Luno Review: Can You Trust this Exchange? What We Found It

Also, Luno has a multi-sig function that ensures that one person can not single-handedly withdraw all funds available in the exchange. The BVN will help Luno protect you from identity theft, improve service delivery speeds, and help restore access to your Luno account in the event that you lose your login details. Touch ID – iOS users can add the touch ID verification to their account as well. Confirm the registration by following the link in the email you will be sent. Next, you will be prompted to provide your mobile number and then enter the code received in the SMS message. The traded price of digital tokens can fluctuate greatly within a short period of time….

  1. Luno does not charge any maker fees but there are service costs in the form of taker fees, which are dependent on your 30-day trading volume leading up to the transaction.
  2. Additionally, the company regularly releases proof of reserve reports to show that it collateralizes user funds.
  3. For our Luno review, we tested the alerts system and noted that it was easy to manage alerts as they were all contained in the same area.
  4. For each subject, Luno provides detailed descriptions and a YouTube video to cover all the necessary information.

Its seamless and straightforward user interface makes this wallet ideal for beginners. Moreover, any experienced trader looking for quick crypto trading can initiate the use of this exchange. Instead, you have to withdraw your funds to your own digital wallet and find your own crypto-to-fiat solution. Large crypto-to-crypto exchanges like Kraken and Binance come to mind. Luno is for the trader who foregoes purchasing a Ferrari to drive in a low speed limit zone when a Toyota will do.

Fees and Charges of Luno

There is a week-long cool down period after enabling the send feature. This is presumably for security reasons, but it ends up being massively inconvenient for the user. An honest review of Luno, a promising crypto exchange where users can buy Bitcoin, Ethereum, Litecoin, and more.

Does Luno have an app?

This is a high-risk investment and you should not expect to be protected if something goes wrong.

There are eight tiers based on this method, with the final tier assigned to those who trade up to 16 million pounds or its equivalent in other currencies. Those who trade these large amounts could get a taker fee as low as 0.03%. Through these fees, Luno makes revenue on transactions, and these fees depend on the trader’s country of residence. Luno does not charge for withdrawals using the email address or phone number. However, you may need to pay processing fees to the payment processing firms that work with Luno. It’s important to note that if you use Luno’s ‘instant buy’ feature, fees will vary depending on your country and amount of purchase.

This helps to ensure that users’ funds are secure and not at risk of being lost due to insolvency. Bearing this in mind, Luno takes several measures to ensure the security of its users’ funds. This “Deep Dive” feature can be incredibly useful for serious investors who want to stay up to date with all the latest fundamental trends in the crypto market. As alluded to earlier, Luno provides data and graphics for things like daily active addresses, transaction volume, average ownership time, Twitter sentiment, search trends, and more. Users can also view a brief history of the cryptocurrency and its current price trend. If you are looking for a platform with a broader range of cryptocurrencies, Luno may not be the best choice.

This app takes seconds to function, offers a seamless experience, especially on its Android version. With 50,000+ feedback, it still boasts an average of 4.3 stars rating. Moreover, it has about five million downloads on Google Play Store, showing its popularity globally. Buying cryptocurrency means different things in different countries on the Luno exchange. A fee is charged for sending and receiving money via bitcoin addresses. Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking.

Wallet and Mobile Trading App – Luno provides a secure wallet and mobile trading app for users to store their digital assets. The wallet is protected with two-factor authentication and a range of other security measures. Both Luno and Coinbase offer a user-friendly cryptocurrency exchange where users can easily buy, sell, store, and trade cryptocurrencies. Luno’s primary service is acting as a fully-functioning cryptocurrency exchange where users can buy, sell, and trade the most popular digital assets. While most exchanges charge upward of 3%-4% for credit/debit card purchases, Luno’s 1.5% fee makes the platform ideal for buying crypto with a debit or credit card.

Instant Trade

There appear to be no limits on cryptocurrency only withdrawals and deposits. But remember that if you are transferring from crypto to your Luno crypto wallet that fees from the relevant blockchain apply. You can also find a detailed description of the Luno fee structure on their website. Luno’s trading fees are dependent on your country and supported national currency. Fees for European and Indonesian clients are quite competitive, coming in at 0.20% and 0.25% respectively.

Security of your bank account

They include the order book, simple charting, place order function and recent trades list. Another topic of complaints from customers is that Luno blocks some accounts or the time of transactions is too long. Luno is trying to take into consideration these reviews and respond to them on the forums. The same situation is with instant purchases, and this is why you should always check the fee before the completion of the transaction. If you skip this step, you will be surprised by the amount Lwithdrawsdraw from your wallet for some operations. The system works like a taker maker exchange platform when the fee is taken only from buyers.

Additionally, the company requires all users to set up Two-Factor Authentication (2FA) to add a layer of protection to their accounts. When logging in from a new device, you must trust the device by confirming via email and text. The primary Luno platform is suitable for the general public as it features as it offers a way to buy crypto without any advanced trading tools or complex charts. However, the more advanced Luno exchange lets you access 73 trading pairs through an order-book-based interface that boasts charting provided by TradingView. The fee to instantly buy and sell crypto using fiat currency within a Luno wallet is a flat 1.5% lower from its previous 2% charge. Regarding trading, Luno utilizes a volume-based maker/taker fee schedule.

Luno Exchange

Luno is a UK-based cryptocurrency exchange operating across Europe, Australia, Malaysia, Indonesia, Nigeria, and South Africa. The company currently has three offices around the world in London, Cape Town, and Singapore. Founded in 2013 under the name BitX and rebranding to Luno in 2016, the company has grown to serve over 7 million customers with a team of 400+.

It currently supports only six coins – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and USD Coin (USDC). So while Coinbase is a more advanced platform for traders based in the USA, Europe and the UK, it may be a less cost effective option for buyers in the Emerging Markets that Luno covers. In exactly 24 hours, we were fully verified and had all withdrawal limits lifted. We were really surprised how quickly Luno was able to on board its clients. This is no doubt a reflection of the increased support staff that they currently have available.

Is Luno safe?

Below, we’ve included a table comparing Luno to other popular crypto exchanges. In contrast to no-KYC crypto exchanges we’ve reviewed previously, Luno has a strict verification process for new users. Initially, you’re required to provide and confirm a password/email address. However, although browsing the platform is possible, Luno requires you to complete Know-Your-Customer (KYC) verification to buy crypto.

Throughout this article, we have discussed Luno exchange and the services they offer. We have seen that it’s the largest exchange in Africa and one of the oldest Bitcoin exchanges in the crypto world. After activating your account, you will need to verify your account by verifying your identity with Luno. There are three KYC levels on Luno, all through which you need to provide three things linking to your identity as an individual. The first is your phone number, following identity cards like an international passport or country identity card, the last is proof of residence.

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