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Luno cryptocurrency exchange – October 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% (up to 25% for MYR)
Taker: 0.03-10% (0.08-0.20% for IDR) (0.15-0.50% for MYR)
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

Luno trading fees get vary based on your total trade volume over the last 30 days. After hitting GBP £250,000 equivalent in 30 day trading volume you can start getting discounts.

30 day trade volumeMaker feeTaker fee
< GBP £250,0000%0.1%
GBP £250,000+0%0.09% – 0.03%

Deposit and withdrawal fees

Deposit fees
Deposit methodFee
Bank transferFree
Cryptocurrency depositFree (minus blockchain fees)
Withdrawal fees
Withdrawal methodFee
SEPA transferFree

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.

Limits

Trading limits
Verification levelRequirementsLimits
Level 1Mobile number, basic personal details, selfieGBP £1,000 lifetime deposit/withdrawal limit
Level 2All the above plus government-issued IDGBP £5,000 monthly deposit/withdrawal limit
Level 3All the above plus proof of residential addressGBP £100,000 monthly deposit/withdrawal limit

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 GBP and SGD bank deposits. Other currencies will usually take one or two business days to arrive in your account.

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. 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?

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
GBP, AUD

13
cryptocurrencies
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CoinField Cryptocurrency Exchange - UK
CoinField Cryptocurrency Exchange - UK
Express Interac e-Transfer,Bank transfer (SEPA),Wire transfer,Credit or Debit Card
USD, EUR, CAD, GBP, JPY, AED

24
cryptocurrencies
Canadian-founded Bitcoin and cryptocurrency exchange available in 193 countries.
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Exmo Cryptocurrency Exchange
Exmo Cryptocurrency Exchange
AdvCash,Bank transfer,Cryptocurrency,Debit card,Payeer
USD, EUR, GBP, RUB, PLN, TRY, UAH, KZT

53
cryptocurrencies
A UK-based cryptocurrency platform that provides buyers with a wide variety of payment options.
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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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