Luno checks off several of the most important boxes for a crypto exchange. It’s highly secure, easy to use, and has very low fees. While those are all great perks, it also has a couple of major issues. You can’t use it if you’re in the United States, and its cryptocurrency selection isn’t the best. Check out our full Luno review to learn if it’s the right exchange for you.
This cryptocurrency exchange is a good fit for: Crypto traders who primarily value low fees and excellent security. Made with beginners in mind, Luno is a fantastic choice for those who are new to crypto.
- Beginner-friendly crypto trading
- Offers interest on crypto savings
- Low fees
- Secure storage
- Educational resources
- Not available for U.S. customers
- Small selection of cryptocurrencies
Luno Top Features
Beginner-friendly crypto trading
As an exchange, Luno makes crypto trading easy and accessible. It has a beginner-friendly web platform and mobile app, so if you’re new to crypto and you want an exchange without much of a learning curve, Luno is an excellent choice. You can sign up and verify your identity in minutes. After that, you just deposit money through one of the accepted payment methods, and you can buy crypto.
Earn interest on crypto savings
Luno offers a Savings wallet where you can earn a variable interest rate on your crypto holdings. There are Savings wallets available for three types of cryptocurrency:
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Coin (USDC)
If you invest in any of these cryptos, putting them in a Savings wallet is a simple way to make passive income.
Trading fees on Luno are competitive with those of the best cryptocurrency exchanges. Maker-taker fees start at 0% and 0.1%, and can get lower for investors with high monthly trading volume. There aren’t many platforms that beat crypto trading fees of 0.1% or less.
Security is important for any crypto exchange, and this is an area where Luno excels. It uses what it calls “deep-freeze” crypto storage for the majority of customer funds. The keys for this crypto are encrypted, and kept in bank vaults inside safe deposit boxes. The small portion of its crypto that Luno uses for day-to-day operations is kept in a combination of cold (offline) wallets and hot (online) wallets.
Luno has some of the better educational content we’ve found from a crypto exchange. Its learning portal includes articles on cryptocurrency in general, and about each of the cryptocurrencies it offers. It also has videos accompanying many articles, and a blog with the latest crypto news.
Luno’s content is informative and understandable. It’s also not overly complicated, which is a common issue in the world of crypto.
What could be improved
Not available for U.S. customers
Unfortunately, Luno isn’t available in the United States. That’s a significant drawback, since it rules out quite a few potential customers. It’d be great to see Luno at least set up a U.S. platform, even if it isn’t able to offer all the same features. Multiple international crypto exchanges, including Binance and FTX, have done this to serve a broader audience.
Small selection of cryptocurrencies
There are only six cryptocurrencies you can buy and sell on Luno, which pales in comparison to many of its competitors. This is by design, as Luno’s philosophy is to thoroughly vet cryptocurrencies before adding them. Regardless, it’s a notable disadvantage.
If you’re just looking for places to buy Bitcoin and perhaps a few other big coins, then Luno works fine. On the other hand, if you’re interested in a diverse portfolio of cryptocurrencies, Luno’s small selection could be an issue.
How Luno works
Luno is a cryptocurrency exchange with a web platform and mobile app. It’s available in 40 countries, including its home base of Singapore, the United Kingdom, and countries across Europe, but it’s not available in the United States.
Here’s what you can do on Luno:
- Buy, sell, and trade cryptocurrency on the Luno exchange
- Set up a Repeat Buy to automate your crypto investments
- Send eligible cryptocurrencies to a Savings wallet and earn interest
- Store your crypto securely in a Luna Wallet
- Transfer crypto free of charge to friends and family members who have a Luna account
- Create crypto price alerts to receive notifications on your phone
You can deposit and withdraw money with Luno through a transfer from your bank account. Depending on your country, you may also have the option to add money to your account using a credit or debit card. Review transaction fees with each method so there aren’t any unexpected costs.
Luno Fees overview
Luno uses a maker-taker model for its crypto trading fees. If you place an order that isn’t filled immediately, you’re charged a maker fee. If you place an order that’s filled immediately, you’re charged a taker fee.
Here’s how that works: Let’s say you place an order to buy at a price of $100, and that amount is higher than the sell orders currently on the books. The order is executed immediately. In that case, you’re charged the taker fee. If there aren’t any sell orders on the books for $100 or less, your order wouldn’t execute until the crypto is available at that price. You’d then be charged a maker fee.
Deposit and withdrawal fees and methods depend on your location. In most locations, Luno offers deposits and withdrawals through bank account transfers, and they’re either free or carry a small fee.
Luno supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
Cryptocurrency selection is a Luno weak point. It’s missing quite a few major cryptos, including Cardano (ADA), Solana (SOL), and Polkadot (DOT), and it doesn’t have any smaller-cap coins to check out. Several crypto exchanges offer dozens of coins, so Luno is behind the curve.
Is your cryptocurrency safe with Luno?
Luno has high security standards — in terms of crypto storage and account security, Luno offers some of the best protection in the industry.
Most of the cryptocurrency funds Luno manages are stored in cold wallets, crypto wallets that aren’t connected to the internet. Since they’re offline, hackers can’t access them. Luno stores these cold wallets in physical bank vaults inside safe deposit boxes, which it calls “deep-freeze” storage. Only specific individuals can access these safety deposit boxes, and no one has access to more than one.
Since it’s difficult even for the exchange to access crypto in deep-freeze storage, it keeps a small portion of its crypto more accessible for day-to-day operations. This crypto is still extremely secure, with some stored in cold wallets and some in hot wallets connected to the internet. The only way crypto can be spent from a hot wallet is if both the Luno exchange and its partner authorizes the transaction.
Though your crypto should be safe on Luno, you also need to guard your account. Luno offers several features to help with this:
1. Accounts can be protected with two-factor authentication (2FA), meaning two forms of authentication (such as your password and a one-time code generated on your phone) are required to log in.
2. You can disable sending cryptocurrency stored in your Luno Wallet. It’s then not possible to transfer crypto out of the wallet until you reauthorize it.
3. Luno requires your authorization to perform potentially high-risk activities, such as sending crypto for the first time on a new device, sending amounts over $10,000, and changing the email address or phone number on your account.
4. Luno automatically blocks transactions that involve high-risk crypto addresses that have been associated with illicit activity.