Comparison of Binance vs Luno [ 2024 ]

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

Your expert: Alejandro Borja

Binance

Your expert: Xavier Tarrasó

Luno

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

≤0,10%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

5.0 – The industry standard for low trading fees and discounts.

3.8 – Reasonable fees with strong local support in emerging markets.

Level

≤0,10%

Brief explanation

Binance, one of the world’s leading cryptocurrency exchanges, is renowned for its competitive and highly favorable commission structure. The standard trading fee on Binance is notably low, starting at just 0.1% for both makers and takers. This fee can be further reduced for users who pay using Binance’s native token, Binance Coin (BNB), which offers a discount, enhancing the utility and attractiveness of holding and using BNB within the ecosystem. Additionally, Binance rewards high-volume traders with a tiered fee structure, which lowers fees significantly as a user’s trading volume increases, dropping the fees to as low as 0.015% for makers and 0.03% for takers at the highest tiers.

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 Withdrawal fees also vary, generally depending on the network fees of the cryptocurrency being withdrawn and the urgency of the transaction.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.

Binance

Security Methods: Binance employs a comprehensive range of security measures, including two-factor authentication (2FA), SSL encryption, and cold storage of the majority of user funds. These methods ensure a high level of security that protects users against potential cyber threats and unauthorized access.
Trading Volume and Liquidity: Binance boasts one of the highest trading volumes among cryptocurrency exchanges worldwide. This high volume ensures excellent liquidity, making it easier for users to execute trades quickly and at desired prices, even for large orders.
Reputation and Reviews: Over the years, Binance has built a solid reputation in the cryptocurrency community. It is highly regarded for its robust platform, innovative features, and responsive customer service. User reviews often highlight the platform's reliability and the breadth of resources available to traders.
Transparency: Binance is known for its transparency in operations, particularly in how it handles updates and communicates with its user base during both regular operations and in crisis situations. This transparency builds trust and ensures users are well-informed about their investments and the platform's practices.
Withdrawal and Deposit Policies: Binance offers clear and user-friendly withdrawal and deposit policies, with a variety of payment methods available. These policies are structured to facilitate easy access to funds while maintaining tight security to prevent any fraudulent activity.

Luno

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.

Comparison sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Token BNB

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Binance Holdings Limited

Luno Pte Ltd.

Regulation

Not regulated, but faces regulatory scrutiny in several countries.

Regulated in Singapur y Sudáfrica

Year founded

2017

2013

Founder

Changpeng Zhao (CZ)

Marcus Swanepoel

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Binance	FEATURES	Luno
Binance allows trading with small amounts, accommodating users who wish to start with minimal investments.	Minimum Trade	Luno allows small minimum trades, making it accessible for beginners to start with lower amounts.
Binance offers some of the lowest fees in the industry, with further reductions available when using Binance Coin (BNB).	Trading and Transaction Fees	Luno’s fees are competitive but can vary by region and payment method, which may impact cost efficiency for some users.
Supports a broad selection of over 500 cryptocurrencies, catering to a wide range of trader interests.	Number of Cryptocurrencies	Luno offers a selection of the most popular cryptocurrencies but has a more limited range compared to larger exchanges.
Extensive offering of crypto-to-crypto trading pairs, providing users with great flexibility and trading options.	Crypto-to-Crypto Trading Pairs	Luno provides a few crypto-to-crypto trading pairs, focusing more on fiat to crypto transactions which limits trading strategies.
The website provides detailed information about fees and policies although some users might find it overwhelming due to the sheer amount of data.	Website Transparency	The Luno website provides clear information on fees, policies, and company details, although some users may seek more depth in certain areas.
Binance Card offers seamless crypto-to-fiat conversion with up to 8% cashback on purchases, making it a top choice for crypto users.	Credit/Debit Card	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.
Offers secure storage options with an integrated wallet that supports both cold and hot storage methods.	Storage Offering	Luno excels in secure cryptocurrency storage solutions, offering integrated wallets with advanced security measures.
Provides competitive staking options and rewards, enhancing user engagement and investment returns.	Staking and Rewards	Currently, Luno has limited options for staking and rewards, which could be an area for future development to enhance user returns.
Both the mobile app and desktop platforms are highly intuitive and fully-featured, suitable for traders of all experience levels.	Mobile App and Desktop	Luno’s mobile app and desktop platform are highly user-friendly, offering intuitive navigation and robust functionality for all user levels.
Offers multiple channels for support; however, response times can vary, sometimes leading to delays.	Customer Service	Luno provides competent customer service with multiple channels for support, though response times can occasionally extend during high demand periods.
Binance facilitates easy and fast deposits and withdrawals, though some users have reported delays with fiat withdrawals.	Deposit and Withdraw	Deposits and withdrawals are generally smooth with Luno, supporting various methods, though some users might face delays depending on their region.

Key features

Analysis tools

Advanced charting tools, a wide range of technical indicators

Basic charting tools

Mobile APP

Yes

Security

High 4,9/5

High 4,5/5

Additional features

Futures trading, margin trading, staking, Binance Launchpad, Binance Earn, BNB token rewards

Savings wallets, fiat on/off ramps, staking, educational resources

Anonymity

Key points

Available cryptocurrencies

500+

10+

User-friendliness

Binance is a highly popular platform known for its comprehensive features and user-friendly interface. While it offers advanced tools for experienced traders, its basic version remains accessible and easy to use for beginners.

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.

Value for money

Offers excellent value for money with some of the lowest trading fees in the industry and a vast array of supported cryptocurrencies and features.

Provides decent value for money with competitive fees and a user-friendly platform, making it a good choice for beginners and emerging market users.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

South Africa, Nigeria, Indonesia, Malaysia, Europe

Best for

Perfect for all types of investors, from beginners to advanced traders, due to its low fees, vast array of cryptocurrencies, and extensive features.

Ideal for beginners and emerging market users looking for a user-friendly platform with competitive fees.

Base currencies available

USD, BTC, ETH, BNB, USDT

ZAR, NGN, MYR, IDR, EUR, BTC

Account

Trading

Binance is one of the largest and most popular exchanges, offering a vast selection of cryptocurrencies, advanced trading features, and high liquidity. Its security measures are top-notch. However, the platform can be overwhelming for beginners.

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.

Deposit and withdrawal

Binance supports a wide range of deposit methods, including bank transfers, credit/debit cards, and a variety of cryptocurrencies. Withdrawals are processed quickly, usually within a few hours, with minimal fees .

Luno is user-friendly, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.

Account opening process

Binance offers a seamless account opening process. Users need to provide personal information, complete KYC verification with identity documents, and typically get their account approved within a few hours to a day. It’s secure and efficient.

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.

KYC required?

Yes

Customer Service

Binance provides extensive customer support through email, live chat, and a detailed help center. Support is available 24/7, and the response times are quick, making it reliable for users globally.

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.

Security

Binance employs comprehensive security measures, including 2FA, SSL encryption, and cold storage. It is regulated by several financial authorities and has a strong track record, making it a secure choice for investors .

Luno ensures security through 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, providing a secure environment for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert in the crypto market, I highly recommend Binance for its comprehensive range of features and user-friendly interface. The Binance Card, in particular, stands out by allowing seamless crypto-to-fiat conversions and offering up to 8% cashback on purchases, making it an excellent choice for both new and experienced crypto enthusiasts. Its security measures and vast selection of cryptocurrencies further enhance its appeal.

Xavier Tarrasó

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.

Read Binance review

View all comparisons against Binance

Read luno review

View all comparisons against Luno

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.