Finder UK
UK
AU
US
NZ
CA
SG
More
UK
AU
US
NZ
CA
SG
More
Advertiser Disclosure

Luno cryptocurrency exchange – August 2020 review

Andrew Munro
Andrew Munro
Last updated:  

Luno aims to make buying bitcoin and Ethereum easy.

  • Great for simple purchases
  • Not so great for its unpredictable instant buy/sell fees

Check out our full list of pros and cons or read on.

8

Fiat currencies

5

Cryptocurrencies

Details

Product Name Luno Cryptocurrency Exchange
Fiat Currencies EUR, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
Cryptocurrencies BTC, ETH, BCH, XRP, LTC
Deposit Methods Bank transfer
Credit card
Debit card
Electronic Funds Transfer
Interbank GIRO
Trading Fee Maker: 0%
Taker: 0.10-1.00%
Deposit Fees Varies by payment method
Withdrawal Fees Fee varies

Pros

  • Simple and straightforward
  • Easy transfers
  • Tiered verification
  • Managed wallet

Cons

  • Third-party wallet
  • Batched transfers
  • No GBP support
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.

Learn more about Luno

Fiat currencies & cryptos
Payment methods
Fees & limits
Security
How to sign up
Pros & cons
FAQs
Compare exchanges

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: EUR, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
  • Supported cryptocurrencies: 5 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC

Which payment methods are accepted?

  • Bank transfer
  • Credit card
  • Debit card
  • Electronic Funds Transfer
  • Interbank GIRO
Go to Luno's website

What’s it like to use Luno?

1. Dashboard

You'll find everything you need on the dashboard after signing in.

2. Sending and receiving

You can send BTC and ETH to other Luno users through their email address, phone number or anywhere with a wallet address.

3. The market

Instantly buy and sell BTC or ETH. You can also go to the market to trade with others.

4. Help centre

Get answers to your questions at the Luno help centre.

‹ ›

Fees and limits

Platform trading fees

Trading typeFee
Instant buy/sellVaries – fees determined and shown prior to sale
BTC/EUR peer-to-peer trading fees0% maker fee

0.25% taker fee

ETH/BTC peer-to-peer trading fees0% maker fee

0.25% taker fee

Deposit and withdrawal fees

Luno doesn’t support British pounds, so when applicable, such as making a GBP deposit onto Luno, your funds will be converted to EUR at prevailing rates plus an exchange fee.

Deposit fees
Deposit methodFee
Debit/credit card depositFree
SEPA transferFree
Withdrawal fees
Withdrawal methodFee
SEPA transfer€0.30

Luno advises UK customers that you should only request withdrawals to your own regular bank accounts.

If you try to withdraw funds from Luno to a non-bank service provider such as a building society or to another service provider such as an international money transfer service, it might get caught in limbo.

Transaction fees

Transaction methodFee
Send or receive BTC by email or phone numberFree
Send BTC by addressNetwork fees
Receive BTC by addressBTC 0.0002
Send ETH to addressNetwork fees
Receive ETH to addressFree

Limits

Trading limits
Limit typeLimit
BTC/EUR instant buy/sell per transaction€1 minimum

€8,000 maximum

Number of transactions per day/week/monthUnlimited
Deposit and withdrawal limits
Verification levelDeposit and withdrawal limit
Level 1€1,000 all time
Level 2€5,000 per month
Level 3€100,000 per month

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Up to 48 hours

  • Euro deposits can take up to 48 hours to arrive in your account.
  • Bitcoin deposits will arrive within three confirmations (approximately half an hour)

Wallet transfers

Clock icon for transfer speed

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.

Withdrawals

Clock icon for transfer speed

Within 24 hours on cutoff times

Withdrawals are released three times a day, with the cut-off time for each withdrawal being an hour before release. For example, to make the 8am release time you have to request a withdrawal no later than 7am.

The daily cut-offs are 7am, 10am and 2pm, the release times are 8am, 11am and 3pm.

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?

Go to Luno's website
Back to top

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

Pros

  • 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.

Cons

  • 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.
  • No GBP support. Luno doesn’t support pounds, so any deposits will have to be converted to euros en route, which might take a bite out of deposits.

Go to Luno's website
Back to top

Compare Luno against other exchanges

Table: shows partner brands and other brands, sorted by popularity
Name Product Deposit methods Fiat Currencies Cryptocurrencies
CoinJar UK
CoinJar UK
Cryptocurrency,Electronic Funds Transfer,Bank transfer (SEPA),Wire transfer,Fiat currencies
GBP, AUD

1
cryptocurrency
Go to site
View details
eToro Cryptocurrency Trading & CFDs
eToro Cryptocurrency Trading & CFDs
Credit card,Debit card,Neteller,PayPal,Wire transfer,Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

1
cryptocurrency
Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
Go to site
View details
BC Bitcoin Cryptocurrency Broker
BC Bitcoin Cryptocurrency Broker
Bank transfer,Credit card,Debit card,Bank transfer (SEPA),Wire transfer
GBP, EUR

1
cryptocurrency
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Go to site
View details
loading

Compare up to 4 providers

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site