Luno is a cryptocurrency exchange specializing in emerging markets, with a growing presence in Europe and Africa. Despite its modest size, Luno has steadily expanded its services, prioritizing security and user accessibility.
Key Questions Addressed:
- Is Luno safe?
- What trading pairs does it offer?
- How do deposits/withdrawals work?
- What are the fees?
Overview
Founded in 2013 as BitX in South Africa, Luno rebranded and moved its headquarters to London. The team comprises 40+ financial and tech experts, focusing on Bitcoin and Ethereum trading. Offices in London, Singapore, and Cape Town underscore its global reach.
Transparency
- Detailed About Us page.
- Local presence in key markets enhances trust.
Security: Is Luno Safe?
Luno boasts a strong security track record:
- Cold Storage: 95% of funds held in multisig offline wallets (bank vaults).
- Hot Wallets: Partnered with BitGo for added security.
- User Protections: 2FA, email confirmations.
⚠️ Reminder: Avoid storing large amounts of crypto on exchanges.
Supported Crypto Pairs
Luno focuses on underserved markets with unique fiat pairs:
| Pair | Currency |
|------------------|---------------------------|
| BTC/IDR | Indonesian Rupiah |
| BTC/MYR | Malaysian Ringgit |
| BTC/NGN | Nigerian Naira |
| BTC/ZAR | South African Rand |
| BTC/EUR | Euro |
| ETH/BTC | Crypto-to-Crypto |
Limitations:
- No altcoins beyond ETH/BTC.
- EUR liquidity is limited compared to emerging markets.
Deposits & Withdrawals
Funding Methods
- Bank transfers (SEPA in Europe).
- Debit/credit cards via Upay/Everypay.
Processing Times
- Deposits: 24–48 hours.
- Withdrawals: ≤48 hours (fiat), instant (crypto).
Fees
- Trading: Up to 1% (maker/taker model).
- Withdrawals: R8.50 (ZAR), €0.30 (EUR).
Verification Process
Four tiers with increasing limits. Full verification (~24 hours) includes:
- Email signup.
- Mobile confirmation.
- ID/document upload.
Regulation & Expansion
- Funding: $9M Series B (Balderton Capital).
- Challenges: Regulatory scrutiny in Malaysia (similar to Coinbase/US IRS).
Customer Support
- Help Center for FAQs.
- Help Tickets for complex issues.
Trading Platform
Pros:
- Simple interface.
- Fast order execution.
Cons:
- Basic charts (no technical tools).
- Dark theme only.
Mobile App: Functions as a wallet + trading tool.
Luno vs. Coinbase
| Feature | Luno | Coinbase |
|------------------|------------------------------|------------------------------|
| Fiat Pairs | ZAR, EUR, MYR, IDR, NGN | USD, EUR, GBP |
| Crypto Pairs | BTC, ETH | BTC, ETH, LTC, BCH, etc. |
| Fees | ≤1% | 1.49%–3.9% |
| Security | Cold storage + BitGo | Advanced (Coinbase Pro) |
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FAQ
1. Is Luno available in the USA?
No—focused on Africa, Europe, and Southeast Asia.
2. What are Luno’s withdrawal limits?
Varies by verification tier (e.g., Level 3: ZAR 200,000/day).
3. Does Luno support staking?
No—purely a trading/wallet platform.
Conclusion
Luno excels for users in South Africa, Nigeria, Malaysia, and Indonesia. Strengths include:
- Security: Robust cold storage.
- Speed: Fast verifications/withdrawals.
Areas for Improvement:
- Expanded crypto pairs.
- Advanced trading tools.
For emerging-market traders, Luno is a top-tier choice.
Disclaimer: This review is informational only. Always conduct independent research.
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