Luno Review 2025

Luno info

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Luno Security

Is Luno safe?

If you want to finance a life of crime with ill-begotten crypto gains, you’ll have to look elsewhere. Much like your bank account, 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 (Luno level 2 verification), which generates a one-time code accessible from a registered smartphone, followed by identity verification. 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.

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.

1. Sign up with the invite link: https://www.luno.com/invite/5MG588

2. Click the “Sign Up” button in the upper right hand corner, and enter your email and password. You may be asked to verify your email.

3. You’re in! You’ll want to verify your account next. To do so, navigate to the “Profile” button on the upper left hand corner, and choose “Settings” from the menu that follows.

4. Next, choose “Verification” from the menu.

5. You’ll be asked to provide an ID document, a selfie, proof of residential address, and proof of residency. Once you’ve submitted all the information, the exchange will review it and let you know if it has been accepted.

Ok, you have a Luno account and you want to trade. How can you get started?

1. If you would like to buy crypto from the exchange, navigate to the Home page, and select the type and amount of crypto you want to buy. Luno users can also set up repeat crypto purchases

2. Once you’ve selected the amount of crypto you want to buy, proceed to payment.

3. If you already have crypto, you can send it to your Luno wallet. Luno already has a standard Bitcoin wallet. If you want to send a different type of crypto, you have the option to set up a new wallet.

4. Once you have a wallet, you can send crypto to it from other wallets using the wallet address.

5. Deposit and buy €250 in any crypto and get €25.00 free BTC

Luno Supported Currencies

Currencies supported are:

• 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)