Luno aims to make buying Bitcoin and Ethereum easy.
- Simple purchases
- Flexible verification levels
- Both P2P and instant buy/sell
Not so great for:
- Debit/credit card deposits not supported
- Unpredictable instant buy/sell fees
Check out our full list of pros and cons or read on.
|Product Name||Luno Cryptocurrency Exchange|
|Fiat Currencies||EUR, IDR, MYR, NGN, ZAR|
Electronic Funds Transfer
Bank transfer (SEPA)
Interbank Funds Transfer
Varies by payment method
|Withdrawal Fees||Fee varies|
Learn more about Luno
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: EUR, IDR, MYR, NGN, ZAR
- Supported cryptocurrencies: 2 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Credit card
- Debit card
- Electronic Funds Transfer
- Bank transfer (SEPA)
- Interbank GIRO
- Interbank Funds Transfer
What’s it like to use Luno?
Fees and limits
Platform trading fees
|Instant buy/sell||Varies – fees determined and shown prior to sale|
|BTC/IDR peer-to-peer trading fees||0% maker fee
0.20% taker fee
|ETH/BTC peer-to-peer trading fees||0% maker fee
0.25% taker fee
Deposit and withdrawal fees
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||Free|
|Send BTC by address||Network fees|
|Receive BTC by address||BTC 0.0002|
|Send ETH to address||Network fees|
|Receive ETH to address||Free|
|BTC/IDR instant buy/sell per transaction||IDR15,000 minimum
|Number of transactions per day/week/month||Unlimited|
Deposit and withdrawal limits
|Verification level||Deposit and withdrawal limit|
|Level 1||IDR15,000,000 all time|
|Level 2||IDR25,000,000 per month|
|Level 3||No limits|
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?
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 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.