Luno Review: Fees, Pros, Cons and More 2025

Luno Review: Fees, Pros, Cons and More 2025

Luno can be compared to other trading platforms like Coinbase or Binance. However, most traders consider Genesis’s bankruptcy as a possible red flag. Genesis’s bankruptcy may also affect Luno, but it’s too early to tell the impact.

Once you have completed all of these steps, it is also recommended that you setup two-factor authentication on your account for additional security. The next step is to look for an activation email that Luno has sent to your email address. You should check your spam folder if you do not see the email message after completing the initial page of the sign-up process. To continue the setup process, you can simply click the “Confirm Email Address” button found in the email Luno has sent you.

Can my Luno wallet be traced?

This information is general in nature and is for education purposes only. Hedge luno exchange review With Crypto does not provide financial advice, nor does it consider your financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries. With a responsive customer support system and a seamless mobile app, Luno proves to be an ideal choice for both beginners and experienced traders in the crypto market. One of the most crucial aspects of any exchange is the speed and efficiency of its trading platform.

Customer Support

The exchange has strong security, and 97% of its cryptocurrencies are stored offline in a cold wallet. This means that in the event of a hack, only 3% of assets are at risk. The taker fee on the other hand is set at 0.1% at first and then decreases based on the 30-day trading volume of the user. There are eight tiers based on this method, with the final tier assigned to those who trade up to 16 million pounds or its equivalent in other currencies. Those who trade these large amounts could get a taker fee as low as 0.03%.

Sign Up Process

Only a small fraction of the total funds handled by the company are stored on online wallets. As mentioned earlier, there are two ways to purchase crypto on Luno. The former is a straightforward procedure, and you will be guided throughout the process. However, the latter gives you the freedom to choose the type of order (market, limit, or stop order). If you’re just starting out with crypto investment or if you’ve been doing it for some time, it’s crucial to grasp the concept of staking on a cryptocurrency exchange like Luno.

They use encryption, multi-sig wallets, PGP,  two-factor authentication, and SSL. Luno is legit, and a great exchange for novice users, but the difficulty of accessing customer care and finding relevant information might make it off-putting to crypto veterans. They have email based login verification, and it’s possible to set up 2FA with a mobile phone that uses Google Authenticator or Authy.

Are Luno’s Fees Competitive?

All the contents in our website has to be considered as general market information, and not to be taken as investment advice. Information found in this website are to be used at your own risk, Skrumble will be not liable for any loss or profit that derivates from the use of those. The first one is the instant buy-and-sell interface where you can swap your coins with just a few clicks without having to go through all the technical aspects of placing orders. Luno South Africa makes absolutely no compromises when it comes to account security and the protection of users’ data or the funds stored on the exchange. The platform uses a series of security layers to ensure maximum user privacy and funds’ security. Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders.

• All things considered, for South African traders, we give the exchange a thumbs up.
• This initiative offers a proactive approach to discovering and fixing potential security issues.
• Depending on the fiat currency and the traffic on the network, the fee will vary.
• It provides a comprehensive overview of the current market situation using several on-chain metrics.
• The company currently has three offices around the world in London, Cape Town, and Singapore.
• Funds stored in your crypto wallet are managed by the company, and you don’t control the wallets’ private keys.

Sending and Receiving Fees

Luno’s price charts are easy to use and offer several timeframes, including a daily and all-time chart. One of the most impressive features of Luno is the fundamental crypto data it includes from transaction history to hash rate to daily active addresses and plenty more. Yes, Luno requires KYC (Know Your Customer) verification for all users who wish to trade or withdraw funds. Based on our research, Luno can be considered a legitimate exchange. It has several security protocols, such as two-factor authentication (2FA) and cold storage for user funds. In practice, the 0% maker fee in the UK and other countries stands out as a significant cost-saver for those employing limit orders to execute trades.

• Luno is a global company with a physical local presence in the markets they operate in.
• The platform does not offer as many cryptocurrencies as other centralised exchanges like Binance or Gate.io.
• Luno trading provides an atmosphere of spaciousness reminiscent of the rear footwell of a vehicle converted to a cozy sleeping area by using its Air Mattress.
• However, the more advanced Luno exchange lets you access 73 trading pairs through an order-book-based interface that boasts charting provided by TradingView.
• Before making financial investment decisions, do consult your financial advisor.

There is a savings wallet if you want to earn interest on your crypto. Luno also has a learning portal if you are interested in learning more about cryptocurrencies and blockchain technology. The limited number of cryptocurrencies and services will make it a second choice for intermediate and advanced traders. The withdrawal limits usually depend on the currency as well as the level of verification you have attained. While level 1 verified members have an all-time limit of 1000 pounds or it’s equivalent in other currencies, level 2 verified members have a monthly limit of 5,000 pounds per month.