Luno Money Limited is a global cryptocurrency platform offering trading, storage, savings, and interest-earning services for major digital assets like Bitcoin. This review examines its core features, security protocols, fee structure, and overall usability for traders at all levels.
Core Features and Services
Exchange and Trading
Luno's primary service is its cryptocurrency exchange, facilitating direct trades between buyers and sellers. Users can trade popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and the stablecoin USD Coin (USDC).
A key advantage is its support for numerous fiat currencies often excluded by larger exchanges, such as the Indonesian rupiah, Nigerian naira, and South African rand, alongside major currencies like the Euro and British pound.
The platform supports three order types:
- Market Orders: For immediate execution at the best available price.
- Limit Orders: To set a specific price for execution, potentially saving costs.
- Stop-Limit Orders: To exit a position automatically once a specified price is reached.
Instant Buy/Sell Service
For simplicity, Luno offers an instant trading feature where it acts as a brokerage, setting the price itself. This automated market maker model provides a straightforward way to acquire crypto quickly. The interface includes a price history chart and a calculator to help users estimate valuations before purchasing.
Savings and Passive Income
The Luno Savings Wallet allows users to earn interest by staking crypto assets like Bitcoin. The platform lends these assets to a partner exchange, Genesis, and passes generated revenue to the user. Interest is paid monthly and can be withdrawn or compounded. While the target rate is around 4%, it fluctuates based on market supply and demand. There are no administration or monthly fees.
Send and Receive
Luno enables fee-free Bitcoin transfers between its users, a significant benefit as blockchain transactions typically incur costs. Transfers require only the recipient's email, mobile number, or a unique QR code. Sending other cryptocurrencies incurs a small network fee. Daily and monthly transfer limits depend on the user's location and account verification level.
Transparent Fee Structure
Luno employs a transparent fee model. It charges no maker fees and competitive taker fees based on a user's 30-day trading volume:
- Standard fee (volume below £250,000): 0.1%
- Fees decrease incrementally to 0.03% for high-volume traders (over £16 million).
Deposit and withdrawal fees vary by currency and method. Many bank transfers are free, though some regional methods, like Instant EFT in South Africa, carry a small fee (e.g., 1.4%).
Funding Your Account
Luno supports multiple deposit methods, though availability varies by region:
- Bank Transfer: Available in the UK, Australia, Malaysia, Uganda, and Europe.
- Credit/Debit Card: Available for European customers.
- Regional Methods: Specific options like Xfers in Singapore or mobile banking in Indonesia.
A major advantage is the low minimum deposit of just £1, making the platform highly accessible. It is important to note that users are responsible for declaring and paying any applicable taxes on their trading activities.
Mobile App and Accessibility
Luno provides a robust mobile app for both iOS and Android devices, available on official app stores. The app offers full functionality for trading and managing assets on the go. Desktop users can access all features directly through the Luno website.
Security and Verification
Security is a cornerstone of Luno's platform, featuring a multi-tiered verification system:
- Level 1: Basic mobile number and personal info verification (£1,000 limit).
- Level 2: Government-issued ID and selfie verification (£5,000 monthly limit).
- Level 3: Full address, employment, and source of funds details (unlimited access).
All accounts are protected by mandatory two-factor authentication (2FA). Client funds are predominantly stored in offline, multi-signature "Deep Freeze" wallets for maximum security against online threats. While the savings service partner is reputable, it is crucial to understand that crypto investments are not covered by government deposit protection schemes.
Regulation and Safety Considerations
Luno is not licensed by a major regulatory authority like the UK's Financial Conduct Authority (FCA). However, it implements robust anti-money laundering (AML) and combating the financing of terrorism (CFT) controls, alongside a strict Know Your Customer (KYC) policy. Prospective users should be aware of the inherent risks in cryptocurrency investing.
Final Verdict
Luno is a user-friendly exchange ideal for beginners and those in regions with limited access to other platforms. Its strengths include a simple interface, strong security measures, and support for diverse fiat currencies. However, its limited selection of cryptocurrencies and lack of advanced trading tools may deter experienced traders seeking a more diverse portfolio or sophisticated analysis features. 👉 Explore more strategies for cryptocurrency investing
Frequently Asked Questions
Is Luno a legitimate and safe platform?
While Luno is not regulated by a major financial authority, it employs extensive security measures, including KYC verification, 2FA, and offline cold storage for funds. Users should always practice caution and be aware of the risks associated with cryptocurrency exchanges.
What cryptocurrencies can I trade on Luno?
The platform supports a focused selection of major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and the stablecoin USD Coin (USDC). It does not support meme tokens or a vast array of altcoins.
How do I delete my Luno account?
To disable your account, log in to the platform, navigate to your settings page, and select the 'delete my account' option at the bottom.
Are there any fees for sending crypto?
Luno allows users to send Bitcoin to other Luno users with no fees. Sending other supported cryptocurrencies or sending assets to external wallets will incur standard network fees.
How can I contact Luno customer support?
Primary support is offered through an extensive online Help Centre with FAQs and guides. For direct contact, users typically must submit a request through this centre, as live chat and telephone support are not available.
Who owns the Luno exchange?
Luno is owned and operated by its CEO, Marcus Swanepoel, and co-founder Timothy Strannex. The company has its headquarters in London, UK.