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Luno has, or is trying to have, a framing of being the on-ramp to Bitcoin and Ethereum designed specifically for users in fast-moving emerging economies, such as Nigeria, Indonesia, Zambia and Malaysia. This review will focus on the details of the Luno platform, including services they have presented or incorporated into certain exchange functions, as well as any other potential added services/benefits suitable for their target audience.
In addition to the review of the service details provided by the company, I will also provide some background, including additional considerations regarding security, safety, support and reputation within the cryptocurrency space.
By the end of this journey into Luno’s offering in the digital asset arena, I hope to have shared enough to respectfully consider whether they have done what they set out to do in terms of markets served.
Luno Review Summary
Luno is a cryptocurrency exchange aimed mainly at emerging markets. Luno offers Bitcoin services to countries such as Malaysia, Nigeria, and Indonesia, which are usually not allowed on most Bitcoin exchanges.
While Luno offers very competitive fees, its fee schedule is confusing, and it’s important to check in advance how much you’ll pay.
If you want a detailed Luno review keep on reading. Here’s what I’ll cover in this post:
- Luno Overview
- Luno Services
- Currencies and Payment Methods
- Fees
- Luno Buying Limits
- Supported Countries
- Customer Support and Reviews
- Conclusion
1. Luno Overview
Established in 2013 originally as BitX and rebranded to Luno in 2016, Luno has offices in 3 cities around the world – London, Cape Town, and Singapore.
The company serves over 3 million users from over 40 countries worldwide and has over 100 employees. The company is based in the UK and has raised over $13m from prominent investors such as Ventura Capital and Digital Currency Group.
2. Luno Services
Luno offers several services for its users including a cryptocurrency trading platform, a brokerage service, a Bitcoin wallet and an API for developers.
Your Luno account is controlled through a simple dashboard that gives you access to different sections such as the instant buy/sell service, account reports, settings, etc.
Luno’s trading platform
Luno offers a Bitcoin-to-fiat trading platform for its users. The platform supplies users with features such as advanced charting, API access for automated trading, various indicators and in depth reporting.
Luno’s trading volume at its trading platform is rather tiny, compared to other trading platforms around. This is probably due to the fact that the site serves mainly visitors from developing markets.
The fee structure for the exchange is pretty competitive, mainly for market makers.
Luno’s instant buy/sell (brokerage service)
Like many other exchanges out there, Luno offers a “simple” way to buy Bitcoin or Ethereum without the need to use to confusing trading platform.
Luno simplifies the buying process by selling you the coins directly and charging a premium fee for their services. How much of a fee? It’s hard to tell.
Fees vary between country and purchase amount so every transaction will end up having a different fee. That’s a bit of a downside, in my opinion, and if you do end up using this service, make sure to double-check the fees.
Luno mobile wallet
Luno offers a custodial Bitcoin wallet for iOS and Android that can be paired to your Luno account. This gives you greater flexibility to access your Luno account on the go; however, it also means that you’re not in control over your Bitcoins.
The coins in your wallet are under Luno’s control, and you can’t get access to the private key/seed of your Bitcoins if you need to.
Luno for Business
A service allowing you to securely transact, trade, and store cryptocurrency for your company. It is aimed at trading firms, miners, startups, etc., that want to send or receive payments in crypto.
Trade cryptocurrencies on the Luno Exchange and execute automated strategies using the API
3. Luno Currencies and Payment Methods
Luno has become a popular cryptocurrency exchange that focuses on users from developing countries like Nigeria, Indonesia, Zambia, and Malaysia. Luno users can also buy or sell a variety of digital assets, including popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as newer cryptocurrencies like Solana (SOL) and Cardano (ADA).
Luno offers support for many fiat currencies to accommodate its global user base, including the Euro (EUR), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), Nigerian Naira (NGN), South African Rand (ZAR), Zambian Kwacha (ZMW), Polish Zloty (PLN), Ugandan Shilling (UGX), British Pound (GBP), Australian Dollar (AUD), and United States Dollar (USD).
Luno supports a wide range of payment methods to facilitate payments in a variety of jurisdictions. For deposits in Euros, you can use Debit/Credit cards, SEPA transfers, iDeal, and Sofort. Deposits in Indonesian Rupiah and Ugandan Shilling are made by bank transfer. For Malaysian Ringgit deposits, the method used is Interbank Giro/IBFT. Nigerian users can use bank transfers, card deposits, and payments made using Paystack, GT Bank transfer, and Flutterwave.
South African users can make a deposit using EFT, but are charged a cash deposit fee, and South African users must also use Luno Pay, which utilises Zapper, Stitch, and FiveWest. Luno facilitates crypto transfers for USD Coin (USDC), Bitcoin, Ethereum, and XRP, and as you can see, payment methods can vary depending on your currency of deposits and may also change depending on where in the world you are. It is important to keep in mind that transaction fees can vary depending on the payment method you use and your location.
Therefore, we are sure to remind users to check the fees before doing any deposit or withdrawal. Also note, the availability of payment methods may continue to change based on legislation, and new services Luno may introduce/update in the future.
Interestingly enough, credit and debit card deposits are free of charge when depositing Euros with Luno, whereas at most other exchanges, you can be charged up to 5%.
4. Luno Fees
Luno has the following fees associated with its services:
- Deposit fees (for certain payment methods)
- Transaction fees (only for takers)
- Withdrawal fees
- Sending / Receiving fees from your Luno account to other Bitcoin addresses
Transactions are based on a taker-maker fee schedule (you can read/watch a detailed explanation about that here). Makers don’t pay anything, while takers can end up paying anywhere between 0.25%-1% depending on the currencies they are trading.
It’s important to note that if you use Luno’s ‘instant buy’ feature, fees will vary depending on your country and amount of purchase. Make sure to double-check before completing the transaction so you don’t end up paying more than you intended.
Luno’s fee structure is very confusing; it can be viewed in detail here.
5. Luno Buying Limits
Luno has several account levels depending on the quality of your identity verification.
Deposit limits depend on your account verification level:
Level 0 (email verification) – can’t deposit/withdraw fiat at all
Level 1 (phone verification) – can deposit/withdraw up to 1000 Euros in total
Level 2 (ID verification) – can deposit/withdraw up to 5000 Euros per month
Level 3 (proof of residence) – can deposit/withdraw up to 100,000 Euros per month
If you’re using the ‘instant buy’ feature, you also have limits on how much Bitcoin/fiat you can buy in each order you submit. For example – you are limited to spending up to 8,000 EUR per order.
6. Supported Countries
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:
- Indonesia
- Malaysia
- Nigeria
- South Africa
- Zambia
7. Customer Support and Reviews
Luno has a very basic knowledge center available on their website. There’s also an option for dedicated email support if needed.
At the time of writing, Luno is doing relatively OK from a customer review perspective, rated “Great” on Trustpilot. Most complaints are about locked accounts or funds that haven’t arrived on time. Luno seems to be trying to respond to most of the critical reviews.
It’s important to remember that customer support is probably the weakest link at any cryptocurrency exchange. It’s not uncommon to see ratings such as these for the most successful exchanges like Coinbase or even Bitstamp.
8.
Is Luno a Bitcoin Wallet?
No. Luno is a Bitcoin exchange that supplies custodial wallet services (i.e., you don’t own the private keys).
Is Luno Safe?
Luno is considered a safe exchange in general. Until today the exchange has never suffered any major hack. Additionally, Luno has several features allowing you to safeguard your account such as:
2fa – Adding Two Factor Authentication (2fa) to your account will add an additional layer of security. Each time you will log in you will be requested to supply an additional code that will be sent to a 2fa for Luno app on your mobile phone.
Disabling “send” – Luno allows users to disable the “send” option from their account. This way if your account gets hacked, no funds can be sent from it. Once you enable the “send” option, 24 hours will need to pass until sending will be available.
Touch ID – iOS users can add the touch ID verification to their account as well.
Is my BVN Safe with Luno?
Yes. With your BVN, Luno will NOT be able to access your bank account or your financial information. Luno stores all your personal information, including your BVN, in a secure, encrypted form.
The Bank Verification Number (BVN) was introduced by banks in Nigeria to help protect customers from identity theft and fraud. As a financial services provider, Luno requires that Nigerian customers provide their BVN when upgrading their Luno accounts to buy cryptocurrency.
The BVN will help Luno protect you from identity theft, improve service delivery speeds, and help restore access to your Luno account in the event that you lose your login details.
How do You Use Luno?
- Sign up at Luno
- Verify your identity
- Deposit money to your Luno account
- Buy Bitcoin or Ethereum with your funds
9. Conclusion – Is Luno Trustworthy?
To sum things up, it seems Luno has found their niche in the emerging markets. The company is highly focused on the main cryptocurrencies in countries that are usually overlooked by most other exchanges.
The website is solid, supplying users with all of the basics for buying or trading cryptocurrencies. Putting the limited geo availability aside (as this is more of a feature than a downside), the only thing I’d look out for is the dynamic fee schedule.
Since each country and action you take on the site has different fees, it’s important to make sure you don’t end up overpaying because of a hidden fee.
Have you used Luno? I’d love to hear about your experience in the comment section below.
Luno
Pros
- Easy and intuitive interface
- Supports developing countries
- Reputable company
Cons
- Confusing fee structure
- Custodial wallet
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