Luno Review

Luno Exchange Review

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

The exchange allows for extremely low fee trading of Bitcoin and Ethereum against fiat currencies.

What countries does Luno serve?

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

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:

“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”.

Luno 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

Luno takes no deposit fees unless Nigerian Naira is deposited, or the South African Rand is cash deposited.

The NGN deposit fee is 1.58% with a 2,070 max fee. The ZAR deposit fee is 20 + 5% and only occurs on cash deposit, not EFT.

In addition to the methods mentioned above, Luno also allows for Bitcoin and Ethereum deposits. Bitcoin has a flat .0002 BTC deposit fee, while Ethereum has 0 deposit fees.

Luno 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.

Here is a chart displaying Luno’s trading fee system. Depending on the currency used, there is a slightly different fee. If you are a maker, you will have a 0% fee on your transaction once it is filled.

A maker is someone who adds to an exchanges order book by providing liquidity. This means to have zero fees on your trades, you should create a limit order and wait for the transaction to be filled.

Luno Fees

Luno 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.

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

 

Luno Limits

Luno 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.

Luno Mobile App

luno mobile app

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

Luno CEO

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 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.

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.

To get started on Luno create an account on the exchange!