Luno Review

Finding a user-friendly platform to start trading cryptocurrency on can be difficult. Many platforms focus on scope and experience, leaving newbie traders to stumble along. Luno Exchange takes a different approach, presenting an easy-to-use platform that caters to beginner cryptocurrency traders with simple trade orders and data, low fees, and the support and security a new trader needs.

About Luno Exchange

The Luno Exchange (previously known as Bitx) is both a crypto brokerage and an exchange platform. Originally launched in South Africa in 2013, the company was rebranded Luno after 2017. It has now offices in Singapore, United Kingdom (London), Nigeria, Australia, Cape Town, and Singapore. In Luno’s short existence, the company has enjoyed moderate success with over 3 million trader accounts and over $8 billion in crypto and digital assets trading volume.

Luno Exchange can be reached in more than 45 countries worldwide, though the cryptocurrency exchange is not yet available in the United States.

Supported Currencies

Luno Exchange only handles the most south-after and well-known cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), USD Coin (USDC), and Bitcoin Cash (BCH). They closely follow regulations and are registered with the Central Bank of Malaysia.

Flat currencies supported on Luno include:

• The Euro (EUR)
• Singapore dollar (SGD)
• Uganda shilling (UGX)
• Zambian kwacha (ZMW)
• Indonesian Rupiah (IDR)
• Malaysian Ringgit (MYR)
• Nigerian Naira (NGN)
• South African Rand (ZAR)
• British Pound Sterling (GBP)

Features & Services

User-Friendly Trading Platform

Luno’s cryptocurrency trading platform is well-constructed and user-friendly, with easy-to-navigate pages and a clean, sophisticated look. Setting up a Luno account is straightforward and requires a valid email address and a password.

Once you have requested an account, you can verify your account for three different tiers.

Account Tiers

Each of the three account tiers has different features, fees, and limits.

• Level 1 – The base option. Users must verify their phone number along with their credentials.
• Level 2 – A selfie and government-issued photo ID are required.
• Level 3 – Proof of residence is needed for access.

TradingView

Luno integrates with TradingView, the premium crypto trading charting software. TradingView provides the features and functionality to perform technical analysis. However, chart overlays are removed when you switch between crypto pairs, which is a significant drawback.

Luno exchange has limited risk management features, with the limit, market, and stop-limits order types available. Lacking advanced trading tools and order types, the platform is best suited to beginner traders.

Global Accessibility

One of Luno’s strengths is its global reach. It is easily accessible in multiple countries worldwide and provides payment options that accept many local currencies. Luno Exchange also has legal compliance in each country.

Secure Cold Storage Wallet

For many new investors, obtaining a Bitcoin hardware wallet can be difficult. This forces many trading newcomers to leave their digital assets on an exchange. Luno provides a secure cold storage wallet that, to date, has never been hacked. Multiple layers of protection keep holdings in cold storage safe and secure.

Supported Countries

Luno Exchange focuses on markets that the larger exchanges overlook and omit from their supported countries list. Luno includes many regions across Europe, as well as:

• Indonesia
• Malaysia
• Singapore
• Uganda
• Nigeria
• Zambia

Limits & Liquidity

At the Luno Exchange, the highest tier of trading does not have limits of caps on trading amounts or purchases. However, it limits instant buy/ sell transactions tied to the provider and the territory where the deal is executed. This protects the exchange from low liquidity.

Maker and taker fees are in place to keep the liquidity pools high. Maker fees are usually small, while taker fees are fixed at 0.25%.

Luno Review – Pros & Cons

Pros

• User-friendly platform on desktop and mobile app
• Can switch quickly between fiat and cryptocurrencies
• Supports credit cards, debits cards, and bank transfers
• Wide range of supported fiat currencies
• Very competitive trading fees at 0% to 0.1%
• Very easy to buy crypto
• Emphasis on security, with over 95% of digital assets held in cold storage

Cons

• Unregulated
• Limited array of cryptocurrencies available
• No margin trading
• Low liquidity compared to other global crypto exchanges like Binance and Coinbase
• US customers not allowed

Costs & Transaction Fees

Trading Fees

Trading fees with Luno Exchange are based on a 30-day trading volume across each market on the exchange. For most supported regions, trading fees with Luno are very competitive with other leading cryptocurrency platforms at 0%-0.1%.

Payment Methods & Fees

To make deposits on Luno, you must have a verified account with the platform, and the bank account the deposit is coming from must be the same account linked to your Luno Wallet. European residents can make deposits by SEPA transfers, credit and debit cards. For traders outside the EU, deposits are available by EFT, Interbank GIRO, Xfers transfer, and regular bank transfer.

Credit and debit card deposits are only available in the UK. UK traders can connect their credit or debit card to their account by going to the Wallet tab, selecting Deposit, then tapping the Add credit/ debit card button. After entering their card information and the amount to deposit, they confirm the order, and that’s it.

The process is pretty much the same for all other global users, except instead of tapping the Add credit/ debit card button, they tap Bank Transfer. Next, choose the currency to deposit and scan the displayed QR code for order confirmation.

The Luno Wallet makes it easy to buy Bitcoin (BTC) or any of the cryptocurrencies that Luno supports. Once you deposit fiat currency and have assets to cover the purchase, select the supported cryptocurrencies you want, how much you want, and purchase your cryptocurrencies.

Deposit fees are connected to the transfer method and currency of choice, so they will vary. Cryptocurrency deposits are free at Luno.

Withdrawal Methods & Fees

To withdraw funds from Luno, a handy Withdraw tab is located in the Luno Wallet. Select the currency, the amount to withdraw, the destination for the transfer, and enter your Luno app PIN. Most withdrawals take place within 48 hours, but it depends on your bank.

Luno supports crypto-to-crypto and crypto-to-fiat pairings, and traders can choose from 29 supported crypto exchange pairs.

Withdrawal fees are minimal with every currency and depend on the transfer method. Cryptocurrency withdrawal fees vary depending on the type of currency and the blockchain network traffic. Ripple has a fixed withdrawal fee of 0.03%.

Luno Review – Customer Service

Customer Support

Luno Exchange offers high-quality support to its traders. You can easily reach out for support assistance by filing a support ticket and waiting your turn. You can also reach out to any of the platform’s social media accounts.

Luno also provides a library of Frequently Asked Questions that traders can use to educate themselves on various topics, including steps to deposit and withdraw funds, buying and selling digital currencies, security protocols, and the account verification level process.

Security

As of this Luno Review, the company has not had any hacks or breaches. Funds are protected in cold storage wallets kept offline, and the platform provides a detailed guide to protecting yourself from scams, malware attacks, and the like. This guide is located in the help section of the platform.

Luno is not a regulated exchange but it offers bank-level security measures. The deep freeze protects customer keys. Each key is stored in a safety deposit box at bank vaults. No one can access more than one box. It is protected by factors like two-factor authentication, multi-signature keys, hot wallets, and encrypted private keys.

Two-factor authentication is available for added security. You can choose between Authy or Google Authenticator as the preferred app for login and withdrawal notifications as a user. Luno also offers the added protection of an option disabling withdrawal on the Luno Wallet.

Luno Review – Frequently Asked Questions

Is Luno Safe? Is it FDIC insured?

Luno is not a fully regulated exchange and is not FDIC insured. It is registered with the Central Bank of Malaysia and regularly performs Know Your Customer (KYC) tests. KYC tests are also part of the platform’s user authentication process. All information is stored securely on the trading platform’s servers.

Luno is also Anti-Money Laundering compliant, which tracks account behavior and alerts when suspicious activity occurs.

How Can You Make Withdrawals from Luno?

Withdrawals from Luno are made by connecting the Luno trading account to a bank account. Once you have connected your bank account, you can transfer funds directly to the bank account. You can also make a withdrawal by transferring crypto assets to a different crypto wallet.

Withdrawals from Luno take place at set times. These scheduled withdrawals take place twice a day. Luno processes funds quickly, but the processing times can vary greatly depending on the blockchain network and the level of traffic the network is handling at a given time. Also, the processing speed of the bank receiving the transfer must be taken into account, and that time varies from bank to bank.

Is Luno Legit?

Luno is a legitimate cryptocurrency exchange. The company is incorporated in Singapore but has several local entities worldwide, all complying with their local financial laws and regulations. The complete list of legal compliance entities in each country may be found on Luno’s website (luno.com).

Is There a Mobile App for Luno?

Luno Exchange supports a mobile app that works on Android and iOS devices. Users can download the app by going to Luno’s official website, the Google Play Store, or the Apple app store. Luno’s mobile app has all the valuable features of desktop accessibility. With the Luno app, traders can make the most of the platform’s many features and have a direct line to their Luno Wallet from anywhere.

Is There a Minimum Deposit to Use Luno?

Luno Exchange requires a minimum deposit of USD 10 to fund an account and start trading cryptocurrencies. This minimum limit is equivalent to your local fiat currency deposited to the Luno Exchange.

Is Luno Legal in South Africa?

Yes, Luno is legal in South Africa and is registered there under the business name Luno (Pty) Ltd. Luno Exchange has official company offices in Cape Town and Johannesburg that support the local community of investors and traders using local currency.

Is Luno Accessible in Australia?

Yes, Luno is accessible in Australia, and traders can create an account, deposit funds in AUD fiat currency, and purchase cryptocurrencies. Deposits may be made with PayID or via bank transfer. Luno was launched in Australia in 2020 and has quickly become a premium exchange in the country due to its reliable, user-friendly platform and low trading fees.

Does Luno Have a Wallet?

Although Luno doesn’t have a separate wallet, it offers a high level of security due to Bitgo Custody’s “deep freeze”, storage method. This means that most crypto on Luno is stored in offline cold storage.

Luno Cryptocurrency Exchange Review for Australia

Are you on Australian trader looking for an excellent crypto exchange platform? Then you might want to give Luno a shot!

Luno (previously known as Bitx) is a popular cryptocurrency exchange and wallet provider. It was founded in 2013 in Singapore and has since expanded to 44 countries around the globe. Bitx changed its brand name from Luno to Moon in 2017. Since its rebranding, Bitx has seen unimaginable growth. Luno has offices in Singapore and Cape Town, Australia as well as Nigeria, Singapore, Nigeria, Singapore, London, and Nigeria. It serves more than 7 million users. Luno has raised more than 13 million dollars from companies such as Venture Capital and Digital Currency Group based in the United Kingdom.

It provides Coinbase-like services, but has a global reach that isn’t permitted in all countries. It is the most popular cryptocurrency exchange in South Africa. It has the highest trading volume, closely followed by Nigeria. It has many lauded features, such as fast trade, quick deposit and withdrawal, direct bank transfer, simple trading, price alarm, etc. Before you make the final payment, it is a good idea to check the fee schedule. Luno reviews will show that Luno is a top-rated crypto exchange, despite this minor concern.

Luno is not a regulated exchange but it offers bank-level security. The deep freeze protects customer keys. Each key is stored in a safety deposit box at bank vaults. No one can access more than one box. It is protected by factors like two-factor authentication and encrypted private keys.

It is able to stand out despite being surrounded by many crypto exchanges. It is available in 44 countries and supports many cryptocurrencies. Its industry reputation is harmed by its inability to provide email support and occasional problems when users withdraw cryptos. It offers features such as instant buy-sell, bank transfer transfers and business accounts. This makes it a high-quality platform and has been able to rank on the top digital currency exchange platforms.

If you don’t feel like trying Luno after this review, worry not because here’s a comprehensive article about the best crypto exchanges to trade Bitcoin in Australia.

Luno Cryptocurrency Exchange Review for Canada

Luno, formerly known as Bitx is a popular crypto wallet and exchange. In 2013, the company was launched in Singapore. It has now expanded to 44 countries. Bitx changed its name to Luno in 2017 meaning Moon. Since the rebranding, it has seen an unanticipated growth. Luno currently serves 7 million users through offices in Singapore, Cape Town and Australia. Luno has raised 13 million dollars in funding from Venture Capital and Digital Currency Group, both based in the United Kingdom.

It is similar to Coinbase, but it has the ability to reach countries where Coinbase is not allowed. It is South Africa’s most prominent cryptocurrency exchange. It is closely followed by Nigeria, which has the second highest trading volume. It boasts a number of prestigious features like quick trade, deposit & withdraw, direct bank account transfer and simple trading. It is recommended that you verify the fee schedule before making any payment. Luno reviews will reveal that Luno has the highest quality crypto exchanges, despite the small concern.

Luno, although it isn’t a regulatory exchange, still provides a bank-level level of security. It securely stores customers’ private keys in a deep freeze. The key is kept in a safe deposit box in bank vaults. Only one person has access to the boxes. You can also use it safely thanks to factors such as two-factor authentication (encrypted private keys), hot wallets, multisignature keys, and hot wallets.

Although there are many cryptocurrency exchanges on the internet, it still manages to be unique. It can be found in 44 countries, supports a variety of cryptocurrencies, and is able to accept less-popular fiat currencies. The industry’s reputation for poor email support is hurt, as well as the occasional glitches that can occur when users withdraw cryptos. It has features like instant buy/sell, bank account transfer, and business accounts. These all contribute to a great user experience that has helped it become one of the most popular digital currencies exchange platforms.

Here’s an in-depth review about the best Canadian crypto exchanges out there if you don’t feel like giving Luno a shot!

Luno Cryptocurrency Exchange Review for United Kingdom (UK)

Luno is a popular wallet provider and crypto exchange. It was established in 2013 and expanded from Singapore to 44 other countries. Bitx’s brand name was changed to Luno, which means Moon, in 2017. It has experienced unimaginable growth since its rebranding. Luno is available in Singapore, Cape Town (Australia), Nigeria, Singapore and London. The company serves over 7,000,000 users. Luno raised over 13,000,000 dollars from Venture Capital and Digital Currency Group.

It offers Coinbase-like features, but also has global reach in countries where Coinbase cannot be used. It is South Africa’s most famous cryptocurrency exchange. It ranks second in South Africa’s trading volume behind Nigeria. It is renowned for its ease-of-use features such as simple trading, quick deposit & withdraw, direct transfer to a bank account, and price alert. Before making the final payment, you are advised to review the fee schedule. Luno reviews, while highlighting the minor issue, will prove that Luno remains one of the most trusted crypto exchanges.

Luno may not be regulated, but it still provides bank-level security. The deep freeze secures customers’ private keys. All keys are stored in safety deposit boxes in bank vaults. Each key can only be accessed once. The safe use of the key is made possible by security factors like two-factor authentication, hot wallets and multi-signature keys.

Despite the fact that there are so many crypto exchanges online, it is still unique. It supports fiat currencies less well-known, is available to users in 44 countries, as well as multiple cryptocurrencies. It lacks email support, which can cause it to lose its industry status. Users may also experience problems withdrawing cryptos. It provides features such as instant buy and sell, bank account transfers, business accounts, and other useful services that make it an excellent choice for users.

Just in case you’ve already tried Luno and not satisfied for some reason, don’t worry, here’s a quick review of the best Bitcoin exchanges in United Kingdom.

Conclusion

Summing up this Luno Review, this platform is a good fit for beginner crypto traders interested in jumping right in and learning on the way. The platform offers low fees, secure storage and protection, interest on crypto savings, and plenty of educational resources.

Though the selection of cryptocurrencies available is limited and the platform is not available everywhere, including the US, it is a solid platform with a user-friendly interface that is highly suitable for crypto newcomers.

Overall, Luno provides a valuable service, allowing the world to exchange and spend cryptocurrency in the main economy. However, investors might prefer an exchange such as eToro for U.S customers or Plus500 for UK traders. These exchanges offer multiple assets and allow you to trade crypto in real time across multiple asset classes.

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