Luno is a simple crypto exchange that lets users buy cryptocurrency with fiat currency and trade a selection of crypto-to-crypto pairs. Although the company offers an easy way to access the crypto market, it’s overly basic and no longer accepts sign-ups from United States residents. It’s a haven for newcomers, with a user-friendly interface and straightforward trading process that demystifies the world of digital currencies.
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. Customer service, often the unsung hero in the user experience, emerges as Luno’s Achilles’ heel. It’s an area ripe for improvement, as effective support can be the difference between a loyal customer and a lost one. In the digital age, security is paramount, and Luno doesn’t take it lightly.
The focus on countries with high growth rates like Malaysia, Nigeria, and Indonesia is indicative of a platform that knows its audience and serves them well. Access a full suite of tools built for rapid and reliable trading, with deep liquidity, low fees and advanced order types. Your Luno app makes investing in crypto straightforward, with a clear and intuitive app experience we know you’ll love. 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.
Set Price Alerts
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.
The numbers speak volumes; in Africa alone, more than 55% of new customers in the last six months have hailed from the continent as a testament to its growing influence. 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. 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.
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. 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.
Getting Started with Luno: Account Setup and Verification
Below, we’ve included a table comparing Luno to other popular crypto exchanges. 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. However, these costs can be reduced to 0.03% with over $16,000,000 in volume. In contrast to no-KYC crypto exchanges we’ve reviewed previously, Luno has a strict verification process for new users.
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The service is accessible from the wallet section of the platform. 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.
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- While testing the platform for our Luno review, we completed the verification process and were impressed by its efficiency.
- Yet, despite its global outreach and a year-on-year customer growth rate of 35%, Luno maintains a trading volume that’s modest when compared to other platforms.
- Using repeat buying helps to simplify the popular Dollar-Cost-Averaging (DCA) strategy by automating the time-consuming process of purchasing crypto.
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. 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. With Luno, your digital currencies are well-protected in your Luno wallet, but at the cost of personal control.
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. 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.
- Overall, Luno is a well-designed crypto exchange that is straightforward to navigate.
- When depositing fiat currency, there are no fees to deposit via bank transfer or Pay Direct (or cryptocurrency).
- However, if you prefer, you can also manually browse articles in the help center, many of which feature short video guides.
- Hedge With Crypto does not provide financial advice, nor does it consider your financial situation.
- With its clean design and intuitive navigation, the app stands as a paragon of mobile trading.
The platform is not just a pretty face; it’s loaded with features such as advanced charting, API access, and a suite of indicators that provide a detailed picture of market dynamics. For those dipping their toes in the crypto waters for the first time, Luno’s user interface is a beacon of clarity, guiding newcomers with its straightforward design. Yet, the platform also caters to the curious, allowing a peek into its offerings with an unverified account limited, of course, until proper verification of the bank account is completed. It’s a balanced approach, welcoming yet conscious of the responsibility to safeguard both users and platforms.
Let’s not forget the aesthetics, with options like dark mode offering visual comfort and a dash of contemporary flair. It’s a trading platform that’s robust yet accessible, packing a punch with its functionality while maintaining an uncluttered and inviting interface. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more.
You’ll find a range of secure, easy-to-use tools to guide and support you in building out your crypto portfolio and beyond. You could tell the quality and attention to detail on this product. Make more memories this summer with our new & improved vehicle mattress. You’re protected by multiple layers of security and the latest technology, so your crypto stays your crypto. However, if you prefer, you can also manually browse articles in the help center, many of which feature short video guides.
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. No exchange is complete without a support system for its users, and Luno’s customer service is up for evaluation.
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. https://forex-review.net/luno-review/ 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.
Customer Support Is Satisfactory
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“What you see is what you get. I truly feel like my funds are safe with Luno.” Enabling investors in over 40 countries to buy, manage and sell their assets. Join 15 million customers worldwide investing in Bitcoin and more.
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. This helps users in emerging markets access cryptocurrency services more easily. Yes, Luno is considered a safe and legit platform for investing in cryptocurrency. It offers strong security measures, such as two-factor authentication, and stores most of the cryptocurrency funds in cold wallets to enhance user safety. The Luno mobile app is a testament to the automated trading platform’s commitment to a frictionless user experience.