Luno Review 2024

Autor

Revisor

Last update: 9 months ago

Our veredict

Luno presents a compelling option for individuals who are new to cryptocurrencies and seeking an accessible platform to start trading. It offers a user-friendly interface and supports a variety of cryptocurrencies, which can be particularly beneficial for beginners who are looking to dip their toes into the crypto market without feeling overwhelmed. One of Luno’s notable features is its emphasis on security, a critical factor given the sometimes precarious nature of crypto exchanges. With robust security protocols in place, users can feel more secure about their transactions and holdings.

However, Luno does have some limitations, notably its somewhat restricted global reach and fewer advanced features compared to larger exchanges. This might limit its appeal to more seasoned traders looking for comprehensive trading tools and a wider variety of cryptocurrencies. Also, some users have reported issues with customer support, which could be a concern for those who might rely on quick assistance to navigate their initial trading activities. Despite these drawbacks, Luno’s straightforward setup and strong security measures make it a worthwhile choice for new entrants into the cryptocurrency market.

Pros

Cons

Investing risks losing your money

3,6

Threenvest Score

Fees

≤0,10%

U.S Legal

Yes

With the confidence of Threenvest

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.

Best Crypto Exchanges

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About Luno

Introduction

Luno stands as a noteworthy platform in the bustling world of cryptocurrency exchanges. Tailored specifically for beginners, it offers a straightforward pathway into the often complex landscape of cryptocurrency trading. With its emphasis on simplicity and education, Luno aims to demystify digital currency investment for newcomers.

What is Luno?

Luno is a cryptocurrency exchange that provides users with the tools to buy, sell, store, and learn about cryptocurrencies in an easy and secure environment. It’s designed to make cryptocurrency accessible and understandable for people around the world, particularly those new to digital currencies.

Background and History

Founded in 2013, Luno has grown rapidly to become a trusted name in the cryptocurrency space. Initially launched as BitX in South Africa, the company rebranded to Luno in 2017 to reflect its broader focus on global expansion and inclusion in the cryptocurrency market. Luno’s growth trajectory has been marked by its expansion into several countries across Europe, Southeast Asia, and Africa, reaching millions of customers.

Founders

Luno was co-founded by Marcus Swanepoel, a former investment banker, and Timothy Stranex, a software engineer who previously worked at Google. Their combined expertise in finance and technology propelled Luno’s mission to bring cryptocurrencies to the mainstream audience.

Fun Facts and Interesting Insights

Educational Commitment: Luno places a strong emphasis on education, offering a detailed learning portal that helps users understand complex cryptocurrency concepts and best practices.
Global Footprint: Despite its South African origins, Luno has a significant presence on three continents, highlighting its commitment to facilitating global cryptocurrency adoption.
Innovative Features: Luno was one of the first exchanges to offer services for Ethereum, a testament to its proactive stance in embracing new technologies in the crypto space.

Luno’s approach combines technological innovation with a strong educational focus, aiming to empower and secure the financial futures of individuals around the globe.

Why Choose Luno?

Choosing Luno as your cryptocurrency exchange offers several compelling advantages, especially if you are new to the world of digital currencies.

Firstly, Luno’s user-friendly interface is a significant draw. It simplifies the often complex trading processes, making it accessible even to those with minimal tech savvy. This ease of use is complemented by an extensive suite of educational resources that guide you through the basics of cryptocurrencies and trading strategies. This focus on user education ensures that you not only perform transactions but also understand the underlying principles and risks associated with crypto investments.

Secondly, security is paramount in the volatile realm of cryptocurrencies, and Luno excels in this area. With robust security measures in place, including advanced encryption and storage protocols, Luno ensures that your digital assets are protected against potential threats and vulnerabilities. This security infrastructure provides peace of mind, crucial for both new entrants and seasoned traders in the crypto market. Additionally, Luno’s commitment to regulatory compliance across different jurisdictions adds an extra layer of trust and reliability, ensuring that your investments are handled in a secure and legally compliant manner.

Lastly, Luno’s global reach and operational footprint across three continents make it a versatile choice for international users. Whether you are in Europe, Africa, or Southeast Asia, Luno offers tailored services that cater to the specific needs and regulations of these diverse markets. This global perspective not only provides flexibility in managing your crypto assets but also exposes you to a broader range of cryptocurrencies. For anyone looking to explore the cryptocurrency world with a reliable, secure, and user-friendly platform, Luno stands out as an excellent choice.

Where it falls short

One of the primary drawbacks of Luno is its limited range of advanced trading features. While the platform is designed with beginners in mind, this simplicity can be a double-edged sword, particularly for more experienced traders who may seek sophisticated trading tools such as advanced charting, algorithmic trading options, or a wider variety of order types. To address this gap, Luno could enhance its platform by integrating more comprehensive trading tools and features that cater to the needs of advanced traders. This expansion would not only retain the current user base as they gain more trading experience but also attract a broader audience that seeks deeper functionality in their trading activities.

Another area where Luno could improve is its relatively limited global reach and lack of support for a broader array of fiat currencies. Currently, Luno primarily serves markets in Europe, Southeast Asia, and Africa, which may limit its appeal to users in untapped regions such as North America and parts of Latin America. Furthermore, the platform predominantly supports major currencies, which restricts users in countries with less common currencies from leveraging their local currency to trade. To enhance its global appeal and accessibility, Luno could expand its operations to include more countries, particularly those with high potential for cryptocurrency adoption. Additionally, increasing the number of supported fiat currencies would allow Luno to cater to a more diverse user base, facilitating easier entry into the cryptocurrency market for individuals around the world. These improvements would significantly strengthen Luno’s position as a truly global cryptocurrency exchange.

Features	Explanation
Minimum Trade	Luno allows small minimum trades, making it accessible for beginners to start with lower amounts.
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.
Number of Cryptocurrencies	Luno offers a selection of the most popular cryptocurrencies but has a more limited range compared to larger exchanges.
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.
Website Transparency	The Luno website provides clear information on fees, policies, and company details, although some users may seek more depth in certain areas.
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.
Storage Offering	Luno excels in secure cryptocurrency storage solutions, offering integrated wallets with advanced security measures.
Staking and Rewards	Currently, Luno has limited options for staking and rewards, which could be an area for future development to enhance user returns.
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	Luno provides competent customer service with multiple channels for support, though response times can occasionally extend during high demand periods.
Deposit and Withdraw	Deposits and withdrawals are generally smooth with Luno, supporting various methods, though some users might face delays depending on their region.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

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.

Fees

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.

Pros

Tiered Fee System: Luno’s tiered fee system rewards users with higher trading volumes by offering reduced fees. This structure is beneficial for active traders who operate with large volumes, as it can significantly lower the cost of transactions over time.
No Deposit Fee for Bank Transfers: Luno often does not charge any fees for deposits made via bank transfers, making it economical for users to fund their accounts without incurring additional costs. This is particularly advantageous for new users starting out with smaller amounts.
Transparent Fee Structure: Luno provides a clear and transparent fee structure, detailing all potential costs associated with trading, deposits, and withdrawals. This transparency helps users to plan their trading activities and financial movements without unexpected charges.

Cons

Higher Fees for Low Volume Traders: The tiered fee system, while beneficial for high-volume traders, can be a disadvantage for low-volume or casual traders who face relatively higher fees. This could deter less active users who do not generate enough volume to benefit from reduced fees.
Variable Withdrawal Fees: The withdrawal fees on Luno can vary significantly depending on the network congestion and the specific cryptocurrency being withdrawn. This variability can make it difficult for users to predict the costs associated with accessing their funds, particularly during times of high network traffic.

Trading Commissions

Luno operates on a maker-taker fee schedule which is designed to incentivize market liquidity. Makers, who add orders to the exchange’s order book, typically pay lower fees compared to takers, who fulfill existing orders. This structure not only supports active trading but also ensures a stable, liquid market which is essential for the functioning of any exchange.

Tiered Fee Structure: Luno’s fees are further categorized into tiers, based on the user’s 30-day trading volume. For instance, traders with a high volume of transactions benefit from significantly lower fees. This can range from as high as 0.20% for takers and 0.15% for makers at the lowest volume level, to as low as 0.10% for takers and 0.00% for makers at the highest volume tier. This tiered approach is particularly beneficial for high-frequency traders who can see a reduction in trading costs as their activity increases.

Deposit and Withdrawal Fees

Deposits: One of Luno’s appealing features is its generally low barrier to entry regarding deposit fees. For most major currencies and payment methods, such as bank transfers, Luno does not charge any fees. This policy makes it accessible for new users to start trading without worrying about initial costs. However, deposits made through debit or credit cards can incur fees, which vary depending on the user’s country and the specifics of the bank or card issuer involved.

Withdrawals: Withdrawal fees on Luno are not fixed and can vary widely depending on several factors. These include the type of currency being withdrawn and the current state of the blockchain network, which can affect transaction costs, especially during periods of congestion. For instance, withdrawing cryptocurrencies like Bitcoin might attract a higher fee during times of high network activity. This variability in withdrawal fees is something that users need to consider, especially those who frequently move their funds between wallets or exchanges.

Hidden and Miscellaneous Fees

Currency Conversion: Luno may charge a fee for converting between different fiat currencies, a detail that traders should note if they operate in multiple currencies. This fee is typically embedded in the exchange rate provided by Luno, which might not always align perfectly with real-time market rates seen on other platforms.

Inactivity Fees: Luno does not penalize users for inactivity; hence, no charges are applied to dormant accounts. This is beneficial for users who may not want to engage in regular trading but wish to hold their cryptocurrencies as a long-term investment.

Analysis and Context

Compared to other cryptocurrency exchanges, Luno’s fees are competitive, especially for users in regions where options for low-cost crypto trading are limited. The absence of deposit fees for bank transfers and the tiered trading fee structure are attractive features that distinguish Luno from competitors who might charge flat rates regardless of user activity or transaction size.

However, the variable withdrawal fees and potential costs associated with currency conversions can add up, particularly for active traders who need to access liquidity frequently or those trading in less common fiat currencies. Moreover, while Luno’s fee structure is transparent, the actual impact of these fees on profitability can vary based on factors like market volatility and the timing of transactions in relation to network activity.

Conclusion

Luno offers a balanced fee structure that caters well to both new entrants and active traders within the cryptocurrency market. Its approach to encouraging liquidity through a maker-taker model and rewarding high-volume trading with lower fees is a strategic advantage. Nonetheless, users should remain vigilant about withdrawal fees and the timing of their transactions to optimize costs. As with any financial platform, understanding the detailed fee structure is crucial to managing investment costs effectively, and Luno provides all the necessary tools and transparency to help its users achieve that understanding.

Product selection

Luno offers a comprehensive suite of services and products designed to facilitate easy entry into the cryptocurrency market. The platform provides a secure environment for buying, selling, and storing a variety of major cryptocurrencies like Bitcoin and Ethereum. Luno’s services include a user-friendly mobile and desktop platform, educational resources for new traders, and integrated wallet solutions with robust security features. While its trading options are somewhat limited to basic buying and selling, Luno does offer the ability to make transactions using fiat currencies, which is particularly beneficial for those new to crypto trading. The exchange’s focus on simplicity and security makes it an attractive choice for beginners looking to navigate the complexities of cryptocurrency transactions.

Pros

Ease of Use: Luno is renowned for its user-friendly interface that simplifies the process of buying, selling, and managing cryptocurrencies, making it ideal for beginners.
Educational Resources: The platform provides extensive educational materials, helping new users understand the fundamentals of cryptocurrencies and safe trading practices.
Integrated Wallets with High Security: Luno offers integrated wallet services that feature state-of-the-art security measures, ensuring users' funds are protected against potential threats.

Cons

Limited Trading Features: More experienced traders might find Luno's trading features limited, as it lacks advanced trading tools and a wide range of crypto-to-crypto trading pairs.
Restricted Geographic Availability: The availability of Luno's services is limited to certain geographic regions, which can restrict access for potential users from other parts of the world.

Read more about product selection in Luno

Luno offers a diverse range of services and products tailored to cater to both beginners and more experienced users in the cryptocurrency space. Here’s an extensive overview of what Luno provides:

Mobile App and Desktop Platform: Luno’s mobile app and desktop versions are designed to be intuitive and easy to use. They allow users to buy, sell, send, and receive cryptocurrencies seamlessly, making it convenient for users to manage their assets on the go or from the comfort of their homes.
Integrated Wallets: Luno provides a secure wallet that is integrated into your account. It allows for the safe storage of cryptocurrencies and uses top-tier security measures to ensure the safety of your funds.
Educational Resources: Aimed particularly at beginners, Luno offers a variety of educational content that helps users understand cryptocurrency fundamentals, market trends, and trading strategies. This includes articles, tutorials, and guides available through their platform.
Fiat and Cryptocurrency Exchange: Luno allows the exchange of fiat currency (like USD, EUR, GBP) for cryptocurrencies and vice versa, which is an essential service for users looking to convert their traditional money into digital assets and back.
Staking: While staking is not prominently featured on Luno as of now, this service generally allows users to earn rewards on their holdings by participating in the network operations of a blockchain, similar to earning interest in a savings account.
Debit Card: Luno offers a debit card linked to your cryptocurrency wallet, allowing you to spend your crypto holdings easily in the real world, wherever Visa or Mastercard is accepted.
API: For tech-savvy users, Luno provides an Application Programming Interface (API) that enables automated trading and access to market data. This is particularly useful for developers and professional traders who require more advanced trading functions.
Research and Education: Luno places a strong emphasis on educating its users about the cryptocurrency market. Their platform includes in-depth research articles and educational content designed to enhance the user’s understanding of cryptocurrencies and trading strategies.
Leverage and Derivatives: Although Luno focuses more on simplifying the crypto experience for newcomers and does not heavily feature derivatives or leverage, these tools are commonly used in other exchanges for advanced trading, allowing traders to multiply the outcomes of their trades, for better or worse, depending on the market’s movements.
Earn Opportunities: Luno occasionally offers opportunities to earn additional crypto through promotions or referrals, enhancing the user experience and rewarding active participation.
Yielding Pools: While not currently a feature, yielding pools are a common aspect on some platforms where users can lock up their crypto assets to receive rewards, similar to staking but often with different underlying mechanisms.
Bonus Deals and Promotions: Luno engages its users with various promotional offers and bonus deals, especially for new sign-ups, referrals, or during special trading events.
Leveraged Tokens, Financial Products, Launchpad, Liquid Swap, Loans, Futures, Demo Account, Tournaments: Currently, Luno does not broadly advertise these services, which are often available on more advanced trading platforms. These features include complex financial instruments like futures (agreements to buy or sell assets in the future at pre-agreed prices) and leveraged tokens (which provide amplified exposure to cryptocurrencies).

In summary, Luno’s services and products are designed with user-friendliness in mind, focusing on providing secure, straightforward, and educational cryptocurrency trading experiences. This makes it an ideal platform for those new to cryptocurrencies, looking for a safe and easy way to start their investment journey.

Account opening

Initially, you’ll need to visit the Luno website or download the mobile app, where you can sign up by providing your email address or mobile number and creating a secure password. Following this, Luno requires you to verify your identity to comply with financial regulations; this involves uploading identification documents such as a passport or driver’s license and completing a facial recognition check using your webcam or smartphone camera. Once your identity is verified, you can immediately fund your account using various methods like bank transfer or credit card and start trading. Luno also encourages new users to explore their educational resources to better understand trading and the cryptocurrency market as a whole.

Pros

Simplicity and Speed: Luno's account registration is streamlined and fast, allowing new users to set up their accounts within minutes. This simplicity is ideal for newcomers who might be overwhelmed by more complex signup processes.
Robust Security Measures: During the account opening process, Luno requires identity verification, which includes document uploads and facial recognition. This thorough verification process enhances the security of user accounts and complies with anti-money laundering (AML) regulations.
Immediate Access to Trading: Once the account is verified, users can immediately deposit funds and start trading. This quick transition from registration to trading enables new users to take advantage of market conditions without lengthy delays.

Cons

Identity Verification Requirements: The requirement for detailed personal information and document uploads might be a barrier for users who value anonymity or those who are hesitant about sharing personal information online.
Potential Delays in Verification: During periods of high demand, the identity verification process can experience delays, which might frustrate users eager to start trading immediately. This can be a significant hindrance, especially in a fast-moving market where timing is crucial.

How to Sign Up on Luno

Opening an Account

Visit Luno’s Website or Download the App: Start by navigating to the Luno website or downloading the Luno mobile app from the Google Play Store or Apple App Store.
Create Your Account: Click on the ‘Sign Up’ button. Enter your email address or use your mobile number to register. Set a strong password to secure your account.
Verify Your Email/Mobile Number: You will receive a verification link via email or an SMS on your mobile. Click the link or enter the code provided to verify your contact information.

Registration and KYC (Know Your Customer)

4. Complete Your Profile: Fill out your profile with the required personal details such as your full name, address, and date of birth.

Identity Verification: Upload a government-issued ID (passport, driver’s license, or identity card) and provide any additional documentation requested by Luno to comply with regulatory requirements. You may also need to complete a facial recognition step using your webcam or smartphone camera.
Wait for Approval: Your documents will be reviewed by Luno’s security team. Once approved, you’re ready to start using your account.

How to Buy Your First Cryptocurrency

Log In and Access the Dashboard: Once your account is set up and verified, log into your dashboard.
Fund Your Account: Before you can buy cryptocurrency, you need to deposit money into your Luno wallet. You can do this using bank transfer, credit card, or other payment methods supported in your region. (Details on how to deposit money will be covered in the next section).
Buy Cryptocurrency: Navigate to the ‘Buy’ section, select the cryptocurrency you wish to purchase (e.g., Bitcoin, Ethereum), enter the amount you want to buy in your fiat currency, and confirm your transaction.

Account Types

Basic Account: Immediately available after registration, allowing you to buy, sell, and store cryptocurrency. However, there may be limits to how much you can transact until further verification is completed.
Verified Account: After completing all KYC requirements, this account unlocks higher transaction limits and access to additional features and payment methods.
Premium Account: For high-volume traders, offering even higher limits and premium features such as advanced trading capabilities and lower fees. This may require additional financial disclosures.

How to Use Luno?

Navigate the Interface: The user interface is designed to be intuitive. Key sections include ‘Home’, ‘Wallets’, ‘Rewards’, and ‘Settings’.
Making Transactions: Use the ‘Wallet’ section to manage your deposits and withdrawals. To buy or sell, use the ‘Buy’ or ‘Sell’ options from the main menu.
Tracking Your Activity: Keep track of your transactions, trades, and balances directly from your dashboard. Set up notifications to stay informed about your account activity and market movements.

In the next section, we’ll go into detail about how to deposit money into your Luno account to start trading. This is a crucial step to fully engaging with the platform and making the most of your cryptocurrency trading experience.

Security

Luno places a strong emphasis on security to ensure the safety of its users’ funds and personal information. The platform incorporates multiple layers of security, including bank-level encryption, secure data centers, and compliance with international security standards. Luno employs two-factor authentication (2FA) for all accounts, providing an additional layer of security beyond just username and password. They also utilize cold storage for the majority of the customer’s funds, isolating them from online systems and potential cyber threats. Regular security audits are conducted by internal and external teams to further enhance their security measures. This comprehensive approach underscores Luno’s commitment to maintaining a secure trading environment and instilling trust among its users, making it a reliable choice for engaging with digital currencies.

Pros

Robust Encryption and Storage: Luno uses bank-level encryption to protect user data, alongside cold storage practices where the majority of customer funds are kept offline. This significantly reduces the risk of hacking and unauthorized access.
Two-Factor Authentication (2FA): Luno requires two-factor authentication for all transactions and significant account changes. This adds an extra layer of security, ensuring that only the account owner can access and authorize activities within the account.
Regular Security Audits: Luno conducts frequent security audits, both internally and with external security firms, to ensure continuous strengthening of their security protocols and infrastructure. This proactive approach helps in identifying and mitigating potential security vulnerabilities.

Cons

Limited Advanced Security Options: While Luno offers basic security measures like 2FA, it lacks more advanced options such as biometric security features or multi-signature wallets that some other platforms offer for even greater protection.
Dependence on User Practices: Despite robust platform security, the overall safety of funds can still be compromised by user practices. For instance, if a user fails to secure their own device or falls for phishing attacks, their account could still be vulnerable. Luno's educational resources on security best practices are helpful, but ultimately, some aspects of security depend on the user.

Is Luno Legit?

Regulation and Licensing

Luno operates under strict regulatory frameworks and is licensed in every country it serves, adhering to local financial laws and regulations. This ensures that Luno conducts its business in a legal and transparent manner, providing an additional layer of trust and security for its users.

Is Luno Safe?

Yes, Luno is considered safe for cryptocurrency trading. It employs robust security measures to protect user assets and personal information, offering a secure environment for buying, selling, and storing cryptocurrencies.

Security Methods

Luno’s security architecture is built on several foundational elements:

Encryption: Luno uses advanced encryption technology to secure user data and communications between the client and server, ensuring that sensitive information is always protected.
Cold Storage: The majority of the funds are stored in cold wallets, which are offline storage systems that provide an additional security layer against hacking attempts.
Two-Factor Authentication (2FA): Luno requires users to set up two-factor authentication, adding an extra step of verification that helps protect accounts from unauthorized access.
Regular Security Audits: To maintain high security standards, Luno undergoes regular audits by both internal security teams and external specialists. These audits help identify and rectify vulnerabilities, ensuring the platform’s defenses remain strong.

Security History

Since its establishment in 2013, Luno has maintained a strong security record with no major incidents of breaches or thefts. This history underlines its commitment to security and the effective measures it has in place to safeguard user assets.

Why Luno is a Secure Crypto Exchange

The combination of regulatory compliance, advanced security practices, continuous auditing, and a proven track record in the industry all contribute to Luno’s reputation as a secure platform. Users can feel confident in the integrity and safety of their investments when using Luno for their cryptocurrency transactions.

Conclusion

In conclusion, Luno is a highly legitimate and secure platform for cryptocurrency trading. Its adherence to regulatory standards, robust security measures, and clean historical security record make it a trustworthy option for users worldwide. While no platform can guarantee 100% security due to the inherent risks associated with online trading, Luno’s comprehensive security approach minimizes these risks effectively. If there were any reasons it might not be considered safe, such as potential user error or the broader risks associated with cryptocurrency markets, these are mitigated by Luno’s continuous efforts to educate its users on security best practices and the volatile nature of cryptocurrency investments.

Customer service

Luno places significant emphasis on customer service, aiming to provide responsive and helpful support to ensure a positive user experience. The platform offers a variety of customer service channels, including email support, a comprehensive FAQ section, and a learning portal that addresses common issues and queries related to cryptocurrency trading. Reports from customers generally praise Luno for its user-friendly interface and accessibility, though some have noted delays in response times during peak periods, which can be a point of frustration. Overall, the feedback suggests that while Luno makes considerable efforts to maintain high standards of customer care, there is room for improvement in response speed and support during high-demand times. This blend of educational resources and multiple contact methods underscores Luno’s commitment to supporting its users, although optimizing response times could enhance customer satisfaction further.

Pros

Comprehensive Support Channels: Luno offers a variety of customer support options including email, a detailed FAQ section, and a rich learning portal. These resources enable users to find answers to common issues and learn more about using the platform effectively.
Educational Resources: Beyond traditional support, Luno provides extensive educational materials aimed at helping users understand cryptocurrency trading better. This proactive approach not only resolves individual issues but also educates users to prevent future problems.
User-Friendly Interface for Support: The customer service interface on Luno is designed to be user-friendly, making it easy for users to navigate and find the help they need quickly. This enhances the overall user experience, particularly for newcomers to the cryptocurrency space.

Cons

Response Times: One of the more frequent criticisms from users pertains to the response times. During periods of high demand, users have reported delays in receiving support, which can be critical in the fast-paced environment of cryptocurrency trading.
Limited Live Support Options: Unlike some other major platforms, Luno does not offer a live chat or phone support, which can limit immediate access to help when urgent issues arise. This absence of real-time support can be a significant drawback for users needing instant assistance.

Read more about customer service in Luno

Customer Service at Luno

Customer Support

Luno is committed to providing comprehensive customer support tailored to assist users efficiently and effectively. The platform focuses on combining accessible educational content with multiple support channels to ensure that users can resolve issues and understand trading dynamics thoroughly.

Reputation and Customer Feedback

Luno’s reputation in terms of customer support is generally positive, particularly for its user-friendly interface and the educational resources it offers. However, users have expressed mixed feedback concerning response times, especially during peak trading periods when the platform experiences high traffic. Despite these challenges, many users appreciate the depth of support and clear guidance provided in Luno’s help sections and user guides.

Methods of Contact

Customers can reach Luno’s support team through several methods:

Email Support: Luno provides email support where users can send detailed inquiries and receive help directly from a support agent.
FAQ Section: For immediate answers, Luno’s extensive FAQ section covers a wide range of topics, from account management to security practices.
Learning Portal: Luno also offers a learning portal that includes articles, tutorials, and tips on various aspects of cryptocurrency and platform use.

Response Time

While Luno strives to respond to customer queries as quickly as possible, the response time can vary depending on the complexity of the issue and the current demand on support staff. Users report response times ranging from a few hours to several days. Luno continuously works to improve these times, especially during periods of high demand.

Additional Support Considerations

For users who may need support, it’s important to consider what kind of assistance they might require. New users often need help with account setup and understanding basic trading principles, while more experienced traders might seek assistance with transaction specifics or technical issues. Regardless of the nature of the inquiry, Luno aims to provide clear, helpful, and timely support. Luno’s customer service setup is designed to cater to a wide range of needs, ensuring that both novice and seasoned users can receive the support necessary for a smooth trading experience. As the platform evolves, further enhancements in real-time support capabilities, like introducing live chat or phone support, could significantly enhance user satisfaction and address the current gaps noted in customer feedback.

Is luno Right for You?

Beginner-Friendly Platform: If you are new to the world of cryptocurrencies and looking for an exchange that offers an easy-to-navigate interface and straightforward trading process, Luno is an excellent choice. The platform simplifies buying, selling, and storing cryptocurrencies, and is backed by extensive educational resources to help you understand the market dynamics and trading strategies. This focus on user-friendliness and education makes Luno particularly suitable for newcomers.
Security-Conscious Users: Security is a paramount concern when dealing with digital currencies, and Luno addresses this with robust security measures including cold storage of assets, two-factor authentication, and regular security audits. If maintaining the security of your digital assets is a top priority, Luno’s comprehensive security features provide a reassuring environment for your cryptocurrency transactions.
Limited Advanced Trading Needs: However, if you are an experienced trader looking for advanced trading tools and a wide variety of cryptocurrencies and trading pairs, Luno may not fully meet your needs. The platform’s focus on simplicity means it lacks advanced features like derivatives, extensive leverage options, and a broad range of altcoins. Traders seeking deep market liquidity and complex trading instruments might find Luno’s offerings somewhat restrictive.

Ultimately, Luno is an ideal platform for beginners and those who prioritize a straightforward, secure trading experience. However, it may not be suitable for advanced traders who require more sophisticated trading options and a wider selection of cryptocurrencies.

Luno compared to other crypto exchanges

Threenvest score

3,6

Fees

US Legal

Yes

Security

High 4,5/5

Investing risks losing your money

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

bitpanda

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

Luno offers a focused selection of cryptocurrencies, catering primarily to those interested in the most established digital assets. The platform supports major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). This range covers the needs of most beginners and intermediate users who are looking to trade in well-known and widely used cryptocurrencies.
While Luno does provide access to these popular cryptos, it does not currently offer some of the newer or less mainstream coins such as Cardano (ADA), Polkadot (DOT), or any of the various DeFi tokens that have gained popularity recently. This limitation might affect traders seeking to diversify their portfolios with these emerging cryptocurrencies.
Regarding geographical availability, Luno operates in over 40 countries worldwide, with a strong presence in Europe, Southeast Asia, and Africa, including countries like the United Kingdom, South Africa, Malaysia, and Indonesia. However, it is important to note that Luno is not available in some significant markets. Notably, residents of the United States and Canada cannot open accounts on Luno, restricting access for potential users in these regions. This exclusion from large cryptocurrency markets can limit Luno’s global reach and influence in the crypto space.
This configuration of supported cryptocurrencies and operational countries makes Luno a suitable choice for users in its available regions looking to trade mainstream cryptocurrencies. However, the platform’s current offerings may not satisfy those looking for a broader selection of altcoins or those residing in countries where Luno does not operate.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Bitcoin Cash (BCH)

Main countries where you can open an account

Australia
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Indonesia
Ireland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malaysia
Malta
Monaco
Netherlands
Norway
Poland
Portugal
Romania
San Marino
Slovakia
Slovenia
South Africa
Spain
Sweden
Switzerland
United Kingdom
Zambia
Nigeria

FAQs

What is Luno?

Luno is a cryptocurrency exchange that provides a simple, secure platform for buying, selling, storing, and learning about cryptocurrencies. It is designed to make cryptocurrencies accessible to everyone, offering user-friendly apps and educational resources to help users navigate their crypto journey.

Which cryptocurrencies can I trade on Luno?

You can trade several major cryptocurrencies on Luno, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). These selections focus on the most established cryptocurrencies to ensure reliability and liquidity for our users.

In which countries is Luno available?

Luno operates in over 40 countries across Europe, Southeast Asia, and Africa, including the United Kingdom, South Africa, Malaysia, Indonesia, and many others. Each region has tailored services to meet local needs and comply with financial regulations.

How do I open an account with Luno?

Opening an account with Luno is straightforward: Visit the Luno website or download the mobile app, sign up using your email address or mobile number, and follow the steps to complete identity verification. Once verified, you can start trading by depositing funds into your account.

What security measures does Luno implement to protect my funds?

Luno prioritizes security with several robust measures, including two-factor authentication (2FA), cold storage of the majority of customer funds, encryption technology, and regular security audits to protect your assets and personal information.

Are there any fees associated with trading on Luno?

Luno has a transparent fee structure primarily based on your trading volume. Fees vary depending on the transaction type and payment method, with detailed information available on our website to help you understand exactly what costs are involved in your transactions.

How can I withdraw my funds from Luno?

To withdraw funds, log into your Luno account, navigate to the ‘Wallets’ section, select ‘Withdraw’ for the currency you wish to withdraw, enter the amount and details of where you want the funds to go, and confirm the transaction. Withdrawals are processed as quickly as possible, subject to security checks and network conditions.

Final opinion on Luno

At Threenvest, we’ve carefully evaluated Luno and found that it offers a well-rounded service that caters effectively to newcomers in the cryptocurrency market. Luno’s strengths lie in its user-friendly interface, educational resources, and a focused selection of the most traded cryptocurrencies. These features make it an ideal starting point for individuals new to the world of digital currencies, providing an easy entry with comprehensive learning tools that help demystify the often complex aspects of crypto trading.

Furthermore, Luno’s commitment to security, demonstrated through robust encryption, two-factor authentication, and cold storage of the majority of customer assets, ensures a secure trading environment that builds user confidence and trust.

However, when compared to other exchanges, Luno does show some limitations, particularly for advanced traders. The absence of features like advanced trading tools, a broader range of cryptocurrencies, and derivative products might make it less appealing to more experienced investors who seek depth and a wide array of trading options. Despite these shortcomings, Luno remains a strong contender in the market due to its straightforward approach and solid security measures.

Overall, Threenvest recognizes Luno as a commendable platform for those beginning their cryptocurrency investment journey, though we advise potential users to consider their specific trading needs and whether they might outgrow the platform as their experience and trading strategies develop.

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.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

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