When talking of the possible UK-based crypto investing platforms, you can’t miss out on Luno! This actively operating platform is available in over 40+ countries in the world. Established in 2013, Luno made people more independent in crypto, so they made the platform super effective and accessible by keeping beginners in mind.
The platform is a fiat/ crypto to cryptocurrency trading exchange where it connects the trader to parties interested in buying/ selling the digital assets. Thanks to its beginner-friendly approach, users of the platform have access to very informative and easily understandable content, giving them the perfect start to their crypto journey.
Besides, the relatively meager fees and an excellent security system make it a fantastic fit for traders of all types. So if you’ve been considering signing up with the Luno exchange, this review might help you with complete insight into the pros, cons, and different features of the platform. Let’s get started.
Table of Contents
Pros And Cons of Luno
- You can earn multiple incomes from your crypto holdings.
- LUNO is a beginner-friendly crypto trading platform.
- The platform offers effective interest in your crypto savings.
- You can earn via the Referral program available.
- It can be used on any device, iOS, windows, android, and macOS.
- Luno has a meager fee rate and a secure storage system.
- Luno has inbuilt educational sources to help you understand the crypto world faster.
- You get an upper limit to withdraw the amount if you have not verified your details, like id proof, residential certificates, etc.
- Access to selective cryptocurrencies available to store and trade.
- Not available to U.S customers.
- The liquidity offered is very low.
- Luno does not support advanced trading tools.
Luno At A Glance
Luno At A Glance
|Headquarters||London, United Kingdom|
|Number of Listed Cryptocurrencies||8 - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litcoin (LTH), Ripple (XRP), Uniswap (UNI), Chainlink (LINK) & USD Coin (USDC).|
|Minimum Deposit||USD 10.00|
|Trading Fee||0.10 % in Tier 1 0.04 % in Tier 7|
|Withdrawal Fees||$ 1.30 for an amount below $ 50|
|Customer Support||Online / Telephonic|
|Supported Fiat Currencies||EUR, IDR, MYR, NGN, and ZAR|
What Is Luno Exchange: Company Overview
Luno is a simple crypto exchange platform where investments are made easily and safely. Luno is a platform where you do not need experience buying and storing crypto. The first foundation on which Luno was created was to make the whole concept of crypto very easy and to let everyone know the power of cryptocurrency.
Luno was introduced in 2013 by Marcus Swanepoel and Timonthy Stranex and had a straightforward approach to how its users see crypto and believe in financial freedom and fairness for everyone.
Luno has enabled more than $52 billion in crypto transactions, has stored about $1 billion in cryptos to date, and is currently available in 40 countries. For cryptocurrency investors, Luno serves as an exchange and wallet provider. It was first founded in Singapore as Bitx in 2013. They changed the name of Bitx to Luno, which means “moon,” in 2017. This company’s rebranding turned out to be extremely important.
It also served as a forerunner to the sharp rise in trade volume that began in 2017 and continues today. Nigeria was the next-highest trade volume country after South Africa’s most popular exchange, Luno.
Luno, one of the first leaders in the crypto sector, has handled more than $8 billion in transactions. It continues to be a significant exchange provider between conventional fiat money and digital coins like Bitcoin and Ethereum.
Cryptocurrencies Supported in Luno
Cryptocurrency selection is one of Luno’s weak points! The platform is currently limited to the number of tokens that it has on its platform.
Currently, Luno supports cryptos, including:
|Bitcoin (BTC)||Ethereum (ETH)||Uniswap (UNI)||Litcoin (LTH)|
|Bitcoin Cash (BCH)||Ripple (XRP)||USD Coin (USDC)||Chainlink (LINK)|
Among these currencies, UNI & LINK is not available in Malaysia and Singapore to the Luno customers. Besides, it also misses out on some significant crypto projects like Solana (SOL), Polkadot (DOT), and Cardano (ADA).
While the numbers might be limiting, the given list might change in time since the platform is open to the idea of accepting crypto projects with great potential. However, currently, Luno is a platform exclusive to investors who are very selective with their investments.
Key Features Of Luno
Beginner-friendly crypto trading
As an exchange, Luno is one of the most beginner-friendly platforms. Users signing up for the platform can access a clean and intuitive UI that allows them to make the most of their trade. No matter their experience level, users signing up for the platform can get the most out of their trading journey simply and concisely.
The exchange works over a web platform and mobile app, so if you’re new to crypto and want an exchange without much of a learning curve, Luno is an excellent choice. First, you can sign up and verify your identity in minutes. After that, you deposit money through one of the accepted payment methods, and you can buy crypto.
Options to earn interest on crypto savings
Initially, cryptocurrency was only a means of investment to improve the value of funds! However, it’s no longer the same. Investors are continually looking for new and improved methods to make the most of their crypto tokens by hedging, staking, or creating a pool, among other options.
While the platform isn’t open to options like staking or hedging, users can earn interests via the Luno Savings wallet. This feature allows you to earn a variable interest rate, depending on the type of crypto holdings the users have in their wallets.
Here’s an overview of the different cryptos supported under the interest scheme:
- Bitcoin (BTC)
- USD Coin (USDC)
- Ethereum (ETH)
Once you have enough of these funds in your Luno wallet, you can lock them for a said period and earn interest from your investment. This also makes an effortless passive income.
Secure funds storage
Next up, the security feature makes Luno one of the leading crypto trading platforms! This is because the platform has been open about its security and always known to take advanced measures to strong-arm its chances against any attack it might become a part of.
Besides, the platform takes it up a notch by ‘deep freezing’ its storage for most of its customer funds. As a result, the platform stores a majority of its customer funds over offline storage units and stores the keys to such units in safe deposits in different bank vaults. This way, the platform ensures seamless operations while keeping a portion of its funds free for everyday use.
The crypto industry is relatively new and users entering the industry still need access to every piece of knowledge they can over the platform. This is where Luno stands out as a reliable exchange for beginner traders.
Users signing up for the platform have access to educational content of every type, allowing them to explore their options in the industry. In addition, the platform has backed its users with several articles, blogs, and video material to back their education about the industry. The language used in these pieces is straightforward, informative, and understandable, making it easy to get on board with.
Additional Features Of The Platform
Those mentioned above were some of the core features of the Luno platform. However, that’s not all! There’s more to the platform than different educational resources and options to earn interest from your funds. Continue reading as we explore some of the additional features of the platform:
- Seamless operations: Luno is accessible to anyone with a stable internet connection and is beginner-friendly, making it one of the most loved platforms. Besides, the clean UI of the platform allows users to make the most of their everyday trading experience.
- Compatibility: The platform is available across web and mobile interfaces and easily accessible on different devices. This way, users signing up for the platform needn’t worry about the type of device they want to continue trading at.
- Referral Program: Unlike any other platform, Luno also has its referral program, where you get a certain percentage whenever your friend or anyone joins in using your referral code.
- Access across several countries: Luno’s seamless service across different countries makes it one of the most accessible options to get started with. The platform has reliable customer service across the globe.
The platform offers a similar trading experience for every type of user. However, unlike the other platforms with a paid alternative for advanced tools, Luno is upfront about all the different tools and features for all its users. Therefore, every user can access all the tools and features without paying additional costs to the platform.
Besides, the very purpose of Luno has always been to provide a more accessible mode of trading and exchange of cryptocurrencies even for people with zero knowledge and a fair financial system for everyone.
They provide an effortless and effective way of trading your cryptocurrencies and a safe place to store them. They have also made it very easy to learn about this crypto. Their UI also makes it easy for beginners to use it without hassle.
Overall, Luno is a beginner-friendly platform, full of potential, and has a very keen and futuristic approach towards crypto and its users by making crypto as simple and approachable as possible for the common youth or the elderly with zero knowledge about it.
Talking of the fee structure, Luno utilizes a maker-taker model! As a result, users involved in everyday trading can make the most of this platform based on the present market conditions. Here, if you’re placing an order that hasn’t been filled in real-time, you’ll be charged maker fees and vice versa for a taker’s fee.
They do not charge any amount when you receive the crypto, meaning no matter what mode you receive it. So it’s completely free of costs, and if you sell the crypto, the charges are dynamic, free, or might cost you about 0.03%, which is still significantly less than any exchange platform.
|Bank Transfer||AU||$ 1.30 for the amount below $ 50||$ 1.30 for the amount below $ 50|
|EFT||AU||$ 1.30 for the amount below $ 50||$ 1.30 for the amount below $ 50|
|PayID||AU||$ 1.30 for the amount below $ 50||$ 1.30 for the amount below $ 50|
Besides, the exchange offers different free tiers based on the 30-day trading volume of its users.
Is Luno Safe?
Regarding security, Luno is one of the safest platforms to have existed.
LUNO is very particular about its security and does not fail on this front.
They have the most advanced forms of security, as a motto runs them to give very high priority to safety for users crypto tokens!
They have an advanced mode of security, such as:
- Deep Freeze Storage, where they store the maximum amount of their customer’s cryptocurrency. “Deep Freeze Storage” is a security system where a multi-signature wallet is used to generate keys that are stored offline and offsite. The key is entirely managed by Bitgo Custody, the world’s most secure and compliant digital asset solution.
- Hot wallet is used to store instant Bitcoin transactions, where its backup keys are stored offline in geographically different places in the deposit box. To open a hot wallet, three keys are required where an external custodian stores one for additional security, which also enforces velocity limits.
- Air Gaps, a means in which private keys are stored offline and offsite, with a machine that is neither connected with the internet nor any other networks meaning physical access is needed. The air gap machine is stored in a safe, security-managed vault whose offsite location is not disclosed.
Besides, the platform also leverages other security means like Two-factor Authentication (2FA), which acts as an extra layer of protection and keeps your thoughts about being hacked or losing crypto totally at bay. Lastly, while passwords are the most common form of security, in Luno, your passwords are stored in hashed form, and no one can access them other than you.
Opening a Luno Account
Luno has a straightforward layout further complemented by its simple approach to account opening. Below are some steps to help you open an account with the Luno trading platform.
Step 1: Search for Luno’s website or download it on your device.
Step 2: Once you download it or come to their leading landing site, you’ll see Sign Up on your desktop screen.
Step 3: Complete the registration process, where you need to add your details and your government ID to verify your details.
Step 4: Link in the payment methods if you want to fund your account and start trading.
Luno is a very decent and reputable crypto trading platform where people can buy and sell crypto without hassle. Moreover, it has a whole range of features that anyone can explore.
According to the research and stats, the review section of Luno was filled with an 8:2 rating, where 8% was outstanding, and 2 % showed their disregard for Luno. Of course, since Luno is a cryptocurrency platform, it’s only natural to have such positive and negative feedback.
The positive feedback was backed by the excellent customer support team that supported and stayed patient throughout the process of a customer’s interrogation, where they were asked several questions of why and how.
While the positive feedback may be overwhelming, the platform was also reported for accounts being suspended without any prior notice. Additionally, several reviews stated how users faced problems with their funds being blocked for no reason.
Luno Vs. Competition
Though Luno was launched in 2013 and was previously named Bitx, it is one of the most popular crypto exchange platforms and wallet providers. Luno meaning “Moon,” was named only later in 2017 from its old brand, Bitx. Since then, Luno has expanded and got hold of its offices in more than 40 + countries and serves about 7 million users across those 40+ countries.
There are numerous crypto exchanges available in the market that have different offerings for their traders. One such competitor of Luno is Coinbase. So let’s draw up a comparison and see how they differ from each other in the following section.
Luno vs. Coinbase
Both Luno and Coinbase have been reformers with their stringent security policy and reliable user interface for advanced and beginner users. However, while there are a few standard things, there are other instances where the platforms have been different.
Here’s an overview of the different aspects of Luno and Coinbase.
|Allowed in the US||No||No|
Looking at this short but comprehensive review, it’s evident that Luno takes the lead over Coinbase regarding the fee structure and charges attached to withdrawal. However, while Luno has the information about the fees, Coinbase takes over its competition with a wide range of token offerings.
Should You Consider Using Luno?
With so many crypto platforms emerging and trying to be a substantial financial company, Luno can be marked and framed as one of the most authentic financial companies. As a result, anyone is free to trade without thinking or feeling like they know nothing.
- Low fees: Luno charges meager fees compared to any platform dealing with buying and selling cryptocurrencies. The highest trading charge is 0.10 %, and the lowest is 0.04 % and $ 1.30 for amounts below $ 50 for withdrawal.
- High security: Luno takes extra care to safeguard your funds stored in their system. They deal with very advanced levels of security systems available in the world to simple forms of security so that your funds do not get hacked or stolen by any threat.
- A simple approach to the world of crypto: Luno can be stated as the first in the crypto field to look after other people, making the whole process easy for them. Luno is the only platform that is beginner-friendly.
They also have a mode to teach you about the crypto world effortlessly yet effectively. That said, the whole concept of Luno revolves around the simplicity of using crypto.
- Positivity for the community: Luno can also be marked as the biggest and the first-ever crypto platform to come up with the idea of financial fairness for the people. They have a simple approach to the crypto community and want to ensure everyone can use crypto easily.
Shortcomings Of Luno
Though Luno has a massive range of people using this platform, it still has some shortcomings which could be taken into light.
- Lack of advanced trading options: Luno does not have an advanced trading option where you can choose from advanced trading tools, but it supports automated trading.
- Lack of crypto tokens for investment: Luno, to date, has only eight major cryptocurrencies, i.e., Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Uniswap (UNI), Chainlink (LINK) & USD Coin (USDC) which can be used to trade. Apart from these eight currencies, Luno does not support any other currencies that are transferred to your Luno account and do not get accepted.
Looking at this comprehensive review of the Luno exchange, it’s evident that the platform has several unique features that make it stand out from the existing competitors. Besides, the clean and intuitive UI and fee structure make it a unique offering to start your crypto journey. However, similar to the great features, the platform has several drawbacks, and a shortage of potential crypto projects tops the list.
Therefore, if you’re one of those investors who like to diversify their portfolio across new and better crypto projects, you might want to look up another trading platform. But before doing that, ensure you have read all the terms and conditions. All the best!
Q1. Should I trust Luno?
Luno is one of the most secure crypto platforms you’d ever come across. It has a customer support system across many countries, where they constantly help you buy, sell, store and help you with how to earn interest on your crypto savings. With all that kept in thought, yes, you can trust Luno for the support it supplies and the values it has put forward for its traders.
Q2. How to secure your Luno account?
Luno takes the security of your cryptocurrency stored in your wallet very seriously and has its security procedure already inbuilt into its system.
But still, they ask you to ensure you have two-factor authentication (2FA ) enabled & choose strong passwords as an extra sheet of protection from your end.
And in case your device has been stolen or compromised, & to avoid the misuse of your Luno wallet, they suggest to self lock your account by Reporting suspicious activity.
Q3. How to deposit & withdraw money?
Depositing money is easy, depending on the region you are in. You can deposit it via Bank Transfer, EFT, or any other method available in the region. Although the deposit process is hassle-free, withdrawing your money can be a bit stressful, as it is not on the immediate front.
It takes 1-2 days for the funds to be transferred or allocated into your preferred bank account. You can withdraw the amount from your wallet to your account by linking your bank details in which you want to transfer the fund with the Luno wallet.
Crypto Prices Today:
Trading Software 2 months ago
Bitcoin Code Review: Is It Trustworthy Or Is It A Scam?
Trading Software 2 months ago
Bitcoin Era Review – Is This Automated Software Profitable?
Trading Software 2 months ago
Bitcoin Loophole Review – Scam or A Real Opportunity?
Trading Software 2 months ago
Bitcoin Trader Review 2020 » Full Scam Check
Trading Software 2 months ago
Bitcoin Rush Review 2020 » Full Scam Check
Trading Software 2 months ago
Bitcoin Future Review : Is It Legitimate Or Is It Another Crypto Scam?