Luno Review

Hedge With Crypto aims to publish factual and accurate information as of the date of publication. Please visit that provider's website for specific information about a cryptocurrency exchange or trading platform. This information is general in nature and is for education purposes only. Hedge 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.

Bottom line:

Luno is a leading cryptocurrency exchange that simplifies the investing experience, making it accessible to beginners. Between its highly competitive fees, strong security, and TradingView integration, Luno is a great option for novice traders and investors looking to break into the crypto market.

Although the platform is far easier to use than more feature-rich exchanges like Bybit and KuCoin, its lack of advanced tools renders it unsuitable for day traders or experienced investors looking for an all-in-one platform.

How We Rated Luno

Review Criteria	Hedge With Crypto Rating
Features	3.7 / 5
Supported Fiat and Deposit Methods	3.5 / 5
Supported Crypto & Trading Pairs	3 / 5
Fees	4.3 / 5
Ease of Use	4.5 / 5
Customer support	4.8 / 5
Security Measures	4.2 / 5
Mobile App	4 / 5

Pros Explained

• Easy to Use. One of the main benefits of Luno is its simplicity. The exchange is not overly stuffed with features and boasts a basic interface, making it suitable for novice investors and traders.
• Fees. Luno offers comparable credit/debit card deposit fees, making it a good option for those learning how to trade crypto.
• Fiat Gateway. Luno lets you instantly buy crypto using fiat currencies which is ideal if you don't have existing crypto holdings. Additionally, you can cash out to your bank for free, making Luno even more valuable.

Cons Explained

• Lack of Advanced Features. Although Luno is good for everyday people, it lacks advanced features like trading bots, yield farming, and derivatives trading.
• Not Many Assets. Unfortunately, Luno only supports 11 cryptocurrencies which pale in comparison to platforms like KuCoin, which offer over 850. As such, those looking for a quality altcoin platform should avoid Luno.

Luno Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review
Coinhako	66	0.6%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.2 / 5	None available at this time	Visit Coinhako	Coinhako Review
Independent Reserve	BTC, ETH, XRP, USDT, ADA and 25 more	0.5% maximum, 0.02% minimum	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.2 / 5	None available at this time	Visit Independen…	Independent Rese…

Luno At A Glance

Exchange Name	Luno
Features	Fiat-to-Crypto Gateway, Repeat Buy, Crypto Wallet, Trading Platform
Accepted Fiat Currencies	GBP, EUR, AUD, +5 Others
Deposit Methods	Cryptocurrency, Bank Transfer, Credit/Debit Card
Supported Cryptocurrencies	11
Number of Trading Pairs	73
Trading Fee	0.1% (Maker) / 0.09% (Taker), 1.5% Instant Buy
Customer Support	Live Chat, Chatbo, Help Center, Ticket System
Security Measures	2FA, Proof of Reserves, Cold Storage
Mobile App	Yes (Android and IOS)

Luno's Features & Services We Liked

The Fiat to Crypto Gateway

Luno offers a simple fiat-to-crypto exchange to buy digital assets. The service is accessible from the wallet section of the platform. To make it easy for investors to buy crypto quickly, Luno includes pre-set purchase prices, but you can also select ‘Other' to tailor your investment, ensuring you'll always be able to purchase the right amount of crypto for your needs.

To ensure the fiat-to-crypto gateway is widely accessible, Luno lets you spend funds within your crypto and local currency wallets. Additionally, you can link a credit or debit card to Luno and complete purchases using that payment method. With exchanges like Binance halting purchases in certain currencies, Luno's service is ideal for first-time investors building portfolios.

Set Price Alerts

A useful feature we discovered on Luno is the ability to create automated price alerts. You can create alerts for every crypto the platform supports, making buying at the right time easier. Price alerts can be created directly from the same section as the fiat-to-crypto gateway, so reviewing prices and purchasing is convenient after triggering an alert.

For our Luno review, we tested the alerts system and noted that it was easy to manage alerts as they were all contained in the same area. Additionally, you can be alerted once or every time an asset reaches a specific price, which is useful for dollar-cost-averaging at a certain price target. Furthermore, alerts can be created using GBP, EUR, and USDC, enabling international investors to understand pricing.

Unfortunately, there is no way to set up SMS or Telegram/Whatsapp alerts; only email is supported. Not many exchanges we've reviewed offer price alerts in any capacity, so Luno is a valuable tool for that reason alone. Alternatively, using a separate platform like Tradingview can be used for alerts.

Repeat Buy Crypto

In addition to enabling you to purchase crypto for fiat, Luno offers a Repeat Buy tool that lets you automatically buy crypto assets at predetermined intervals. Ideal for those looking to invest with minimal input, the service supports daily, weekly, or monthly buys and provides a good amount of customizability.

Using repeat buying helps to simplify the popular Dollar-Cost-Averaging (DCA) strategy by automating the time-consuming process of purchasing crypto. As such, the tool will appeal to those looking to take a set-it-and-forget-it approach to investing. What's more, repeat buy supports purchases via your Luno fiat wallet as well as credit/debit cards, making it widely accessible. Although some larger exchanges we've reviewed, like Bybit, offer an automated investing tool, it's fairly uncommon and is a big plus to Luno.

Luno Crypto Wallet

Knowing which Bitcoin hardware wallet to buy and setting it up can be difficult if you're new to cryptocurrency. What's more, using a non-custodial wallet comes with a lot of responsibility, as you're required to securely store your private keys and the recovery phase to avoid losing access to your funds. Additionally, 95% of user funds are left in cold storage with multiple layers of protection to provide users with peace of mind.

To help its users store their assets, Luno offers a free exchange wallet for every asset tradable on the platform. The wallets are convenient because they are built into Luno and do not require any assets to be locked. Considering that most XRP wallets cost 10 XRP to create, Luno's wallets could be ideal for crypto users who wish to buy small fractions of Bitcoin.

Luno Account Verification Requirements

In contrast to no-KYC crypto exchanges we've reviewed previously, Luno has a strict verification process for new users. Initially, you're required to provide and confirm a password/email address. However, although browsing the platform is possible, Luno requires you to complete Know-Your-Customer (KYC) verification to buy crypto.

While testing the platform for our Luno review, we completed the verification process and were impressed by its efficiency. You must take a picture of an ID (passport, driving license) and provide a selfie. As the process is conducted via Onfideo, you can use a mobile device. After uploading the required documents, our verification was confirmed within 10 minutes.

Supported Fiat Currencies and Deposit Methods

While exchanges like Binance or Bybit let you select which fiat currency to deposit, Luno only enables you to use your local currencies. For example, if you're based in the UK, Luno will only accept GBP deposits. Although this should be fine, it could be problematic if you frequently move around, as you'll have to keep changing your Luno location by providing proof of address.

Luno supports eight fiat currencies, including GBP, EUR, and AUD. Furthermore, you can deposit funds via credit/debit card, bank account transfer, or cryptocurrency, which should be suitable for most users. If you want to buy crypto using less popular payment methods, a Peer-to-Peer (P2P) crypto exchange could be a superior option.

Supported Cryptocurrencies and Trading Pairs

Unfortunately, Luno doesn't support many unique assets for direct fiat purchases. While exchanges like OKX support 300+ assets, Luno only offers 11, including Bitcoin, Ethereum, Solana, and XRP. However, you can access an additional 73 trading pairs denominated in fiat currency, BTC, and USDC through the exchange, increasing the viability of Luno as a trading platform.

Explaining The Luno Fees

Trading fees

The fee to instantly buy and sell crypto using fiat currency within a Luno wallet is 1.5% lower than its previous 2% charge. Regarding trading, Luno utilizes a volume-based maker/taker fee schedule. Initially, fees are 0.1% (maker) and 0% (taker). However, these costs can be reduced to 0.03% with over $16,000,000 in volume.

30-Day Volume	Trading Fee (Maker/Taker)
$0	0.1% / 0%
$250,000 to $500,000	0.09% / 0%
$500,000 to $1 Million	0.08% / 0%
$1 Million to $2 Million	0.07%/ 0%
$2 Million to $4 Million	0.06% / 0%
$4 Million to $8 Million	0.05% / 0%
$8 Million to $16 Million	0.04% / 0%
Over $16 Million	0.3% / 0%

While most exchanges charge upward of 3%-4% for credit/debit card purchases, Luno's 1.5% fee makes the platform ideal for buying crypto with a debit or credit card. Below, we've included a table comparing Luno to other popular crypto exchanges.

Exchange Name	Trading Fee (Taker/Maker)
Luno	0.1% / 0%
OKX	0.1% / 0.9%
Binance	0.1% / 0.1%
KuCoin	0.1% / 0.1%

Deposit and withdrawal fees

When depositing fiat currency, there are no fees to deposit via bank transfer or Pay Direct (or cryptocurrency). While withdrawals to a bank account are free, you must cover network fees to withdraw most cryptos. However, XRP withdrawals cost a flat 0.03%.

Using The Platform

The platform boasts an intuitive interface that is easy to navigate thanks to the header menu, which directs you to critical features like the in-built crypto wallets, Bitcoin exchange, and fiat-to-crypto gateway.

The primary Luno platform is suitable for the general public as it features as it offers a way to buy crypto without any advanced trading tools or complex charts. However, the more advanced Luno exchange lets you access 73 trading pairs through an order-book-based interface that boasts charting provided by TradingView.

On the exchange, you can view open orders to understand buying sentiment, which is useful for swing traders trying to predict the market. Although TradingView offers a wide range of analysis tools, the chart lacks data, which indicates a lack of volume. Furthermore, only Limit, Market, and Stop-Limit orders are available, making entering and exiting positions more cumbersome than platforms like Binance.

Overall, Luno is a well-designed crypto exchange that is straightforward to navigate.

The App Could Be Better

Luno has created an app for Android and iOS devices. Despite being rated 4.5/5 on the App Store, the mobile version of Luno is only rated 3.8/5 on the Play Store based on over 100,000 reviews. This indicates poor optimization on Android, as evidenced by users sharing issues with locked accounts and prices disappearing from the app.

We tested the app for our Luno review and noted that all of the web platform's features are available on mobile. Each feature can be easily accessed using the bottom navigation menu. Additionally, the app felt highly responsive as each section of the site loaded up quickly, helping to streamline workflow.

Similarly to the web platform, the fiat-to-crypto gateway can be accessed via the wallet section, making swapping between the platforms flow well. Buying crypto was straightforward and could be completed in just a few clicks after linking a payment method to Luno.

The Luno exchange is accessible via a small dropdown menu, which could confuse if you're new to the platform. Although you can swap between candlestick, line, and depth charts, no fullscreen option or analysis/drawing tools are available on mobile. Therefore, a secondary charting website for crypto or app is needed to plot strategies.

In short, the Luno mobile app is good for quickly checking prices, placing trades, or buying crypto. However, lacking technical analysis and cryptocurrency trading tools makes it unsuitable as a stand-alone trading platform.

Customer Support Is Satisfactory

To ensure that its customers always receive assistance when needed, Luno has introduced a virtual assistant dubbed Toshi that can direct you to articles from the help center relevant to your problems. However, if you prefer, you can also manually browse articles in the help center, many of which feature short video guides.

On top of the help center, Luno offers live chat support, which can be accessed by requesting an advisor via virtual assistance. For our Luno review, we tested support response time and received a reply to our question within 30 seconds, likely a contributing factor to the company's 3.9/5 Trustpilot rating.