What is Luno?
Founded in 2013, Luno is a global cryptocurrency exchange and wallet provider headquartered in London. It operates with regional hubs in Singapore and Cape Town. Luno has processed over USD$14 billion in transactions, serving more than 5 million customers across 40+ countries. As an independent operating subsidiary of Digital Currency Group, Luno aims to 'upgrade the world to a better financial system.'
Vision and Services
Luno's vision is to enhance the global financial system. The platform offers an instant buy/sell feature, allowing customers to purchase crypto with their local currency. Additionally, users can trade across 25 crypto to fiat pairs on the Luno Exchange, accessible through the Luno API. The BTC Savings wallet enables customers to earn interest on their Bitcoin holdings.
Security Measures
Luno prioritizes the security of its users' funds. Approximately 95% of crypto assets are stored in "deep freeze" multisignature wallets, secured by various encryption layers. The company collaborates with regulators in its operational markets and supports progressive cryptocurrency industry regulations. Robust AML/CFT measures, including a mandatory KYC process, registration with financial intelligence authorities, and reporting of suspicious activities, are in place.
How Luno Works
Platform and Accessibility
Luno operates as a cryptocurrency exchange with both a web platform and a mobile app available on iOS and Android devices, as well as desktop.
Features for U.S. Investors
For U.S. investors, Luno offers essential features, including buying and selling cryptocurrency, sending crypto to external wallets, and receiving cryptocurrency deposits. Debit card payments are the primary payment method for U.S. clients.
Fees Overview
Luno charges a trading fee of 0.75% for buying and selling cryptocurrency. While cryptocurrency deposits are free, withdrawal fees depend on network traffic. Bank account transfers, when available, will be fee-free. Bank account withdrawals and debit card purchases also do not incur additional fees.
Cryptocurrency Selection
In the United States, Luno supports Bitcoin and Ethereum. However, users in other regions have access to a broader range of cryptocurrencies. Luno's cryptocurrency selection is considered a potential weak point compared to other exchanges, lacking some major cryptos like Cardano (ADA) and Solana (SOL).
Security Measures at Luno
Crypto Storage
Luno maintains high-security standards for crypto storage. The majority of funds are stored in offline cold wallets, stored in physical bank vaults within safe deposit boxes, termed "deep-freeze" storage. Specific individuals have access to these boxes, ensuring maximum security.
Account Security
To safeguard user accounts, Luno offers two-factor authentication (2FA) and allows users to disable cryptocurrency transfers from their wallet. Authorization is required for high-risk activities, and transactions involving high-risk crypto addresses are automatically blocked.
Is Luno Right for You?
Luno might be the right choice if you're seeking an easy-to-use crypto exchange and specifically want to invest in Bitcoin and/or Ethereum.
What are the trading fees on Luno?
Withdrawal Fee 0.000079
Taker Fee 0.75%
Maker Fee 0.75%
Does Luno offer leverage trading?
Luno Exchange offers margin trading, which allows you to borrow funds to amplify your trading positions.
