Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
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
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.
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.
*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
Fiat withdrawal fees
Mobile number and basic personal details
Submit a photo/scan of your government-issued ID, selfie and all of the above
Deposit/withdrawal: $30,000 per month
Enter your residential address, indicate your employment status, occupation, source of funds and all of the above
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 SGD bank deposits.
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?
If you want to use Luno, sign up for a free Luno wallet online or by downloading the app on iOS or Android.
Follow the step-by-step prompts to verify your account. Provide the necessary information and documents to complete the signup process.
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 or a driving licence. You’ll also need to upload a clear selfie.
Level 3: Submit proof of residential address, such as a telco/utility bill, bank statement, mortgage statement, etc.
Next, you can fund your account with Singapore dollars through a bank transfer, StraitsX, credit or debit card. You can also deposit any of the 8 supported cryptocurrencies from an external wallet to your Luno wallet.
You can now take advantage of the Luno wallet 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 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
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Frequently asked questions
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 the support team, visit Luno’s ‘Contact us’ page or through its social media channels including Twitter 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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