Luno is a South African founded Cryptocurrency exchange based in London that supports bitcoin, ethereum, and bitcoin cash trading.
Last updated: 22/06/20
In this article, we review and provide a guide on how to use the Luno exchange.
Quick Luno Review
Luno has kept a good track record over the years as a legitimate cryptocurrency exchange used by many, especially in Africa. Its easy to use and ideal user interface has made it one of the biggest exchanges in South Africa and Nigeria.
The biggest flaw of the exchange platform is its confusing fee structure. This can easily be fixed by carefully looking at the fees attached to your trades before executing them.
BNA Score: 8.7/10
Here is a more detailed review of the entire Luno Platform:
Origins of Luno
Luno was established in 2013 as BitX, the world’s first fully-integrated crypto wallet by two by two South Africans, Marcus Swanepoel, and Timothy Sranex. Swanepoel is a former investment banker, and Stranex previously worked for Google as a software engineer.
The wallet infrastructure was then developed in a cryptocurrency exchange that supports bitcoin trading, then later Ethereum and Bitcoin Cash.
Currently, Luno has offices in South Africa, Malaysia, Indonesia, Nigeria, and Singapore, with over 300 employees.
Luno Platform Overview
Luno serves over 3 million users in over 40 countries worldwide and has more than 300 workers.
Cryptocurrencies supported by Luno:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
FAIT currencies supported by Luno:
- Euro (EUR)
- Indonesian Rupiah (IDR)
- Malaysian Ringgit (MYR)
- Nigerian Naira (NGN)
- South African Rand (ZAR)
- Zambian Kwacha (ZMW)
Supported African countries: South Africa, Nigeria, Uganda, and Zambia.
Payment methods accepted:
- Debit / Credit card (EUR)
- SEPA (EUR)
- Bank transfer (IDR and NGN)
- Interbank Giro / IBFT (MYR) Card deposit (NGN)
- Paystack (NGN)
- GT Bank transfer (NGN)
- EFT (ZAR)
- Cash deposit penalty (ZAR)
Luno Services
Luno offers a cryptocurrency exchange, wallet, brokerage platform, and API for automated trading.
All these services can be accessed on a single dashboard that displays different sections, such as the instant buy/sell service, account reports, settings, and promotions.
Trading Platform/Exchange
Luno offers a cryptocurrency to fiat trading platform for its users. Currently, the trading platform supports bitcoin, ethereum, and bitcoin cash.
Additional UI and UX highlights on the platform include advanced charting, depth reporting, indicators, and API access for automated trading.
The exchange has a very competitive fee structure for market makers. It has relatively low volumes because the majority of its user base are in developing markets.
Cryptocurrency Brokerage Platform
The brokage platform provides a less complicated method for users to buy and sell cryptocurrencies. The platform offers a simple user interface for users who do not use the complex trading interface.
Luno simplifies the buying process for users by selling coins directly and charging a premium fee for the services. Fees for this service are dynamic based on the amount purchased.
Mobile Wallet
Luno provides a cryptocurrency wallet for Android and iOS users, which can you can connect to your exchange accounts. The wallet supports all cryptocurrencies supported on the Luno platform.
The mobile wallet is custodial, which means that the coins in your wallet are under Luno’s control. Further, you can’t get access to the private key/seed of your bitcoin if you needed to.
Luno For Business
Luno for business is an enterprise solution that allows users to get all of Luno’s services for their company.
The service allows companies to transact, trade, and store cryptocurrency securely. This kind of service is suitable for blockchain and cryptocurrency startups, miners, and trading firms.
Luno Exchange Fees
Luno has a couple of fees associated with its services, but depositing cryptocurrency funds come with no fees for transactions above BTC 0.0001. Here is a list of charges on the Luno platform:
- Deposit fees (for specific payment methods)
- Transaction fees (only for takers)
- Withdrawal fees
- Sending/Receiving fees from your Luno account to other Bitcoin addresses
Luno’s “instant buy” feature costs vary depending on your country and the amount of purchase. To avoid paying more than you intended, make sure to double-check before completing the transaction.
Credit and debit card deposits are free of charge with Luno, which is mostly not the case on several exchange platforms.
Luno KYC/AML Rules and Withdrawal Limits
Luno has a mandatory KYC verification rule to enable deposits and withdrawals on its platform.
The limit to how much you can buy or sell depends on the quality of your identity verification classified under the following levels:
- Level 0 – email verification: no deposits and withdrawals.
- Level 1– phone verification: EUR 1000/ IDR 15,000,000/ MYR 5,000/ NGN 200,000/ ZAR 15,000/ UGX 0/ ZMW 0 deposit and withdrawal limit.
- Level 2 – ID verification: – EUR 5000/ IDR 25,000,000/ MYR 10,000/ NGN 500,000/ ZAR 50,000/ UGX 10,000,000/ ZMW 50,000 deposit and withdrawal limit.
- Level 3 – proof of residense: EUR 100,000/ IDR no limits / MYR 3000,000/ NGN 10,000,000/ ZAR not specified/ UGX 100,000,000/ ZMW 1,000,000 deposit and withdrawal limit.
Customer Service
Luno currently has offices in South Africa, Malaysia, Indonesia, Nigeria, and Singapore that provide support for users both online and offline.
Also, Luno has a knowledge hub that provides essential information on the exchange and its services. In addition, the platform has a dedicated email support team to attend to inquiries and requests made by users.
Frequently Asked Questions About Luno
Can Luno be trusted?
Luno is currently one of the biggest cryptocurrency exchanges in developing markets with a good track record over the years. As at the time of writing, Luno has never been hacked and has had good security thus far.
In short, it an all-round good exchange to use.
Is Luno Safe?
Luno is generally regarded as a safe cryptocurrency exchange with no hack recorded as at the time of writing. The platform allows you to secure your account with 2fa and touch id or face id for iPhone users.
How do I use Luno?
Follow the steps below to use Luno:
- Sign up at Luno.com.
- Verify your identity.
- Deposit funds.
- Buy or sell cryptocurrency.
Is Luno South Africa based?
The company was founded by South Africans, with headquarters in London, United Kingdom, and an office in South Africa.
Full List Of Countries Supported
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Indonesia, South Africa, Nigeria, Uganda, and Zambia.
Conclusion
Luno is an excellent cryptocurrency exchange, highly patronized in developing markets. It currently does not have the highest number of cryptocurrencies available for trades. Nevertheless, it provides just enough for new users entering the cryptocurrency market.
Luno
Pros
- Mobile App
- Smooth UX and UI
- Supports several FIAT options
Cons
- Unclear Fee Structure
