Luno Review (2020 Update) | The Complete Review and Comparison


In this post, I did a complete review of Luno.

Luno is a cryptocurrency exchange where users can buy, sell, send, and receive Bitcoin and Ethereum. It was formerly known as Bitx but later rebranded to Luno.

I have been using this exchange consistently from 2016 to this date.

I wrote my first review of this exchange in 2017.

In this 2020 review update, I not only gave a total rundown and also included a video on how to trade profitably on Luno.

This review is the most detailed and concise Luno Review online. So if you are ready to know all there is about Luno, read on.


Luno Review Brief

To smoothly walk you through this exchange, here is what I will be covering

  1. Company Overview
  2. Luno Features
  3. Luno Services
  4. Supported Currencies and Payment Methods
  5. Transaction Fees
  6. Deposit and Withdrawal Limits
  7. Supported Countries
  8. Customer Support
  9. Luno Vs Quidax
  10. Luno Vs Remitano
  11. Luno Vs Coinbase
  12. FAQ about the Luno Platform
  13. Conclusion – Is Luno reliable?

clicking on any of the links above will take you straight to that section.


1. Company Overview

Luno (formally known as Bitx) is a cryptocurrency exchange/wallet Provider.

It started as Bitx in 2013 in Singapore and expanded to several other countries.

On Jan 11, 2017, its changed brand name from BitX to Luno (meaning ‘Moon’). This must have been a well-thought rebranding because this company grew exponentially in 2017.

Luno provides Bitcoin services similar to that of Coinbase. However, it was able to make all its services available in countries where Coinbase exchange services are not supported.

Luno is the most popular exchange in South Africa as it records its highest trading volume there followed by Nigeria.

Now that we know a brief history of the company, let’s look at its features


2. Luno Features

  • Large Trading Volume
  • Tight Spread
  • Customer Support Via LiveChat
  • Instant Buy and Sell
  • Easy to Use Trade Room
  • Price Alert
  • Instant deposit
  • Mobile App
  • Multiple Currency
  • Direct Withdrawal to Bank account
  • Safe Secure system

Visit Site


3. Luno Services/Products

Luno offers the following service and Products

  1. Instant buy/sell
  2. Exchange
  3. Wallet
  4. Luno Business
  5. Luno API

Luno Instant Buy/Sell

Here users can purchase and sell Bitcoin and Ethereum instantly with fiat currencies like the NGN or ZAR. The transaction fee at the ‘instant buy/sell’ starts at 2% but could go higher.

Note: In the August 2019 update of the site, this section is no longer called instant buy/sell. However, you can access this feature from the wallet.

Also, limits apply when buying here. The limits are per transaction and depend on your country. For Nigeria, minimum buy-sell is 300 naira while the maximum buy-sell is 3.6 million NGN. Note that this is per transaction on the instant buy/sell not on the exchange.

For limits on other countries, click here.

Luno Exchange

The Luno exchange is a ‘Trade Room’ where you can trade cryptocurrency pairs. It provides charts and indicators sufficient for both pro and new traders to conduct analysis before placing trades. Two sets of cryptocurrency pairs are available for trade.

  • BTC/ETH
  • BTC/NGN or BTC/ZAR or BTC/EUR etc. this depends on your country.

Transaction fees can be as low as 0.25% or as high as 1% depending on your country. I gave more details on the transaction fee section of this post. I also showed how to pay zero transaction fees when trading.

Luno Wallets

Luno provide wallets for the following currencies

  • Bitcoin – send, receive, buy, sell and store
  • Ethereum – send, receive, buy, sell and store
  • BitcoinCash – send, receive and store
  • Fiats wallet (NGN, ZAR, EUR, IDR, MYR, ZMW) – Deposit, withdraw, exchange for cryptos

Note: You can only access the fiat wallet for your country.

Luno Business:

Luno business account is designed for companies that have a large fund and want to do more than just trading Bitcoins. This account type is meant to attract trading firms, financial service firms, Miners, Cryptocurrency startups, etc.

Luno API

Luno API gives developers access to perform certain actions on their Luno account through another platform; this can be automated trading, generate BTC address, send and receive, etc.

This is are the products and services available for now, let us look at its payment methods and supported currencies.


4. Supported Currencies and Payment Methods

Luno currently supports only these cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • BitcoinCash (BCH) (included on July 19, 2019)
  • Ripple (XRP) (included on March 2, 2020)
  • Litecoin (LTC) (included on May 11, 2020)

The number of coins supported is not impressive and users have constantly queried why more cryptocurrencies are yet to be included.

I asked this question in the Luno Meet held in Port Harcourt Nigeria.

The answer was that the Team only wants to support cryptocurrencies with the strongest integrity that is why they take time to include a new coin.

However, the Luno team is planning to include more coins.

Luno supports 6 fiat currencies

  • Euro (EUR)
  • Indonesia Rupiah (IDR)
  • Malaysian Ringgit (MYR)
  • Nigeria Naira (NGN)
  • South African Rand (ZAR)
  • Zambian Kwacha (ZMW)

Luno Accepted Payment Methods

The payment method depends on the country you are operating from.

In Nigeria, for example, you can fund your Luno account by bank transfer or using your naira debit/credit card. It employs the service of PayU and Paystack to process payment in Nigeria.

In summary

CountryCurrencyPayment Methods
EuropeEURDebit / Credit card, SEPA
IndonesiaIDRBank Transfer
MalaysiaMYRInterbank Giro / IBFT
NigeriaNGNBank Transfer (PayStack), Debit card (PayU)
South AfricaZARCash deposit, EFT
ZambiaZMWBank Transfer

5. Transaction Fees

Transaction fees on Luno can be broken down into

  • Send and receive fees
  • Deposit and withdraw fees
  • Trading fees

These fees vary from country to country and also depends on the payment method. Full details can be found here on the Luno site. However, here is the summary below.

Send and Receive Fees

CurrencyMethodSend FeeReceive Fee
BTCTo Bitcoin addressDynamicFree
BTCTo email addressFreeFree
BCHTo Bitcoin Cash addressDynamicFree
ETHTo Ether addressDynamicFree
XRPTo Ripple address0.03%Free
LTCTo Litecoin addressDynamicFree

Note: Send fees are not determined by Luno but my the blockchain network. The blockchain network fee varies from time to time hence ‘dynamic’ in the table above

Deposit and Withdraw Fees

Just like the blockchain fees above, Luno does not determine the deposit and transaction fees. They employ the services of payment processors who process payment from and to the Fiat wallets. The fees depend on the payment processor, they can be as low as free to as high as 1.5%. These fees are not hidden, they are calculated before you proceed with payment.

CurrencyMethodFee
NGNDebit or Credit
card via PayU
1.50%
(max NGN 2,000)
EURSEPA, iDEAL,
SOFORT, Card
Free
MYRInterbank
GIRO / IBFT
Free
ZAREFTFree
ZARCash Deposit
Penalty
ZAR 20.00
+ 5.00%
IDRBank TransferFree
IDRSMS, ATM,
Inter banking
IDR
4,000.00
ZMWBank TransferFree

Trading fees

This is how Luno generates its revenue, the fee varies depending on the country. The instant buy/sell charges 2% or higher. At the exchange, the Taker pays a transaction fee ranging from 0.25% to 1% depending on the country he is trading from and his trade volume for the past 30 days. The Maker pays no fee.

Note: The ‘Maker’ is the person that sets the buy or sell price at the exchange while the ‘Taker’ is the one that buys and sells at the price set by the ‘Maker’.

That said, there are limits to the amount you can withdraw or deposit to your fiat wallet based you your verification level.

Let’s look at it below.


6. Deposit and Withdrawal Limits

The user’s country and verification level determine the deposits and withdrawal limits. The table below shows that for Nigeria, South Africa, and Europe.

LEVELSREQUIREMENTSDEPOSITWITHDRAWAL
Level 0Email
verification
Not allowedNot allowed
Level 1Phone
verification
All-time Deposit
NGN 200,000
ZAR 15,000
EUR 1,000
All-time Withdrawal
NGN 200,000
ZAR 15,000
EUR 1,000
Level 2ID
verification
Max. Deposit/month
NGN 500,000
ZAR 50,000
EUR 5,000
Max. Withdrawal
per month
NGN 500,000
ZAR 50,000
EUR 5,000
Level 3Proof of
Residency
Max. Deposit/month
NGN 10,000,000
ZAR (limit may apply)
EUR 100,000
Max. Withdrawal
per month
NGN 10,000,000
ZAR (limit may apply)
EUR 100,000

Note: To go above the deposit and withdrawal limits in level 3, you have to apply for a business account at described earlier above.

So far, you will notice that I have only mentioned certain fiat currencies, this is because Luno does not support all countries.

Let’s look at the supported countries proper.


7. Supported Countries

Luno currently supports 44 countries. They include;

  • Nigeria
  • South Africa
  • Indonesia
  • Malaysia
  • Zambia, and
  • Europe:
    Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.

The country with the highest daily ‘Trade Volume’ is South Africa followed by Nigeria.


8. Customer Support & Public Opinions

In the intro of this post, I said that I have been using Luno since 2016, so there is a lot I can say about the customer support. Luno Customer Support back in 2016/2017 was really poor, however, there has been a significant improvement. Although I believe more can be done.

The Exchange has a very extensive HELP CENTER. You will find answers to most questions here. If case you don’t find answers to your query in the HELP CENTER, you will have to contact customer support via LIVE CHAT or submit a support ticket.

The LIVE CHAT is not available 24/7 and replies to support tickets are usually within 24 hours. You might need to contact the support more than once to have your queries resolved as their first response are sometimes generic.

Luno has a very low rating on Trust Pilot mostly from people complaining of blocked accounts or pending transactions. There are several reasons why this could occur, it could be verification limit restriction, deposit from a bank account that does not bear the same name as the owner of the Luno account, etc.

That said, the customer support could do better at attending to this issue.

It is worthy to mention however that bitcoin exchanges like Coinbase and Binance also have poor ratings on Trust Pilot.

We are also coming to the end of this review. But before we get to the conclusion, let us compare Luno with its major Rivalries and answer some of the Frequently asked questions. Remember, I am still going to show you how to trade profitably on Luno. Read on


9. Luno Vs Quidax:

Quidax was launched in 2018, but so far is Luno’s major rivalry in Nigeria. It operates a similar model. It supports more cryptocurrencies (6) and processes withdrawal instantly 24/7. Luno, on the other hand, beats Quidax in terms of liquidity.

Read my full review of quidax here


10. Luno Vs Remitano

Remitano, unlike Luno, is a P2P exchange where buyers and sellers can trade directly. Remitano modulates the trades using and escrow. Luno for a long time now is the choice trading platform in Nigeria while Remitano is the choice P2P platform. There is really not much comparison angle between these two exchanges because they operate different business models.

Read my full review of Remitano here


11. Luno Vs Coinbase

Coinbase is the most used OTC cryptocurrency exchange worldwide. It is the major exchange in Europe and the USA. Coinbase supports the storage, buy, sell and swap of 17 cryptocurrencies. Coinbase does not have an integrated Trade Room like Luno. It currently supports 102 countries but unfortunately, Nigeria is not one of them. This is where Luno has an edge.

Also read:


12. Frequently Asked Question about Luno

In this 2020 update of the Luno review, I decided to include some of the questions frequently asked from the comment section, so make use you leave a question on what you are not clear about.

Is Luno safe?

– Luno complies with the regulatory bodies of the countries it supports to ensure that the user’s fund in the fiat wallet remains safe.
– Its account is audited regularly.
– The CEO or CTO of the company cannot single-handedly withdraw the cryptocurrencies in the wallets or fiats in the bank account.
– Users can enable 2FA to increase the security of their Luno account.

Is it safe that I give Luno my BVN?

Yes, here are the reasons;
The BVN (Bank Verification Number) is a number that unified all the bank account of a user in Nigeria. It was introduced by the Nigerian Banks to protect customers from identity theft and fraud.
The Nigerian government made it mandatory for anyone who wants to have a bank account. The BVN can be said to be similar to the Social Security Number in the USA.
Nigerians need to provide their BVN to protect them against identity theft, improve service delivery and speed, and help restore account if you lose your login.
Luno or anyone cannot gain access to your bank account information through your BVN. Secondly, it stores personal information including the BVN in a secure, encrypted form only accessible to authorized personnel.

How do I buy Bitcoin on Luno?

1. Visit Luno and create an account
2. Verify your account to at least level 1 (phone verification)
3. Deposit fiat (e.g. Naira) to your Luno fiat wallet
4. Buy Bitcoin or Ethereum with the deposited money either at the instant buy/sell or at the exchange.
I gave a demo of this in the video below.

How long does withdrawal take?

As of February 2020, withdrawals on Luno are now automated and fast 24/7.
Withdrawals are processed under 2 minutes but on rare occasions, it could take up to 15 minutes.
This is a laudable improvement considering that before then, it was processed 3 times a day on working days only.

Why Doesn’t Luno Accept Verve Card?

Verve cards are not international cards, they are restricted for use in Nigeria alone. Luno supports over 44 countries and thus only accepts international cards like Master card, Visa card, etc

Can a Nigerian Use a Debit/Credit card from the USA or other countries on Luno?

Yes, Luno accepts international cards. However, the name on the card must be the same and the Luno account else the transaction will not go through. This is a necessary measure to prevent a stolen card from being used on Luno.

Where are Luno Offices in Nigeria?

For security reasons, Luno does not share its office address with the public. If you need to contact Luno, send an email to [email protected]

How do I Trade Profitably on Luno?

In this video, I talked about different crypto seasons and strategies to trade on Luno at each season.
Note that this is not financial advice it is what I do if you need financial advice please seek the help of a professional.

Enjoy the Video


13. Conclusion: Is Luno Reliable?

Judging from my experience so far, Luno has come to stay especially in countries overlooked by exchanges like Coinbase. No wonder its biggest market is in Africa.

It is also strengthening its bond with its users and keeping them abreast of the crypto world by holding several meet up in Nigeria. Luno holds yearly Meet up in Lagos, Abuja, Port Harcourt, and Enugu.

Though it has its pros and cons (see the rating below), it is continuously improving.

So, is Luno reliable? Absolutely.

That brings us to the end of the review of Luno,

And now it’s your turn. Tell me

Have you used Luno and what are your experiences?

In what area do you think Luno can get better?

Or maybe you have a question about something I wrote in this Luno Review 2020 Update?

Whichever it is, let me know in the comment section below.

If you enjoyed this post and want to encourage us to keep dishing out awesome content like this, then give us a share using the share buttons below.

Luno

0.00
8.2

Reputation

9.0/10

Customer Support

7.5/10

Ease of Use

8.5/10

Payment Methods

8.0/10

Transaction Fees

8.0/10

Pros

  • Mobile App
  • Ease to Use
  • Active Customer Support
  • Instant deposit
  • Advanced Chart

Cons

  • No Multisig
  • Supports only 5 Cryptos

Follow me

104 thoughts on “Luno Review (2020 Update) | The Complete Review and Comparison”

  1. Why is Luno charging very high fee recently when sending crypto. I was charged over N3,000 for sending 50USD crypto. So disheartening!

    Reply
  2. Good day, while I wait for 2nd/3rd level Verification, can I receive any of the five coin worth more than 200,000 Naira

    Reply
  3. Though, you have talked and explained good on Luno, but my still concern is BVN issue which banks in Nigeria against given third party. Am still not convinced either. May be Luno, itself can clarify this on its page for better and more trust.

    Reply
    • luno actually have this clarified on their page.

      Most financial institution in Nigeria will require your BVN from lending platforms like carbon to crypto platforms link luno and quidax.
      This is a way that they will ensure that fraud is not commented on their platform.

      Reply
      • Every financial institution operating in Nigeria is mandated to conduct KYC on its customers.

        The fastest way to do this and to confirm that the account you are registering belongs to you is through your BVN.

        Note that no one can access the fund in your bank account through your BVN number. just as no one can access your bank account using your ID card.

        See BVN as your electronic ID card.

        Luno can only verify that you are who you say you are through your BVN.

        This, however, does not mean you should give your BVN to anyone just the way you cannot give you ID to anyone.

        You should only give it to registered and regulated financial institution.

        Reply

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