Luno Review
Luno is a UK-based cryptocurrency exchange operating across Europe, Australia, Malaysia, Indonesia, Nigeria, and South Africa. The company currently has three offices around the world in London, Cape Town, and Singapore. Founded in 2013 under the name BitX and rebranding to Luno in 2016, the company has grown to serve over 7 million customers with a team of 400+.
Under the guidance of CEO Marcus Swanpoel, Luno has raised 13.8 million to date from investors such as Balderton Capital, Digital Currency Group, and Venturra Capital.
Luno’s strengths lie in its usability. It’s an easy to navigate, relatively straightforward crypto exchange that makes it easy for newcomers to jump right in and invest. The exchange also offers a mobile app with similarly clean design. Luno app reviews are generally positive.
Luno’s interface is clean and uncluttered. Buying on Luno is seamless, but the user experience for selling could use some work. Unlike other exchanges, there’s no button allowing you to sell the entire contents of your wallet – the number needs to be entered manually. With the price of crypto where it is, that’s a lot of decimal places to remember.
Opening an Account on Luno
Luno has made opening an account relatively easy. To open your own and start trading on the Luno website, follow these instructions.
1. Navigate to Luno’s Website by clicking on the 'Get Started' button.
2. Enter the necessary details and complete the email verification.
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3. Complete KYC requirements, once completed you can create a wallet to send and recieve supported cryptocurrencies
Additional Features
Luno is a cryptocurrency exchange with a focus on accessibility and simplicity, particularly in emerging markets. Here are some of its key features and innovations:
1. User-Friendly Interface
Luno has a simple and intuitive design, making it ideal for beginners in cryptocurrency trading. The platform is streamlined to help users easily navigate buying, selling, and storing cryptocurrencies.
2. Wide Support for Emerging Markets
Luno supports a variety of fiat currencies, especially those from underrepresented regions like the Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), Nigerian Naira (NGN), and South African Rand (ZAR). This makes it a go-to option for users in developing markets where access to crypto is still growing.
3. Security Measures
Luno uses advanced security features such as two-factor authentication (2FA), multi-signature wallets, and cold storage for most of its cryptocurrency holdings. These measures protect users' funds and increase trust in the platform.
4. Proof of Reserves
In partnership with Mazars, Luno has introduced a proof-of-reserves system that verifies the amount of crypto held on behalf of customers, providing transparency and peace of mind.
5. Fee Structure
Luno employs a competitive fee structure, including a 0% maker fee, which encourages liquidity on its platform. The taker fees are also relatively low, starting at 0.1%, and decrease for high-volume traders.
6. Support for Multiple Currencies and Payment Methods
Users can deposit and withdraw funds via bank transfers and credit/debit cards. The platform supports 10 different fiat currencies, making it versatile for global users.
7. Comprehensive Customer Support
Luno has enhanced its customer support via a redesigned Help Centre and in-app support, allowing users to resolve issues quickly.
