Luno Cryptocurrency Exchange Review : Pros & Cons

About Luno

Luno founded in 2013, Luno is a global cryptocurrency exchange and wallet provider headquartered in London, with regional hubs in Singapore and Cape Town. To date, Luno has processed more than USD$14 billion in transactions and has over 5 million customers spanning 40+ countries. Luno is an independent operating subsidiary of Digital Currency Group. Luno’s vision is to ‘upgrade the world to a better financial system’. Through Luno’s instant buy/sell feature, customers are able to purchase crypto with their local currency, or trade across 25 crypto to fiat pairs on the Luno Exchange (also available through the Luno API).

Luno’s BTC Savings wallet allows customers to earn interest on their Bitcoin holdings by saving it in a separate wallet. All features are available on Luno’s mobile app for iOS and Android, and on desktop. Luno ensures that 95% of its crypto is stored in “deep freeze” multisignature wallets protected by various encryption layers.

Luno works with regulators in the markets in which it operates (Malaysian operations are regulated by the Securities Commission Malaysia) and supports progressive regulation of the cryptocurrency industry. Luno has implemented robust AML/CFT measures, which include a mandatory, tiered approach to KYC, registration with local financial intelligence authorities, and the reporting of suspicious activity and transactions.

Information Table

How To Register At Luno Exchange ?

To register on Luno, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Luno Cryptocurrency Account ?

There is no mandatory verification at Luno, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of $1.30 for amounts below $50.00. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Luno, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Luno Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Luno Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Luno Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Fees

• Your total 30-day trading volume is calculated each day by summing up all of your trading activity across all markets on the Luno Exchange platform over the last 30 days (converted to your primary currency). You are then assigned a fee tier based on this total 30-day volume according to the table above.
• Your trading fee for each market depends on your assigned tier according to the table above. 
• Taker is an order that trades at a market price, “Maker” is an order that trades at a limited price. 

Deposit fees

Buy/sell fees

Withdrawal fees

Features Of Luno Crypto Exchange

Available At Android & IOS Store

Luno Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Store securely

Store your crypto in a Luno Wallet for industry-leading protection. Luno stores 95% of crypto in “deep freeze” – multi-signature wallets protected by many layers of encryption. This ensures that your crypto stays your crypto.

Discover the world of cryptocurrency

Visit your Explore section and find all you need to know about crypto, whatever your level of experience – from beginner guides to the latest news and market updates.

Stay ahead of the market

Set up a Price Alert and you’ll never miss a major market movement, with only the notifications you want sent directly to your phone.

User-friendly interface

Luno has a simple and intuitive interface that is easy to navigate for both beginner and advanced users.

Global reach

Luno operates in several countries, making it accessible to a large user base.

Multiple payment options

Luno supports various payment methods, including bank transfers, credit/debit cards, and mobile money, making it easier for users to buy and sell cryptocurrencies.

Secure wallet

Luno offers a secure wallet to store users’ digital assets, with measures such as two-factor authentication and cold storage to protect user funds.

Instant buy and sell

Luno allows users to quickly and easily buy and sell cryptocurrencies, with real-time pricing and low fees.

Live cryptocurrency prices

Luno provides real-time pricing information for multiple cryptocurrencies, allowing users to stay up-to-date with the latest market movements.

Customer support

Luno offers 24/7 customer support to help users with any questions or issues they may have with the platform.

Educational resources

Luno provides educational resources, such as articles and guides, to help users understand the world of cryptocurrencies and how to use the platform effectively.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Luno Conclusion

Luno is a popular cryptocurrency exchange and wallet platform that provides users with a convenient and secure way to buy, sell, and store digital assets such as Bitcoin and Ethereum. With its user-friendly interface, global reach, and multiple payment options, Luno has made it easier for individuals and businesses to access the world of cryptocurrencies. However, users should be aware of the high fees, limited cryptocurrency options, slow transaction times, and the impact of changing regulations on the platform. Ultimately, it is important for users to carefully consider these factors and weigh the pros and cons before using Luno.