Luno is a cryptocurrency exchange service provider. The company was founded in 2013 as BitX and renamed in 2017 under the Luno brand. Luno currently has more than 3 million users and has processed more than $ 8 billion. They are available in 44 countries across Europe, Asia and Africa, but are not available in the United States. In this article we’ll have a Luno exchange review.
The exchange supports four cryptocurrencies at the moment: Bitcoin, Bitcoin Cash, Ethereum and XRP (Ripple). They offer User-friendly performance and a simple way to buy coins. They support seven languages and a useful knowledge portal. Luno Help Center answers most questions about the account, verification, deposit / withdrawal, and detailed fee and deposit time diagrams.
It offers affordable deposit / withdrawal costs. Because the cryptocurrency market is not regulated, they registered with the Bank of Malaysia as a cryptocurrency reporting body.
Luno’s slogan is interesting and represents the company’s mission to “upgrade the world to a better financial system”. The exchange began working in South Africa in 2013, then moved to London, England, but also has offices in Cape Town and Singapore. The company allows its users to buy / sell cryptocurrencies and has a Wallet service that allows payment with Bitcoin.
They were part of the FCA Sandbox program in 2016, which allows testing of financial products under regulatory oversight. They have launched their crypto wallet in 2017 for BTC, and they added ETH and XRP to the portfolio in 2018 and 2020 respectively. Luno has got their currency reporting reference from Central Bank of Malaysia and they began to expand their services across the Europe.
As mentioned above the exchange supports the most popular cryptocurrencies today and 16-pair trading. Luno has real insight into the market. And they support seven languages, have a mobile app, provide a chart view of the market, and have access to the API.
Is Luno safe?
The good news is that Luno has not been hacked yet. It is safe to use this exchange because it keeps digital assets using cold storage devices and 2FA (second-step-verification) has been added as a layer of user account security.
There is a lot of information in the help section on how to protect against phishing scams, malware and mail scams. There is sufficient advice on how to increase the security of your account and prevent fraud.
As an added security layer, any user can disable the “send” option in their Luno wallet. This protects the wallet from being hacked, as activating this feature requires approval by 2FA and takes 24 hours.
What makes the Luno exchange special?
Luno Exchange offers a variety of services such as cryptocurrency trading, wallet service and API service. These are somewhat appealing to both beginners and experienced traders.
Exchange, brokerage and staking services
users can buy and sell cryptocurrencies with Luno. It also provides users with exchange services for cryptocurrencies to Fiat. Four cryptocurrencies and 16 pairs are available for trading on the platform.
Users can keep their coins in their wallet for as long as they want. Although OTC has been available in the past, but Luno no longer supports OTC trading.
Luno crypto trading
Luno exchange review shows that it support a reward program that allows you inviting your friends to join Luno. When your friend accepts Luno and joins it and buys the required bitcoin amount, both you and your friend will receive a free bitcoin reward. This amount varies between currencies, but for EU users it is € 15 That is collectible in BTC.
If you interest in affiliation program, we can help you in MinerLand affiliation sevices.
Luno exchange review other services
The Luno Store is a destination where users can see useful applications and services that are specifically targeted at the crypto market. Also Luno API is a service for developers that can be used to build custom applications or integrate crypto payments.
Payment methods and costs supported
Luno accepts deposits only after account verification, and only from bank accounts belonging to the same wallet user. Depending on the user’s country of residence, there are several ways to deposit money into your Luno account.
EU residents can use bank transfer with SEPA and credit cards, users from Indonesia, Nigeria, Uganda and Zambia can use bank transfer, users from Malaysia can use GIRO fast or interbank transfer, people from Singapore can use Xfers transfer And users from South Africa Can deposit via EFT.
Deposit fees depend on the currency and the method chosen to deposit money into your Luno account. There is no charge for deposits in Euros, Malaysian Ringgits (MYR), Singapore Dollars (SGD), Uganda Shillings (UGX) and Zambia Kwacha (ZMW), while deposits in Indonesian Rupiah (IDR), Nigeria Naira (NGN), and South African Rand (ZAR) have different deposit fees. If you want to deposit your fund in crypto, then there is zero fee.
Luno receives small withdrawal fees that vary for the currency of your choice. If you withdraw the euro through SEPA transfer, you will have to pay 0.3 euros. In IDR it costs 6500 IDR, in MYR it is 0.1 MYR, for NGN 200 it is NGN, there is no cost for SGD, for UGX it costs 2000 UGX, for ZAR it is 8.5 ZAR and if you pick up at ZMW, you need to pay 10 ZMW.
If you decide to withdraw cryptocurrency, the costs are different. Bitcoin withdrawals, bitcoin cashes and ether have dynamic costs that vary depending on network traffic. Withdrawing XRP costs 0.03% of the amount, however, withdrawing BTC has no fee.
The Luno was conceived as an encrypted currency that served the less popular markets among developing countries. It was first introduced in South Africa and later extended its services to people from Indonesia, Malaysia, Nigeria, Singapore, Uganda, Zambia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Greece, Hungary. , Iceland, Isle of Man, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
Luno only supports trading with Bitcoin, Bitcoin Cash, Ethereum and XRP (Ripple). These four cryptocurrencies are among the most popular today. These are also supported by Luno Wallet.
Limitations and liquidity
Luno Exchange has no limit on the amount of cryptocurrencies you can buy or sell. The only limitation is when you use the instant buy / sell option and it depends on the transaction and the country of residence.
Luno Exchange uses a constructive model that increases the liquidity of the stock market. The only fee paid is a market fee of 0.25%.
Luno exchange review user interface
Luno has a beautifully designed desktop site. Their company motto for targeting the moon is displayed in interesting graphics and the site has a very beautiful and modern design with a pleasant blue and white theme. The exchange has a visual design with all the important information that is displayed right in front of you. The same is true of the Luno wallet, and navigating through it is very user-friendly.
This website has an extensive help center with lots of great organization related data. If the user has a question, he can ask by email. Nevertheless, it has a long account verification process, which many users find annoying.
- Simple to use with an intuitive interface
- A good view of the exchange
- Good customer support
- Charts show market trends
- Learning portal with information about cryptocurrencies and trading
- Users complain about account verification
- Slow deposit of funds – between 1-2 working days
Luno has a mobile app available for Android and iOS users. It can be downloaded from the site or Google Play and App Store. This program has the same color scheme as the desktop version, which has a blue and white theme.
The mobile app offers the same features as the desktop version, which only fits the screen of the mobile device. This intuitive design as a desktop version, with all the features, plus easier access to your Luno wallet in your preferred cryptocurrency. You can connect to the Luno cryptocurrency exchange and trade with your mobile app.
- Modern design and easy user interface
- Easily store cryptocurrencies
- Newbie-trader optimized
- Graphic overview and transaction history
- Notes on price alerts
- The exit process is slow
Luno mobile app
Luno accepts deposits in multiple Fiat currencies, and the deposit time varies depending on the currency. If you are depositing IDR, NGN and MYR, the waiting time is up to 24 hours. It takes about two business days to deposit in Euros, ZAR and ZMW. Deposits in SGD take about 5 minutes and deposits in Bitcoin take three block confirmations.
Some customers have complained about the long wait to deposit money to their Luno accounts, but these results are the preferred method of depositing and out of Luno’s jurisdiction.
Luno exchange review privacy
Does Luno keep the privacy of its customers?
Luno collects a lot of personal information about its users. They collect data when users provide when registering, communicating, and using services. Also They collect information about its users from third parties, including banks, verification services, credit reference agencies, and regulatory / executive bodies.
So they said they respect users’ privacy, but share much of this personal data with various entities such as financial institutions, marketing services, employees, consultants and many more. This is a regular approach with institutions like this, and it turns out that personal data that is willingly shared can be used for profit.
Compare with other exchanges
Luno vs. Coinbase
Both Luno and Coinbase offer cryptocurrency and wallet services. Luno founded in 2013 as BitX and renamed Luno in 2017 with a major increase in business. Coinbase founded in 2012 and first started as a brokerage firm, later adding other crypto services. Luno offers instant buy / sell, exchange and wallet services, while Coinbase offers wallet, cryptocurrency, Coinbase Pro and Prime, Coinbase Earn, custody and stablecoin services.
While Luno is available in 44 countries, mostly developing countries, and supports four coins, Coinbase is available in 102 countries and supports 28 coins. Both companies have similar support centers and place a lot of emphasis on security. While for no apparent reason, Coinbase appears to have been hacked, while we have not heard of Luno hacking.
Luno vs. Coinbase
Luno vs. Kraken
Kraken is one of the advanced crypto exchanges in the world today. The company launched in 2011 as a cryptocurrency brokerage and in 2013 started the crypto business. While Kraken is a global company based in many countries, Luno is only available in 44 countries.
Kraken service aimed at more advanced transactions, while Luno has a very beginner visual design. Kraken has high liquidity, stating that it has a reserve fund, while Luno has relatively lower liquidity and no reserve. Both are highly secure, with more storage of digital assets and 2FA level of user account security.
Luno vs. Kraken
Luno exchange review conclusion
Luno is a cryptocurrency exchange in South Africa with offices in Cape Town, Singapore and London. The company established to provide services to the people of developing countries and later expanded to Europe. The company currently offers trading with four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum and XRP. According to the Luno website, they have 3+ million users, have processed more than $ 8 billion and are available in 44 countries.
Creating an account on Luno is easy, but there are some loops that you will go through during the verification process, as not every unverified account will be able to deposit money and enter transactions. This platform has a user-friendly design and designed for most novice traders, as it offers very few advanced trading options. Once you receive a Luno account, it is very easy to purchase cryptocurrency.
The beginner method is understandable, because it is an exchange for an ordinary person who wants to trade crypto. There is a Luno wallet and a mobile app for Android and iOS and you can easily send / receive and trade crypto.