Luno cryptocurrency exchange – review
Luno offers a simple and secure way to buy bitcoin and Ethereum with your bank account.
- Great for simple purchases
- Not so great for its limited crypto selection
Check out our full list of pros and cons or read on.
|Product Name||Luno Cryptocurrency Exchange|
|Fiat Currencies||AUD, EUR, GBP, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW|
|Cryptocurrencies||BTC, ETH, BCH, XRP, LTC|
Bank transfer (ACH)
Maker: 0% (up to 25% for MYR)
Taker: 0.03-10% (0.08-0.20% for IDR) (0.15-0.50% for MYR)
Varies by payment method
|Withdrawal Fees||Fee varies|
- Simple and straightforward
- Tiered verification
- Competitive fees
- Limited cryptocurrency selection
Learn more about Luno
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, EUR, GBP, IDR, MYR, NGN, ZAR, SGD, UGX, ZMW
- Supported cryptocurrencies: 5 cryptocurrencies
Which payment methods are accepted?
- Bank transfer (ACH)
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 AU$350,000 equivalent in 30 day trading volume you can start getting discounts.
|30 day trade volume||Maker fee||Taker fee|
|$350,000+||0%||0.09% - 0.03%|
Deposit and withdrawal fees
|Bank transfer||Free or $1.30 for deposits under $50|
|PayID||Free or $1.30 for deposits under $50|
|Cryptocurrency deposit||Free (minus blockchain fees)|
|Bank transfer||Free or $1.30 for withdrawals under $50|
The minimum instant buy/sell purchase is $1, the maximum purchase size is $30,000. There is no limit on the number of transactions that can be done, and these limits do not apply to the exchange.
How fast will my funds be available?
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.
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?
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
- 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.
- 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.