Comparison of Luno vs Simpleswap [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Luno vs Simpleswap comparison!

Your expert: Alejandro Borja

luno

Luno

  • Threenvest valuation: 3,6/5
  • US legal: Yes
  • Security: High 4,5/5
  • Mobile App: Yes
Go exchange

Your expert: Xavier Tarrasó

simpleswap

Simpleswap

  • Threenvest valuation: 3,5/5
  • US legal: No
  • Security: High 4,5/5
  • Mobile App: No
Go exchange

Main points

Fees

≤0,10%

Earns

No

Customer service

4/5
≈ 1,20%/2%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

No

Passive income

No

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

3.8 – Reasonable fees with strong local support in emerging markets.
4.0 – Competitive fees with a focus on instant crypto swaps.

Level

≤0,10%
≈ 1,20%/2%

Brief explanation

Luno operates with a transparent and competitive commission structure that varies based on the type of transaction and the user’s activity level. For trading, Luno typically charges a tiered fee, which decreases as the user’s monthly trading volume increases, incentivizing high-frequency traders with lower rates. The fees for buying and selling cryptocurrencies are calculated either as a percentage of the transaction amount or as a flat rate, depending on the currency and payment method used. Deposit fees vary by payment method, with options like bank transfers often being free, while credit or debit card transactions may incur higher fees. Withdrawal fees also vary, generally depending on the network fees of the cryptocurrency being withdrawn and the urgency of the transaction. This fee structure is designed to be straightforward, allowing users to easily understand the costs associated with their trading and financial movements on the platform.
SimpleSwap’s commission structure is streamlined to cater primarily to crypto-to-crypto transactions. It charges a variable fee for each transaction, which typically ranges from 0.1% to 0.5% depending on the specific cryptocurrencies involved and market conditions. This fee is integrated into the exchange rate displayed at the time of the transaction, ensuring transparency. The platform does not impose additional fees for deposits or withdrawals in cryptocurrencies, which is a significant advantage for users looking to minimize costs. However, users should be aware of network fees determined by the blockchain of the cryptocurrency being used, which are not controlled by SimpleSwap but are necessary for processing the transactions on the respective networks.

Luno

luno
Go exchange
  • Year Founded: Since its inception in 2013, Luno has built a long-standing reputation in the cryptocurrency market. This longevity serves as a testament to its resilience and adaptability in the ever-evolving crypto landscape.
  • Security Methods: Luno prioritizes the security of its users' assets through robust security protocols, including state-of-the-art encryption and secure storage measures. These efforts ensure that users' investments are protected from external threats and vulnerabilities.
  • Possible Regulation: Luno’s commitment to regulatory compliance in each market it operates in reinforces its reputation as a trustworthy platform. By adhering to local financial regulations and guidelines, Luno provides a secure trading environment that aligns with legal standards.
  • Reputation and Reviews: The platform has garnered positive feedback from users globally, reflected in its favorable reviews across various consumer platforms. This positive reputation highlights user satisfaction with Luno's services and its effectiveness in meeting trader needs.
  • Trading Volume and Liquidity: Luno maintains a healthy trading volume and liquidity, ensuring that users can execute trades efficiently without significant price slippage. This reliability in trading performance makes Luno a preferred option for many traders looking to buy and sell cryptocurrencies.
  • Pros
  • User-friendly interface for beginners.
  • Strong security protocols enhance safety.
  • Supports a variety of cryptocurrencies.
  • Cons
  • Limited global reach.
  • Fewer advanced trading features.

Simpleswap

simpleswap
Go exchange
  • Security Methods: SimpleSwap ensures security by utilizing standard encryption protocols and security measures, safeguarding user transactions and data from unauthorized access.
  • Number of Cryptocurrencies: Supporting over 300 cryptocurrencies, SimpleSwap provides a diverse and extensive range of trading options, which speaks to its robustness and adaptability in the dynamic crypto market.
  • Trading Volume and Liquidity: Although specific numbers on trading volume aren't disclosed, the variety of cryptocurrencies supported and the platform's ability to fulfill swap requests promptly suggest a healthy level of liquidity.
  • Customer Service: SimpleSwap offers reliable customer support, which is crucial for user trust. Their support is accessible and designed to assist users with any issues or questions they may encounter.
  • Reputation and Reviews: The platform has gained positive reviews from users for its ease of use and efficiency. These testimonials build credibility and trust among potential and existing users, highlighting SimpleSwap's commitment to user satisfaction.
  • Pros
  • User-friendly interface
  • Supports many cryptocurrencies
  • No registration required
  • Cons
  • No fiat currency support
  • Limited trading features

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Product selection

Native token

No
No

Earns

No
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Luno Pte Ltd.
SimpleSwap Ltd

Regulation

Regulated in Singapur y Sudáfrica
Not regulated

Year founded

2013
2018

Founder

Marcus Swanepoel
Unknown

Payment methods

Transfers

Yes
No

Mastercard

Yes
No

Wire transfer

No
No

Card

Yes
No

Comparative table

Luno FEATURES Simpleswap
Luno allows small minimum trades, making it accessible for beginners to start with lower amounts.
Minimum Trade
SimpleSwap supports flexible trading with no minimum deposit, making it accessible for casual users and beginners to start trading with any amount.
Luno’s fees are competitive but can vary by region and payment method, which may impact cost efficiency for some users.
Trading and Transaction Fees
The platform operates with a straightforward fee structure but lacks the transparency of detailed fee breakdowns that might benefit users looking for cost efficiency.
Luno offers a selection of the most popular cryptocurrencies but has a more limited range compared to larger exchanges.
Number of Cryptocurrencies
Offers a wide variety of over 300 cryptocurrencies, providing users with extensive options for trading different digital assets.
Luno provides a few crypto-to-crypto trading pairs, focusing more on fiat to crypto transactions which limits trading strategies.
Crypto-to-Crypto Trading Pairs
Supports numerous trading pairs, allowing for versatile crypto-to-crypto exchanges, though it could expand into more niche or emerging cryptocurrencies.
The Luno website provides clear information on fees, policies, and company details, although some users may seek more depth in certain areas.
Website Transparency
While the website is user-friendly, it could improve by providing more detailed information about the company’s background and operational logistics.
The Luno card effectively integrates with their service offering, providing convenience and accessibility for in-store purchases while also facilitating easy conversion from crypto to fiat. This feature enhances user experience by expanding the usability of cryptocurrencies in everyday life. However, availability may vary by region, which is why it doesn’t achieve a perfect score.
Credit/Debit Card
SimpleSwap focuses solely on cryptocurrency exchanges and does not provide additional financial tools like an exchange card, limiting its utility for everyday transactions.
Luno excels in secure cryptocurrency storage solutions, offering integrated wallets with advanced security measures.
Storage Offering
Provides secure storage options, though detailed information on security measures and storage capabilities could be more transparent.
Currently, Luno has limited options for staking and rewards, which could be an area for future development to enhance user returns.
Staking and Rewards
Limited staking options and rewards are available, which could be enhanced to attract long-term investors.
Luno’s mobile app and desktop platform are highly user-friendly, offering intuitive navigation and robust functionality for all user levels.
Mobile App and Desktop
Offers a functional mobile app that is efficient and convenient for trading on the go, although further enhancements could improve user experience and features.
Luno provides competent customer service with multiple channels for support, though response times can occasionally extend during high demand periods.
Customer Service
Generally receives positive feedback for customer service, but could benefit from extended support hours and faster response times.
Deposits and withdrawals are generally smooth with Luno, supporting various methods, though some users might face delays depending on their region.
Deposit and Withdraw
Crypto deposits and withdrawals are supported, but the addition of fiat options and reduction of withdrawal fees would improve this feature.

Key features

Analysis tools

Basic charting tools
No trading tools, primarily a swap service

Mobile APP

No
No

Security

High 4,5/5
High 4,5/5

Additional features

Savings wallets, fiat on/off ramps, staking, educational resources
Instant crypto swaps, SimpleSwap Earn, loyalty program

Anonymity

No
Yes

Key points

Available cryptocurrencies

10+
300+

User-friendliness

Luno offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.
SimpleSwap features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Provides decent value for money with competitive fees and a user-friendly platform, making it a good choice for beginners and emerging market users.
Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

South Africa, Nigeria, Indonesia, Malaysia, Europe
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Ideal for beginners and emerging market users looking for a user-friendly platform with competitive fees.
Best for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

ZAR, NGN, MYR, IDR, EUR, BTC
BTC, ETH (varies by transaction)

Account

Trading

Luno is a user-friendly exchange popular in emerging markets, offering easy fiat integration and a decent range of cryptocurrencies. It has competitive fees but lacks advanced trading tools.
SimpleSwap is a non-custodial exchange known for its fast and anonymous transactions. It offers a wide range of cryptocurrencies but lacks advanced trading features and tools.

Deposit and withdrawal

Luno is user-friendly, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.
SimpleSwap is a non-custodial exchange known for its fast transactions. It supports various deposit methods, and withdrawals are processed quickly with low fees.

Account opening process

Luno offers an easy and quick account registration process. Users need to provide personal information and verify their identity. The process is fully digital and typically takes less than a day to complete.
SimpleSwap offers an easy and quick account registration process. Users need to submit personal details and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes
No

Customer Service

Luno offers support through email and live chat. The response time is quick, and the support team is available 24/7, making it reliable for users needing immediate help.
SimpleSwap offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

Luno ensures security through 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, providing a secure environment for investors.
SimpleSwap offers strong security with 2FA and encryption. Despite its robust security measures, the platform is not regulated by top-tier financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I recommend Luno for newcomers venturing into the world of cryptocurrencies. Its user-friendly interface and robust educational resources make it an excellent starting point. However, more experienced traders might find the platform’s limited advanced trading features and crypto-to-crypto pairs a bit restrictive. If you’re just getting started or prefer a straightforward, secure trading environment, Luno is a solid choice to consider.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on cryptocurrency exchanges, I find SimpleSwap to be a commendable platform for those just starting with cryptocurrencies. Its straightforward and intuitive interface removes much of the complexity typically associated with crypto trading. This accessibility makes it an excellent choice for newcomers who might be overwhelmed by more advanced trading platforms. However, it’s important to note that while SimpleSwap excels in simplicity and ease of use, it may not fully satisfy the needs of more seasoned traders looking for advanced trading tools and features. For those just entering the crypto space, SimpleSwap offers a gentle introduction without the intimidating barriers to entry seen in other exchanges.

Read luno review

View all comparisons against Luno

Read simpleswap review

View all comparisons against Simpleswap

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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