Luno Exchange Review (2020)

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• Published: May 21st, 2020
• Updated: July 15th, 2020

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Buy Cryptocurrency with Luno

Luno is an up and coming cryptocurrency exchange backed by some major players in the cryptocurrency space such as Coindesk.

Allowing extremely low fee trading of Bitcoin and Ethereum against fiat currencies, it’s a serious contender upon the top exchanges out there.

While they definitely target the emerging and underserved markets of the crypto world, it’s a serious option for those based out of Europe.

How does Luno stack up against some of the industry titans?

Keep reading our full in-depth review to find out more.

Supported Countries

Luno supports cryptocurrency trading in nearly all European countries, South Africa, Singapore, Indonesia, Malaysia, and Nigeria, Uganda, Zambia.

Notably missing from Luno is the United States. Currently, Luno allows users from the United States to store cryptocurrency on the exchange, although this is not recommended.

Here is a list of supported European countries from the Luno website:

Luno Supported Countries

Supported Cryptocurrencies

Luno supports a wide variety of cryptocurrencies and fiat currencies. You’ll find your options listed below.

Cryptocurrencies

  • Bitcoin
  • Ethereum
  • XRP
  • Bcash
  • Litecoin

Fiat Currencies

  • USD
  • GBP
  • EUR
  • IDR
  • MYR
  • NGN
  • SGD
  • UGX
  • ZAR
  • ZMW

Supported Payment and Deposit Methods

Depending on which country you are from, Luno will accept different deposit methods.

      • Europe – SEPA Transfer
      • Indonesia – Bank Transfer
      • Malaysia – Interbank GIRO / IBFT
      • Nigeria – Bank Transfer
      • South Africa – EFT, Cash Deposit
      • Singapore – Xfers Transfer
      • Uganda – Bank Transfer
      • Zambia – Bank Transfer

 

Luno’s Fees

When it comes to determining an exchanges fees, there are a few things you’ll want to consider.

  • Fees per trade
  • Fees for depositing
  • Fees for withdrawing
  • Any premiums on cryptocurrency price

Trading Fees

Luno’s fees are some of the lowest in the business. This is most likely due to it being an exchange, not a brokerage. Assuming you’re a maker in a limit order, you’ll pay 0 fees for trading on Luno. That’s right, 0 fees.

Deposit Fees

Luno’s deposit fees also vary on the method and currency that you decide to use. In most European countries, all methods are free and incur no fee.

In some countries such as Indonesia, Nigeria, and others there will be a slight fee for most methods. The table below will show each methods respective fees.

luno deposit fees

Withdrawal Fees

Luno does have some withdrawal fees depending on the method and currency. They’re relatively negligible however and are likely just for processing costs.

As you may be able to tell, Luno doesn’t support card transactions when withdrawaling. This isn’t necessarily a downside, but something to keep in mind.

luno withdrawal fees

Price Premiums

We have found Luno’s prices to be very competitive with other top exchanges and brokerages. At press time, we found them all within 1% of major exchanges.

Trading Limits

Luno technically doesn’t have any trading limits. Users are free to trade as much as they want on the exchange, however, they are limited on deposits and withdrawals. Depending on your verification tier, Luno allows you to deposit different amounts of funds.

For example, Level 1 verification allows for the equivalent of 1,000 lifetime Euros, which isn’t very much. To increase your verification tier, you’ll have to provide different amounts of information.

  • Level 1 requires an email address, phone number, and other basic info.
  • Level 2 requires a photo scan of government identification
  • Level 3 requires proof of a residential address via a bill or other document

Supported Languages

Because Luno supports a wide variety of countries, they support several languages. These include:

      • English
      • French
      • Indonesian
      • Italian
      • Dutch
      • Polish

It is possible the exchange adds more in the future.

Mobile App

luno mobile wallet

Similarly to Coinbase, Luno offers a mobile application allowing users to trade cryptocurrency from the comfort of their phone.
The app is supported on both Android and iOS giving it great exposure around the world.

The app and website also function as a wallet, allowing users to store cryptocurrency on the wallet. This isn’t recommended, however, as storing cryptocurrency on an exchange isn’t very secure.

A great security feature to go along with the mobile app and website is 2-factor authentication (2FA). 2FA is recommended for all cryptocurrency websites as it adds an extra layer of security to your accounts.

It only takes one mistake to have your cryptocurrency or personal information stolen by a hacker.

Luno Team

marcus swanepoel

The CEO of Luno is Marcus Swanepoel who attended the Wharton School of Business and INSEAD in France. Before founding Luno, Swanepoel spent his time in private equity and consumer/investment banking.

Luno Team

Customer Support

After some research, it appears that Luno’s customer support is pretty effective at dealing with users problems. In addition to being helpful, they seem to respond to support tickets rather quickly.

Frequently Asked Questions

Does Luno allow users to store cryptocurrency on the exchange?

Luno does let users store cryptocurrency on the exchange, but its highly recommended to not do this on any exchange as there are some serious security issues with this.

Is Luno a safe exchange?

For it’s entire existence, the exchange has suffered 0 hacks or anything of the sort, so by that standard it’s a safe exchange to use. It’s always important to understand what you’re signing up for when using a cryptocurrency exchange.

Conclusion – Why Luno?

Overall, Luno is a fantastic, low fee cryptocurrency exchange. Due to the countries the exchange supports, it makes it not the best choice for everyone.

However, if Luno is supported in your country, it is highly recommended to do your trading on there, as it is possible to have 0% transaction fees.

Buy Cryptocurrency with Luno

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
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