Luno Review

Luno Review

Robert McDougall 

January 12, 2023

Cryptocurrency

What is Luno?

Luno is a cryptocurrency exchange that aims to make it easy for everyone to access and participate in the crypto industry. It is designed for both beginners and experienced traders, and offers guidance and support at every step to help users navigate the platform and make informed decisions. The goal of Luno is to make cryptocurrencies more accessible and understandable to the general public, as many people may be hesitant to explore this industry due to the perception that it is difficult or complex. In reality, with the right guidance and support, cryptocurrencies can be easy to understand and evaluate for their potential to transform the financial industry. Luno's platform allows users with no prior experience to buy, sell, and trade digital assets with ease, making it an ideal entry point for those looking to get started in the world of crypto.

Luno is a well-established platform with a global presence and over 9 million users. Founded in 2013, the company has expanded to over 43 countries and continues to grow. Luno's mission is to provide a seamless and hassle-free experience for all users, regardless of their location or level of experience. The company has a physical presence in several jurisdictions around the world, including the UK, Nigeria, Singapore, the US, Indonesia, and Australia. Luno offers a range of features to help users access and engage with the crypto market, including the ability to easily buy, sell, store, and trade crypto assets. The platform also offers mobile applications that allow users to access their portfolio and stay connected with the market at all times.

  • Web Address: www.luno.com
  • Main location: London
  • Mobile app available: iOS and Android
  • Deposit Methods: Wire transfers, credit/debit cards, other methods (depending on jurisdiction)
  • Deposit Fees: Free
  • Withdrawal Fees:  Varies depending on withdrawal method
  • Fiat Currencies: USD, EUR, AUD, GBP, IDR, and more
  • Cryptocurrencies: BTC, ETH, XRP, SOL, ADA, LINK, UNI, LINK, BCH, LTC, and USDC
  • Trading FeesDepends on country

My Overall Thoughts on Luno

Luno is a platform that was designed with the goal of making it easy for beginners to understand and engage with the crypto industry. While it may not offer all of the advanced features and trading tools that more experienced users may be looking for, it provides a range of services that are accessible and user-friendly for those who are new to the world of crypto.

With Luno, users can easily buy and sell crypto assets, as well as trade, store, and hold their assets on the platform. The company also offers guides and other resources to help users learn about the industry and get started on their crypto journey. Some of the features of Luno that may be particularly appealing to beginners include its ease of use, accessibility, and the range of services it offers. These are the top 3 features that stand out to me:

Instantly buy and sell crypto: Luno supports different payment methods for all supported countries. You can use any of these options to directly buy and sell crypto instantly. Nearly all payment methods are free of charge on Luno.

Advanced trading interface: Luno's trading interface is well-suited for those with more experience. Professional traders can utilize features like indicators, candles, drawing tools, depth charts, order types, and much more to analyze and execute their trades.

Guides and tutorials: Luno has a separate section for guides and tutorials where they have explained almost every feature available on the exchange. You can learn how to get started and what to be wary of when you invest in and trade crypto. 

The main downside of Luno is that they only offer a very small range of cryptocurrencies. However, if you are just starting out, you don't need to worry, as the coins available are the most popular and widely traded ones.

Key features and advantages of Luno

Luno is not a feature-packed exchange, as it is focused on being very user-friendly and perfect for beginners. It offers an instant buy and sell feature, as well as trading for those who have some experience.

Luno also works as a crypto wallet where you can store your funds and manage your portfolio. You can send your crypto to anyone and receive funds easily through Luno. Let's find out more about all the features offered by this exchange.

Negatives and disadvantages of Luno

The aim of keeping things simple comes with some downsides for Luno. Take a look below to find out which areas Luno could improve in, and see if they are things you are concerned with.

What services does Luno offer?

Luno has made it really simple to get started as you can sign up with your social accounts or email, on your mobile or on desktop. Besides direct crypto purchasing and selling, Luno also allows users to trade by utilizing their advanced and professional trading layout.

To understand what services Luno has, take a look below:

Buy and sell cryptocurrencies instantly

Luno has an instant crypto purchasing and selling option that allows users to buy crypto with ease. You can start investing on Luno with as little as $10 and start building your portfolio.

Instant crypto buying and selling benefits users who want to make a transaction immediately. You don't need to deal with the hassle of placing a trade on the market or waiting for someone to fill your order.

Before you start buying and selling on Luno, you must have a fully verified Luno account. For that, you will have to verify your identity by submitting the required documents.

Different payment methods are supported

As Luno is a global platform and offers their services to several countries, they support a good number of payment methods for convenient deposits and withdrawals. The best thing is each jurisdiction has its own payment methods so that you can deposit or withdraw money with the suitable payment modes available in your country.

For instance, if you are living in Europe, Luno gives their users the option to deposit through SEPA bank transfers, or credit/debit cards. For US users, you can deposit or withdraw funds through direct bank transfer only.

In order to check which payment methods are available for you, visit the deposit page of your account and check the available options. 

Easy access to popular cryptocurrencies

While Luno doesn't have the largest range of cryptocurrencies available, it supports almost all the popular coins. Having easy access to popular cryptocurrencies enables users to exterminate the chance of investing in rug pull or scam projects. You are only dealing with markets that are already popular and are endorsed and backed by large communities.

You can do your own research on these coins, see what others are saying, and then invest in the project without worrying about being scammed.

The cryptocurrencies that are available at Luno are BTC, ETH, XRP, SOL, ADA, LINK, UNI, LINK, BCH, LTC, and USDC. At the time of writing, Luno only has these markets, but they may expand the list in the future.

High-performance and professional trading layout

Luno is a platform that caters to both beginner and advanced traders, offering a range of features and customization options to suit the needs of different users. The platform's professional trading layout includes a detailed chart for each pair, provided by TradingView, that allows users to analyze market trends and make informed decisions. There are over 50 indicators available, as well as drawing tools, patterns, and other options to help traders predict market movements. Users can also analyze different timestamps or view historical data to better evaluate the market. In addition, the platform offers a separate panel on the right-hand side where traders can execute trades and select different order types, amounts, and other options. Overall, Luno provides an excellent trading experience with its extensive range of features and opportunities, and is suitable for traders who do not want to compromise on their trading experience.

Mobile applications for iOS and Android devices

Luno has created mobile applications for Android and iOS devices that offer users the same features and functions as the web version of the platform. These apps allow users to access their portfolio, trade with the same level of professionalism using the available charts, and buy and sell assets using the same payment methods as the web version, all from the convenience of their smartphone.

This portability enables users to trade whenever and wherever they like, without having to rely on a computer. The Luno mobile apps can be easily downloaded from the Google Play Store or the App Store and are available to all users. To get started, simply install the app, log in or sign up, and you'll be ready to trade on the go.

Luno wallet to store cryptocurrencies

Keeping cryptocurrencies safe is one of the biggest concerns for users out there, but Luno has solved this problem, as it acts as a wallet as well as an exchange. Luno wallet is free to use, and you will gain automatic access once you sign up to Luno. 

Premium security with deep freeze

Luno has brought a deep freeze feature along with other premium privacy initiatives to provide fool-proof security to users. Deep freeze is basically a system where keys are generated and kept completely offline. Because it is not connected to the internet, an unauthorized party has absolutely no way to access the keys and the funds.

Luno uses hot wallets for BTC transactions and air gaps which also work similarly to the deep freeze. You can also secure your account with two-factor authorization and a strong password that only you know.

These features ensure the absolute security of your account and wallet, offering peace of mind to users who want to start investing in the crypto industry.

Thorough and beginner-friendly guides

The sole purpose of creating Luno was to make the crypto industry more accessible and beginner-friendly. So it is understandable why the platform focuses a lot on offering guides and tutorials to their users.

There is an entire section available on Luno that is filled with guides, video tutorials, and informational articles. All of that content can be used to learn how the industry works, if it is the right time to invest, how markets move, how much to invest, and more. Luno has also provided a guide for every feature on the platform so that you can invest with confidence.

Even if you are a beginner or a complete amateur who does not know anything about the crypto industry, you can hop on to the platform and learn from scratch.

Personalized help with customer support

If the available guides and tutorials are not helping, you can also get in touch with the customer support team of Luno and get personalized help. Note that personalized help is only available for registered users on the platform.

Personalized customer support allows the Luno team to understand the concern according to your account history. You will receive quicker replies and solutions, leading to a hassle-free experience.

To get help, visit the help center, select the appropriate issue and fill in the form to submit your ticket. The team will get back to you as soon as possible with an answer or solution.

Things I don’t like about Luno

Overall I think Luno is a great crypto exchange, but there are a few negatives that you should keep in mind before signing up. Take a look below to see what areas I think Luno could improve in. 

Very limited cryptocurrencies are available

While Luno's limited selection of cryptocurrencies may be a benefit for beginners who want to avoid confusion and scams, it can be a significant drawback for professional traders who prefer a more diverse range of assets.

 The platform currently supports only about ten cryptocurrencies, which may not meet the needs of many traders. This lack of diversity can restrict traders to exploring only a few markets rather than seeking out more lucrative opportunities. It may also prevent traders from investing in new projects with the potential to experience significant growth, which could be a disadvantage for those who are willing to take risks in the market.

In order to attract and retain more traders, Luno may need to expand its selection of cryptocurrencies and offer a wider range of assets for users to choose from. This would not only increase the platform's appeal, but also help it grow and thrive in the competitive world of crypto.

Not available to citizens of some countries

While Luno can be accessed globally, it only supports citizens from a limited number of countries, including major jurisdictions like the US, UK, and Australia. Many countries in Asia, as well as some in the Middle East and Africa, are currently not supported by the platform. If you are not from the US, it is important to check whether you will be able to register on the platform before signing up. On the bright side, Luno has a history of expanding its services and is working on supporting more countries in the future. So if you are unable to use the platform at this time, it is possible that you may be able to do so in the future.

Luno Fees

Luno Deposit Fee

The deposit fee at Luno is not fixed due to the fact that the platform offers different depositing methods to users of different countries. But in almost 90% of cases, the deposits are free. There are a few methods like PayID for Australian users, where they have to pay a fee of $1.30 when depositing an amount below $50.

Direct crypto transfers remain free for all countries, and you can simply transfer the crypto assets from an external wallet. 

Luno Trading Fee

The trading fee at Luno depends on the jurisdiction you are trading from. Take a look below to see the Luno trading fees, and instant buy/sell fees for various countries:

  • Australia Trading: 0.10%; Instant Buy/Sell: 2%
  • Europe Trading: 0.10%; Instant Buy/Sell: 1.5%
  • Indonesia Trading: 0.21%; Instant Buy/Sell: 1.1%
  • Malaysia Trading: 0.50/0.25%; Instant Buy/Sell: 2%
  • Nigeria Trading: 0.10%; Instant Buy/Sell: 2%
  • Singapore Only Instant Buy/Sell available: 0.75%
  • South Africa Trading: 0.10%; Instant Buy/Sell: 2%
  • Uganda Trading: 0.10%; Instant Buy/Sell: 2%
  • United Kingdom Trading: 0.10%; Instant Buy/Sell: 1.5%
  • United States Only Instant Buy/Sell available: 0.75%

Luno also offers discounts based on the account level you have, which is dependant on trading volume in the past 30 days. The higher the account level you are, the higher the trading discounts you receive. 

Luno Fiat Withdrawal Fee

Bank withdrawals for the US and the UK are free. For other jurisdictions and payment methods, the fee can vary. You can check the fiat withdrawal fee at the time of withdrawal.

Luno Crypto Withdrawal Fee

The fee for crypto withdrawals depends on network congestion and traffic. You can expect a variable fee every time you withdraw funds from your Luno account.

Pros and Cons of Luno

Pros
  • Easily buy and sell cryptocurrencies
  • Trade with an advanced trading layout
  • Several payment methods are supported
  • Luno wallet with premium security to protect your funds
  • Beginner-friendly platform with tons of guides
Cons
  • A lot of countries are not supported
  • Limited diversity in cryptocurrencies

Summary

Luno has been in the business of providing digital asset exchange services for a decade. The company was founded at a time when cryptocurrencies were not widely known or accepted, but their vision of making the industry simple and accessible helped them achieve success. In addition to improving their services, Luno has also made sure to prioritize the security of their infrastructure, and there have been no reported hacks on their servers in the company's history.

If you are a beginner or an experienced trader looking to buy, sell, trade, and store crypto assets, Luno may be a good choice. It's important to keep in mind that the platform's selection of cryptocurrencies and the countries it supports may be limited, but overall, Luno can provide a reliable and secure way to enter the world of cryptocurrencies.

Frequently Asked Questions

Can US users use Luno?

Yes, Luno is available for users residing in the US. Luno offers their services in over 40 countries, including the US, Australia, and the UK.

What cryptocurrencies are available on Luno?

Luno supports BTC, ETH, XRP, LTC, BCH, XRP, SOL, ADA, and a few other cryptocurrencies. You can buy, sell, and trade all of these digital assets with the available features at Luno.

Is it safe to use Luno?

Luno is absolutely safe to use. The platform was established in 2013, and there have been no hacking or breaching reports since their company began. Luno also takes multiple precautionary measures to protect the funds of their users.

Frequently Asked Questions

Can US users use Luno?

Yes, Luno is available for users residing in the US. Luno offers their services in over 40 countries, including the US, Australia, and the UK.

What cryptocurrencies are available on Luno?

Luno supports BTC, ETH, XRP, LTC, BCH, XRP, SOL, ADA, and a few other cryptocurrencies. You can buy, sell, and trade all of these digital assets with the available features at Luno.

Is it safe to use Luno?

Luno is absolutely safe to use and invest in. The platform was established in 2013, and there have been no hacking or breaching reports since their company began. Luno also takes different precautionary measures to protect the funds of their users.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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