Luno cryptocurrency exchange – October 2020 review

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

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?

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
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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 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
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Compare Luno against other exchanges

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Frequently asked questions

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