Cryptocurrency Exchange

LUNO Exchange Review – Reliable, Safe And Simple Bitcoin Exchange

Overview

Legal NameLuno Exchange
HeadquartersLondon, UK.
CEOMarcus Swanepoel
Year Founded2013
Exchange TypeCentralized
Trading Fees Maker: 0.0%/ Taker: 0.25%.
Deposit MethodsWire Transfer, Credit Cards
Supported CryptosBitcoin (XBT), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more
FiatEUR, IDR, MYR, NGN, ZAR.and more
Customer ServiceEmail, Phone
Trading OptionsSpot Trading

With more than 100 million users and 400,000 daily users from all across the globe, Bitcoin has become more popular than ever before. With so many global users, it is no wonder that Bitcoin exchanges are rising at a rapid rate.

Luno is a user-friendly cryptocurrency exchange that offers a well-delivered range of services in a trusted, reliable, and secure fashion.

This review will cover the complete facts about Luno Exchange, its distinguishing features, trading, fees schedule, pros and cons, and much more. Let us look into this Luno Exchange Review in detail now,

What is Luno?

Luno is a cryptocurrency exchange from the United Kingdom. The exchange only offers trading in Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. The company serves over 3 million users from over 40 countries worldwide and has over 100 employees.

It has offices in London, Singapore and Cape Town (South Africa). It was established in 2013 under the name BitX, with the rebranding to Luno taking place in 2016. Luno was founded by Timothy Stranex and Marcus Swanepoel. 

Luno Exchange is backed by several notable investors, including Venturra Capital, Digital Currency Group, Balderton Capital, Naspers, and Rand Merchant Investment Holdings (RMI).

Luno Services

  1. 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.
  2.  Luno’s brokerage service: Like many other exchanges out there, Luno offers a simple way to buy Bitcoin or Ethereum, unlike the confusing trading platform. Luno simplifies the buying process by selling you the coins directly and charging a premium fee for their services
  3. 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 are not in control over your Bitcoins
  4. Luno for Business: A service allowing you to securely transact, trade, and store cryptocurrency for your company. Is aimed at trading firms, miners, startups, etc. that want to send or receive payments in crypto. 

Luno Fees and Limits

Luno’s trading fees for takers are 0.25%. This fee is on point with the industry average which is also around 0.25%. However, there is no trading fee for makers offered at Luno. Luno has no charges for makers, thus promoting the liquidity at the exchange.

Luno Exchange fees vary depending on network activity, location, and currency. There is a fee of 0.0002 BTC for receiving bitcoin via a bitcoin address. Although both sending and receiving bitcoin via mobile or an email address is free.

Luno-Fees-and-Limits

Luno Supported Currencies

At present Luno supports the following cryptocurrencies:

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

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 Mobile App

Like most other cryptocurrency exchanges out there, Luno is also available as a mobile application. This means that you no longer need a desktop to access the cryptocurrency trading world. You can download the app from the App Store or Google Play Store and use it on the go.

Luno-Mobile-App

How to register on Luno? 

  1. Step 1:

    Go to the Official Site and select the “Sign Up” button on the home page

  2. Step 2:

    Enter your email address or use the option to sign up with Google or Facebook

  3. Step 3:

    Pick a strong, secure password and Select “Sign up”

  4. Step 4:

    Log in to your account. Tap Profile on the Menu

  5. Step 5:

    Navigate to Settings and then Select Upgrade

  6. Step 6:

    Submit a high-quality photo or scan of your driving license, identity card or passport, to complete the verification process
    register-on-Luno

How to recover the Luno password? 

To recover the forgotten password, sign in through the Luno Exchange login and follow the “Forgot password” prompt to receive a password reset link. you will receive a 4-digit code to confirm your password reset. Click on the link to get a new password.

How to deposit on Luno?  

  1. Step 1:

    Visit the Official site and sign in

  2. Step 2:

    Select Wallets from the menu

  3. Step 3:

    Choose your local currency wallet

  4. Step 4:

    Select Deposit

  5. Step 5:

    Choose the method with which you would like to deposit to your wallet

  6. Step 6:

    Then follow the on-screen prompts to complete the deposit

How to withdraw on Luno?  

  1. Step 1:

    Visit the Official site and sign-in

  2. Step 2:

    Tap Wallets from the Menu

  3. Step 3:

    Tap Withdraw on your local currency wallet

  4. Step 4:

    If you have not yet provided your bank account details, you will be prompted to link your bank account

  5. Step 5:

    Enter the amount you would like to withdraw

  6. Step 6:

    Select your bank account. You can add an optional note here for your records.

How to buy cryptocurrencies on Luno?

  1. Step 1:

    Log in to your account

  2. Step 2:

    From the menu, select the wallet where you would like to buy the cryptocurrency

  3. Step 3:

    Then, select the Buy option

  4. Step 4:

    On the next screen, select the ‘Add a new card’ option

  5. Step 5:

     On this screen, enter your debit or credit card details, Once done, select Add Card

  6. Step 6:

    You will be taken directly to the Enter Amount screen. Enter the amount you would like to buy, and select Next

  7. Step 7:

    You will see a confirmation screen. select ‘Confirm’

  8. Step 8:

    If you have two-factor authentication (2FA) enabled, you will be prompted to enter your 6-digit 2FA code and the payment will be processed
    buy-cryptocurrencies-on-Luno

How to sell cryptocurrencies on Luno?

  1. Step 1:

    Log in to your account

  2. Step 2:

    From the menu, select the wallet where you would like to sell the cryptocurrency

  3. Step 3:

    Then, select the Sell option

  4. Step 4:

    On the next screen, select the ‘Add a new card’ option

  5. Step 5:

    On this screen, enter your debit or credit card details, Once done, select Add Card

  6. Step 6:

    You will be taken directly to the Enter Amount screen. Enter the amount you would like to sell, and select Next

  7. Step 7:

    You will see a confirmation screen. select ‘Confirm’

  8. Step 8:

    If you have two-factor authentication (2FA) enabled, you will be prompted to enter your 6-digit 2FA code and the payment will be processed sell-cryptocurrencies-on-Luno

Luno Pros and Cons

Pros

  • High-quality trading platform
  • Support Credit cards and fiat currencies
  • Multi-language support.
  • Multi-signature web wallet.
  • Bank deposits and withdrawals in supported countries.

Cons

  • Limits on deposits/withdrawals based on account verification levels.
  • Fees are relatively high for some transaction types.
  • Only supports BTC, ETH, LTC, BCH, and XRP.
  • Only available in limited countries
  • No live chat or telephone support

Conclusion

Luno offers a fairly advanced level of overall security. Digital wallets are secured via two-factor authentication and account passwords are stored in a hashed form. SSL encryption is used throughout all web services,

For starters, Luno supports less traded fiat currencies such as the Indonesian rupiah, the Malaysian ringgit, and the Nigerian Naira. This has made Luno especially popular in countries such as Indonesia, Malaysia, and Nigeria.

Thus the Luno Exchange is one of the renowned exchanges which is worth recommending.

Other cryptocurrency exchanges to know  Coindeal exchange, Indodax exchange review, OEX exchange review

Share your views on our Twitter and Facebook pages. Also, read our reviews of some more exchange sites.

Recent Updates 

  • On March 02, 2020, Luno launches support for bech32 addresses
  • On March 25, 2020, Luno CEO, Marcus Swanepoel gave a message on COVID-19 and Recent developments.
  • On April 15, 2020, The third-largest cryptocurrency by market cap Ripple (XRP) is now available on Luno
  • On June  12, 2020, Stop-limit orders were added to the Luno Exchange.
  • On July 01, 2020, Litecoin gets now available on Luno with the following pairs LTC/MYR; LTC/ZAR; LTC/NGN

Luno FAQ’s 

  1. How can I withdraw funds from my wallet?

    To be able to withdraw your funds in your local currency, ensure that your account is already verified. simply follow the instructions under the menu for the withdrawal on your account page.

  2. How do You Use Luno?

    Sign up at Luno, Verify your identity and Deposit money to your Luno account after which you can buy Bitcoin or Ethereum with your funds

  3. Is Luno Safe?

    Luno is considered a safe exchange in general. Until today the exchange has never suffered any major hack.

  4. How long does it take for a withdrawal to be completed?

    The precise withdrawal time depends on the bank processing the withdrawal. On Luno’s side, all withdrawal requests are processed within the same business day.

  5. Does Luno accept PayPal?

    No, Luno does not accept PayPal. 

Luno Ratings

Reviewed By Qadir AK

Easy to use
Trading 
Fees and Limits  
Registration

Summary

Luno is a cryptocurrency exchange from the United Kingdom. The exchange only offers trading in Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.

4.1
luno - 8.2

8.2

Summary
Luno Exchange
Article Name
Luno Exchange
Description
Looking for a detailed review of the Luno trading and Luno Bitcoin Wallet? Here is a comprehensive view of the exchange, its trade, fees by Coinpedia.
Author
Qadir AK
Publisher Name
coinpedia
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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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