Most User-Friendly Crypto Exchange Platform
Luno
Trading Pairs
Supported Currencies
Minimum Deposit (currency depends)
Listed Cryptocurrency/ Digital Assets
Supported Fiat Currencies
Withdrawal Fees
Established in early 2013, Luno aims to make cryptocurrency accessible to emerging markets and developing countries. The platforms offer an exchange platform for markets typically excluded from the crypto market.
Luno has a streamlined interface that is easy to use for prominent investors to buy crypto easily. However, the crypto exchange does not have many supported coins. In this Luno review, we evaluate whether it is with you investing.
All details
Key Features
- Luno connects buyers and sellers directly. The platform does not buy or sell crypto or set rates. Users come on to do so.
- Luno serves more than 40 countries with offices in Singapore, Australia, Cape Town, London, and Singapore.
- The platform has over 7 million users and has raised over 13 million dollars from Venture Capital and Digital Currency Group in the United Kingdom.
- After you open your Luno account, you must create your Luno wallet and connect your payment method.
- You can connect your Luno wallet to your regular bank account or debit card if you live in the UK. Once you have funded your Luno account, you can start trading crypto after making a bank transfer to your bitcoin wallet.
- Luno offers to scale up currency charts to see price movements, and you can arrange that data on the charts in different ways.
- The trading platform offers unique API access to help users automate trading bots for buying and selling crypto.
- Luno mobile crypto works for Android and IOS devices, and you can activate your wallet from the desktop or mobile platforms.
Promotions
- Luno allows users to be rewarded with Bitcoin, referring friends and family to the trading platform.
Pros & Cons
The Pros
- Easy to convert fiat to crypto and vice versa
- An easy and quick way to train bitcoin with fiat currencies
- You get to send crypto and fiat email payments for free
- Luno allows businesses to accept payment in crypto with their business accounts
The Cons
- Low liquidity since it is available in developing countries
- The platform is unregulated
- Luno is not available to North American customers
General Information
Other Fees and Charges
Luna offers an easy user interface to trade, but it has an obscure and complicated fee structure.
If you reside in the UK, receiving any currency on the platform is free. So you do not pay if someone sends you crypto; you do not pay any fees to accept it.
Luna also does not charge any withdrawal or deposit fees. However, fees charged on sending to various currencies vary depending on factors such as:
- Crypto trading volume
- Demand
- Time of day
Ripple is the only currency with a flat fee that incurs a 0.03% send fee. Luna also charges on the instant buy feature.
The fee depends on the amount you trade. The more you trade, the less the percentage fee charged.
The fee charged is based on a 30-day trading volume and starts at 0.10% take fee for the trading amount between £0 to £249,999 and 0.03% for more than £16,000,000 on the platform.
Luna also limits the instant buy and sell transactions. For example, you can only buy 20 Bitcoins using pounds. The limit only applies to the buy function and not to the exchange.
The platform also has three verification levels. You will have a £1,000 call time limit and £5,000 monthly with the first two levels. With level 3 verification, there are no deposit limits.
Creating an Account
First, you will need to reach the official Luno site.
- Select “Sign up” to create your Luno account.
- You can submit your email and password. You also have the option to sign up with your social media accounts such as Apple, Facebook, and Google.
- After the click on the sign-up button to go to the next page.
- Once done, you can now access your profile on the bottom right section, “Profile.”
- Then choose the options such as two-factor authentication, phone verification, your password, etc.
- When you are done with this process, you can now start trading.
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does Luno Compare with Other Crypto Platforms in Singapore?
|
Cryptocurrency Exchange |
Trading Fees (Per Trade) |
Pro-Account Trading Fees |
Supported crypto assets |
Deposit Fees (Fiat) |
Withdrawal Fee (Fiat) |
Can Buy BTC & ETH With SGD? |
|
Luno |
Depending on the currency |
– |
Bitcoin (BTC) Ripple (XRP) Ethereum (ETH) Litecoin (LTC)(BCH) |
No (But depends on the country of residence) |
No |
Yes |
|
Binance Singapore (Binance. sg) |
0.6% (Flat) |
– |
8 (BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK) |
Deposit with Xfers is free |
Withdrawal with Xfers is free |
Yes |
|
Coinbase Exchange |
1.49%+ (Flat with the minimum sum for trades less than US$200) |
Coinbase Pro: 0.5% (Basic tier) |
65 (ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & more) |
SWIFT transfer (US$25 + bank fees)
Credit/Debit Card: 3.99% + 7% of transaction fee (GST) |
SWIFT transfer (US$25 + bank fees) |
Yes |
|
Huobi Global |
0.2% (Flat) |
– |
372 (BTC, BCH, ETH, XRP, LTC, DOT, DASH, ETH, EOS, QTUM & more) |
SWIFT transfer (Varies based on the bank) |
SWIFT transfer (Varies based on the bank) |
Yes |
|
Crypto.com |
0.4% (Basic tier) |
– |
100+ (BTC, LTC, ETH, CRO, ENJ, BAT, PAX, USDC, OMG, KNC & more) |
Deposit with Xfers is free
Credit/Debit Card: 3.50% + $0.10 |
Withdrawal with Xfers is free |
Yes
|
Luno App – Our Verdict
Luno is a decent platform with an excellent reputation for buying and selling cryptocurrencies. It has outstanding features that make it an ideal option for traders, such as the savings wallet.
The best part about Luno is it makes cryptocurrency available in the developing world. However, it is much smaller in terms of deposits than other reputable crypto exchanges. Luno, however, offers great products since its founding.
Final Thoughts
Luno is a reputable and decent platform for selling and buying cryptocurrencies. It has an exceptional range of basic features and some excellent basic features, such as the BTC savings wallet.
Luno makes crypto more accessible in developing countries. Its user interface makes it easy to use for newbies and has had an excellent reputation since it was founded. Luno is easy to use and is designed to make crypto easy to understand.
Key Takeaways
- Luno offers five cryptocurrencies that are relatively low compared to other exchanges in the market.
- Luno has an easy-to-use user interface that is well laid out, readable, and responsive. The platform is designed to make the crypto as easy as possible.
- Luno recently added the instant buy option, but the platform has previously been used solely as an exchange platform
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FAQs
Is Luno Legit? Is Luno Safe?
Luno is a bitcoin exchange that makes sure that users’ assets are safe. The platform provides deep-freeze storage, storing private keys in different bank vaults.
The coins are encrypted and cannot be used unless everyone has the private key to coordinate efforts. The platform also has hot wallets, which they maintain for instant withdrawals.
Can Luno Steal Your Money?
No. Luno is registered with the relevant financial and legal authorities and deals with everything over the table.
Luno secures your funds and has never had issues with their accounts in the past.
Did Luno Rebrand From BitX?
Luno Exchange was first founded in 2013 as BitX but later renamed in 2016. Luno has three offices worldwide in Cape Town, London, and Singapore.
Which Cryptocurrencies Are Supported On Luno?
As of this post, Luno Exchange offers support for Bitcoin Cash, Bitcoin, Litecoin, Ripple, and Ethereum,
How Many People Have Luno Exchange Accounts?
Luno has over 3 million users worldwide and has employed over 100 people.
Can I Buy Crypto from Luno?
Yes. The platform has an instant buy feature. Luno acts as a broker where you can buy crypto from them.
Is Luno Regulated?
No. The platform is not regulated since the crypto market is not governed.
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