Luno review, we tested support response time and received a reply to our question within 30 seconds, likely a contributing factor to the company's 3.9/5 Trustpilot rating.
To protect its users, Luno has implemented a range of security measures. Client funds are secured using cold storage, and Luno stores minimal customer data. Additionally, the company requires all users to set up Two-Factor Authentication (2FA) to add a layer of protection to their accounts. When logging in from a new device, you must trust the device by confirming via email and text.
When writing this Luno review, the platform has not been hacked, indicating great security on the backend. Additionally, the company regularly releases proof of reserve reports to show that it collateralizes user funds.
Frequently Asked Questions
With Luno operating without issue since 2013, it can be considered a safe and secure cryptocurrency exchange. That said, storing your funds in a dedicated hardware wallet rather than a hot wallet is always more secure.
To begin investing with Luno, you must fund your account with a minimum of $10 or the equivalent in your local fiat currency, which aligns with most other trading platforms.
Luno is a legitimate cryptocurrency platform in South Africa registered under the business name Luno (Pty) Ltd (2013/075107/07). The company has offices in Cape Town and Johannesburg to support the community in making local currency deposits.
All of Luno's services are available in Australia. The cryptocurrency exchange allows depositing funds using PayID and a bank transfer. Since its launch, Luno has quickly become a premium cryptocurrency exchange in Australia due to its reliability and low trading fees.
Final Verdict and Ratings
To conclude our Luno review, the exchange is suitable for the general public. With its fees for purchases using a credit/debit card, the platform is useful to build a crypto portfolio. Additionally, Luno boasts trading fees on par with OKX, making it ideal for transitioning from investing to trading.
Unfortunately, the exchange is let down by its lack of advanced tools, limited range of crypto assets, and lack of accessibility in the United States.
|Review Criteria||HedgewithCrypto Rating|
|Features||3.7 / 5|
|Supported Fiat and Deposit Methods||3.5 / 5|
|Supported Crypto & Trading Pairs||3 / 5|
|Fees||4.3 / 5|
|Ease of Use||4.5 / 5|
|Customer support||4.8 / 5|
|Security Measures||4.2 / 5|
|Mobile App||4 / 5|