Comparison of Bitfinex vs Luno [ 2024 ]

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

Your expert: Alejandro Borja

Bitfinex

Your expert: Xavier Tarrasó

Luno

Main points

Fees

0,10% /0,20%

Earns

Customer service

3/5

≤0,10%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.2 – Low fees for high-volume traders but higher for smaller trades.

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

Level

0,10% /0,20%

≤0,10%

Brief explanation

Bitfinex’s fee structure is designed to cater to both high-volume and occasional traders. The exchange employs a maker-taker fee model, where makers, who add liquidity to the market by placing limit orders, typically pay lower fees than takers, who remove liquidity by matching orders already on the book. Fees for takers start at 0.20%, and for makers, they begin at 0.10%. These fees decrease significantly with increased trading volume, making Bitfinex an attractive option for active traders. Additionally, there are no fees for depositing cryptocurrencies, though withdrawal fees do apply and vary depending on the currency. Overall, Bitfinex’s fees are competitive within the industry, providing a fair balance between cost and the comprehensive features offered.

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 Withdrawal fees also vary, generally depending on the network fees of the cryptocurrency being withdrawn and the urgency of the transaction.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

Bitfinex

Year Founded: Bitfinex has been operational since 2012, establishing itself as one of the oldest and most stable players in the volatile cryptocurrency market. Its longevity speaks to its ability to adapt and improve in a rapidly evolving industry
Security Methods: Post-2016 hack, Bitfinex significantly ramped up its security measures, implementing state-of-the-art security protocols including cold storage of funds, two-factor authentication, and advanced encryption technology to protect user data and assets.
Trading Volume and Liquidity: Bitfinex consistently ranks among the top exchanges in terms of trading volume. High liquidity not only makes it easier for users to execute trades at desired prices but also reflects the trust and scale of operation that Bitfinex maintains.
Reputation and Reviews: Despite past challenges, Bitfinex has maintained a strong reputation within the crypto community. It is frequently praised for its advanced trading features and deep liquidity, with many users advocating for its platform in various reviews and crypto forums.
Transparency: Bitfinex has taken steps to enhance its transparency, particularly in how it manages user funds and its operational status. The exchange regularly updates users about new features, security enhancements, and operational changes, helping build trust through openness.

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.

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Direct link to the website

Product selection

Native token

Token LEO

Earns

NFT marketplace

Cripto/debit card

Full name

iFinex Inc.

Luno Pte Ltd.

Regulation

Not regulated

Regulated in Singapur y Sudáfrica

Year founded

2012

2013

Founder

Jean

Marcus Swanepoel

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitfinex	FEATURES	Luno
Bitfinex allows trading with a relatively low minimum, catering to both small and large investors.	Minimum Trade	Luno allows small minimum trades, making it accessible for beginners to start with lower amounts.
Fees are competitive, but high withdrawal fees may deter frequent traders.	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.
Offers a wide range of cryptocurrencies, providing extensive trading options.	Number of Cryptocurrencies	Luno offers a selection of the most popular cryptocurrencies but has a more limited range compared to larger exchanges.
Extensive crypto-to-crypto pairings offer flexible trading strategies.	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.
Generally transparent with operational and security practices but could improve in fee structures.	Website Transparency	The Luno website provides clear information on fees, policies, and company details, although some users may seek more depth in certain areas.
Bitfinex does not provide an exchange card for customers to use for in-store purchases.	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.
Provides secure storage options including cold storage, though it’s complex for beginners.	Storage Offering	Luno excels in secure cryptocurrency storage solutions, offering integrated wallets with advanced security measures.
Offers competitive staking options and rewards, enhancing user investment potential.	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 platforms are robust and user-friendly, but the mobile app lacks some advanced features.	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.
Customer service is available but response times can be slow during peak times.	Customer Service	Luno provides competent customer service with multiple channels for support, though response times can occasionally extend during high demand periods.
Efficient deposit methods; however, withdrawal policies can be restrictive and costly.	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, multiple technical indicators, and APIs

Basic charting tools

Mobile APP

Security

High 4,9/5

High 4,5/5

Additional features

Margin trading, lending services, staking, Bitfinex Pulse (social network)

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

Anonymity

Key points

Available cryptocurrencies

150+

10+

User-friendliness

Bitfinex provides a powerful platform with a user-friendly interface that caters to both beginners and advanced traders. While it offers advanced trading features, the platform is designed to be accessible and easy to use.

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 good value for money with competitive fees and advanced trading features, suitable for both retail and institutional traders.

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

Suitable for experienced traders and institutions looking for advanced trading features and a wide range of cryptocurrencies.

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

Base currencies available

USD, EUR, GBP, JPY, BTC, ETH, USDT

ZAR, NGN, MYR, IDR, EUR, BTC

Account

Trading

Bitfinex is tailored for professional traders with its advanced trading features and high liquidity. It offers a wide range of cryptocurrencies but has had security breaches in the past, making some users cautious.

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

Bitfinex supports a wide range of deposit options, including bank transfers and crypto. Withdrawals are processed quickly, usually within a few hours. Fees are competitive, though high-volume users may benefit more.

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

Account opening process

Bitfinex provides a straightforward and fully digital account registration process. Users need to submit personal details, verify their identity, and address. The process is quick, usually taking less than a day to complete.

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

Bitfinex provides extensive support through email, live chat, and a help center. The response time is quick, and support is available 24/7, ensuring users get timely assistance.

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

Bitfinex provides extensive security features, including 2FA, cold storage, and encryption. It is regulated by several financial authorities, making it a secure platform 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 on our website, I recommend Bitfinex for traders seeking a diverse and dynamic trading environment. The platform’s extensive range of cryptocurrencies and crypto-to-crypto trading pairs is impressive, making it a great choice for those looking to explore different trading strategies. While the trading fees and customer service response times could see improvement, Bitfinex’s advanced trading features and robust security measures make it a reliable option for serious traders.

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.

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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.