Luno checks off several of the most important boxes for a crypto exchange. It’s highly secure, easy to use, and has very low fees. While those are all great perks, it also has a couple of major issues. You can’t use it if you’re in the United States, and its cryptocurrency selection isn’t the best. Read our full Luno review to learn if it’s the right exchange for you.
This cryptocurrency exchange is a good fit for: Crypto traders who primarily value low fees and excellent security. Made with beginners in mind, Luno is a fantastic choice for those who are new to crypto.
Pros
- Beginner-friendly crypto trading
- Offers interest on crypto savings
- Low fees
- Secure storage
- Educational resources
Cons
- Not available for U.S. customers
- Small selection of cryptocurrencies
How Luno works
Luno is a cryptocurrency exchange with a web platform and mobile app. It’s available in 40 countries, including its home base of Singapore, the United Kingdom, and countries across Europe, but it’s not available in the United States.
Here’s what you can do on Luno:
- Buy, sell, and trade cryptocurrency on the Luno exchange
- Set up a Repeat Buy to automate your crypto investments
- Send eligible cryptocurrencies to a Savings wallet and earn interest
- Store your crypto securely in a Luna Wallet
- Transfer crypto free of charge to friends and family members who have a Luna account
- Create crypto price alerts to receive notifications on your phone
You can deposit and withdraw money with Luno through a transfer from your bank account. Depending on your country, you may also have the option to add money to your account using a credit or debit card. Review transaction fees with each method so there aren’t any unexpected costs.
Top perks
Beginner-friendly crypto trading
As an exchange, Luno makes crypto trading easy and accessible. It has a beginner-friendly web platform and mobile app, so if you’re new to crypto and you want an exchange without much of a learning curve, Luno is an excellent choice. You can sign up and verify your identity in minutes. After that, you just deposit money through one of the accepted payment methods, and you can buy crypto.
Earn interest on crypto savings
Luno offers a Savings wallet where you can earn a variable interest rate on your crypto holdings. There are Savings wallets available for three types of cryptocurrency:
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Coin (USDC)
If you invest in any of these cryptos, putting them in a Savings wallet is a simple way to make passive income.
Low fees
Trading fees on Luno are competitive with those of the best cryptocurrency exchanges. Maker-taker fees start at 0% and 0.1%, and can get lower for investors with high monthly trading volume. There aren’t many platforms that beat crypto trading fees of 0.1% or less.
RELATED: Check out The Ascent’s BitPanda review for another low-fee trading option.
Secure storage
Security is important for any crypto exchange, and this is an area where Luno excels. It uses what it calls “deep-freeze” crypto storage for the majority of customer funds. The keys for this crypto are encrypted, and kept in bank vaults inside safe deposit boxes. The small portion of its crypto that Luno uses for day-to-day operations is kept in a combination of cold (offline) wallets and hot (online) wallets.
Educational resources
Luno has some of the better educational content we’ve found from a crypto exchange. Its learning portal includes articles on cryptocurrency in general, and about each of the cryptocurrencies it offers. It also has videos accompanying many articles, and a blog with the latest crypto news.
Luno’s content is informative and understandable. It’s also not overly complicated, which is a common issue in the world of crypto.
What could be improved
Not available for U.S. customers
Unfortunately, Luno isn’t available in the United States. That’s a significant drawback, since it rules out quite a few potential customers. It’d be great to see Luno at least set up a U.S. platform, even if it isn’t able to offer all the same features. Multiple international crypto exchanges, including Binance and FTX, have done this to serve a broader audience.
Small selection of cryptocurrencies
There are only six cryptocurrencies you can buy and sell on Luno, which pales in comparison to many of its competitors. This is by design, as Luno’s philosophy is to thoroughly vet cryptocurrencies before adding them. Regardless, it’s a notable disadvantage.
If you’re just looking for places to buy Bitcoin and perhaps a few other big coins, then Luno works fine. On the other hand, if you’re interested in a diverse portfolio of cryptocurrencies, Luno’s small selection could be an issue.
Alternatives to consider
If you’re looking for a U.S. crypto exchange: Coinbase is a favorite of U.S. investors, and for good reason. Like Luno, Coinbase is beginner-friendly and has plenty of educational resources. It also offers an advanced trading platform in Coinbase Pro, and offers free crypto for completing modules and quizzes.
If you want a larger cryptocurrency selection: You won’t have any trouble finding new cryptos to check out on Binance. Its international platform has well over 500 cryptocurrencies. The U.S. version, Binance.US, is more limited, but still has over 50 cryptocurrencies for trading.
Cryptocurrency selection
Luno supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
Cryptocurrency selection is a Luno weak point. It’s missing quite a few major cryptos, including Cardano (ADA), Solana (SOL), and Polkadot (DOT), and it doesn’t have any smaller-cap coins to check out. Several crypto exchanges offer dozens of coins, so Luno is behind the curve.
Bottom Line
Luno has high security standards — in terms of crypto storage and account security, Luno offers some of the best protection in the industry.
Most of the cryptocurrency funds Luno manages are stored in cold wallets, crypto wallets that aren’t connected to the internet. Since they’re offline, hackers can’t access them. Luno stores these cold wallets in physical bank vaults inside safe deposit boxes, which it calls “deep-freeze” storage. Only specific individuals can access these safety deposit boxes, and no one has access to more than one.
