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Luno vs Gemini: The Pros, Cons and How they Compare | Bitcompare

Luno and Gemini are leading crypto exchanges that compete to give you the experiences and rates. We break them down to see which is better for you.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 3
  • 5
  • 4
  • 4
  • 4
  • 3
  • 3.83
Go to site
  • 4
  • 5
  • 5
  • 3
  • 5
  • 3
  • 4.17
Go to site

Pros and cons of Luno


  • Active in the world of cryptocurrency since 2013, Luno is a trustworthy and reliable place to trade cryptocurrencies.
  • Being one of the easiest to use exchanges today, Luno scores high on usability and is perfect for beginners.
  • Luno offers multi-language customer support and supports local payment methods, resulting in the best possible user experience.
  • They have adopted a deep-freeze storage strategy offering a high level of internal security.


  • Luno has country-based restrictions. As of now, Luno is available only in Australia, Europe, Indonesia, Malaysia, Nigeria, Singapore, South Africa, Uganda, United Kingdom, and Zambia.
  • Compared to the leading cryptocurrency exchanges, Luno supports a limited number of cryptocurrencies.

Pros and cons of Gemini


  • Incredibly fast and easy onboarding and verification. Probably the best in the industry at the moment.
  • No other company in the crypto industry is as regulated and certified as Gemini.
  • Never been hacked and has arguably the best-in-class security standards
  • Competitive transaction fees
  • Apps are available for both iOS and Android
  • Customer support is available via web, app, phone, or Twitter


  • On Gemini ActiveTrader, many fiat currency trading pairs are not available yet
  • Higher fees for transactions less than $200
  • Access to Gemini’s ActiveTrader (which has lower fees) needs the support team’s manual approval

Risk-free and high-yield tool to store your coins

  • Earn up to 12% APR on EURS, USDT, ETH, XRP, and 20+ more coins
  • Weekly compound interest payouts
  • Universal conversion between all crypto, fiat, and stablecoins

Frequently asked questions about Luno

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

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.

What is the minimum deposit for Luno?

The minimum deposit is $10 on Luno

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.

How long does it take to withdraw money from Luno?

It generally takes up to two business days to withdraw funds from Luno.

How to Start Trading With Luno?

Working with Luno is easy. All you need to do is download the app and sign up for your free Luno wallet. Once you’ve set up your profile, choose your preferred payment method like bank transfer or credit card to add money to the wallet. Once you have added funds, you can start buying, storing, or sending the crypto assets using Luno.

How Protected is My Private Key with Luno?

To protect your private keys, Luno stores them in a physical bank vault secured with stringent access control mechanisms like fingerprint and retina scans. The keys are stored in several vaults across many continents. The entire system is built in a way that you have to access the keys from multiple vaults and put them together before you could use them to extract the Bitcoin.

Does Luno have an API?

Yes, Luno has an API that can be leveraged to access present and historic Bitcoin and Ethereum market data, submit and view orders, buy, sell, send, and receive Bitcoin and Ethereum and generate receiving addresses.

How to Verify Identity with Luno?

First, you need to confirm your mobile number and your basic personal details. Then you need to submit a photo or a scanned image of your government-issued ID. You also need to file a selfie photo, not more than 24 hours old. The final step is to enter your residential address and select your employment status.

Can a Foreign Resident Open Account in Luno?

Yes. To open a Luno account as a foreign national, you will have to furnish documents related to proof of identity, proof of residency, proof of bank account with residential address, and proof of residential address.

How secure is Luno?

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.

Frequently asked questions about Gemini

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

How long does it take to be verified by Gemini?

It depends on the quality of your documentation and things like your country of residence, however, in our case it was extremely fast. In fact, it was probably the fastest out of all the exchanges we tested.

This was due to the technologies Gemini uses for verification as well as their deep focus on regulation and certification. You can really tell Gemini has invested heavily in this and we think it will pay off for them in the long run.

They state that verification usually occurs within 24 hours, however, in our case it was 10 minutes and it was a relatively painless experience

Where is Gemini based and are they regulated?

Gemini is based in New York City, New York. It is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS)

Which cryptocurrencies does Gemini support?
Which countries is Gemini available in?

Gemini is available in the following countries:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington D.C.
  • West Virginia
  • Wisconsin
  • Wyoming
  • The British Virgin Islands
  • Canada
  • Cayman Islands
  • Argentina
  • Brazil
  • Chile
  • Peru
  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom
  • Hong Kong
  • India
  • Israel
  • Myanmar
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Turkey
  • Vietnam
  • Australia
  • New Zealand
  • Egypt
  • Nigeria
  • South Africa
What products does Gemini offer?

Gemini offers the following products:

  • Gemini Mobile
  • Gemini ActiveTrader
  • Gemini Wallet
  • Gemini Clearing
  • Gemini Custody
  • Gemini Dollar
  • Gemini Pay
What documents are required for verification?

For US applicants, you need your proof of identity for verification.

For international applicants, you need your proof of identity and proof of address, for verification

Is Gemini insured?

Yes, Gemini is insured. A portion of Gemini’s assets is stored in their online Hot wallet. The rest is stored in their offline, air-gapped Cold Storage facility. The portion stored online is insured against security breaches.

How do I contact Gemini support?

Gemini’s customer support is available through the following channels

  • Email: (for press related inquiries)
  • Facebook Group:
  • Twitter:
  • An online helpdesk
  • Live Chat
Does Gemini have a iOS or Android app?

Yes, the Gemini app is available on both iOS and Android.

What payment method does Gemini support?

Gemini supports the following payment methods:

  • U.K. bank transfers (via Faster Payments)
  • U.K. bank transfers (CHAPS or SWIFT)
  • Debit cards (excl. prepaid versions)
  • ACH bank transfer (in the U.S. only)
  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 3
  • 5
  • 4
  • 4
  • 4
  • 3
  • 3.83
Go to site
  • 4
  • 5
  • 5
  • 3
  • 5
  • 3
  • 4.17
Go to site