Luno is a cryptocurrency exchange that has established a strong presence in numerous developing markets. While relatively small compared to global giants, it has experienced steady growth across multiple countries, expanding from its African origins into European markets. This review covers everything you need to know about Luno, including its security, trading pairs, fees, and overall reliability.
What Is Luno?
Luno began as BitX in South Africa in 2013 before rebranding and moving its global headquarters to London. The platform aims to make cryptocurrencies like Bitcoin and Ethereum accessible to users worldwide, focusing especially on underserved regions. With teams across London, Singapore, and Cape Town, Luno emphasizes transparency and local presence to build user trust.
The exchange has gained traction partly due to venture capital funding, allowing it to enhance its services and expand its operational reach. Its mission is to simplify buying, selling, and storing digital assets for both newcomers and experienced users.
Security Measures
Luno has not experienced any major security breaches to date, which speaks to its robust protective measures. The exchange stores the majority of user funds in multisignature cold wallets located in secure offline bank vaults. Additionally, hot wallets are managed in partnership with BitGo, requiring shared key authorization between the two companies to prevent unauthorized access.
For individual accounts, Luno offers standard security features such as two-factor authentication (2FA) and email confirmations. While these measures are essential, users are always advised to avoid storing large amounts of cryptocurrency on any exchange. Instead, consider using personal wallets for long-term storage.
Supported Cryptocurrencies and Trading Pairs
Luno focuses on fiat-to-crypto trading, supporting several currency pairs tailored to users in emerging economies. Available trading options include:
- BTC/IDR (Indonesian Rupiah)
- BTC/MYR (Malaysian Ringgit)
- BTC/NGN (Nigerian Naira)
- BTC/ZAR (South African Rand)
- BTC/EUR
- ETH/BTC
The platform also supports Ethereum (ETH) trading against Bitcoin (BTC), though this is its only crypto-to-crypto pair. While Luno is expanding into developed markets like Europe, its primary liquidity remains in emerging economies, with the South African Rand (ZAR) accounting for most of its trading volume.
Deposits and Withdrawals
Luno supports bank transfers, debit cards, and credit cards for deposits, partnering with services like Upay and Everypay for card processing. Fiat deposits typically take 24–48 hours to reflect in user accounts, while withdrawals are processed within 48 hours.
European users can deposit funds via SEPA transfers, which usually clear within 1–2 business days. Withdrawals in Euros are also handled through SEPA, ensuring efficient cross-border transactions. 👉 Explore secure deposit methods
Fee Structure
Luno uses a maker-taker fee model based on users’ monthly trading volumes. Fees are competitive and generally stay below 1%. Withdrawal fees vary by country—for example, users in South Africa pay a small flat fee for EFT withdrawals, while European users are charged a nominal amount for Euro transactions.
Most deposit methods are free, though card purchases and certain cash transactions may incur additional charges. For detailed fee information, refer to Luno’s official fee schedule.
Account Verification
Signing up for a Luno account requires only an email address, but verification tiers determine transaction limits. The highest verification level requires submitting identification documents, such as bank statements or utility bills. Luno prides itself on fast verification, often completing the process within 24 hours.
Regulatory Compliance and Funding
Luno has raised significant venture capital, including a $9 million Series B funding round led by Balderton Capital. This investment supports its expansion and operational scaling. However, the exchange faces regulatory challenges in some regions, such as Malaysia, where authorities have sought user data for tax purposes. Luno has committed to cooperating with regulators while protecting user confidentiality.
Trading Platform and Mobile App
Luno’s trading interface is functional but basic, featuring order books, price charts, and market depth visuals. It lacks advanced charting tools or technical analysis features, making it more suitable for beginners than experienced traders. The platform uses a dark theme, which some users may find less visually intuitive.
The mobile app offers full trading functionality and doubles as a cryptocurrency wallet, allowing users to send funds to contacts directly. It is available for iOS and Android devices.
Customer Support
Luno provides a help center for common queries and a ticketing system for personalized support. The exchange has expanded its support team significantly, leading to faster response times and improved user assistance.
Luno vs. Coinbase
| Feature | Luno | Coinbase |
|---|---|---|
| Established | 2013 | 2012 |
| Jurisdiction | South Africa, Europe, Asia | Global |
| Deposit Methods | Bank transfer, cards | Bank transfer, cards, PayPal |
| Cryptocurrencies | BTC, ETH | BTC, ETH, BCH, LTC, others |
| Fiat Support | ZAR, EUR, MYR, IDR, NGN | USD, EUR, GBP |
| Trading Fees | <1% | Up to 3.9% for card purchases |
| Security | Cold storage, 2FA, BitGo | Advanced security protocols |
Luno is more cost-effective for users in emerging markets, while Coinbase offers a wider range of cryptocurrencies and advanced features like Coinbase Pro. However, Luno’s focus on specific regions gives it an edge in local currency support and accessibility.
Frequently Asked Questions
Is Luno available in the United States?
No, Luno does not currently serve U.S. customers. It focuses primarily on African, European, and Southeast Asian markets.
What are the withdrawal limits on Luno?
Limits vary based on verification levels. Fully verified users enjoy higher withdrawal thresholds, which can be checked in the account dashboard.
Can I use Luno for day trading?
While possible, Luno’s basic charting tools and limited pairs may not meet the needs of advanced day traders. It is better suited for casual investing and recurring purchases.
How does Luno protect user funds?
The exchange uses cold storage for most assets, partners with BitGo for multisignature wallet management, and enforces 2FA for account access.
Are there hidden fees on Luno?
No, Luno discloses all fees transparently. Users should review the fee structure before trading to avoid surprises.
Does Luno plan to list more cryptocurrencies?
The exchange has not announced specific plans but often evaluates new assets based on user demand and regulatory compliance.
Conclusion
Luno is a reliable and user-friendly exchange tailored to beginners and users in emerging markets. Its strong security measures, efficient verification process, and local currency support make it a practical choice for those in supported regions. While it lacks advanced trading features, its simplicity and responsive customer service compensate for these limitations. For users in Africa, Southeast Asia, or Europe seeking a straightforward platform to buy and sell Bitcoin or Ethereum, Luno is a solid option.
As with any financial platform, conduct personal research and consider your investment goals before trading. Cryptocurrency investments carry risks, and it’s essential to use secure practices to safeguard your assets. 👉 Learn more about crypto security