Luno, serving users from over 40 countries, is ranked 12th with a final score of 71.7 on the CCData's ranking of exchanges. With a daily spot trading volume of $15M+, the platform offers staking with up to 4% ARP.
Luno Information + Regulation
Founded in 2013 and headquartered in London, United Kingdom, Luno (legally known as Luno Money Limited) is a crypto exchange with +1M monthly visitors.
As an independent operating subsidiary of Digital Currency Group, with 7 offices in these cities:
- London, United Kingdom;
- Cape Town, South Africa;
- Johannesburg, South Africa;
- Jakarta, Indonesia;
- Lagos, Nigeria;
- Sydney, Australia;
- Kuala Lumpur, Malaysia.
Luno Specifics and Features
Every company operates based on a set of numbers and values. We will take a look at the discussed exchange's parameters in the table below:
Exchange | Luno |
Launch Date | 2013 |
Levels | Level 1, Level 2, Fully Verified |
Trading Fees | From 0.03% to 0.1% |
Restricted Countries | Algeria, Bangladesh, China, Cuba, Egypt, Iran, Iraq, Morocco, Nepal, North Korea, Qatar, Russia, Saudi Arabia, Syria, Tunisia, Ukraine |
Supported Coins | 19 |
Futures Trading | No |
Minimum Deposit | $1 |
Deposit Methods | Bank Transfers, Crypto Transactions |
Withdrawal Methods | Bank Transfers, Crypto Transactions |
Maximum Leverage | 1x |
Minimum Trade Amount | Varies |
Security Factors | Cold Storage, Multi-Signature Wallets, Air-Gapped Systems for Wallet Keys, Proof of Reserves |
Services | Staking |
Customer Support Ways | Email, Live Chat, Ticket |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | No |
Orders Execution | N/A |
Native Token | No |
User Verification Levels Specifics
Luno has taken a tier-based approach for verified users on its platform. There are 3 verification levels:
- Level 1: With a 1,000 GBP limitation for the overall deposits and withdrawals;
- Level 2: Puts a £5,000 limit for deposits and withdrawals every month;
- Fully Verified: No limitations of any kind.
Luno Commissions and Fees
The exchange takes a unique approach for every officially supported region [South Africa, Malaysia, Nigeria, Indonesia, United Kingdom, Europe, Australia, Uganda] regarding fees.
In this section, we will review the conditions in the UK.
Here's the trading commissions tier system that is based on the trading volume in the last 30 days:
Tier | 30-Day Volume | Taker Fee | Maker Fee |
1 | £0 - £250,000 | 0.10% | 0% |
2 | £250,000 - £500,000 | 0.09% | 0% |
3 | £500,000 - £1,000,000 | 0.08% | 0% |
4 | £1,000,000 - £2,000,000 | 0.07% | 0% |
5 | £2,000,000 - £4,000,000 | 0.06% | 0% |
6 | £4,000,000 - £8,000,000 | 0.05% | 0% |
7 | £8,000,000 - £16,000,000 | 0.04% | 0% |
8 | Over £16,000,000 | 0.03% | 0% |
For the UK-verified users, there are no fees in deposits and withdrawals. For instant crypto buying with card, a 3.5% commission is charged. Furthermore, for buying or selling with wallets, the exchange charges a 1.5% fee.
For sending digital assets, a dynamic cost is applied (XRP's send fee is always 0.03%, though).
No commissions are charged for receiving cryptocurrencies; a nominal fee is charged if you receive "dust," that is, a tiny amount of coins/tokens.
Which Coins/Tokens Are Tradable?
Again, the list of asset offerings depends on the region where you have been verified. In the UK, a limited list of coins/tokens is available:
- Bitcoin [BTC];
- Ethereum [ETH];
- XRP;
- Litecoin [LTC];
- Bitcoin Cash [BCH];
- Uniswap [UNI];
- Chainlink [LINK];
- USD Coin [USDC];
- Algorand [ALGO];
- Stellar [XLM];
- Maker [MKR];
- Aave [AAVE];
- Cosmos [ATOM];
- Cardano [ADA];
- Avalanche [AVAX];
- Solana [SOL];
- Curve [CRV];
- Polkadot [DOT];
- Polygon [MATIC].
This list includes 19 cryptocurrencies in total.
Futures Trading and Margin Contracts
Some crypto exchanges offer futures markets enabling traders to amplify their profits via leverage; Luno does not offer this kind of trading or margin options.
Therefore, if this is an important factor for you, we recommend you consider other options.
How to Get Onboard and Verify
Registration with Luno is not as easy as the process in some of its competitors, but it doesn't need much patience. You can do it by reading the guide below:
- Visit the official website and click "CREATE ACCOUNT;"
- Enter your email address and set a complex password, then select the "LET's GO" button;
- Verify your email by clicking the link sent to your inbox;
- Provide your mobile number and verify it with an SMS code.
Once you've completed these initial steps, you'll have basic access to your account.
However, to unlock higher deposit and withdrawal limits and access all features, you'll need to complete the verification process by providing the necessary details and documents.
Security Measurements and Users' Safety
Security is something that Luno claims to be good at; the exchange has implemented several measures to protect user funds and data:
- Cold Storage: The majority of user funds (95%) are stored in deep-freeze, multi-signature wallets, which are kept offline to prevent unauthorized access;
- Two-Factor Authentication (2FA): All users are encouraged to enable 2FA for an additional layer of account security;
- Proof of Reserves: Possible for every user to view their relevant shares;
- Air-gapped Systems: Private keys are stored in air-gapped systems, further isolating them from potential online threats.
Payment Options on Luno Exchange
The company offers various payment methods depending on the user's residence region, but in most countries, these are the choices:
- Bank Transfers: For making fiat deposits & withdrawals;
- Crypto Transactions: Via digital wallets.
Trust Scores and User Reviews
Companies like Trustpilot and REVIEWS.io maintain websites for receiving user opinions on firms. Luno has garnered a mixed reputation across such sources:
- Trustpilot: 3.0/5 stars based on over 6,400 reviews;
- ScamAdivser: 85/100 Trustscore, with +6,500 user ratings averaging 3.0/5 stars;
- CoinGecko: 9/10 trust score;
- io: 2.4/5 stars based on over 25 reviews.
Despite some negative reviews, the exchange's high trust score on CoinGecko and ScamAdivser suggests that the platform maintains good operational standards within the industry.
Support Channels and Working Schedule
Luno offers several support channels to assist users:
- Live Chat: Available for registered users;
- Email: support@luno.com;
- Ticket System: Accessible for everyone on the website;
- Help Center: Comprehensive FAQ and educational resources.
Based on the available information, this exchange's support team is available around the clock, 7 days a week.
Writer's Opinion and Conclusion
Luno has received a trust score of 9/10 from the CoinGecko website based on its algorithms. On the other hand, more than 6,400 users have given it an average score of 3.0/5 on Trustpilot.
Moreover, "ScamAdivser" gives a 85/100 "Trustscore" to the mentioned exchange.
