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Luno Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Luno logo
3.81
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Luno

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Luno stands tall in the landscape of cryptocurrency exchanges, not merely for its trading volume or range of services but for its commitment to creating a user-centric platform. From the ease of making deposits to the peace of mind offered by secure wallets, Luno is a compelling choice for anyone looking to engage with Bitcoin and Ethereum within a reliable environment.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Support for multiple fiat currencies
  • Relatively low transaction fees
  • Offers a Bitcoin savings wallet
  • Provides instant buy/sell features

Cons

  • Limited selection of cryptocurrencies
  • No advanced trading features like margin trading
  • Customer support can be slow to respond
  • Limited geographic availability
  • Lacks some advanced security features

Quick Summary

Headquarters Location International
Fiat Currencies Supported USD, AUD, GBP, EUR + 5 others
Total Supported Cryptocurrencies 12+
Trading Fees 0.75%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, PayID, FPX
Support Facebook, Twitter, Instagram, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Luno stands out as a beacon in the bustling space of cryptocurrency exchanges. With a focus on simplicity and ease of use, Luno has carved out a unique position that resonates with both seasoned traders and newcomers to the world of digital currency.

Luno homepage

Navigating the vastness of the crypto exchange universe, Luno distinguishes itself by offering a streamlined path akin to the driver’s seat of a meticulously designed vehicle, where each control not only serves a purpose but enhances the driving experience. Luno’s philosophy embeds the notion that a user should feel in command of their journey in the crypto space, with the tools and insights at their fingertips to make informed decisions.

The platform’s design philosophy takes cues from the comfort and intuitiveness found in expertly crafted camping equipment, where every pocket of space is optimised, and every feature serves to elevate the user’s experience.

About Luno

Established in the heart of Cape Town, Luno has expanded its reach far beyond its South African origins, providing a platform where Bitcoin and a selection of other cryptocurrencies can be easily accessed. The history of Luno is one of constant evolution, with a commitment to maintaining a user-friendly experience while embracing the growth of the crypto exchange sector.

Luno’s narrative is interwoven with pivotal moments in cryptocurrency’s ascent, mirroring the sector’s fluctuating trends and the public’s growing appetite for digital finance. From its roots in Cape Town, the platform’s growth has run parallel to Bitcoin’s own epic journey, adapting to the dynamic nature of the market and user needs.

Luno features

Like the addition of a robust roof rack to an off-road vehicle, Luno has continuously expanded its offering, adding storage space for new coins and functionalities, all while ensuring that the fundamental structure remains solid and reliable. The exchange has seen the ebb and flow of market sentiment, from the pine needle-like spikes in interest to the wood chip-dull periods of consolidation, and has remained a steadfast participant in the crypto realm through it all.

Luno has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, TikTok and YouTube.

Luno has a mobile app on both the Apple App Store and Google Play.

Luno Supported Cryptocurrencies

Luno supports trading on over 12 cryptocurrencies on their platform. This exchange currently supports 12 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • TRON (TRX)
  • Chainlink (LINK)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Toncoin (TON)
  • Shiba Inu (SHIB)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Immutable (IMX)
  • UNUS SED LEO (LEO)
  • Cosmos (ATOM)
  • Bittensor (TAO)
  • Aptos (APT)
  • Filecoin (FIL)
  • Ethereum Classic (ETC)
  • Stacks (STX)
  • NEAR Protocol (NEAR)

View all cryptocurrencies Luno supports

  • ADA
  • AVAX
  • BCH
  • BTC
  • ETH
  • LINK
  • LTC
  • SOL
  • UNI
  • USDC
  • USDT
  • XRP

Trading Experience

Trading on Luno is likened to sitting in the passenger seat with every control within easy reach. The platform ensures that both casual and serious traders have plenty of space to execute their strategies without hassle.

The user interface is designed for clarity, allowing traders to focus on their moves rather than on how to navigate the exchange.

Trading on Luno provides a sense of spaciousness, akin to the rear footwell of a vehicle that has been converted into a comfortable sleeping space with the Luno Air Mattress. With ample room to manoeuvre, traders can inflate their strategies using the inflation pump of advanced charting tools.

The experience is tailored to ensure comfort while engaging with the markets, much like the Personalized Comfort system of a high-end air mattress, accommodating the needs of individuals regardless of their trading posture. Whether a user is just starting their journey in the crypto space or is a seasoned enthusiast, Luno’s platform provides the equivalent of an electric air pump – a tool that simplifies the process, making it efficient and hassle-free.

Luno exchange marketing

Luno Fees

Luno adopts a transparent fee structure that balances competitiveness with sustainability. The fees are designed to encourage trading while ensuring that the exchange can continue to offer a high-quality service.

While specifics can vary, the fee system is constructed to be as straightforward as possible, allowing users to engage with the exchange without feeling weighed down by complex pricing models.

Luno’s fee structure is akin to an adjustable comfort valve on a high-quality air mattress, allowing for a degree of flexibility and personalisation while ensuring that the core experience remains unaffected by fluctuating pressures. This approach ensures that the exchange remains accessible to a diverse audience, from those looking to set up a comfortable sleeping surface with minimal investments to seasoned traders seeking extra space for expansive trading strategies.

The fees, devoid of the dead space of complexity, offer transparency that allows users to engage with the platform with confidence, knowing that they are not entangled in hidden costs or confusing tier systems.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) Not Listed
Trading Fee 0.75%
Withdrawal Fee (Bank Transfer) 0%

Luno supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0002 BTC compared to the industry average of 0.000075 BTC. So Luno has a fee that is above the industry average by 166.67%.

Security - Is Luno Safe?

Security is a cornerstone of Luno’s operations, with a robust framework to safeguard assets. The use of cold storage, multi-sig wallets, and stringent verification processes shows Luno’s dedication to protecting users’ investments.

Regulation and compliance are also taken seriously to provide an additional layer of confidence and trust.

In the realm of security, Luno operates with the vigilance of a camping fan keeping the pests at bay throughout the night. The use of cold wallets, much like durable 300-denier fabric shelters, provides a resilient barrier against external threats.

These wallets, comparable to safe deposit boxes, are fortified against vulnerabilities, ensuring users’ assets are safeguarded from the claws of unauthorised access. Layering security measures, Luno embraces a multi-tiered approach, akin to a multi-sig wallet system, which adds layers as protective as 300-denier Oxford fabric, known for its endurance.

This security fabric is woven tight, leaving no room for slow leaks of information or breaches, thus maintaining the integrity of users’ holdings.

Luno Customer Support

Customer support at Luno is the equivalent of having a dedicated co-pilot. Quick to respond and knowledgeable, the support team works to ensure that every user’s experience is akin to riding on air – comfortable and worry-free.

Whether it’s a query about a transaction or assistance with verification, the support team is there to help.

When a user encounters any turbulence or uncertainty, Luno’s customer support is there to act as a pump that quickly re-inflates their confidence and resolves their queries. This support serves as a comfort valve that users can rely on, offering guidance and solutions without the wait that would deflate a good experience.

The support team’s responsiveness is like a camping fan: always there to ensure a comfortable experience, whether it’s a simple question or a more complex issue requiring in-depth assistance. Their knowledge spans the fabric of Luno’s services, ensuring that help is both relevant and effective.

Luno support

Luno Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Luno

  1. Create Account - Visit the Luno website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • PayID
  • FPX

Luno Alternatives

Binance logo

Binance

3.27
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
359+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 78 others

Visit Binance
Kraken logo

Kraken

3.67
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
233+

Trading Fees
0.06% - 0.16%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

Visit Kraken
OKX logo

OKX

3.75
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
332+

Trading Fees
0.06% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

Reflecting on Luno, it becomes apparent that this platform is more than just a place to trade crypto. It’s a gateway to a broader experience that encompasses comfort, ease, and the reassurance of a well-thought-out service.

Luno’s approach to crypto trading promises a smooth sailing journey for anyone looking to navigate the digital currency waters.

Looking forward, one can see the role of crypto exchanges in the digital finance landscape as pivotal. As the sector continues to mature, like the evolution from basic camping experiences to sophisticated 4×4 camping adventures, exchanges will likely become even more integrative, offering seamless experiences across various financial spheres.

Luno, with its user-centric approach, could play an important role in this transformation, helping to navigate the terrain of a financial ecosystem that increasingly values digital assets. The potential for exchanges to influence the widespread adoption of cryptocurrencies, much like how the comfort and convenience of air mattresses revolutionised the camping experience, is immense.

Luno FAQs

Luno is a cryptocurrency exchange that is recognized in the industry for providing services such as buying, selling, and storing cryptocurrencies. It operates in several countries and complies with local regulations and standards where it is available.

Like any platform that operates online, it is important for users to follow good security practices to protect their accounts.

As with any investment platform, there is always a risk of financial loss. The value of cryptocurrencies can be highly volatile, and customers may lose money if the value of their investments decreases.

Additionally, while Luno implements security measures, users must also ensure that they take steps to secure their accounts.

Luno, like any online platform, could potentially be a target for hackers. However, the company has implemented various security features to protect users’ assets.

It is also crucial for users to use strong passwords and two-factor authentication to minimize the risk of their accounts being compromised.

An individual’s Luno account could be at risk if that person does not follow good security practices. Users are advised to enable two-factor authentication, use strong and unique passwords, and be cautious of phishing attempts to reduce the likelihood of their account being hacked.

Withdrawal times from Luno may vary depending on the user’s bank and the processing times of the network for cryptocurrency withdrawals. It’s important to check the specific withdrawal times for the currency you are using and take note of any potential processing delays.

Transactions made using cryptocurrencies can typically be traced on the blockchain, which is a public ledger. However, the identities of the individuals involved in the transactions are not directly connected to the transaction data on the blockchain.

Determining which is better between Luno and Binance would depend on the user’s specific needs and preferences. Both are recognized cryptocurrency exchanges that offer a range of services.

Binance is known for a comprehensive platform with a wide array of features, while Luno is often favored for its user-friendly interface and services tailored to specific markets. Users should consider factors like security, fees, supported currencies, and customer support when deciding between the two.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: