Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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.
Luno trading fees get vary based on your total trade volume over the last 30 days. After hitting AU$350,000 equivalent in 30 day trading volume you can start getting discounts.
30 day trade volume
EUR 0.00 – EUR 249,999.99
EUR 250,000.00 – EUR 499,999.99
EUR 500,000.00 – EUR 999,999.99
EUR 1,000,000.00 – EUR 1,999,999.99
EUR 2,000,000.00 – EUR 3,999,999.99
EUR 4,000,000.00 – EUR 7,999,999.99
EUR 8,000,000.00 – EUR 15,999,999.99
Deposit and withdrawal fees
Debit and credit card deposit
Checkout cards EUR
The minimum instant buy/sell purchase is $1, the maximum purchase size is $30,000. There is no limit on the number of transactions that can be done, and these limits do not apply to the exchange.
Deposits over all time EUR 1,000
Deposits per month EUR 5,000
Withdrawals over all time EUR 1,000
Withdrawals per month EUR 5,000
How fast will my funds be available?
Up to 48 hours
Deposit times vary depending on the currency and payment method. Bitcoin deposits are available in about half an hour, while credit and debit card deposits are typically available within minutes, as are GBP and SGD bank deposits. Other currencies will usually take one or two business days to arrive in your account.
Within 24 hours
Withdrawals will typically be processed on the same day, with the potential exception of weekends and public holidays. While most supported currencies are available for withdrawal 24 hours a day, IDR, MYR, ZMK and UGX are processed in batches and may take longer.
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 €1,000 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 SEPA deposit, deposit funds through credit or debit card, 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, 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.
Luno is available in Indonesia, Malaysia, South Africa, Nigeria, Singapore, Uganda, Zambia and Europe (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, 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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