Luno exchange review
- Regulator registration
- AUSTRAC
- Supported assets
- 11
- Fiat currencies
- 12
Our verdict
Luno offers 10 cryptocurrencies, 28+ trading pairs and low transaction fees.
If you are new to the crypto space with little knowledge of crypto transactions, Luno is the perfect place to start. Luno offers only a handful of cryptocurrencies, but they are some of the most popular coins in the market. The exchange has a beginner-friendly interface that anybody can navigate. The verification process is straightforward, and there are fiat deposit options for users in 9 countries.
Luno has no futures trading feature. This may be a drawback if you want to trade futures on the exchange. There is a savings wallet if you want to earn interest on your crypto. Luno also has a learning portal if you are interested in learning more about cryptocurrencies and blockchain technology. The exchange is a good platform for a beginner in crypto. The limited number of cryptocurrencies and services will make it a second choice for intermediate and advanced traders.
- If this is your first exchange: Luno has an easy-to-understand user interface. The website and mobile app are beginner-friendly and there's little need for tutorials. Luno accepts fiat, and you can purchase cryptocurrencies directly with debit cards. Verification on Luno takes minutes, saving you valuable time.
- If you're switching exchanges: Luno offers an easier way to buy and store cryptocurrencies. The low transaction fees are a perk any crypto enthusiast would be interested in. The limited number of cryptocurrencies is a drawback. The platform also has no futures trading feature for traders.
Pros
-
Low transaction fees
-
Easily navigable user interface and experience
-
Upto 7.6% interest on deposits
-
Secure exchange
-
Educational and learning resources are available
-
Luno is registered with AUSTRAC
Cons
-
Limited number of cryptocurrencies on offer
-
Bank transfers can take hours or days to get confirmed
Details
Product details
| Product Name | Luno |
| Fiat Currencies | AUD,EUR,GBP,IDR,MYR,NGN,PLN,SGD,UGX,ZAR,ZMW,USD |
| Cryptocurrencies | BTC, ETH, XRP, BCH, LTC, ADA, LINK, UNI, USDC, SOL & 1 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayID |
| Trading Fee |
Maker fee - 0% Taker fee - 0.10% |
| Deposit Fees |
Bank Transfer - $0 ($1.30 for below $50.00) PayID - $0 ($1.30 for below $50.00) Credit card - 3.5% Debit card - 3.5% Cryptocurrency - 2% |
| Withdrawal Fees |
AUD - $0 ($1.30 for below $50.00) Cryptocurrency - 2% |
Finder ratings for Luno
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 4 |
What to know about Luno
Luno started as BitX and is one of the oldest centralised crypto exchanges still operational. The platform is a simple-to-use exchange that offers 8 cryptocurrencies and over 28 trading pairs. Trading fees on the platform are competitive but you will get a better discount if you are a high-volume trader. Fiat deposits are available in the UK, Australia, Nigeria, Indonesia, Malaysia, Singapore, South Africa, Zambia and Uganda.
Luno is available in over 40 countries. The platform does not offer as many cryptocurrencies as other centralised exchanges like Binance or Gate.io. This is the reason for the low daily-trading volume on the exchange, which ranges between 18-22 million dollars. The exchange is a good platform to buy coins in the top 20 by market capitalisation. The exchange has no mid-cap or micro-cap tokens listed.
Supported cryptocurrencies
Luno supports 10 cryptocurrencies on the exchange. This is one of the smallest numbers of listed cryptocurrencies for a centralised exchange. The exchange says it takes time to vet cryptocurrencies before listing them. Here are the 10 cryptocurrencies currently listed on Luno:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- USD Coin (USDC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Uniswap (UNI)
- Litecoin (LTC)
- Cadarno (ADA)
- Solana (SOL)
Transferring fiat and cryptocurrency
You can transfer fiat to Luno via bank transfer. This option is available in 9 countries, including the UK and Australia. You can deposit fiat via debit/credit card as well. Bank transfers sometimes take time before they are confirmed. You can transfer any of the 8 cryptocurrencies supported on Luno. Bank transfers are free. There are fees attached to the fiat deposit channels like debit cards and SEPA. These fees are charged by the payment gateway and not Luno. Cryptocurrency transfers attract fees depending on the blockchain and traffic.
Fees and costs
Luno's trading fees vary depending on your location. Makers in all countries where fiat is supported pay no fees. There are no deposit and withdrawal fees for transactions done via bank transfer. Instant buy/sell transactions attract fees of 2%. Users in Indonesia are charged the least (0.75%) with this feature. Crypto deposits are free on Luno. There are no withdrawal fees for withdrawals of greater than $50. Luno taker fees are less for users with a high 30-day trading volume. If you have a 30-day trading volume that exceeds 16 million dollars, you will pay taker fees below 0.03%. Each of the tabs seen in the below image has a different fee schedule.
Fiat withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| Free for bank transfers, varies for other channels. | Free for bank transfers, varies for other channels. |
Crypto withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| Free | Varies |
What is it like to use Luno?
Luno has a very easy-to-comprehend interface that is ideal for beginners. Unlike other centralised exchanges, Luno has buy, sell and deposit options on the home screen. This removes the need for you to peruse the site or app to find those features. Registration and verification have less stringent procedures and can be completed in minutes.
Congratulations, Luno!
Luno received the highly commended award for 'Crypto Trading Platform – Value' in the 2024 Product Awards.
Full list of 2024 winners
Does Luno have good customer support?
Luno offers a Help Centre with a section of frequently asked questions, in addition to Live Chat. There is a report form if you suspect your account has been compromised. You will need to submit evidence of the compromise and your account may be restricted while Luno acts on the report.
| Support offered | Wait times | |
|---|---|---|
| Contact-us form |  | 6+ hours Average wait time based on the company's website |
| Live chat | | 30 seconds - 1 minute |
| Forum |  | |
List of services on Luno
You can access an array of services on the platform. Besides buying cryptocurrency, you can earn passive income on select cryptocurrencies. Luno's brokerage service allows traders to connect and trade directly, bypassing the centralised exchange.
Trading on Luno
Trading on the Luno exchange is easy. All cryptocurrencies listed are on the home screen with a "buy" button under each coin. Once you have purchased fiat, you can trade any of the cryptocurrencies listed on Luno. There is a brokerage service for traders who want to deal directly with other traders. There are 28+ trading pairs for you to select from.
Earning on Luno
Luno has a savings wallet on the app if you want to save your coins. The savings wallet is available for Bitcoin, Ethereum and USDC only. If you buy either of these 3 coins and move them to your savings wallet, you will earn returns. The rewards are paid on the first day of every month. Interest rates fluctuate depending on the market but are pegged at 1.5% for BTC, 2% for ETH, and 7.6% for USDC. The rate is calculated per annum but paid out on the first of every month.
Borrowing on Luno
Luno exchange has no lending feature for its customers. There is currently no plan to launch a borrowing service.
Promotions on Luno
Luno runs several promotions and rewards programmes for its customers. The most popular is the referral programme. If you refer another user to the platform, you will get rewarded with Bitcoin. For Australian customers, when you refer a friend and they sign up and buy $199 (AUD) of crypto on Luno from Luno's Instant Buy or Sell, you each get $40 (AUD) worth of free bitcoin.
Trust rating
Luno is an unregulated exchange, but it's registered in some countries where it operates. The exchange has strong security, and 97% of its cryptocurrencies are stored offline in a cold wallet. This means that in the event of a hack, only 3% of assets are at risk. The exchange has never been hacked.
Past hacks
Luno has never been hacked.
Security audits
There have been no proven audits of Luno's security systems. Every quarter, Luno employs an independent audit firm to examine and confirm that cryptocurrencies belonging to customers are collateralised. This essentially means that the cryptocurrencies owned by customers exist. The 2022 audit was done by Mazars, an audit and advisory firm, and is made available on Luno's website. This audit proves nothing about Luno's security.
Insurance
There is no insurance provided to users of Luno. Any funds you lose if your account is compromised will not be refunded. Luno has never been hacked, but the company has no policy on whether you will be refunded in the event of a hack.
Signing up on Luno
Alternatives to Luno
Frequently asked questions
Is Luno safe?
Luno has a modest security structure in place and has never been hacked. Cyberattacks will always remain a threat.
Can Luno make you rich?
Luno is an exchange, and although there are modest passive income streams on the platform, you will have to trade by yourself. You and your trading decisions will determine if you can make money on the exchange.
How does Luno make money?
Luno generates revenue through transaction fees charged to customers. The exchange also earns royalties on cryptocurrencies its lending partner receives from users who stake.
What is the minimum deposit for Luno?
Luno requires customers to deposit a minimum of $10. This applies to all users in all the countries Luno operates.
Your reviews
Okonkwo Finder
Writer
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