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Luno cryptocurrency exchange – October 2020 review

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Luno aims to make buying Bitcoin and Ethereum easy.

  • Great for simple purchases
  • Not so great for its unpredictable instant buy/sell fees

Check out our full list of pros and cons or read on.


Fiat currencies




Product Name Luno Cryptocurrency Exchange
Fiat Currencies EUR, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
Cryptocurrencies BTC, ETH, BCH, XRP, LTC
Deposit Methods Bank transfer
Credit card
Debit card
Electronic Funds Transfer
Interbank GIRO
Trading Fee Maker: 0% (up to 25% for MYR)
Taker: 0.03-10% (0.08-0.20% for IDR) (0.15-0.50% for MYR)
Deposit Fees Varies by payment method
Withdrawal Fees Fee varies


  • Simple and straightforward
  • Easy transfers
  • Tiered verification
  • Managed wallet


  • Third-party wallet
  • Batched transfers
  • No GBP support
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about Luno

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: EUR, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
  • Supported cryptocurrencies: 5 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC

Which payment methods are accepted?

  • Bank transfer
  • Credit card
  • Debit card
  • Electronic Funds Transfer
  • Interbank GIRO
Go to Luno's website

What’s it like to use Luno?

Fees and limits

Platform trading fees

Trading typeFee
Instant buy/sellVaries – fees determined and shown prior to sale
BTC/IDR peer-to-peer trading fees0% maker fee

0.20% taker fee

ETH/BTC peer-to-peer trading fees0% maker fee

0.25% taker fee

Deposit and withdrawal fees

Deposit fees
Deposit methodFee
ATM/SMS/Internet/Mobile bankingIDR4,000
Bank transferFree
Withdrawal fees
Withdrawal methodFee
Bank transferIDR6,500

You can only request withdrawals from your Luno wallet to a bank account that is in your own name. This means that you cannot withdraw funds into a friend or family member’s bank account. If you wish to make withdrawals from Luno to a company bank account, you’d need to apply for a company account with Luno. Also, make sure you’ve verified your identity before requesting a withdrawal.

Transaction fees

Transaction methodFee
Send or receive BTC by email or phone numberFree
Send BTC by addressNetwork fees
Receive BTC by addressBTC 0.0002
Send ETH to addressNetwork fees
Receive ETH to addressFree


Trading limits
Limit typeLimit
BTC/IDR instant buy/sell per transactionIDR15,000 minimum

IDR120,000,000 maximum

Number of transactions per day/week/monthUnlimited
Deposit and withdrawal limits
Verification levelDeposit and withdrawal limit
Level 1IDR15,000,000 all time
Level 2IDR25,000,000 per month
Level 3No limits

How fast will my funds be available?


Clock icon for transfer speed

Up to 24 hours

  • Rupiah deposits can take up to 24 hours to arrive in your account.
  • Bitcoin deposits will arrive within three confirmations (approximately half an hour)

Wallet transfers

Clock icon for transfer speed

From 1 minute to within 24 hours

Amounts less than 10 BTC or 20 ETH per 24 hours will typically be processed within a minute. Otherwise they’ll be processed in batches at the next sending time.

Sending times occur 4 times per day at 7am, 11am, 2pm and 4pm.


Clock icon for transfer speed

Within 24 hours on cutoff times

Withdrawals are released two times a day, with the cut-off time for each withdrawal being an hour before release. For example, to make the 2pm release time you have to request a withdrawal no later than 1pm.

The daily cut-offs are 1pm and 8pm, the release times are 2pm and 9pm.

Withdrawals are only processed on business days.

Is Luno safe to use?

  • Regulation. Luno is a registered business (Company number 10388856) in the UK. Formerly known as BitX, its founders have a long history of calling for a safer and more tightly-regulated cryptocurrency industry.
  • Verification process. Luno offers several verification levels to suit different users. The level 0 verification prohibits trading and is the default after initial sign-up. To trade at all, users will need to confirm their mobile number and provide some basic details. The tiered verification level provides more flexibility to users, while still meeting Luno’s commitments to compliance.
  • Security features. Luno supports 2-factor authentication to better protect your account and stores most user funds in offline cold wallets. In addition, it uses multi-signature wallets when unlocking hot wallets, meaning at least two different parties hold separate parts of the key, and all are needed to unlock the wallets.

How do I create an account at Luno?

Go to Luno's website
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What else do I need to know about Luno?

Luno was founded in 2013, starting off in Cape Town, South Africa. Initially called BitX, it rebranded to Luno in 2017. By the start of 2018, Luno claims to have had over 2 million customers and to have processed over USD$5 billion.

It’s known for its goal to serve unbanked populations, facilitate lower-cost remittance payments and otherwise make it easy for people to unlock the practical applications of Bitcoin. To this end, Luno has been a well-known and active voice in the regulatory development of the industry.

In a nutshell


  • Simple and straightforward. Luno can help people buy, sell and send BTC, ETH, BCH and XRP without fuss.
  • Easy transfers. Luno lets you send and receive BTC, ETH, BCH and XRP to and from other users for free, with email or phone number.
  • Tiered verification. The tiered verification structure helps keep sign-ups quicker.
  • Managed wallet. The built-in Luno wallet makes things simpler for first-time users.


  • Third-party wallet. By keeping your crypto on Luno, you’re entrusting it entirely to Luno. This can be risky if something goes wrong.
  • Batched transfers. Luno batches fiat transfers and large crypto transfers, which might slow things down and get in the way.
  • Debit/credit card deposits not supported. Luno doesn’t support debit/credit card deposits for IDR, so any deposits will have to be done via bank transfer, ATM, Internet or mobile banking.

Go to Luno's website
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Compare Luno against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Credit card,Cryptocurrency,Debit card,Osko,PayID


Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer


Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody


Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.

Compare up to 4 providers

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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