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Luno Review

Luno Review

Andrew Chen
Fact Checked
Oct 9, 2022

Key Takeaways: Luno (formerly BitX) is a popular cryptocurrency exchange based in London. The platform has over 10 million users and is available in 10 countries including the United States, United Kingdom, France, Australia, Indonesia, Malaysia, Singapore, Uganda, Nigeria & South Africa.

Table of Contents

Luno Exchange Highlights

Platform Highlights

  • Trade 9+ cryptocurrencies and 25 pairs on one platform.
  • Available to use in multiple countries and 4 continents.
  • Secure exchange that is regulated in many countries.

Luno Features

Luno is a relatively new cryptocurrency investing platform and is yet to offer a large suite of features. Below you can find a quick summary of the available features on the Luno exchange.

  • 25 Pairs & 9 Cryptocurrencies: Trade across 25 pairs that include the following tokens; Bitcoin, Ethereum, Cardano, Solana, Bitcoin Cash, Litecoin, USDC, UniSwap & Ripple.
  • Mobile App: Luno offers a mobile app that is available on both iOS and Android devices.
  • Luno API: A high quality API to ensure simple and robust integration/automation for trading and payments requirements.
  • Crypto Wallet: A secure cryptocurrency storage wallet that supports multiple tokens.
  • Advanced Charts & Tools: Luno had integrated with TradingView to explore the large library of tools and technical analysis.
Luno Platform.
Luno Platform.

Is Luno a safe platform?

Luno stores a majority of its customers funds in offline cold storage facilities by using a multi-sig wallet where the keys are generated and stored offline and offsite. Furthermore, 2FA (Two-factor Authentication) has also been implemented to provide another level of security.

The exchange is regulated by multiple global regulatory authorities including the Securities Commission of Malaysia, the Monetary Authority of Singapore and is registered with the authorities in Indonesia. For a full break down of Luno's security and regulation you can visit Luno's Privacy Policy.

How to buy crypto with Luno

In this method, we show investors how to purchase cryptocurrencies like Bitcoin with Luno. Follow the below guide to buy crypto with Luno.

  1. Sign up to the Luno exchange and complete the verification process.
  2. Go to Wallets, then click 'Deposit', enter the amount you'd like to deposit.
  3. Copy your unique BX reference as well as other details displayed to make your deposit
  4. Make a deposit from your bank using the details provided.
  5. Your deposit will reflect in your wallet and you will receive an email notification once it hits.
How to buy crypto with Luno.
How to buy crypto with Luno.

Does Luno have high fees?

The fees on Luno vary depending on what country you're using the platform from. Additionally, the fees to trade on Luno get significantly lower the higher your monthly trading volume is. Below we have provided a high-level overview of the Lunos pricing, separated by deposit, withdrawal and trading fees. If you want a comprehensive summary of Luno's fees, you can also visit Luno's Fees Schedule.

Deposit Fees

  • Australia - Free ($1.30 for amounts below $50.00)
  • Europe - Free for SEPA & Credit/Debit Card deposits.
  • Indonesia - Free.
  • Malaysia - Free (RM 0.70 for amounts below RM 100.00).
  • Nigeria - Free.
  • Singapore - Free.
  • South Africa - Free for ETF, 1.4% for Instant ETF & R20.00 + 5.00% for Cash.
  • Uganda - Free.
  • United Kingdom - Free.
  • United States - Free.

Withdrawal Fees

  • Australia - Free ($1.30 for amounts below $50.00).
  • Europe - €0.30.
  • Indonesia - Rp 15,000.00.
  • Malaysia - RM 0.10.
  • Nigeria - Withdrawals are not supported in Nigeria.
  • Singapore - $2 on Bank Transfers and free for StraitsX transfers.
  • South Africa - Free.
  • Uganda - Sh 2,000.00.
  • United Kingdom - Free.
  • United States - Free.

Trading Fees

  • Australia - 2%.
  • Europe - 1.5%.
  • Indonesia - 1.1%.
  • Malaysia - 2%.
  • Nigeria - 2%.
  • Singapore - 0.75%.
  • South Africa - 2%.
  • Uganda - 2%.
  • United Kingdom - 1.5%.
  • United States - 0.75%.
Luno Fees Schedule.
Luno Fees Schedule.

What customer support options does Luno have?

Unfortunately, Luno does not provide 24/7 customer support through its platform. The only way that you can contact Luno through its platform is via its online messaging service, however, responses can take up to two business days. In addition to the messaging service, you can contact the team through one of its online communities; Twitter, LinkedIn & YouTube.

Luno Mobile App

Luno has a mobile application version of its platform that is supported on both iOS and Android devices. The app has the same functionality and features as its web platform. On the Apple app store, the application is rated 4.3 stars out of 3.4K reviews. On the Google Play store it is rated 3.8 stars from 108K reviews.

Luno Mobile App iPhone Screenshot.
Luno Mobile App iPhone Screenshot.

Final Conclusion

We do not recommend using this platform to invest in cryptocurrencies as it has a limited selection of tokens, has extremely high fees and does not offer 24/7 customer support. If you want to use a global cryptocurrency exchange with low fees, wide range of features and assets plus 24/7 support, you should use the Bybit platform.

Andrew Chen

Former Bitcoin Maximalist turned multi-chain enjoyer. I hunt down the best yields across AVAX, Solana, Fantom and other networks.

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