Luno Review: All You Need To Know

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Luno Review

What Is Luno?

Luno is a digital currency exchange that allows you to buy, sell and store cryptocurrencies. The company is headquartered in London, but also has offices in Singapore and Cape Town.

Luno allows you to buy, sell and store Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC).

Luno Features

Luno makes managing cryptocurrency easier than ever before. With three different services in one place, you can trade cryptocurrencies through their trading platform, store them safely in your wallet or use their API for developers to create systems with total security and convenience. Whether you’re a beginner or an experienced trader, Luno makes it for you to trade cryptocurrencies with ease.

For business accounts, Luno offers services like accepting payments in crypto, paying invoices with cryptocurrencies, or buying, selling, and trading of cryptocurrencies.

  • Large Trading Volume
  • Tight Spread
  • Customer Support Via LiveChat
  • Instant Buy and Sell
  • Easy to Use Trade Room
  • Price Alert
  • Instant deposit
  • Mobile App
  • Multiple Currency
  • Direct Withdrawal to Bank account
  • Safe Secure system
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1. Luno Instant Buy/Sell

Luno allows you to instantly buy or sell Bitcoin, Ethereum and Litecoin. You can also store these cryptocurrencies in your Luno wallet.

2. Free Cryptocurrency Wallet

You can use the Luno wallet as a free cryptocurrency wallet to make or receive payments with anyone anywhere in the world, at any time.

3. Luno Business Solutions

For business accounts, Luno offers services like accepting payments in crypto, paying invoices with cryptocurrencies, or buying, selling, and trading of cryptocurrencies.

4. Buy Bitcoin and Ethereum with Credit Card

You can buy Bitcoin and Ethereum instantly with your credit card. You will need to verify your identity before you can purchase these cryptocurrencies.

5. Luno Exchange

Luno also allows users to buy and sell cryptocurrencies on the built-in Luno Exchange. The exchange uses liquidity from other users to provide a market for cryptocurrencies.

6. Cryptocurrency Wallet Security

Luno ensures all cryptocurrency funds stored on its platform are fully protected against theft or loss. You can store your Bitcoin, Ether and other supported cryptocurrencies in the Luno wallet securely with state of the art security features.

7. Two-Factor Authentication

You can protect your Luno account with two-factor authentication, which requires a second verification step when you sign in to your account. This makes it harder for anyone to gain access to your account, even if they have your login details.

8. 24/7 Customer Support

Luno offers 24/7 customer support in case you have any questions or need assistance with your account.

9. Worldwide Availability

Luno is available in over 40 countries, making it easy for people around the world to buy, sell and store cryptocurrencies.

10. Easy to Use Interface

The Luno user interface is easy to use and navigate, making it accessible to people of all backgrounds and ages.

In order to be able to trade cryptocurrencies on Luno, you will need a verified account. This means that you can deposit funds into your Luno wallet or trade cryptocurrencies on the exchange only if you have completed the identity verification process and validated your bank account.

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11. Luno API

Luno also has an open API that allows developers to build cryptocurrency applications and platforms on top of its platform.

12. Savings Wallet

The Luno savings wallet allows you to earn up to 4% interest on your cryptocurrency deposits.

13. Luno Mobile App

Luno also has an app that allows you to buy, sell and store cryptocurrencies on the go. You can find their app for Android or iOS here .

Buy And Sell On Luno

To buy cryptocurrencies on Luno, you first need to create an account and verify your identity. Once your account is verified, you can deposit money into your Luno wallet using a bank transfer or credit card. You can then use this money to buy cryptocurrencies at the current market rate.

To sell cryptocurrencies on Luno, you first need to withdraw them from your Luno wallet into a bank account or credit card. You can then sell these cryptocurrencies at the current market rate.

Currencies and Payment Methods

Luno supports the buying and selling of the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • USD Coin (USDC)

Luno accepts the following fiat currencies:

  • Euro (EUR)
  • Indonesian Rupiah (IDR)
  • Malaysian Ringgit (MYR)
  • Nigerian Naira (NGN)
  • South African Rand (ZAR)
  • Zambian Kwacha (ZMW)
  • Polish Złoty (PLN)
  • Ugandan Shilling (UGX)
  • British Pound (GBP)

Luno accepts the following payment methods:

  • Debit / Credit card (EUR)
  • SEPA (EUR)
  • Bank transfer (IDR and NGN)
  • Interbank Giro / IBFT (MYR)
  • Card deposit  (NGN)
  • Paystack  (NGN)
  • GT Bank transfer (NGN)
  • EFT (ZAR)
  • Cash deposit penalty (ZAR)
  • iDeal (EUR)
  • Sofort (EUR)
  • Flutterwave (NGN)

Luno Supported Countries

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czechia
  • Denmark
  • Estonia
  • Finland
  • France
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • Indonesia
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malaysia
  • Malta
  • Monaco
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovenia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
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Instant Buy/Sell Transaction Limit

Luno Cryoto Pairs

MarketCryptocurrencyLocal currency
BCH/BTCBCH 0.001 – BCH 40BTC 0.001 – BTC 5
BCH/ETHBCH 0.001 – BCH 20ETH 0.01 – ETH 100
BCH/XRPBCH 0.001 – BCH 20XRP 0.1 – XRP 80,000
ETH/BTCETH 0.001 – ETH 100BTC 0.001 – BTC 5
LTC/BCHLTC 0.001 – LTC 200BCH 0.002 – BCH 40
LTC/BTCLTC 0.001 – LTC 200BTC 0.001 – BTC 5
LTC/ETHLTC 0.001 – LTC 200ETH 0.01 – ETH 100
LTC/XRPLTC 0.001 – LTC 200XRP 0.1 – XRP 80,000
USDC/BCHUSDC 1 – USDC 30000BCH 0.002 – BCH 40
USDC/BTCUSDC 1 – USDC 30000BTC 0.001 – BTC 5
USDC/ETHUSDC 1 – USDC 30000ETH 0.01 – ETH 100
USDC/LTCUSDC 1 – USDC 30000LTC 0.01 – LTC 200
USDC/XRPUSDC 1 – USDC 30000XRP 0.1 – XRP 80,000
XRP/BTCXRP 0.1 – XRP 80000BTC 0.001 – BTC 5
XRP/ETHXRP 0.1 – XRP 80000ETH 0.01 – ETH 100

Luno Fiat Pairs

MarketCryptocurrencyLocal currency
BCH/NGNBCH 0.001 – BCH 20NGN 50 – NGN 3,600,000
BTC/NGNBTC 0 – BTC 2NGN 50 – NGN 3,600,000
ETH/NGNETH 0.001 – ETH 100NGN 50 – NGN 3,600,000
LTC/NGNLTC 0.01 – LTC 200NGN 50 – NGN 3,600,000
USDC/NGNUSDC 1 – USDC 30,000NGN 50 – NGN 3,600,000
XRP/NGNXRP 0.1 – XRP 80,000NGN 50 – NGN 3,600,000

Luno Fees

Send fees

CurrencyMethodFee
BTCSend to BTC AddressDynamic *
BTCSend to email address or mobile numberFree
BCHSend to BCH AddressDynamic *
ETHSend to ETH AddressDynamic *
XRPSend to XRP Address0.03%
LTCSend to LTC AddressDynamic *
USDCSend to USDC AddressDynamic *

Receive fees

CurrencyMethodFee
Bitcoin (BTC)Receive by BTC AddressFree *
Bitcoin (BTC)Receive by email address or mobile numberFree
Bitcoin Cash (BCH)Receive by BCH AddressFree
Ethereum (ETH)Receive by ETH AddressFree
Ripple (XRP)Receive by XRP AddressFree
Litecoin (LTC)Receive by LTC AddressFree
USD Coin (USDC)Receive by USDC AddressFree

Trade fees

TierVolumeMakerTaker
1Between
₦0.00 – ₦99,999,999.99
0%0.1%
2Between
₦100,000,000.00 – ₦199,999,999.99
0%0.09%
3Between
₦200,000,000.00 – ₦399,999,999.99
0%0.08%
4Between
₦400,000,000.00 – ₦799,999,999.99
0%0.07%
5Between
₦800,000,000.00 – ₦1,599,999,999.99
0%0.06%
6Between
₦1,600,000,000.00 – ₦2,399,999,999.99
0%0.05%
7Between
₦2,400,000,000.00 – ₦3,199,999,999.99
0%0.04%
8More than
₦3,200,000,000.00
0%0.03%

Verification levels and limits

Certain limits apply to each verification level. Learn more about how these limits work and how you can upgrade your account.

Level 1Level 2Level 3
Deposits over all time ₦200,000.00

Withdrawals over all time ₦200,000.00
Deposits per month ₦500,000.00

Withdrawals per month ₦500,000.00
No limits

Luno Review: Pros and Cons

ProsCons
User-friendly interfaceNo margin trading or futures contracts available
Advanced platformUnclear policies on fund withdrawals and deposits
Easy to UseNot available to North American customers
Beginner Friendly
Low Fees
Solid Security
Supports Multiple Crypto
Support Credit cards and fiat currencies

FAQ: Luno Review

Does Luno have an app?

Yes. The Luno app is available on Google Play and Apple App Store.

Is Luno safe?

Yes, Luno is safe to use. Luno has been in the cryptocurrency world since 2013 and is a well-recognized company. Luno abides by all KYC/AML (know your customer/anti-money laundering) laws and regulations.

How do I buy Bitcoin on Luno?

To buy Bitcoin on Luno, you must first create an account. Once you have created an account, you can now link your bank account and start buying Bitcoin through it.

How many people use Luno?

According to Luno’s website , the number of people that use their services is more than 3 million.

Can I store other cryptocurrencies on Luno?

No. As of now, Luno only supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), USD Coin (USDC).

Where is Luno based?

Luno is a South African company that has offices in London, Singapore, and Cape Town.

How do I make a withdrawal from my account on Luno?

To make a withdrawal from your account on Luno, you must tap the “wallet” icon at the bottom right of the app. From there, you will see your wallet balance. Next to “wallet”, there’s an arrow pointing downward. Tap it and select “withdrawal”. You can now choose how much money you would like to withdraw.


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