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Luno Review

One of the most established cryptocurrency markets is the Luno exchange. Marcus Swanepoel was the one who came up with the idea for it in 2013, and at first, it was going to be called Bitx. However, in 2017, it was renamed Luno. Even though the company’s main office is in London, it also has offices in Singapore and Cape Town, both in South Africa. 

Luno’s services and products make it secure and simple to buy, store, and learn about digital coins like Ethereum and Bitcoin. The company has over 9 million clients (wallets) in over 40 countries.

Payment Methods

In order to buy or sell cryptocurrency, you need to put money into an account using a known payment method. This is true regardless of the size of your transaction. When it comes to purchasing digital assets, Luno customers have a number of payment choices available to them. These options include:

  • EFT
  • SEPA Transfer
  • Interbank GIRO/ IBFT
  • Bank Transfer


The transaction fees may differ each time you make a payment since they are tied to the type of Luno coins and payment methods you use. Luno makes it easy for users to buy and sell cryptocurrency and has some of the lowest fees. These fees range from 0.00% to 0.20% for BTC/IDR, 0.00% to 1.0% for BTC/MYR, 0.00% to 1.0% for BTC/NGN, & 0.00% to 1.0% for BTC/ZAR.

Deposits and Withdrawals Fees

In most countries, sending money to Luno via a bank transfer is free of charge. However, fees may apply depending on your location and preferred deposit mode. Countries in Asia and Africa that use instant Transfers must pay a nominal deposit fee.

Luno also lets users get local cash from ATMs for free in Australia, the UK, and Singapore. In the other countries they support, there is a small fee, which is still manageable.

Available Cryptocurrencies

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and USD coins are all available. Bitcoin may also be exchanged for the following currencies: 

  • BTC/MYR 

Luno Accepted Countries

South Africa, Hungary, Nigeria, Indonesia, Switzerland, Austria, the United Kingdom, San Marino, Cyprus, Denmark, Spain, Ireland, Malaysia, Portugal, Norway, Lithuania, Zambia, France, and Belgium are among the countries that accept Luno services. Finland, Croatia, Germany, Estonia, Greece, Romania, Guernsey, Bulgaria, Sweden, Luxembourg, Monaco, Malta, the Netherlands, Jersey, Latvia, and others.

Luno Security and Protection

Luno, like competitors Coinbase and Gemini, “deep-freezes” the bulk of its bitcoin holdings in wallets that require several identities to access. The many keys needed to access these monies are stored in various depositories. Luno uses a multi-signature wallet, with BitGo holding one of the two keys, to ensure that withdrawals may be processed instantly.

Additional safety measures for your Luno account include:

  • Two-Factor Authentication: 2FA adds an extra degree of security by requiring a verification code generated by Google Authenticator or a similar app before granting access to our Luno account.
  • Disable Sending Cryptocurrency: Luno wallets allow you to stop sending cryptocurrency outside of the wallet. After waiting anywhere from 24 hours to 2 weeks (depending on your location), you can enable transfers by sending a confirmation SMS to the designated number.
  • Notifications of Account Access: Your Luno account will notify you through email whenever it is accessed.

Luno Pros and Cons


  • On the Luno Exchange, the fees might be as low as 0.1 per cent.
  • No hidden charges
  • Supported in 40-plus different countries
  • Accessible over the internet or a mobile application
  • The interface is uncomplicated and straightforward to use.
  • ID verification is taken care of in a matter of minutes.
  • Accounts for businesses are supported.


  • Lacking regulation and insurance coverage
  • Other markets provide better deals.
  • Instead, a short and incomplete list of crypto

Mobile App

A Luno app may be downloaded from the Apple Store or Google Play for iOS devices. If you go down to the end of the Luno webpage, you’ll see a link to the app, or you can search for it in the app store.

In order to run Luno on Windows or macOS, you will need to visit the official site or find an APK file to download from an external source.

Customer Support

In addition to offering Live Chat, Luno has a Support Center with a FAQ section. If you think your password has been hacked, you can submit a report using the provided form. As Luno investigates your claim, your account access may be temporarily disabled until you provide proof of the hack.

Bonuses and Promotions

Luno provides its clients with a number of incentive and promotion programs. The referral program has been the most successful. You may earn Bitcoin by inviting your friends to utilize the service. If you’re an Australian client, you may earn AUD 40 in free bitcoins by referring a friend and having them join up for Luno and purchase AUD 199 in cryptocurrency using Luno’s Instant Buy / Sell feature.


Before making their first bitcoin purchase, Luno customers must be 18 years old and have a working email address. Getting started with Luno or maintaining a wallet costs you nothing.

Limits on deposits and withdrawals vary between the three tiers of accounts. Users must provide supporting information to request a limit increase.

  • Step One: Verify your mobile phone number, basic information, and a selfie photo
  • Step Two: Submit/Photo-Scan Official Identification
  • Third Stage: Provide Proof of Current Residence

If the required documents have been uploaded without error, the identity verification procedure may take up to 24 hours.


Since Luno lacks a license from a financial watchdog like the UK’s Financial Conduct Authority (FCA), its customers are not protected in case of a data breach or theft. However, the market has taken preventative measures to ensure the security of its users.

Controls against money laundering (AML) and terrorist financing (CTF) that are at least as stringent as those mandated for the rest of the financial sector are included here. In order to protect its users and the integrity of its platform, Luno has instituted a KYC procedure.

Final Verdict

Luno is a cryptocurrency exchange that puts the user first and uses many safety measures to protect customer money. Staking, low-cost transfers, and quick trades via robotic market-making are just a few features available on the streamlined platform, which also offers a mobile app. Luno’s strength is that it is used in a wide variety of nations and is thus able to accept local currencies and be used for payments. Check out the Luno website or contact customer service for further details.

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