Luno is a UK-based cryptocurrency exchange established in 2013, with operational offices in London, Singapore, and Cape Town. The platform focuses on providing a streamlined trading experience, currently supporting only Bitcoin and Ethereum. This makes it particularly suitable for investors looking to trade these two major cryptocurrencies without the complexity of a vast selection of altcoins.
The exchange emphasizes security and reliability, building its services on bank-grade technology platforms. Regular independent technology and financial audits are conducted to ensure system integrity. Luno also offers a low-latency trading platform designed for speed and compliance, alongside high-quality APIs for integration and trading automation.
Trading Experience and Platform Accessibility
Luno provides a user-friendly trading interface accessible via both desktop and a dedicated mobile application. The mobile app, available on Google Play and the App Store, allows users to manage their portfolios and execute trades from anywhere.
The trading view includes standard elements such as an order book, a price chart for the selected cryptocurrency, and order history. It also features buy and sell boxes for order placement. While trading views are largely subjective, Luno’s interface is designed to be intuitive for both beginner and experienced traders.
It is important to note that Luno does not accept customers or traders from the United States. US-based investors will need to consider alternative platforms for their cryptocurrency activities.
Understanding Luno’s Fee Structure
A significant advantage of using Luno is its competitive and transparent fee model. The exchange employs a maker-taker fee structure to encourage market liquidity.
- Taker Fee: 0.10% for orders that remove liquidity from the order book by matching with existing orders.
- Maker Fee: 0.00% for orders that add liquidity to the order book by placing new orders.
This model is highly attractive, especially for traders who prefer to place limit orders (maker orders) as they are not charged any trading fees for doing so. This places Luno’s maker fees well below the global industry average.
Volume-Based Fee Discounts
Luno offers trading fee discounts based on a user's 30-day rolling trading volume. The platform has eight tiers, with fees decreasing as trading volume increases. To achieve the highest tier (Tier 8) and qualify for a taker fee of just 0.03%, a user must trade over $20.75 million in a 30-day period. This structure primarily benefits high-volume and institutional traders.
Deposit and Withdrawal Fees
Luno maintains a competitive stance on withdrawal fees. Unlike many exchanges that charge a fixed premium on top of network costs, Luno only charges the requisite network fee paid to miners to confirm the transaction. This approach is very customer-friendly.
For fiat currency deposits, Luno supports wire transfers. However, it does not currently accept deposits via credit or debit cards. The ability to deposit fiat currency categorizes Luno as an entry-level exchange, making it a potential starting point for newcomers to the crypto space. For a platform that supports card deposits, you can 👉 explore alternative trading platforms.
Security and Reliability
Security is a cornerstone of Luno’s offering. The platform underscores its use of robust security protocols, including:
- Storage of the majority of digital assets in cold storage.
- Implementation of two-factor authentication (2FA) for all user accounts.
- Regular third-party security and financial audits.
These measures are designed to protect user funds and data, providing a secure environment for trading and investment.
Frequently Asked Questions
Is Luno available in the United States?
No, Luno does not currently offer its services to residents or citizens of the United States. US investors must use a different cryptocurrency exchange that supports their region.
What cryptocurrencies can I trade on Luno?
As of now, Luno supports trading exclusively in Bitcoin (BTC) and Ethereum (ETH). It does not offer other altcoins or trading pairs, focusing instead on providing a deep and reliable market for these two major assets.
How does Luno's maker fee benefit me?
A 0.00% maker fee means you pay nothing to place a limit order that adds liquidity to the order book. This can significantly reduce trading costs if you commonly use limit orders instead of market orders, making it an efficient choice for certain trading strategies.
What are the options for depositing money into my Luno account?
You can fund your Luno account with fiat currency via a bank wire transfer. The platform does not accept deposits from credit or debit cards. You can also deposit Bitcoin or Ethereum from an external wallet.
How does Luno ensure the safety of my funds?
Luno employs a multi-layered security approach. This includes storing most assets in offline cold storage, mandatory 2FA, and undergoing regular independent audits to ensure platform and financial integrity.
Are there any fees for withdrawing cryptocurrency?
Luno charges a dynamic network fee for cryptocurrency withdrawals, which is paid directly to the network miners. The exchange does not add an extra fee on top, making its withdrawal costs very competitive.