Luno Review
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Luno is an established and trustworthy cryptocurrency exchange that has expanded on a global scale. The exchange can be used to buy, trade and sell the most popular digital currencies. In a relatively short period of time, the exchange has amassed 10 million customers worldwide. In this Luno review, we will assess the platform's features, deposit methods, fees and more.
Our Take
Bottom line:
Luno is a leading cryptocurrency exchange that is highly suitable for beginners only. It provides a safe and stable platform to buy and sell the most popular digital currencies. Luno is available in 10 countries around the world and accepts several fiat currencies and payment methods.
However, there are fees to deposit and withdraw fiat currencies to be aware of, and the instant buy/sell feature charges 2% per order which is very expensive. In addition, experienced investors and traders will find the exchange lacking in the number of coins, advanced charting tools, staking, NFTs, and leveraged markets.
Promotion:- Reliable and trusted exchange that is available worldwide
- Wide range of supported fiat currencies to fund an account
- Easy to use desktop and mobile app for buying and selling crypto
- Luno Exchange fees of 0% to 0.1% are very competitive in the market
- High focus on security with over 95% of asset held in cold storage and has public proof-of-reserves
- Instant buy and sell feature has a 2% fee applied
- Limited number of supported cryptocurrency (only 10)
- Average trading volume and liquidity compared to other global exchanges
Luno At A Glance
Luno is a cryptocurrency exchange that is available in over 10 countries worldwide. With over 10 million users globally, 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 currencies. Luno also provides a trusted and secure online wallet for individuals to temporarily store their coins.
The Luno team comprises 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, the United Kingdom, Singapore, Malaysia, Nigeria, and Indonesia to fulfill local currency transactions.
Some notable features of Luno include:
- Available to use in over 10 countries worldwide
- Wide variety of deposit methods (e.g. bank transfer, debit cards)
- Supports a variety of different fiat currencies
- 0% to 0.1% trading fees using the exchange
- A secure wallet that earns interest on crypto funds
- Highly intuitive mobile app for buying, selling and trading crypto
- TradingView charts
| Exchange Name | Luno |
|---|---|
| Accepted Fiat Currency | AUD, INR, MYR, SGD, NGN, ZAR, EUR, GBP, ZMW & UGX |
| Supported Cryptocurrency | BTC, ETH, XRP, BCH & LTC and 5 others |
| Payment Type | Bank transfer, SEPA, credit/debit card, Xfers, EFT, PayID & others |
| Trading Fees | 0% - 0.1% (exchange), 2% (instant buy/sell) |
| Deposit Fees | Varies per country |
| Withdrawal Fees | Varies per country |
| Mobile App | Yes (Android and iOS) |
Luno Compared
A global cryptocurrency exchange, cutting-edge security measures, an intuitive user interface and a mobile trading app are important features of Luno. This comparison table lists alternate crypto trading exchanges like Coinhako and Coinbase with excellent features and suited for beginners. The former option having full approval from the Monetary Authority of Singapore (MAS) as well.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 350 | 0.1% (spot) and 0.02% / 0.04% (Futures) | Rating  | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Coinbase | 250+ | 0.4% (maker), 0.6% (taker) | Rating | $5 BTC bonus (USA only) | Visit Coinbase | Coinbase Review |
 Coinhako | 66 | 0.6% | Rating | None available at this time | Visit Coinhako | Coinhako Review |
 Independent Reserve | BTC, ETH, XRP, USDT, ADA and 25 more | 0.5% maximum, 0.02% minimum | Rating | None available at this time | Visit Independen... | Independent Reserve Review |
Is Luno Available In The United States?
Luno is available in the United States to buy and sell cryptos using US Dollars (USD). However, citizens will only be able to trade Bitcoin and Ethereum at the time of writing. There is no cost to deposit funds using a bank transfer and the trading fee is 0.75% per trade.
Review of the Top Features & Services
Ease of Use
Unlike other cryptocurrency trading platforms, Luno has been carefully designed with beginners in mind and introduces them to digital coins such as Bitcoin and Ethereum. The sign-up, verification and link to the payment process take 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.
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 supporting 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 chart 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.
Creating An Account & ID Verification
Before buying cryptocurrency using Luno, 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 that can be linked to an account. The most common way to purchase cryptocurrencies with Luno is 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, Singaporeans 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 deposits.
| 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 10 digital assets such as Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin which can be bought and sold. The available coins are 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.
The user interface is designed for beginners and features a simple chart that 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 has integrated with the top crypto charting software package called TradingView to provide 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.
Volume & Liquidity
One of the cons of 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 at the time of writing 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.
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
Trading Fees
The fee to instantly buy and sell crypto using fiat currency within a Luno wallet is a flat 2% which is very expensive compared to other crypto exchanges with a direct fiat onramp. As for the exchange, 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% using the exchange which is very competitive in comparison to leading cryptocurrency platforms. For example, the trading fee on Binance is a flat 0.1% and local exchange Coinhako charges a flat 0.6% per transaction. Traders using the exchange should also be aware of the spread fee as mentioned above.
| Country | Trading Fee (Maker / Taker) |
|---|---|
| Australia | 0% / 0.1% |
| Europe | 0% / 0.1% |
| United Kingdom | 0% / 0.1% |
| Singapore | 0% / 0.1% |
| Malaysia | 0.25% / 0.50% |
| Indonesia | 0% / 0.8% |
| South Africa | 0% / 0.1% |
| Nigeria | 0% / 0.1% |
Deposit & Withdrawal Fees
Depending on the region and deposit method, transferring money via a bank is the cheapest way to send funds to Luno and is free of charge in most countries. There is a small deposit charge for 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.
| Country | Deposit Fee | Withdrawal Fee |
|---|---|---|
| Australia | None > AUD $50 | None > AUD $50 |
| Europe | None | EUR 0.30 |
| United Kingdom | None | None |
| Singapore | None | None |
| Malaysia | MYR 0.70 | MYR 0.10 |
| Indonesia | IDR 4,000.00 | IDR 6,500.00 |
| South Africa | Instant EFT: 1.40% | Instant EFT: 1.40% |
| Nigeria | NGN 300.00: bank transfer | NGN 200.00 |
| Uganda | None | UGX 2,000.00 |
| Zambia | None | ZMW 10.00 |
Frequently Asked Questions
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.
Luno appears to be a safe cryptocurrency exchange that features bank-like security measures. The exchange uses security features such as two-factor authentication, cold wallet storage and multi-signature hot wallet processes. Assets held by the exchange are stored with the industry-leading custodian, BitGo. Since Luno's inception in the cryptocurrency market, the exchange has never been hacked or compromised.
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.
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.
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.
Final Verdict and Ratings
To conclude our review of Luno, the exchange appears to be a highly suitable platform for newcomers to begin investing in digital assets. While the exchange is limited to major cryptocurrencies such as Bitcoin and Ethereum, these are generally the first assets beginners will choose to buy.
A strength of Luno lies in its global reach across multiple countries worldwide to provide an easily accessible and available payment option to accept the local currency. With its 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.
| Review Criteria | HedgewithCrypto Rating |
|---|---|
| Features | 3.2 / 5 |
| Supported Fiat and Deposit Methods | 4.6 / 5 |
| Supported Crypto & Trading Pairs | 4.1 / 5 |
| Fees | 3.5 / 5 |
| Ease of Use | 4.6 / 5 |
| Customer support | 3.6 / 5 |
| Security Measures | 4.6 / 5 |
| Mobile App | 4.6 / 5 |
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