Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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.
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.
Send or receive BTC by email or phone number
Send BTC by address
Receive BTC by address
Send ETH to address
Receive ETH to address
BTC/IDR instant buy/sell per transaction
Number of transactions per day/week/month
Deposit and withdrawal limits
Deposit and withdrawal limit
IDR15,000,000 all time
IDR25,000,000 per month
How fast will my funds be available?
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)
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.
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?
If you want to use Luno, sign up for a free Luno wallet online or by downloading the app on iOS or Android.
Start the verification process by going to “Settings” and then providing the appropriate information.
You will need to get verified beyond level 1 if you want to deposit or withdraw more than IDR15,000,000 or equivalent in crypto to your account. Your limits will vary with your account level, each of which has different ID requirements.
Level 0: Confirm your email address or sign up with your social media account.
Level 1: Confirm your mobile number and provide some basic personal details.
Level 2: Submit a photo or a scan of government-issued ID. Accepted documents include national identity card, a passport, a driving licence or a clear selfie.
Level 3: Submit proof of residential address, such as a utility bill, an ISP statement, bank statement, mortgage statement, etc.
Make a bank transfer, deposit funds through ATM, Internet or mobile banking, or create your wallet to deposit BTC/ETH to fund your account.
You can now take advantage of the peer-to-peer market or instant buy/sell functions.
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 and ETH without fuss.
Easy transfers. Luno lets you send and receive BTC and ETH 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.
Luno is available in Indonesia, Malaysia, South Africa, Nigeria and Europe (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom).
Yes. You can download the Luno app for iOS or Android via your device’s app store.
Luno offers a comprehensive and searchable help centre that has answers to most commonly asked questions.
To get in touch with Luno, you can find it on a number of social media channels including Facebook, Twitter, Instagram and LinkedIn.
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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