Luno is a UK-based cryptocurrency exchange operating across Europe, Australia, Malaysia, Indonesia, Nigeria, and South Africa. The company currently has three offices around the world in London, Cape Town, and Singapore. Founded in 2013 under the name BitX and rebranding to Luno in 2016, the company has grown to serve over 7 million customers with a team of 400+.
Under the guidance of CEO Marcus Swanpoel, Luno has raised 13.8 million to date from investors such as Balderton Capital, Digital Currency Group, and Venturra Capital.
At the time of writing, Luno had a 24 hour trading volume of $68,706,734. It currently supports only six coins – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and USD Coin (USDC).
Luno’s strengths lie in its usability. It’s an easy to navigate, relatively straightforward crypto exchange that makes it easy for newcomers to jump right in and start investing.
Opening an account is relatively easy. Be sure to have bank statements and proof of residential address nearby – in some countries, the amount you can deposit and withdraw is tied to how many identity documents you’ve uploaded.
Luno’s interface is clean and uncluttered. Buying on Luno is seamless, but the user experience for selling could use some work. Unlike other exchanges, there’s no button allowing you to sell the entire contents of your wallet – the number needs to be entered manually. With the price of crypto where it is, that’s a lot of decimal places to remember.
You can also withdraw your coins, and send them to other wallets. There is a week-long cool down period after enabling the send feature. This is presumably for security reasons, but it ends up being massively inconvenient for the user.
If you have an issue with your account, good luck getting to a human. Customer support on Luno is difficult to access and requires digging. To contact Luno’s customer care team, users have the option of emailing them at email@example.com, or submitting a ticket in the help centre, which also has extensive documentation that covers most problems.
Fees on Luno depend on the user’s country, and can differ wildly. One major downside is the presence of inactivity fees buried deep in the Terms and Conditions (which I’m sure everyone reads). Users storing local currency in a wallet for a period exceeding three months face a USD 2.00 fee per month. Yikes!
Luno is a great exchange for novice users, but the difficulty of accessing customer care and finding relevant information might make it off-putting to crypto veterans.Learn more
Pros / Cons
- Luno is a custodial wallet – you don’t own your keys
- Difficult to access customer support
- Confusing fee structure
- Doesn’t operate in the US
- Only 6 coins are offered – BTC, ETH, USDC, BCH, LTC, and XRP
- Intuitive, straightforward platform design that doesn’t require any hand-holding, so Grandma can buy her own BTC.
- Easy to set up an account and buy crypto
- Makes regulated crypto available to users in developing economies
If you want to finance a life of crime with ill-begotten crypto gains, you’ll have to look elsewhere. Luno takes a stringent approach to security and regulation, closely adhering to anti-money laundering (AML) and know-your-customer (KYC) processes. For customers, this mainly means that extensive documentation is required when opening a Luno Account. This can change based on country of residence and deposit/withdrawal limits, but it’s safe to assume you’ll need at least a passport/drivers license/ national ID.
Occasionally, hackers will attempt to extort exchanges by launching a DDoS (distributed denial of service) attack, knocking the exchange offline and requiring that they pay up to regain access. While there is no explicit documentation, customer service representatives have asserted that Luno’s DDoS mitigation is “among the best”.
Luno has not been hacked, or at least has not acknowledged any security breaches publicly. Buyer beware – Luno’s supported cryptocurrencies are not subject to any government-backed deposit insurance, or any other government protections.
Luno uses multi-sig wallets to store the majority of customer funds in “deep freeze” storage. What this essentially means is that taking any Bitcoins from deep freeze requires a coordinated effort to get past multiple security checks and layers of encryption. Hot wallets are also multi-signature, with Luno holding one of the keys and security company BitGo holding the other. Practically, this means that attackers need to bypass two systems to get to those sweet, sweet coins.
Luno supports the use of two-factor authentication, which generates a one-time code accessible from a registered smartphone. Company wide, Luno uses SSL-secured channels and uses PGP (pretty good privacy) encryption. Overall, the security at Luno looks functional – your coins will probably be safe with them.
Are you a European resident and looking to avoid deposit fees? Depositing money via SEPA transfer, debit, and credit card is free.
Malaysian customers can deposit via interbank GIRO and FPX instant transfer with no fees.
Visit the Luno Store to discover interesting exchange-approved apps that have already been carefully vetted.
PayID and bank transfer deposits are fee-free for Australian customers.
Thinking about the regulation of crypto is enough to give anyone a headache. Governments are rushing to catch up with the private sector, and it seems like new legislation is being created every day. In a blog post on the subject, Luno makes it clear that they intend to cooperate with regulatory frameworks on a national and international level.
Luno is incorporated in Singapore and based in London. Disputes are governed by Singapore law.
Luno currently operates in Europe, Australia, Malaysia, Indonesia, Nigeria, and South Africa. Local entities are based in Australia, Indonesia, Malaysia, Nigeria, Singapore, South Africa, Uganda, the United Kingdom, and Zambia. According to the site, Luno is regulated in the regions where it operates by the appropriate financial agency.
Luno does collect personal data through cookies and what is provided. Authorised third-party cookies and web beacons are also placed on user devices, though Luno asserts that no personally identifiable information is stored in third-party cookies.
Personal user data is used to verify your identity in accordance with KYC, AML, Counter-Terrorist Financing (CFT), and sanctions screening requirements. User data is also used to manage accounts, relationships, improve products, and respond to enquiries. Luno also uses user-data for personal advertising, with no option to opt out.
If you live in a country with strong data protection laws, you do have the right to request a copy of your personal data, or request that your data be deleted. Luno has also committed to notifying consumers of data breaches as they occur. So far, they have a spotless record in terms of security.
Luno’s clear, straightforward user interface is one of its major draws. Users can choose between a simple, clean homepage design, or opt for a more advanced trading interface that incorporates market information and the option to trade crypto with other users.
Users can also enable Luno Labs to see new features that are in development. Unfortunately, Luno does not have Dark Mode that I could find, a fact that night-owls might find distressing.
Otherwise, the user experience was pleasant and seamless. The Onfido identity verification AI might force you to take endless photos of your passport, but once you submit a satisfactory picture the process is simple. The simplicity comes at the cost of other features; unlike exchanges such as Coinbase or Crypto.com, Luno usres are limited in what kind of trades they can make, and which coins they have access to. This will undoubtedly be a plus for users who want something simple and easy to use, but advanced traders looking for extensive financial products may want to look elsewhere.
How does Luno compare?
Luno is well suited for crypto beginners who want a secure, reliable platform to exchange fiat for established cryptocurrencies. With a limited portfolio of only six coins and relatively few financial services, Luno does not have much to offer experienced crypto traders looking to earn big.
People looking for a similarly safe and beginner-friendly platform with more features and options might want to look into Kraken. With 50+ coins and powerful trading tools, beginner and intermediate traders alike can thrive on Kraken.
Customer support is one of Luno’s weak points. Trying to troubleshoot a problem invariably gets you dumped on the Help page. There, you can search through hundreds of articles to find a solution to your problem. If you want to talk to a person, you have to wade deep into the site. Eventually, you will find the “Contact Us” button, where you have the option to send Luno support a message, report suspicious activity, or start a chat with a customer service rep.
When I used the help chat on a Monday afternoon, I got a quick response from a helpful customer service rep.
You can also contact Luno on Twitter @LunoHelp, or email them at firstname.lastname@example.org. On Trustpilot, Luno has a 4.2 star review. Negative reviews focused on how difficult it was to get help, with one user saying “the option to send a message to the help team crashed 3 times in a row.” Luno customer support is active on the page, and responds to negative reviews with offers of help.
Opening an Account and Trading
Luno has made opening an account relatively easy. To open your own and start trading on the Luno website, follow these instructions.
Ok, you have a Luno account and you want to trade. How can you get started?
Fees are a fact of life when using a crypto exchange. If you want to use Luno, you can expect the following fees:
Sending and Receiving fees: On Luno, it’s free to receive Bitcoin and Ethereum. Bitcoin, Ethereum, Bitcoin Cash, Litecoin and USD Coin send transactions also generally incur dynamic fees.
Withdrawal fees are different from country to country. check the fees and transaction limits page for your base of operations to see how much you’ll be charged.
Instant Buy and Sell fees are service charges, and are displayed in cryptocurrency when you buy and sell. Double check the fee schedule for your country and keep a calculator on hand if you want to avoid unpleasant surprises.
Trading fees are based on a maker-taker model, explained here. Makers pay nothing while takers can pay anywhere from 0.25% – 1%, depending on the currency being traded.
Inactivity/Dormancy fees are incurred if you keep local currency in your Luno wallet for more than 3 months without using it, or leave your wallet untouched for several years.
Luno was most recently in the news because of their collaboration with UK pizza chain Papa John’s. Hungry customers that purchased least £30 will get £15 off their orders as well as £10 in free bitcoin, redeemable on Luno.
In other notable news, Luno started offering Bitcoin Cash in Malaysia, the fifth digital asset to be approved by the Security Commission Malaysia (SC). In April, African crypto usage sent their user base soaring, with the number of customers hitting 7 million
Which countries can use Luno?
Users in Europe, Australia, Malaysia, Indonesia, Nigeria, and South Africa can trade on Luno.
Does Luno have a wallet?
Yes, Luno offers a custodial mobile wallet, which is available on iOS, Google Play, and the web, so you can access your coins on the go. Luno controls the private keys and seed phrase, which means you are not in control of your coins.
What coins are available on Luno?
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and USD Coin (USDC) are all available on Luno. Some coins might not be available in every country, so check your jurisdiction.
Is Luno safe?
Luno is safe, or as safe as a crypto exchange can be. They use encryption, multi-sig wallets, PGP, two-factor authentication, and SSL.
What is the minimum deposit for Luno?
The minimum deposit is USD $10.00 – not too bad!
How do I open a Luno account?
How do I access Luno support?
To contact Luno’s customer care team, users have the option of emailing them at email@example.com, or submitting a ticket in the help centre, which also has extensive documentation that covers most problems.
You can also contact Luno on Twitter @LunoHelp. If you want to use the Live Chat function, you’ll need to dig through a mountain of documentation. Once you get there, though, the customer service reps are very good.
Luno is open to the following European countries:
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, 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
It is also open for users from:
- South Africa
Currencies supported are AUD, EUR, IDR, MYR, NGN, SGD, ZAR, UGX, GBP, and PLN.
- Debit / Credit card (EUR)
- Google Paay (EUR)
- SEPA (EUR)
- Bank transfer (IDR, NGN, AUD)
- Interbank Giro / IBFT (MYR)
- FPX instant transfer (MYR) qa
- Card deposit (NGN)
- Paystack (NGN)
- GT Bank transfer (NGN)
- EFT (ZAR)
- Cash deposit penalty (ZAR)
- Flutterwave (NGN)
- PayID (AUD)
Luno offers several services, including a brokerage service, a custodial wallet, a trading platform, and business accounts.
Instant buy or sell
Luno offers a brokerage service that allows you to buy crypto quickly and with minimal hassle, but charges a premium fee. Fees differ between countries and purchase amounts, so it’s hard to predict how much a transaction will cost.
Luno’s exchange interface allows users to buy and sell cryptocurrency from other users. It offers market information, trade history, and relatively sophisticated trading functionality. Luno gives you the option to make Exchange View your default home screen. Leave it on in the background to convince friends that you’re really getting good at this crypto thing.
Luno mobile wallet
Luno offers a custodial mobile wallet, which is available on iOS, Google Play, and the web. This makes it easy for you to access your crypto on the go. However, Luno controls the private keys and seed phrase, which means you are not in control of your coins.
Luno for business
Luno offers a service for companies looking to buy, sell, and trade cryptocurrency or send and receive payments in crypto. The business account offers secure custody, an API, enhanced limits on monthly deposits and withdrawals, and access to analytics software.