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In this post we are going to cover:

  • Luno services
  • Fees, limits and deposit times
  • How to create an account
  • Luno security

Plus more... Read on to learn everything you need to know about Luno.

Introduction: What Is Luno?

Luno is a cryptocurrency brokerage and exchange service. This company was founded in 2013 as BitX and rebranded as Luno in 2017. Currently, Luno has more than 3 million users and has processed over $8 billion. They are available in 44 countries across Europe, Asia, and Africa, but are unavailable in the USA.

Screenshot of luno.com homepage
Luno homepage

Luno supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and XRP (Ripple). They offer beginner-friendly operation and simple way of buying coins. They have support in seven languages and a good knowledge portal. Luno’s help center holds answers to most questions about the account, verification, deposits/withdrawals, and detailed charts of the fees and depositing times.

Screenshot of luno.com learning portal
Luno Learning Portal

Luno offers affordable fees for deposit/withdrawal. As the crypto market is not regulated, Luno is also unregulated, but they are pro-regulation and have been registered with the Central Bank of Malaysia as a reporting body for cryptocurrencies.

QUICK TIP: The best place to store coins after you buy is not on an exchange. You need to buy a hardware wallet like a Ledger or Trezor to store them yourself.

Pros and cons

Pros

  • Simple and easy buying/trading in crypto coins
  • Beginner-friendly platform
  • Low fees on deposit and withdrawal, some cases with no fees at all
  • Great user experience and design
  • Support in seven languages
  • Accepts EUR, MYR, SGD, UGX, ZMW, IDR, NGN, and ZAR

Cons

  • Only available in 44 countries
  • Limited options for advanced traders
  • No live chat support

Pros

Cons

  • Simple and easy buying/trading in crypto coins
  • Only available in 44 countries
  • Beginner-friendly platform
  • Limited options for advanced traders
  • Low fees on deposit and withdrawal, some cases with no fees at all
  • No live chat support
  • Great user experience and design
  • Support in seven languages
  • Accepts EUR, MYR, SGD, UGX, ZMW, IDR, NGN, and ZAR


Luno Background

Luno's office in London, England

Luno’s slogan is interesting and reflects the company’s mission of “upgrading the world to a better financial system”. This exchange began its story in South Africa in 2013, and has since moved its seat in London, UK, but also has seats in Cape Town and Singapore. The company allows its users to buy/sell cryptocurrencies and has a Wallet service that enables payment with bitcoin.

Screenshot of luno.com about page
Luno About Page

They were a part of the FCA Sandbox program in 2016, allowing the testing of financial products with regulatory supervision. They started offering their cryptocurrency wallet in 2017 when they also started offering its services across Europe. Introducing Ethereum in 2018, they also registered with the Central Bank of Malaysia as a reporting body for their digital currency and introduced XRP in March of 2020.

Luno logo

Luno’s vision is to upgrade the world to a better financial system.


At this moment, Luno supports four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and XRP (Ripple), as the most popular cryptos today and offers trading with 16 pairs. Luno has real-time insight into the market, but I noticed a little lag (that could be due to my Internet connection). They offer support in seven languages, have a mobile app, offer chart view of the market, and have API access.

Is Luno Safe?

Cyber security concept

Luno has not been hacked so far (though we are not supporting hacking of any kind). This exchange is safe to use, as they keep the digital assets in cold storage and have 2FA as an added layer of security of user accounts.

Screenshot of luno.com security page
Source - Luno Security

The help section has a lot of information on how to protect against phishing scams, malware, and mail scams. There is good advice on how to increase the level of security of your account and avoid being scammed.

Screenshot of luno.com security page
Source - Luno Security

As an added layer of security, any user can disable the “send” option on their Luno Wallet. This protects the assets in case of hacking the wallet, as the enabling of this function requires verification by a 2FA and takes 24 hours.

COMPARISON

Coinbase Logo

Coinbase

  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • "Instant Buy" option available with debit card
Coinmama Logo

Coinmama

  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Luno logo

Luno

  • Good choice for Europe, easy to use
  • SEPA & credit card supported
  • Does NOT support the United States

Services

Info: The Luno exchange has a variety of services like cryptocurrency trading, Wallet service, and API service. These are appealing for both beginners and somewhat experienced traders.

Brokerage

Cryptocurrency exchange platform concept

Luno allows users to buy and sell cryptocurrencies.

Exchange

Cryptocurrency exchange concept

Luno offers exchange services for crypto and crypt-to-fiat pairs. There are four cryptos and 16 pairs available for trading on Luno.

Staking services

Online banking or staking concept

Users can keep their coins in the Luno wallet as long as they want.

OTC trading

Over the counter trading illustration concept

OTC was available in the past, but Luno no longer supports OTC trading.

Ways to earn free currency

Chained network of crypto coins

Luno has a rewards program that works by inviting your friends to join Luno. When your friend accepts and joins Luno and buys the prerequisite Bitcoin amount, both you and the friend get free Bitcoin as a reward. The amount varies between currencies, but for EU users, it is 15 Euros worth of BTC.

Spending cards

Credit card linked with mobile

Luno users get to use the Luno Wallet for keeping and managing their digital assets.

Other services

Other services concept

Luno Store is a destination where users get to see useful apps and services specifically aimed at the crypto markets. Luno API is a service for developers that can be used for building custom applications or integration of crypto payments.

Supported payment methods and fees

Info: Luno accepts deposits only after verification of the account, and only from bank accounts that belong to the same user as the Luno wallet. Depending on the country of residence of the user, there are various methods of depositing funds to your Luno account.

EU residents can transfer with SEPA and credit/debit cards, users from Indonesia, Nigeria, Uganda, and Zambia can use bank transfer, users from Malaysia use Instant Transfer or Interbank GIRO, people from Singapore can deposit via Xfers transfer and users from South Africa can deposit via EFT.

Screenshot of luno.com payment methods
Luno - Fees & features

The deposit fees depend on the selected method of depositing funds to your Luno account. For deposits in Euros (EUR), Malaysian Ringgit (MYR), Singapore Dollar (SGD), Ugandan Shilling (UGX) and Zambian Kwacha (ZMW) there are no fees, while deposits in Indonesian Rupiah (IDR), Nigerian Naira (NGN), and South African Rand (ZAR) have different fees per the different deposit methods. Depositing cryptocurrency funds is free.

Free Euros (EUR) British Pound Sterling (GBP) Malaysian Ringgit (MYR) Singapore Dollar (SGD) Ugandan Shilling (UGX) Zambian Kwacha (ZMW)
Fees per the different deposit methods Indonesian Rupiah (IDR) Nigerian Naira (NGN) South African Rand (ZAR)

Withdrawal fees

Online payment illustration concept

Luno charges small withdrawal fees that vary per the selected currency. If you withdraw Euros via SEPA transfer, you need to pay 0.3 EUR; in IDR the fee is 6,500 IDR, in MYR is 0.1 MYR, for NGN is 200 NGN, there is no fee for SGD, for UGX the fee is 2,000 UGX, for ZAR it is 8.5 ZAR and if you withdraw in ZMW, you need to pay a fee of 10 ZMW.

Screenshot of luno.com withdrawal fees
Luno - Fees & features

If you decide to withdraw cryptocurrency, the fees vary. Withdrawing Bitcoin, Bitcoin Cash, and Ethereum have dynamic fees that vary depending on network traffic. It is free to send your Bitcoin to an email address or a mobile number, and if you withdraw XRP (Ripple) you will need to pay a 0.03% fee.

Screenshot of luno.com crypto send fees
Luno - Fees & features

Supported countries

World map concept

Luno was imagined as a cryptocurrency exchange that serves the less popular markets in developing countries. It was first introduced in South Africa and later spread its services to people from Indonesia, Malaysia, Nigeria, Singapore, Uganda, Zambia, Austria, Belgium, Bulgaria, Croatian, 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.

Supported coins

Supported cryptocurrencies illustration

Luno supports buying/selling and trading with only Bitcoin, Bitcoin Cash, Ethereum, and XRP (Ripple). These are the four most popular cryptocurrencies today. These are also supported by the Luno Wallet.

Limits and Liquidity

Exchange market trading graph

The Luno Exchange does not have any limits to the amount of cryptocurrencies you buy or sell through the exchange. The only limits are when you are using the instant buy/sell option and depend on the transaction and the country of residence.

The Luno Exchange uses a maker-taker model that increases the liquidity of the exchange. The only fee that is paid is the market taker fee of 0.25%.

User interface

Illustration of users on laptop mobile and tablet

Desktop

Luno has a very nicely designed desktop site. Their company motto of aiming to the Moon is displayed in interesting graphics and the site has a very sleek, modern design with a pleasant blue and white theme. The exchange has an intuitive design with all the important information displayed right in front of you. The same goes for the Luno Wallet, and the navigation through it is very user-friendly.

Screenshot of luno desktop user interface
Luno - Exchange

The website has an extensive help center with a lot of relevant data with excellent organization. If a user has a question, they can ask via email. Luno has a lengthy account verification process, which many users find annoying.

Pros

  • Simple to use with an intuitive interface
  • A good overview of exchange
  • Good customer support
  • Graphs display market trends
  • Learning portal with info on cryptocurrencies and trading

Cons

  • Users complain of slow account verification
  • Slow depositing of funds – between 1-2 business days

Mobile App

Luno has a mobile app that is available for Android and iOS users. It can be downloaded from their site or Google Play and the App Store. The app has the same color scheme as the desktop version, with a pleasant blue and white color theme.

Screenshot of luno.com exchange section
Luno - Exchange

The mobile app offers the same features as the desktop version, only scaled down to fit the screen of a mobile device. It has the intuitive design as the desktop version, with all the features, plus easier access to your Luno Wallet in your preferred cryptocurrency. You can stay connected to the Luno cryptocurrency exchange and trade on the go with the mobile app.

Pros

  • Modern design and easy-to-use interface
  • Connection to your crypto market when on the go
  • Buy/sell, trade and store cryptocurrency easily
  • Newbie-trader optimized
  • Graphic overview and trading history

Cons

  • Notes of price alerts issues
  • Slow withdrawal process

Deposit Time

Alarm clock on top of coin stacks

Luno accepts deposits in several fiat currencies and depending on the currency, the deposit times vary. If you are depositing IDR, NGN, and MYR, the waiting time is up to 24 hours. For deposits in EUR, ZAR, and ZMW it can take about two business days. Deposits in SGD take about 5 minutes, and deposits in Bitcoin take three confirmations by the blockchain.

Info: Some customers have complained about long waiting times for their money to be deposited to their Luno accounts, but these are the result of the preferred deposit method and outside Luno’s jurisdiction.

COMPARISON

Coinbase Logo

Coinbase

  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • "Instant Buy" option available with debit card
Coinmama Logo

Coinmama

  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker
Luno logo

Luno

  • Good choice for Europe, easy to use
  • SEPA & credit card supported
  • Does NOT support the United States

How fast does Luno send your coins?

Bitcoin with lights of speed illustration

You can only withdraw funds from your Luno account if it is in your name. To withdraw fiat currency, the waiting times depend on the currency you are withdrawing. There is detailed deposit and withdrawal schedule on the Luno help center and they state that their agents will try to process each withdrawal within the same business day

Screenshot of luno.com withdrawal times
Luno - Help Center

In the case of sending cryptocurrency from your Luno Wallet, you can send them to a wallet address; send Bitcoin only to an email address or a mobile number and via scanning a QR code.

To do this, you need to log in to your Luno app; select the Wallet from which you will be sending the coins. Find the “Send” option; enter the wallet address, mobile number, or email to which you’ll be sending the coins and select the amount you wish to send. Luno usually processes each crypto transaction immediately, and there are four cut-off times for larger transactions.

Screenshot of luno.com send cryptocurrency times
Luno - Help Center

All cryptocurrency transactions need to be confirmed by the blockchain, which is out of Luno’s control. If anyone is in a hurry, they can pay a higher transaction fee and speed up the process.

Customer Support

Customer support illustration

Luno has a good support center where they list all the commonly asked questions related to their accounts. One can find all relevant data on identity verification, depositing and withdrawing funds, buying/selling crypto, using crypto, and learn all about Luno’s security measures.

If a customer has a specific issue, they can contact the support center and submit a ticket. There is a link to the contact center on the bottom of each page of the support center.

Public Opinion

Screenshot of luno.com Blog
Source - Luno Blog

Is the exchange publicly vocal on matters of crypto-politics?

Luno has a good blog section with many articles devoted to cryptocurrency and a good knowledge base related to trading with crypto.

Does the exchange have any patents?

Luno does not hold any patents at this time.

Screenshot of luno.com page section
Luno Homepage

Has the exchange acquired or created any controversial tools?

Luno has not been linked to any controversies, nor does it provide any controversial tools or services.

Does the exchange monitor where you send and receive coins from?

Cryptocurrency transactions can be tracked, and Luno monitors the crypto transactions, as it is KYC/AML compliant.

Security

Shield with secure sign illustration

History of hacks and leaks

Info: Luno has not been hacked up to the moment of writing this review. However, some users have complained about their accounts being robbed. These were linked to poor account security and poor customer behavior, as the Luno Exchange itself has strong security measures.

Risks of holding coins on the exchange

Luno allows its users to store their coins on the exchange or keep them in their Luno Wallet.

Frozen accounts

Warning: Anyone can get locked from their account. Luno has advice on how to recover your account.

Hacks

Luno has not been hacked as of April 2020.

Insolvent exchanges

Info: Luno is a cryptocurrency exchange that is not regulated, but they are pro-regulation and are registered with the Central Bank of Malaysia as a reporting body for digital currencies.

FDIC insurance

Luno is not FDIC insured.

Exchange downtime

Luno is a cryptocurrency exchange, so the trade market never closes down.

Privacy

Does the exchange respect the privacy of its customers?

Green share button on black keyboard

Luno collects a lot of personal info about its users. They collect data when users provide it on sign up, communication, and when they use the services. They also collect info from third parties about its users like banks, verification services, credit reference agencies, and regulatory/enforcement agencies.

They state that they respect the privacy of the users, but they share a lot of this personal data with various entities like financial institutions, marketing services, employees, advisors, and many more. This is a regular practice with institutions like this, and it turns out that personal data that is willingly shared could be used for gaining benefits.

Does it require KYC and AML compliance? If so, at what level?

Green submit button on black keyboard

Luno is KYC compliant and they request a lot of personal info to verify an account. They will store any personal information required by KYC regulations for the minimum prescribed period. There are good AML policies, and in the case of suspicious behavior, Luno has the right to ask more information about the origin of the funds and report any suspicious behavior to the relevant law enforcement authorities.

Does it allow you to trade any amount of value without KYC or AML?

Green chart button on black keyboard

Luno does not allow any trading without verifying your account. The verification process is lengthy and fully KYC and AML compliant. Any unverified account user can only browse and explore Luno but are unable to trade with cryptocurrencies.

Will they delete your personal data if you request it

Red delete button on black keyboard

Not exactly, but if you live in a country with stricter privacy laws, you can post a ticket and request the correction, deletion, or restriction of the processing of your personal data. However, if you choose to do so, you can lose access to some Luno services.

Luno Walkthrough: how to buy bitcoin on Luno

Create Luno account infographic

Create an account

Creating an account on Luno is simple and straightforward: click on the “Sign-Up” button, enter your email and password, select your country of residence, click on “I’m not a robot” button and click on the “Sign-Up” button. That simple.

Screenshot of luno.com sign up page
Luno - Sign Up Page

Verify account

Luno enables three verification levels with different requirements and different deposit and withdrawal limits. Level 1 requires only mobile number confirmation and basic personal details. Level 2 needs an additional photo/scan of a government-issued ID and selfie photo. Level 3 requires proof of residential address.

Screenshot of luno.com account levels
Luno - Help Center

To verify your Luno account, you need to log in, enter the settings page, and click Upgrade. First, you need to enter your mobile number and confirm your account, and then you need to fill in the personal details requested per the verification level you are applying to.

Secure your account with Two Factor

Luno urges each client to enable 2FA as an extra layer of security. To do this, you need to log in to your Luno account. From the Main Menu, find Profile and then the Security menu. From there select the Authy or Google Authenticator, depending on the device you are using.

Screenshot of luno.com how to enable two factor
Luno Blog - How To Enable Two Factor Authentication

Fund account

To be able to buy crypto s on Luno, you need to first fund your account.

Step by step guide to Adding payment methods

Provided you have finished the verification process, you can fund your Luno account with EUR, MYR, SGD, UGX, ZMW, IDR, NGN, and ZAR.

Adding credit/debit card

Only available for users from the UK. To do this, you need to log in to your Luno account, select Wallet > Deposit > Add Credit/debit card. Here you need to insert the details of your card, click on the Add card. Then select the amount you like to add and you’ll be taken to a confirmation screen to confirm your deposit.

Screenshot of luno.com fund with card
Luno - Help Center

Adding bank account info

This is the main method of adding funds to your Luno account.

To do this, you need to sign in to your Luno account, select Wallet > Deposit > Bank Transfer > your local currency. The next step varies for the different currencies and you’ll see a step-by-step guide for your local currency.

Screenshot of luno.com link bank account
Luno - Help Center

Funding account with crypto

Luno only works with Bitcoin, Bitcoin Cash, Ethrereum, and XRP (Ripple).

Log in to your Luno account select Wallet, next select the cryptocurrency you wish to deposit and you’ll be shown the receiving address of your wallet. There is also an option for using a QR code instead of a receive address, so you can select the method that works better for you.

Screenshot of luno.com wallet
Luno - Wallet

Buying coins

Buying coins on Luno is possible directly from the Luno wallet. After funding your account with fiat money, simply go to the Luno Wallet where you’ll see a simple buying guide. First select the cryptocurrency you wish to buy, enter the amount you want to spend on coins, and you’ll get the exact amount of cryptocurrencies you’ll receive. Click buy and you are all set. The coins will arrive in your wallet depending on the blockchain.

Screenshot of luno.com wallet homepage
Luno - Wallet

Selling coins

If you want to make a sale of your coins, there is a simple sell button in your Luno Wallet. Just select the number of crypto coins you wish to sell and your position will be changed on the exchange.

Withdrawing funds

If you want to withdraw money from your Luno account, you need to sign in to your account, then go to Menu > Wallet > Withdraw. Select the currency you wish to withdraw, enter the amount you like, and the bank account you wish to make the withdrawal to. You need to confirm by entering the Luno app PIN and you are set. The amount should arrive in your account within 48 hours, depending on the processing time by your bank.

Screenshot of luno.com withdrawal schedule
Luno - Help Center

Note: All withdrawals are processed from Monday-Friday only.

Common Luno Scams to Avoid

Hacker with binary background

Since the crypto market is still on uneven terrain, many times people could fall victim to scammers. Luno warns its users on the most common scams like social media scams, phishing scams, trading scams, and Ponzi/pyramid schemes.

As Luno aims for a transparent relationship with its clients, it has shared advice on how to recognize scammers. For instance, on social media, a person can introduce himself as a “Luno consultant” and may ask for money upfront for things like verification fees, consultation fees, tax fees or profit release fees. There are many other examples of scamming attempts and adequate advice on how to protect your account that can be seen in Luno’s help center.

Comparison with other exchanges

Luno vs. Coinbase

Luno versus Coinbase illustration

Both Luno and Coinbase offer cryptocurrency trading and wallet services. Luno was founded in 2013 as BitX and rebranded to Luno in 2017 when it saw a major increase in trading. Coinbase was founded in 2012 and first started as a brokerage and later added other crypto-based services. Luno offers instant buy/sell, exchange, and wallet services, while Coinbase has wallet services, Buy/sell crypto, Coinbase Pro and Prime, Coinbase Earn services, custody, and stable coin services.

While Luno is available in 44 countries, mainly from the developing world, and supports four coins, Coinbase is available in 102 countries and supports 28 coins. Both companies have similar support centers and have a high emphasis on security. While there is no definite proof, it seems like Coinbase has suffered a hack attack, while we have not heard about a Luno hack.

Luno vs. Kraken

Luno versus Kraken illustration

Kraken is one of the most advanced cryptocurrency exchanges in the world today. It was launched in 2011 as a crypto brokerage and started crypto trading in 2013. Luno was founded in 2013 as BitX and rebranded in 2017 when it saw a spike in trading. While Kraken is a global enterprise available in a lot of countries, Luno is only available in only 44 counties.

Kraken’s services are aimed at more advanced trades, while Luno has an intuitive design that is very beginner-friendly. Kraken has high liquidity and has stated that it holds a reserve fund, while Luno has relatively lower liquidity and does not hold any reserves. Both have high security, with cold storage of most of the digital assets and 2FA level of security of user accounts.

Conclusion

Luno is a South-African cryptocurrency exchange with offices in Cape Town, Singapore, and London. It was founded to provide a service for the people from developing countries and it later spread to Europe. This company currently offers buying/selling and trading with four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and XRP (Ripple). According to Luno’s website, they have 3M+ users, have processed over $8B, and are available in 44 countries.

It is very simple to make an account on Luno, but there are some hoops to jump through during the verification process, as any unverified account is unable to deposit money and enter in trades. The platform has a user-friendly design and is aimed for more beginner traders, as it offers very few advanced trading options. Once you get a Luno account, it is very straightforward to buy crypto.

The beginner-approach is understandable, as this is an exchange for the average person who wants to trade in crypto. There is a Luno Wallet and a mobile app for Android and iOS, and you can easily send/receive and trade crypto on the go.

Rating:

Final Verdict

Our Rating

3.5

Visit Site

FAQ

Is the Exchange FDIC insured?

No, Luno is not FDIC insured. They are, however, registered with the Central Bank of Malaysia.

How do I get my money out of Luno?

Luno allows its users to withdraw their money via bank transfer or by sending their coins to another wallet/address/mobile number. There is a detailed explanation of each process on the Luno help center.

How long does it take to withdraw from this exchange?

Luno processes the withdrawal accounts with two cut-off times a day. The withdrawal of cryptocurrencies depends on the network and blockchain, while the bank transfers depend on the actual bank and county of residence of the user.

Should I keep my coins on this exchange?

Luno allows its users to keep their coins on the exchange, or they can keep them in their Luno Wallet. The wallets are kept in “deep freeze” storage, in various bank vaults under two-key security, and no person has access to both keys.

What is the Luno exchange?

Luno, Formerly known as BitX is a bitcoin-related company headquartered in London. This company enables bitcoin storage, bitcoin transactions like buying, selling, and paying through the Luno Wallet services. They also support exchange between fiat and cryptocurrencies.

Is Luno available in Germany?

No, at this time Luno is unavailable in Germany.

Can I make money on Luno?

Luno is offering cryptocurrency trading, so depending on the time when you buy or sell your crypto (Bitcoin and Ethereum), you could make a profit on Luno.

Can Luno be trusted?

The CEO of Luno, Marcus Swanepoel has stated that Luno, as other similar companies offer services of buying/selling cryptocurrencies, but they never tell the users if they will make money off of it. Luno has a transparent privacy policy and good working practice.

The cryptocurrency market is not regulated. In most countries, crypto coins are not considered legal and are not backed by a government. Luno has instated business continuity arrangements to ensure minimal impact on the clients, should anything go wrong with its operations.