What is Luno?
Luno is a cryptocurrency exchange what was created with the goal of helping cryptocurrency users located in countries that are currently in a development stage, countries like Nigeria, Uganda or Indonesia. This type of countries are usually not accepted by popular exchanges because of their poor economy and strict regulations.
Luno was initially named BitX when it was created back in 2013 but after 3 years it changed it's name into Luno. Luno is currently operating from 3 headquarters situated in 3 different cities in Singapore, London and Cape Town.
Luno services
The features available on Luno are limited given the fact that it offers services for countries still emerging.
The primary service available on Luno is their trading platform. You can buy and sell different cryptocurrencies either between them or against fiat. Here's a list of crypto to crypto available pairs :
Here's a list of crypto to fiat available pairs:
* Remember that this are the pairs available for people living in Europe. If you live somewhere else they might be different.
The second service available on Luno is insta sell or buy. Using this service you can either buy or sell your bitcoim/ethereum instantly. The advantage of this service is that it is very easy to use. You are buying or selling coins directly from Luno without needing to use the trading platform. The disadvantage is that there are much higher fees that can be seen here:
The third and last service available is Luno Business which can be used only by registered companies. Using this service you can provide a cryptocurrency feature for your company allowing you and your customers to buy and sell cryptocurrency easily. For more details please visit Luno Business : https://www.luno.com/en/business
Luno supported countries and cryptocurrencies
Luno is available in the following countries : Nigeria, Uganda, Australia, Indonesia, Malaysia, Singapore, South Africa, Uganda, United Kingdom, and Europe(Spain, Austria, Switzerland, San Marino, Portugal, Romania, Belgium, Sweden, Slovenia, Monaco, Italy, Slovakia, Ireland, Cyprus, France, Croatia, Denmark, Greece, Iceland)
There are only 5 cryptocurrencies that can be traded here and those are : Riple, Ethereum, Bitcoin Cash Litecoin and of course Bitcoin.
When talking about fiat currencies there are 9 of them that can be used here. Euro is available for everyone living in one of the countries in Europe and there are also 8 other currencies like Indonesian Rupiah or South African Rand that can be used by people living in other countries.
The main deposit/withdrawal methods are bank transfers and debit or credit cards. There are multiple banks and online payment systems you can use for this type of transaction depending on the country where you live in. Make sure you check Luno website for complete details.
You can check the full details about your own country on Luno websites. There is a different currency available for each country and the deposit and withdrawal methods are also different in each country.
Fees on Luno
Before you use Luno it is important to know that their fees structure is a bit more complicated than on normal exchanges. Because of the fact that they work with different users from multiple countries their fees are different depending on multiple factors, most importantly being your location. The fees explained below are only available for European customers so if you are not living in Europe you should check the fees structure for your country by accessing this link : https://www.luno.com/en/countries
Trading fees range between 0.03% and 0.10%, depending on the trading volume you have registered in your account during the last 30 days. Using the table below you'll be able to check the what fees you are going to have to pay. Keep in mind that you are only paying fees if you are a taker, more specifically if you are buying something. If you are the maker, selling your coins you'll not have to pay any fees.
There are no deposit fees for fiat deposit, except for the ones charged by your bank. However there are some fees in case you choose to buy or sell your cryptocurrencies instantly :
The fees for withdrawals made using Sepa Transfer are 0.30EUR per transaction while the fees for sending or withdrawing your cryptocurrencies from your wallet can be seen in the table below :
Dynamic means the fees are not fixed and they depend on the condition of the network at the point when you make the transaction.
How to join Luno?
Visit the official website https://www.luno.com/ and register an your account. If you choose to not complete a KYC and only verify your email and phone you will only be able to make deposits and withdrawals of maximum 1000 EUR every month. To increase your limits to 5000 EUR you need to verify your ID, while if you also verify your address there are no limits for how much you can deposit and withdraw.
Make sure to also check out Luno application available for both IOS and Android for an easier trading experience on your smartphone
Conclusion - How good is Luno exchange?
Luno exchange is currently ranked 24 on Coinmarketcap with a daily training volume of around 25 million dollars. That is not excellent but considering the fact that Luno is working mostly with emerging countries we could say it is one of the top exchanges in this area.
Luno gives people from this emerging countries an alternative to buy and sell cryptocurrencies when other exchanges are rejecting them. They don't have the best trading platform, they don't have as many features and services available but overall Luno is a good enough exchange considering the fact that there aren't so many alternatives out there.
The one thing you should pay extra attention to are the fees as they are not fixed like on other exchanges. The fees are different for every single country and so are the payment methods, the fiat currencies and the trading pairs. On this page you can select your country and see a full list of features, fees and currencies available in your country : https://www.luno.com/en/countries/
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