Luno Review 2024 - Is It Safe or not? Check Now! (2024)

Luno, previously known as Bitx, is a popular crypto exchange and wallet provider. Launched back in 2013, it expanded from Singapore to 44 countries worldwide. In 2017, Bitx changed its brand name to Luno, meaning Moon. It has experienced unforeseen growth ever since its rebranding. With offices in Singapore, Cape Town, Australia, Nigeria, Singapore, and London, Luno serves over 7 million users. Luno has raised over 13 million dollars from names like Digital Currency Group and Venture Capital in the United Kingdom.

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It offers Coinbase-like services but cultivates a reach even in countries where Coinbase is not permitted. It is currently the most well-known cryptocurrency exchange in South Africa. It scores the highest trading volume in the nation, followed closely by Nigeria. It offers esteemed features such as quick trade, quick deposit & withdrawal, direct bank account transfer, simple trading, price alert, etc. You are suggested to verify the fee schedule before finalizing the payment. Despite the minor concern, any Luno review will explain that Luno is one of the best crypto exchanges in Nigeria.

What is Luno Exchange?

Luno is a famous UK-based cryptocurrency exchange currently operating in 40 countries in the world. With 8+ years of market experience, the exchange harbors 7 million users. To expand its proceedings in the European region, the company decided to rebrand as Luno. It now possesses offices in South Africa, Indonesia, Australia, Nigeria, the UK, and Malaysia.

In simple words, Luno can be defined as a fiat/crypto to cryptocurrency trading exchange. The cryptocurrency exchange connects traders interested in buying/selling digital assets. Known for its lower fees and the support for local currencies make Luno one of the most popular crypto trading platforms.

How Does Luno Work?

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Among the primary reasons to check Luno reviews is to understand its work more. Luno also provides services similar to Binance. It helps users that want to trade cryptos instead of merely buying and storing them. To simply put, the exchange allows Bitcoin exchange against five types of fiat currencies, namely:

• Malaysian Ringgit (MYR)
• Euro (EUR)
• Nigerian Naira (NGN)
• Indonesian Rupiah (IDR)
• South African Rand (ZAR)

It also trades with ETH (Ethereum) and uses Luno Brokerage Services to offer the market price. The brokerage solution also facilitates quick cryptocurrency (Bitcoin and ETH) purchase and sale at the stated price. You can quickly open business accounts on Luno to accept crypto-based payments from other customers.

Moreover, customers can also trade, purchase, and sell cryptocurrency using the account. PayU, the well-known South African eCommerce payment tycoon, backs it, improving its chances to flourish in the future.

Is Luno Regulated?

No, the exchange isn’t directly regulated. Since the cryptocurrency market itself isn’t regulated yet, Luno does not possess the property either. Most countries do not even permit cryptocurrencies, so any government does not back them. However, the exchange falls under the pro-regulation of the Central Bank of Malaysia.

It is registered with the bank, which acts as the reporting authority for cryptos. “Is Luno safe” or “Is Luno legit” are common first questions every trader faces after learning about its legal regulation. The answer will still be a “yes.” Even without a traditional regulatory system backing it, Luno is still a secure trading platform.

Services Offered by Luno

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A significant reason why a Luno wallet review deems the exchange legit is its service offering. Luno exchange offers numerous services to help users receive the best experience. Here is an overview of its benefits:

Instant Buy and Sell

Luno helps users that want to trade Bitcoin and ETH quickly, even with fiat currencies. The fiat trading fee for the instant buy or sell initiates at 2% but can increase too. Depending on the country’s choice, the trading platform imposes transaction limits too. For instance, in Nigeria, the minimum limit is fixed at 300 Naira, and the maximum limit is 3.6 million Naira. You are suggested to note that such restrictions are imposed only on the instant trade functionality.

Luno Exchange

The next on the list of Luno services is Luno exchange. It’s a trade room where you can trade crypto pairs. The trading platform offers indicators and charts for both new and experienced traders. Anyone wondering “how to make money with Luno” should readily avail of its exchange. Depending on your region, there are numerous crypto pairs on offer. The same goes for Luno transaction fees, which range from 0.25% to 1%. More about this is later explained in the Luno review.

Luno Wallet

It can be accessed for about six fiat and five cryptocurrencies:

• Every supported crypto: Buy, sell, store, and receive.
• Fiat wallet (ZMW, MYR, ZAR, NGN, EUR, IDR): Withdraw, trade for cryptos, deposit.

Luno Business

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There’s a Luno business account for organizations with significant spending limits. It is catered to businesses that want to achieve more than the Bitcoin trading service. Parties like miners, financial firms, crypto industry startups, trading businesses, etc., are the primary audience for the account.

Savings Wallet

Traders can even stock USDC, ETH, and Bitcoin on the exchange to earn a 4% interest per year. The process starts by opening a Luno savings account and transferring the coins. The coins are shared with Luno’s reliable lending partner. The partner forms individual loans with third parties. The particular interest is shared into users’ savings wallets on the first day of every month. Users get three choicesto choose from:

• A USDC Savings wallet generating 7.6% interest
• An ETH Savings wallet generating 4% interest
• A BTC Savings wallet generating 4% interest

Other cryptos can be transferred at any time without any Luno fees. At times, the transfer can incur 1 to 7 business days to complete. Services like Luno’s app and Luno’s mobile wallet are also part of its service portfolio. Both components are explored in-depth further.

Luno Mobile Wallet

Luno’s mobile wallet is the mobile counterpart of its original best crypto wallet. The mobile wallet supports both Android and iOS devices and is often counted among other top crypto wallets on the web. It facilitates convenience, allowing traders and investors to trade from anywhere at any time. Here is a brief overview of the services offered by the mobile wallet:

Features of Luno Mobile Wallet

• Multiple cryptos on offer (Ethereum, Ripple, USDC, Bitcoin, and Litecoin)
• Simple user interface
• Store crypto with esteemed security
• Allows price alerts and use of advanced charting
• Seamless trading experience
• Quick deposits and withdrawals

Are there any drawbacks of using this wallet? The deposit and withdrawal fee charged in this wallet repel many customers off. Nonetheless, its popularity is evident with over five million downloads on the Google Play Store. Its seamless and straightforward user interface makes this wallet ideal for beginners. Moreover, any experienced trader looking for quick crypto trading can initiate the use of this exchange.

Luno App – A Brief Introduction

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While the web hosts millions of searches like “Luno download for PC,” there’s a vast audience for “Luno app download” as well. The same is facilitated because of its esteemed Luno app.

Luno Android App

As stated already, its mobile version is available for both Android and iOS systems. This app takes seconds to function, offers a seamless experience, especially on its Android version. With 50,000+ feedback, it still boasts an average of 4.3 stars rating. Moreover, it has about five million downloads on Google Play Store, showing its popularity globally.

Luno iOS App

It also boasts a high interaction rate on Apple iTunes with over 1,500 feedback and an average rating of 4.3 stars. However, the iOS counterpart feels sluggish, so what makes users love this app? Due to its effortless app experience and functioning, Luno’s app makes trading crypto quick and straightforward.

The user merely requires to open an account or sign in to complete the transactions. The entire process is to be explained later in the review. Once it’s approved, traders may set up their wallets and deposit funds. After your amount shows up, you can start trading at any time. They provide safe storage for crypto, making it viable for every user.

Pros and Cons of Luno Review

Here are its pros and cons to receive a better understanding of the exchange and make an educated choice.

Luno Sign Up Process

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To get started on Luno, users need to create an account on the platform. Here is how traders may complete the sign-up process:

Creating an Account on Luno

1. Initially, a trader requires to reach the official Luno site.
2. Now, select the “sign up” option to create an account.
3. Here submit the email and password. Traders can even choose to sign up with social media accounts – Facebook, Apple, or Google.
4. Tap the sign-up button to reach the next page.
5. The account is created and can be accessed through the bottom right section named “profile.”
6. Here you can choose options like phone verification, two-factor authentication, password, etc.

The process is complete, and users can start trading by going through the guidelines in the next step.

How to Buy Cryptocurrencies on Luno?

Here is how traders can buy crypto (Bitcoin):

Step 1: Sign Up or Sign In

Reach the official website and select the “sign up” or “sign-in” option. To create a new account, choose the former and choose the blockchain networks. Calculate the fees for the latter if you have an existing account.

Step 2: ID Verification

Such exchanges provide multiple levels of account verification alternatives. Depending on the ID verification level, traders will face deposits and withdrawal restrictions. If you do not own the first-level account, you cannot make a deposit.

Step 3: Deposit Funds in the Account

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Now, traders may deposit funds in their accounts. As already mentioned, the deposited amount depends entirely on the verification level and region.

Step 4: Start Buying Cryptocurrencies

Now you can start to buy crypto as per your desire.

Fees and Charges of Luno

There are three types of transactions fees on Luno:

• Sending and receiving fee
• Deposits and withdrawals fee
• Trading fee

Sending and Receiving Fees

Deposit and Withdrawal Fees

Luno merely offers a payment processing mechanism, and the fees are calculated by the blockchain networks. The payment fees can vary between nil to 1.5% and are shown before completing the transaction.

Trading Fees

Trading fees are the direct method where it earns revenue. Every charge depends on your country, method, and currency. The Instant trade option incurs a 2% or higher fee. The transaction fees for the Taker depend on your country, while there are no additional fees for the Maker.

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Deposit and Withdrawal Options

Traders can indulge in deposit and withdrawal activities using fiat and cryptocurrencies on Luno. Depending on your level of account verification, users will face additional withdrawal and deposit limits on this platform.

For Cryptocurrencies

• Bitcoin
• Ethereum
• Litecoin
• Ripple
• Bitcoin Cash
• USD Coin

For Fiat Currencies

• ZMW
• MYR
• ZAR
• NGN
• EUR
• IDR

Supported Countries

Here is the list of all 44 countries that accept the Luno exchange:

• Malaysia
• South Africa
• Nigeria
• Indonesia
• Zambia

Europe consists of numerous countries supporting the platform – Belgium, Austria, Croatia, Bulgaria, Cyprus, Denmark, Estonia, Czech Republic, France, Germany, Finland, Greece, Hungary, Guernsey, Iceland, Isle of Man, Italy, Ireland, Jersey, Liechtenstein, Latvia, Lithuania, Malta, Luxembourg, Monaco, Norway, Netherlands, Poland, Romania, Portugal, San Marino, Slovenia, Slovakia, Spain, Switzerland, Sweden, United Kingdom.

Is Luno Safe to Use?

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Although Luno isn’t a regulated exchange, it still offers a bank-level security experience. It stores customer’s private keys securely in the deep freeze. Every key is placed in a safety deposit box in bank vaults, and no one has permission to access multiple boxes. Moreover, factors such as two-factor authentication, encrypted private keys, hot wallets, multi-signature keys, etc., make it safe to use.

Customer Support

The primary reason behind most negative Luno reviews is its sub-par customer support. It offers standard support on its site. There is no email support to submit queries, lowering the total investment made on its site. Taking a look at TrustPilot, users can understand that the platform is currently rated poor. The majority of its issues revolve around funds delays and locked accounts.

While the exchange is currently trying to respond to the reviews, customer support isn’t always a trading platform’s forte. Even Coinbase and Bitstamp suffer here, so it should not hinder the platform’s performance. Based on this information, users can decide whether the Bitcoin exchange is profitable.

Luno Review: Conclusion

Despite the web being filled with numerous crypto exchanges, it manages to establish a unique persona. It supports less popular fiat currencies, is available in 44 countries, and supports multiple cryptocurrencies. A lack of email support hurts its industry prestige alongside its occasional malfunctions when users withdraw cryptos. With features like instant buy-sell, bank account transfers, and business accounts, It creates a quality user experience and has managed to be on the best crypto exchange platform list. Its every charge is based on user details, including payment used, total amount, chosen cryptocurrency, etc.

More details decide whether or not the investment will pay off. After connecting email to the exchange, users can start trading in an instant. If you file a ticket, it tries to respond to the feedback in 24 hours. Its mobile app is seamless yet straightforward, making it an ideal exchange for beginners and veterans alike.

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FAQs

Is Luno Safe and Legit?

With 7+ years of market experience, it is considered safe and legit. It is not regulated, which makes users wonder, “is Luno scam.” But, it offers esteemed security features such as multi-sign keys and 2FA as well.

How Good Is Luno?

It is amid the most popular exchanges with multiple cryptos and fiat currency compatibility. It offers a simple approach and quick trading experience to traders.

Can You Lose Money on Luno Exchange?

Losing money is part of crypto trading, and it all depends on user decisions. However, Luno is used to not indulging in scams or fraud.

Is Luno Real or Fake?

Luno is a real and legit exchange, offering secure crypto trading exchanges. You may earn/lose money on this exchange depending on their financial decisions.

Which Payment Methods Are Accepted?

Currently, the exchange supports both fiat and crypto payment methods.