Summary: Luno, established in 2013, is a London-based cryptocurrency exchange offering a user-friendly platform for trading major cryptocurrencies. The platform has over 10 million users and is available in 40 countries including the United States, United Kingdom, France, Australia, Indonesia, Malaysia, Singapore, Uganda, Nigeria & South Africa. It stands out with its simple interface, suitable for both beginners and experienced traders, and a feature-rich mobile app.

Table of Contents

What is Luno?

Luno is a globally recognized digital asset exchange, known for its user-friendly interface and commitment to making cryptocurrencies accessible to a broad audience with a focus on Africa. Founded in 2013, it has established a notable presence in several countries, emphasizing its reach in regions where cryptocurrency is just beginning to gain traction. It offers 25 tokens for trading, including major ones like Bitcoin and Ethereum, as well as a selection of other popular digital currencies. 

It places a strong emphasis on security and regulatory compliance. They implement advanced security measures to protect users' funds and personal information. Additionally, Luno operates in accordance with local regulations in each country where it functions, which reinforces its reliability and trustworthiness as a financial service provider. The exchange also offers competitive fees, making it an attractive option for those looking to minimize costs. 

Luno Features

Luno, a prominent cryptocurrency exchange, offers a suite of features catering to the diverse needs of both newcomers and seasoned digital asset investors. Renowned for its strong focus on security and adherence to regulatory standards, it provides access to a range of popular cryptocurrencies, fostering a multifaceted trading ecosystem. Here’s a detailed look at the primary features available on the platform:

  1. Diverse Trading Options: It offers trading across 25 pairs, catering to a wide range of investor interests. The platform provides real-time data on the last price, 24-hour change, volume, high, and low for each trading pair, giving traders comprehensive market insights.
  2. Advanced API Integration: The API allows seamless integration into their platform, offering traders the ability to programmatically manage accounts, execute trades, and access market data.
  3. Exceptional Security Measures: The platform stores 95% of crypto in “deep freeze”, multi-signature wallets with multiple layers of encryption, providing industry-leading protection for users' digital assets.
  4. User-Friendly Interface: It is designed for ease-of-use, featuring intuitive order placement and high-quality charting tools from TradingView. This makes the platform suitable for all experience levels.
  5. Mobile Trading Capability: With mobile apps for both Android and iOS, Luno enables trading on the go, offering full functionality for depositing, withdrawing, and trading 24/7.
  6. Secure Storage: The wallet provides top-tier protection for cryptocurrencies, utilizing similar “deep freeze” storage solutions for enhanced security.
  7. Multilingual Support: Coupled with comprehensive support and educational resources, it provides an inclusive environment for crypto enthusiasts.
  8. Educational Resources: It has a rich repository of learning materials, from beginner guides to advanced investment strategies, helping users make informed decisions.
  9. Investment Tools: The platform facilitates diverse investment strategies, including the option for recurring buys, which allows users to invest gradually over time.
  10. KYC and AML Procedures: Luno follows strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, ensuring user security and platform integrity.
Luno Platform.
Luno Platform.

Is Luno Regulated?

Yes, 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. It 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. 

Supported Countries

Luno extends its services to over 40 countries worldwide, focusing on providing a global yet localized experience for its users. Predominantly active in Europe, Africa, and Asia, it has a strong presence in regions like the United Kingdom, South Africa, Malaysia, and Indonesia. With its headquarters in London, Luno operates with a keen awareness of the regulatory frameworks in each country, ensuring compliance and security in its trading practices.

In every market it serves, it tailors its offerings to meet the needs and regulations of the local clientele, emphasizing a secure and user-friendly trading environment. This approach not only showcases Luno's commitment to broadening access to cryptocurrency trading but also highlights its capability to navigate and adapt to various financial landscapes. 

Luno: Supported Countries.
Luno: Supported Countries.

Fees Schedule

The costs on Luno vary depending on what country you're using the platform from. Additionally, the fees to trade 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 its charges, you can also visit Fees Schedule. Here is a quick summary of the costs for different countries:

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.

Customer Support

Unfortunately, Luno does not provide 24/7 customer service through its platform. The only way that you can contact support 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, which includes Twitter, LinkedIn & YouTube. The platform provides a multilingual interface available in English, French, Indonesian and Malaysian and has customer support in those languages.

Mobile App

There is a mobile application version of the Luno platform that is supported on both iOS and Android devices. The app has the same functionality and features as its web counterpart. 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. Most of the reviews on both stores are positive with comments regarding the simple UI.

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

Final Thoughts

In conclusion, Luno stands as a robust and user-friendly exchange, catering to over 10 million users across 40 countries. It offers a seamless trading experience for both beginners and advanced traders, featuring a comprehensive range of cryptocurrencies and a suite of features designed for security, convenience, and market accessibility. While its fee structure varies by region, Luno maintains competitive rates, enhancing its appeal to a global audience.