Luno Review: Can You Trust this Exchange? What We Found It

Luno Review: Can You Trust this Exchange? What We Found It

We did like the great customer service and fast withdrawal and verification times though. All things considered, for South African traders, we give the exchange a thumbs up. Hence, Coinbase seems like it is an attractive alternative if you want to buy more coins than on Luno. When you are trading on the Coinbase pro trading platform you have much more functionality and charting options.

Buying & Selling Crypto On Luno

Though the available options are very limited, all of them are established crypto projects with solid fundamentals. However, you must note that the additional ease comes at a greater expense. The fees to trade cryptocurrency with instant trades usually are much higher than the standard Luno trading fee. The exact cost depends on the crypto you are trading, your trading amount, and your country of residence.

Luno Wallet

• While the selection is not the widest, you’ll find both crypto-crypto and crypto-fiat pairs.
• Additionally, Luno requires two-factor authentication for all transactions, which adds an extra layer of security to users’ accounts.
• Luno is indeed available in the USA, allowing cryptocurrency enthusiasts in the country to access its services.
• Unique service offerings, such as crypto insights, brokerage services, the Luno App and Luno Wallet, and a live marketplace interface, make crypto investment easier for all traders.
• In Luno, setting a price alert is like having your own crypto watchdog, so I decided to include this guide in my Luno review to help you with that as well.
• However, although browsing the platform is possible, Luno requires you to complete Know-Your-Customer (KYC) verification to buy crypto.

When it comes to trading features, a user-friendly and intuitive platform is key to ensuring a seamless experience for both novice and experienced traders. Luno goes beyond the basics by providing an additional 73 trading pairs denominated in fiat currency, BTC, and USDC. This diverse selection increases the viability of Luno as a trading platform, catering to a wide range of customers that other exchanges may not fully serve. To make things even easier, Luno provides pre-set purchase prices, ensuring quick and hassle-free transactions. Just select ‘Other’ and customize your investment to suit your specific needs.

To evaluate the quality of customer services for diverse user needs, we created a unique trading test. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors. When compared to industry competitors like Binance and Kraken, Luno’s customer service is limited, as it primarily relies on email support. These larger platforms often offer live chat, phone support, and even account managers for high-volume traders, which Luno does not currently provide.

This essentially means that the cryptocurrencies owned by customers exist. The 2022 audit was done by Mazars, an audit and advisory firm, and is made available on Luno’s website. Luno runs several promotions and rewards programmes for its customers. If you refer another user to the platform, you will get rewarded with Bitcoin. For Australian customers, when you refer a friend and they sign up and buy $199 (AUD) of crypto on Luno from Luno’s Instant Buy or Sell, you each get $40 (AUD) worth of free bitcoin.

How to pick the best crypto exchange for yourself?

Luno has developed a mobile app available for both Android and iOS devices, offering convenience and accessibility to users on the go. That’s why they allow you to spend funds from both luno exchange review your crypto and local currency wallets. Plus, you can link your credit or debit card to Luno and complete purchases effortlessly using your preferred payment method. Just follow these easy steps to sign up and begin your crypto adventure.

Hodlers & Position Traders: Not recommended

Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. This space changes rapidly and evolving, so please make sure to do your own research. Although we do our best to provide you the best information, we cannot guarantee the accuracy or applicability of any information on this site or in regard to your individual circumstances.

There’s one more downside that’s worth noting in this Luno review – the platform’s reach doesn’t extend everywhere just yet. It’s got a bit of a limit on where it operates, which is understandable when you consider how regulated and compliant it is. So, if you’ve got here by Googling something like “Luno UK review” or “Luno Malaysia review”, this is where you’ll find the specifics you’re looking for. While Luno has its perks, every platform comes with its share of drawbacks, which is what I’ll cover next in this Luno review. After all, exploring the downsides of the project can shed light on areas where Luno might not meet everyone’s needs or expectations.

In terms of fees, Coinbase’s fees can be higher than Luno’s, with trading fees starting at 0.4% but instant-buy fees starting at 1.49%, compared to Luno’s 0.75%. This can be a great service for users who want access to insights and perspectives from experts in the field or just those who want a better look at some of the industry’s thought leaders. The majority of users’ funds are stored in cold storage, which is not connected to the internet and therefore less susceptible to hacking attempts. As alluded to earlier, Luno provides data and graphics for things like daily active addresses, transaction volume, average ownership time, Twitter sentiment, search trends, and more.

• Overall, while the app excels in ease of use and functionality, adding a search functionality could enhance the user experience further.
• The service is geared towards miners, crypto services, and trading firms.
• Luno’s focus on developing countries like Nigeria and Malaysia is definitely what sets it apart from some of the other major cryptocurrency exchanges around the world.
• If you need an exchange accepting credit or debit card deposits, you can easily find one by using our Exchange Filters.
• However, Luno already announced the firing of 35% of the company staff, ​​citing market turbulence.
• According to the Exchange Benchmark released on November 2023 by CCData, Luno is striving to be among the most compliant crypto investment platforms globally1.

The platform is available in over 40 countries, though most features and trading pairs are location specific. If you would prefer a coin exchange with a more extensive selection of trading pairs, we recommend you to check out our Cryptocurrency Exchange List to find one there. Luno, serving users from over 40 countries, is ranked 12th with a final score of 71.7 on the CCData’s ranking of exchanges.