Luno is a cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash. It has a user-friendly interface, competitive fees, and employs various security measures to protect users’ accounts and funds. Luno is available in over 40 countries and has a good reputation for being a reliable and trustworthy exchange.
Luno is a popular cryptocurrency exchange that was founded in 2013 and is based in London. The platform allows users to buy, sell, and store several popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. In this detailed review, we will examine the various features and services offered by Luno, as well as its strengths and weaknesses.
User Interface and User Experience
One of the standout features of Luno is its user-friendly interface, which makes it easy for beginners to navigate the platform and execute trades. The platform’s clean and minimalist design allows users to quickly find what they’re looking for, with trading charts and other important information easily accessible from the main dashboard.
Luno also offers a mobile app for both iOS and Android devices, which is convenient for users who want to access their accounts on the go. The app is well-designed and offers many of the same features as the web-based platform, including the ability to buy, sell, and store cryptocurrencies.
Trading Features and Fees
Luno offers a range of trading features that will appeal to both novice and experienced traders. The platform supports both market and limit orders, and users can set up price alerts to stay informed about price movements. Luno also offers a Luno Instant Buy feature that allows users to quickly and easily buy Bitcoin and other cryptocurrencies using their local currency.
In terms of fees, Luno’s trading fees range from 0% to 1%, depending on the trading volume. The platform’s fee structure is relatively competitive compared to other cryptocurrency exchanges, and there are no deposit or withdrawal fees for most payment methods.
Luno takes several measures to ensure the safety of its users’ funds. For example, the platform uses two-factor authentication (2FA) to add an extra layer of protection to users’ accounts. Users can also set up a PIN code to secure their mobile app.
Luno stores the majority of its digital assets in cold storage, which means that they are kept offline and away from the internet, making them less vulnerable to hackers. The platform also conducts regular security audits to ensure that its systems and processes are up to date and secure.
One area where Luno could improve is its customer support. While the platform offers an extensive knowledge base and a helpful FAQ section, its customer support can be slow to respond at times, which may be frustrating for users who need assistance with their accounts. However, Luno’s support team is generally knowledgeable and helpful when they do respond.
Luno supports several cryptocurrencies and fiat currencies. The cryptocurrencies supported by Luno include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and XRP (XRP). The fiat currencies supported by Luno vary depending on your country of residence, but typically include USD, EUR, GBP, MYR, NGN, ZAR, and IDR.
Luno Savings Wallet
One unique feature of Luno is its Savings Wallet, which pays interest on Bitcoin and Ethereum holdings. Users can earn up to 7.6% interest per year on their holdings, which is a significant incentive for long-term investors. The interest rates are variable and depend on market conditions, but the feature is a nice added bonus for users who are looking to hold their cryptocurrency assets for an extended period.
Luno has a good level of liquidity for the cryptocurrencies that it supports. This is due in part to the fact that it has a large user base that is spread across several countries. Luno also has a simple and user-friendly interface, which makes it easy for users to buy and sell cryptocurrencies.
Another factor that contributes to Luno’s liquidity is its market maker program. This program provides liquidity to the platform by allowing users to trade against the exchange’s own funds. Market makers are essentially traders who provide liquidity to a market by offering to buy or sell an asset at a certain price. By offering their own funds to the platform, Luno is able to provide a higher level of liquidity to its users.
Luno’s online wallet is a secure and user-friendly wallet that allows users to store and manage their cryptocurrencies. The wallet supports several popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, which makes it a convenient option for users who want to hold multiple assets in one place.
One of the standout features of Luno’s online wallet is its security. The platform uses several security measures to protect users’ funds, including two-factor authentication (2FA) and multi-signature technology. 2FA is an extra layer of security that requires users to provide a code generated by a separate device, such as a smartphone, in addition to their password to access their account. Multi-signature technology involves requiring multiple signatures, or approvals, before a transaction can be executed, which adds an extra layer of security to the platform.
In addition to its security features, Luno’s online wallet is also user-friendly and easy to use. The wallet has a simple and intuitive interface that makes it easy for users to send and receive cryptocurrencies. The platform also provides users with a unique wallet address for each supported cryptocurrency, which allows users to receive payments from other users or platforms.
Another benefit of Luno’s online wallet is that it allows users to easily convert one cryptocurrency into another. For example, users can convert Bitcoin into Ethereum or vice versa directly within the wallet. This makes it convenient for users who want to diversify their holdings or take advantage of market opportunities.
Luno offers a premium account for users who want access to additional features and benefits. The premium account is called Luno Exchange, and it is designed for users who trade frequently and at high volumes.
One of the main benefits of Luno Exchange is lower trading fees. The platform offers a tiered fee structure that is based on the user’s trading volume. The more a user trades, the lower their fees will be. Luno Exchange users also have access to exclusive trading pairs, which allows them to trade more cryptocurrencies than non-premium users.
Luno Exchange users also have access to priority support, which means that their support requests are prioritized over non-premium users. This can be beneficial for users who need quick assistance with their account or trades.
Another benefit of Luno Exchange is that it provides users with higher deposit and withdrawal limits. This is especially useful for users who trade at high volumes and need to move larger amounts of cryptocurrency in and out of their account.
To become a Luno Exchange user, users must meet certain eligibility criteria, such as completing a Know Your Customer (KYC) verification process and meeting certain trading volume requirements. The platform also reserves the right to revoke Luno Exchange status if a user no longer meets the eligibility criteria.
Luno offers a mobile app that is available for both iOS and Android devices. The app is well-designed and user-friendly, and it provides users with a convenient way to access their accounts and trade cryptocurrencies on the go.
The Luno app allows users to buy and sell cryptocurrencies, view their account balances, and manage their portfolio. The app also provides users with real-time market data and price charts, which can be helpful for making informed trading decisions.
One of the standout features of the Luno app is its security. The app requires users to set up two-factor authentication (2FA) to access their accounts, which provides an extra layer of security. Users can also enable biometric authentication, such as Face ID or Touch ID, to access their accounts.
The Luno app also allows users to easily convert one cryptocurrency into another, which can be useful for users who want to take advantage of market opportunities or diversify their holdings. The app supports several popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The Luno app is available for download from the App Store for iOS devices and from the Google Play Store for Android devices. If you wish to download the app, follow the links below:
Why Choose Luno
There are several reasons choose to use Luno:
Security: Luno takes security very seriously and employs various security measures, including two-factor authentication, SSL encryption, and cold storage of funds, to protect users’ accounts and funds.
User-Friendly Interface: Luno has a user-friendly interface that makes it easy for beginners to navigate and use the platform. It also offers a mobile app, which makes it convenient to trade on-the-go.
Competitive Fees: Luno’s fees are competitive with other cryptocurrency exchanges, and there are no deposit or withdrawal fees for cryptocurrency transactions.
Reliable: Luno has been around since 2013 and has a good reputation for being a reliable and trustworthy exchange.
Availability: Luno is available in over 40 countries, including many in Africa and Southeast Asia, making it a good choice for users in those regions who want to trade cryptocurrencies.
How to Create an Account
Creating an account with Swyftx is a simple and straightforward process.
Here’s a step-by-step guide:
To create an account with Luno, follow these steps:
- Go to Luno’s website at www.luno.com.
- Click on the “Sign Up” button in the top right-hand corner of the page.
- Enter your email address and create a strong password.
- Click on “Create Account”.
- Luno will send a verification email to the email address you provided. Click on the verification link in the email to verify your account.
- Once your account is verified, you will be asked to complete your profile information, including your name, phone number, and country of residence.
- After completing your profile information, you will need to complete Luno’s KYC (Know Your Customer) process. This involves providing a copy of your government-issued ID and a selfie of yourself holding the ID.
- Once your KYC information is approved, you can start using Luno to buy, sell, and trade cryptocurrencies.
It’s important to note that Luno’s account creation process may vary slightly depending on your country of residence and local regulations.
Once you have completed these steps, you will be ready to start trading on Luno’s platform.
Please note: The above does not cover a review of the Super Fund and Trustee Account Creation process.
How to Navigate
Navigating the Luno platform is relatively straightforward. Here are the steps to navigate the Luno platform:
- Log in to your Luno account using your email address and password.
- Once you’re logged in, you’ll see the Luno dashboard, which provides an overview of your account’s activity, including your account balance, transaction history, and market information.
- To buy or sell cryptocurrencies, click on the “Buy” or “Sell” button on the dashboard or go to the “Exchange” section in the top menu.
- Select the cryptocurrency you want to buy or sell, choose your preferred payment method, and enter the amount you want to buy or sell.
- Click on the “Preview Buy/Sell” button to review your order before submitting it.
- Once you’ve confirmed your order, you’ll receive a confirmation message with the details of your transaction.
- To view your transaction history, click on the “Transactions” tab in the top menu. Here, you can view all your past transactions, including buys, sells, and transfers.
- To manage your account settings, click on the “Settings” tab in the top menu. Here, you can change your personal information, update your security settings, and adjust other account preferences.
Luno is a reliable and user-friendly cryptocurrency exchange that is suitable for beginners and experienced traders alike. While it has some limitations, its strong security features and competitive fees make it a good option for anyone looking to buy or sell Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
The platform’s clean and intuitive design, as well as its mobile app, make it easy for users to trade cryptocurrencies on the go.
However, Luno’s limited cryptocurrency offerings and sometimes slow customer support may be a drawback for some users.