8

Fiat currencies

10

Cryptocurrencies

Details

Product Name Luno Cryptocurrency Exchange
Fiat Currencies AUD, EUR, GBP, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
Cryptocurrencies BTC, ETH, XRP, BCH, LTC, ADA, LINK, UNI, USDC, SOL & 1 more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
PayID
Trading Fee Maker: 0%
Taker: 0.03-0.10%
Deposit Fees Free ($1.30 for amounts below $50)
Withdrawal Fees Free ($1.30 for amounts below $50)
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 exchange is a beginner-friendly exchange that offers 8 cryptocurrencies and a variety of features. The exchange is popular for newbie crypto enthusiasts with little knowledge of how to operate more complex exchanges. Luno has low transaction fees and a fiat deposit feature among other services.

In a nutshell

Pros

  • Intuitive web platform and mobile app. Beginner-friendly interface and informative learning portal make it easy for anyone to get started in crypto investing.
  • Highly secure. The majority of its clients’ digital assets are held in “deep freeze” using a multi-sig wallet where the keys are generated and stored entirely offline and offsite.
  • Tiered verification. The tiered verification structure helps keep sign-ups quicker.

Cons

  • Limited selection of cryptocurrencies. Luno only supports the following cryptocurrencies: BTC, ETH, BCH, LINK, LTC, UNI, XRP and USDC.
  • High trading fees. Luno charges a trading fee of 0.75% for buying and selling cryptocurrency, which is comparatively higher than many of its competitors.
  • Third-party wallet. By keeping your crypto on Luno, you’re entrusting it entirely to Luno. This can be risky if something goes wrong.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD, EUR, GBP, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
  • Supported cryptocurrencies: Approximately 10 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • Credit card
  • Cryptocurrency
  • Debit card
  • PayID

What’s it like to use Luno?

Fees and limits

Platform trading fees

CurrencyMethodFee
SGDPurchase via Luno Wallet/Instant Buy*0.75%
SGDSell via Luno Wallet/Instant Sell0.75%

*Note: For instant crypto purchase via a payment method that doesn’t require a prior deposit into your SGD wallet, you’ll incur an additional 3.5% fee.

Deposit and withdrawal fees

Fiat deposit fees
CurrencyDeposit methodFee
SGDBank transferFree
SGDStraitsX transferFree
Fiat withdrawal fees
CurrencyWithdrawal methodFee
SGDBank transfer$2
SGDStraitsX transferFree

Limits

Trading limits
Verification levelRequirementsLimits
Level 1Mobile number and basic personal detailsN/A
Level 2Submit a photo/scan of your government-issued ID, selfie and all of the aboveDeposit/withdrawal: $30,000 per month
Level 3Enter your residential address, indicate your employment status, occupation, source of funds and all of the aboveNo limits

How fast will my funds be available?

Deposits

Clock icon for transfer speed

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 SGD bank deposits.

Withdrawals

Clock icon for transfer speed

Within 24 hours

Withdrawals will typically be processed on the same day, with the potential exception of weekends and public holidays.

Is Luno safe to use?

  • Regulation. Luno is granted in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide its services in Singapore. Formerly known as BitX, its founders also 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?

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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 April 2022, Luno claims to have had over 10 million customers.

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.

Compare Luno against other exchanges

1 - 3 of 26
Name Product Deposit methods Fiat Currencies Cryptocurrencies
Independent Reserve Exchange
Bank transfer (ACH), Cryptocurrency, Xfers, SWIFT, FAST Transfer
SGD, USD, AUD, NZD

19
cryptocurrencies

First licensed crypto exchanged in Singapore. Instantly deposit SGD via FAST and buy bitcoin today. Established in 2013, Independent Reserve is one of Singapore's most trusted exchanges.
Tokenize Xchange
Bank transfer, Xfers
SGD

89
cryptocurrencies

FINDER EXCLUSIVE: Get 2 TKX when you sign up and deposit a minimum of 500 SGD. T&Cs apply.
Trade 70+ cryptocurrencies with SGD and earn interest by staking coins on this robust platform.
Kraken Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Wire transfer, Osko, SEPA, Apple Pay, Google Pay, SWIFT
USD, EUR, GBP, JPY, CAD, CHF, AUD

195
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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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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