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Luno Review: How Does it Stack Up?

As the value of crypto exchanges continues to skyrocket, leaders in the space such as Luno bitcoin are setting a high standard for delivering value.

  • Luno
  • Dean Fankhauser
    By
  • Posted
  • Read Time10 minutes
  • Our score
  • Go to siteLuno

Luno review

Our take

4.0

Are you new to buying and selling cryptocurrencies like Bitcoin? If so, it can feel intimidating to make your first foray into this new financial realm. Nonetheless, cryptocurrencies have proven they're anything but a fad.

Bitcoin first emerged in 2009, and today, there are more than 3,000 altcoins on the market.

The global blockchain market size will reach $57 million by 2025, based on current predictions. One thing's for sure. More coins are on the way.

Fortunately, dipping your toes into the crypto waters is easier than you think with platforms such as Luno. What's more, technology has come a long way in recent years, ensuring crypto trading is safe and scam-free. 

With that in mind, let's take a closer look at Luno, one of the top crypto exchanges of the year. 

The State of Cryptocurrencies Today

On November 5th, crypto hit $15,000. Companies such as Square and MicroStrategy saw gains of 32 percent, fueling investor interest in this fast-growing financial industry segment. What's more, Bitcoin enjoyed a record-breaking 100 day run above $10,000. 

While some people are lauding this as a significant development for cryptocurrency, for most Bitcoin advocates, this represents just one necessary milestone in the larger scheme of things. Among these proponents of Bitcoin are companies such as Luno, working hard to further the use of cryptos worldwide.

Many investors foresee an unstoppable and inevitable upwards trend when it comes to cryptocurrencies. There's no better time or way to get into this market than Luno . That said, there's a lot you need to know before experimenting with this platform. 

About Luno Bitcoin

If you're looking for reliability and security, nothing beats Luno. It has gained a reputation for being one of the safest platforms in the crypto world, and with good reason. It comes with a wide selection of crypto coins from which to choose.

These include some of the most popular choices out there today:

What do you need to know about Luno? Founded in 2013, Luno marks one of the earliest companies to launch into the cryptocurrency marketplace. The company remains committed to its vision that cryptocurrencies will lead to a new age of finance characterized by advanced technologies.

Over the years, Luno has remained a stable force in the market. It has grown steadily into one of Africa's most powerful crypto platforms. Boasting $14 billion transactions to date, the company has confirmed its position as one of the industry's most consequential platforms.

Luno also boasts more than five million customers located in 40 nations worldwide. It's little wonder the platform has grown so significantly in recent years. It offers the promise of an easy-to-use and secure platform for buying, selling, and trading cryptocurrencies.

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A Brief History of Luno Bitcoin

Timothy Strannex and Marcus Swanepoel are the founders of Luno . Both Strannex and Swanepoel remain at the helm of the company today.

Before launching Luno, Strannex worked as a software engineer on the Google Maps team at Google in Switzerland. He has an MSC in Theatrical Physics from the University of Zurich and a BSC in Physics, Computer Science, and Mathematics from the University of Cape Town.

Swanepoel has a background in private equity, investment, and consumer banking with experience in Europe, Southeast Asia, and Africa. He has worked for enterprises like Standard Chartered, 3i, and Morgan Stanley. 

Swanepoel has an MBA from INSEAD and is a qualified chartered accountant and CFA charter holder. 

Strannex and Swanepoel have brought their vision of open and equal financial access to every aspect of Luno. They wish to use this platform to upgrade everyone's finances everywhere, relying on intuitive products. 

A User-Friendly Experience

Yet, as we'll talk about later, Luno manages to provide a user-friendly experience while relying on the industry's most sophisticated cryptocurrency security systems. That means peace of mind when it comes to your investments.

Instead of relying on exclusive offers, like traditional institutions, Luno focuses on inclusive financial experiences to attract business. The company does this by maintaining local presences in the following destinations:

  • The United Kingdom

  • Singapore

  • South Africa (Cape Town and Johannesburg)

  • Malaysia

  • Indonesia

  • Nigeria

  • Australia

The team at Luno comes from all over the world. They have one thing in common. They've worked for the top tech and finance companies worldwide.

Like Strannex and Swanepoel, their team's past jobs include Google, Morgan Stanley, Amazon, Barclays, and more.

The Team at Luno

Luno's team members remain equally committed to the vision of upgrading the world to a better financial system, and they're using cryptos to do so. Luno boasts incredible diversity as the world's most international cryptocurrency team. 

As a result, the team boasts a wide range of backgrounds and areas of expertise, from finance to engineering and industry. They speak a wide range of languages, which further facilitates the team's commitment to diversity of background and thought.

Luno also boasts the backing of one of the world's leading investors, Digital Currency Group(DCG). Digital Currency Group remains dedicated to building the foundations necessary to facilitate the blockchain and Bitcoin technology industry. 

To help achieve this, they invest in cutting edge companies. They've been an active seed investor in multiple enterprises within the crypto world and currently hold more than 50 investments in 17 nations. 

The Luno App

Part of what makes Luno so convenient is the ability to download and manage your finances from its app. The app is available on Android and iOS devices.

It takes just seconds to download and operate, offering smooth and convenient operations, particularly on Androids. The app has 49,742 reviews and a 4.3-star rating. There have been more than five million downloads on the Play store.

In Apple iTunes, the app enjoys a 4.3-star rating from more than 1,500 reviewers. While some customers note it feels a bit clunkier in iOS, many swear by the customer experience.

What's the Luno App experience like once you've downloaded it to your phone? For starters, it makes buying Bitcoin and other altcoins easy. Of course, you have to sign up for an account before you can complete any transactions. 

What will you need for the sign-up process? To create an account, provide your email address and add a password. You'll then set up your profile by adding your name, date of birth, and identity verification (NIN or BVN).

Once approved, set up your wallet and deposit money into your account. When your funds are available, you can begin purchasing Ethereum, Bitcoin, XRP, Litecoin, and more. It only takes a few seconds to make these transactions.

You can safely store your new coins in your Luno Wallet, starting with as little as N1000. It doesn't get much simpler than that. 

Benefits of Using Luno Bitcoin

Besides excellent security features, Luno lets you seamlessly transfer cryptocurrencies to other users. You'll find the app and web platform to be very secure and fast. Both come with intuitive interfaces that don't require a steep learning curve.

It would be nice to see the company add a community forum. That way, users could share ideas and discuss the latest trends while using the platform. 

That aside, the platform includes many features that make it a cinch to use. For example, its instant buy-and-sell feature applies to a wide range of cryptos, including Bitcoin.

With this capability, you can trade without the necessity of understanding how to operate and execute complex exchange trades. It's a win-win for users of all experience levels.

Whether you're new to cryptocurrencies or don't have the time available to dedicate to exchange trading, you'll appreciate how easy Luno makes crypto transactions.

Additional Advantages of Using Luno

What else can you expect from this platform? You'll be pleased to know that Luno offers advanced cryptocurrency charting, the ability to set price alerts for advanced traders, and Bitcoin price updates. 

Luno also allows you to switch between crypto exchange modes and trades. Supported pairs include:

  • BTC/LTC

  • BTC/ETH

  • BTC/XRP

  • And more

The same holds for transactions between digital and fiat coins with BTC/fiat pairs. These capabilities permit you to buy Bitcoin with the Naira, Rand, Euro, Ringgit, or Rupiah. 

But how easy is it to take advantage of these functionalities? After testing, we concluded that trading on the app is both convenient and streamlined. App fees are also reasonable when compared to those of other crypto exchanges. 

For example, the "Maker" and "Taker" options are outstanding. If you don't mind waiting for your trades to process, you won't pay any fees as a "Maker."

Luno also takes great pains to update and educate its users on the latest in the crypto world. They do so through their "Explore" option available on the app. This feature allows users to gain knowledge about market trends and take advantage of useful crypto tips.

The "Explore" option also represents an excellent way to develop crypto trading skills. Besides the "Explore" option, users will enjoy the "Rewards" section, which features the platform's latest rewards. 

What to Know About Luno Security Features

One of the reasons many people feel hesitant to start trading in cryptos remains security issues. After all, the crypto universe has been inundated by shady exchanges and fraudulent coins in recent years. 

If you've kept up on crypto news at all, you know that 2019 saw a record number of hacked exchanges. Hackers broke into high-profile platforms, from Binance to GateHub, Bitrue, and more, causing panic for investors.

Hackers made off with millions, and few got arrested. These occurrences have left a bad taste in many people's mouths.

Considering hackers absconded with more than $4 billion during these various crypto crimes, security remains a significant industry issue. 

What should you remember about each of these crimes? Luno has largely remained free from these hacking issues. That's because they offer different crypto coin wallets. They also rely on high-security features such as two-factor authentication, passwords, biometrics, and API keys.

The result? Luno proves, by far, one of the safest and most secure crypto platforms out there today.

What are the current fees on Luno?

The fees charged by Luno varies by the type of service. Luno charges deposit fees on certain deposit methods. They also charge a transaction fee from takers and withdrawal fees for withdrawing crypto to external addresses. 

Luno charges trading fees only from the takers, and it is between 0.03%-0.1%. The fees depend on your trading volume in the last 30 days. When it comes to Luno's Instant Buy/Sell service, the fees vary by the amount of cryptocurrency you want to purchase, the type of cryptocurrency, and the fiat currency you are using for the purchase.

Is Luno safe to use?

Luno has never been hacked, however, it’s worth noting that it could always get hacked and you need to be very cautious to not fall victim to phishing or other hacking attacks.

Luno has taken all necessary steps to ensure the security of the exchange and user funds. They have an authentication strategy in place, and it involves passwords stored in hashed form and the 2FA or two-factor authentication model. Entire communication happens over SSL-secured HTTP channels, whereas the wallets are stored using PGP encryption. All personal information is encrypted and securely stored.

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Luno Bitcoin: The Best Crypto Exchange

When it comes to comparing the best crypto exchanges, it's hard to declare an overall winner. After all, each user has a unique set of objectives they hope to achieve and a different baseline of knowledge and experience.

Nevertheless, a great case could be made for Luno as the best crypto exchange USA. Why? Because of the company's commitment to security and safety principles. 

It also represents an excellent educational tool for those wading into cryptocurrencies for the first time. When you take advantage of its "Explore" and "Rewards" features, you'll transform into a knowledgable crypto user. 

Because Luno remains committed to empowering cryptocurrencies such as Ethereum and Bitcoin, we expect even bigger things from the platform shortly. The Luno team remains firmly committed to changing worldviews and removing the current dependency on money.

To accomplish these objectives, the company has gone to great lengths to create a simple, safe, and feature-rich way to dabble in crypto banking. Despite the ease of use, the platform has impressive security features and a proven reputation. 

For these reasons, we recommend this platform for those looking to purchase their first altcoins. It's also fantastic for those attempting to perfect their cryptocurrency trading strategies. 

The Future of the Financial Industry

Cryptocurrency will continue to reshape the financial industry. It's time to stop sitting on the sidelines and get in on the action. Knowing where to start can prove challenging, but Luno makes it easy. 

Are you interested in learning more about the leading DeFi and CeFi platforms out there today? Do you want to know about crypto lending, debit and credit cards, loans, and more? If so, we've got you covered.

At Bitcompare, we stay on top of the latest trends and news from the crypto world. Start exploring the leading platforms today.

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