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Luno is a cryptocurrency platform that offers savings accounts, loans, and some exchange services. Luno offers savings rates up to 7.6% APR on deposits, with no hidden fees and instant access to your funds.
The platform was launched in 2013 by Marcus Swanepoel. The company was founded as BitX aiming to help adoption of Bitcoin in emerging markets and later changed its name to Luno which means moon in Esperanto. Luno was aquired by Digital Currency Group company when in 2020. The company is managing $21B USD with over 8 million users from more than 40+ countries. The company has 2.1M users in South Africa alone. The company is headquartered in London, United Kingdom, and focuses on developing countries including South Africa, Nigeria, Indonesia, Malaysia, and Zambia. The company has raised almost $14M USD in fundings.
Luno is a good start for beginners. The platform is easy to use and offers a simple feature set. Luno offers both a web app and a mobile app both of which are easy to navigate. You can use the app to manage your crypto wallet, send and receive funds and exchange cryptocurrencies.
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Yield | Tokens | Term | Yield | Yield Trend | |||||||||
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7.6%
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Instant Access
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7.6%
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2%
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Instant Access
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2%
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1.5%
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Instant Access
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1.5%
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Luno does not offer loans to regular users.
Luno is one of the oldest and most well established crypto platforms. It was founded in 2012 which makes it 11 years old.
Luno has approximately 400 employees. That makes it one of the smaller crypto platforms by number of employees.
Luno has a total of approximately 21 billion USD of assets under management. Luno has one of the largest asset bases of all the crypto platforms.
Luno has an average expert rating of 75% based on 49 expert reviews, and an average user rating of 80% based on 9,173 user reviews. Luno has over 5 reviews on Trustpilot, with an average user rating of 80%. Expert reviews include Hedge With Crypto (82%), Crypto Vantage (66%), 99 Bitcoins (82%) and Crypto Compare (74%).
Luno offers the usual security features to prevent unauthorised access to crypto assets. The majority of crypto assets are stored in cold storage, secured and insured by BitGo. A hot wallet is used to store working capital and this wallet is a three key multisignature wallet, meaning that more than one key is required to access the funds and each key is stored in a different, secure location. Two factor authentication is available within the Luno app to make access to your account more secure.
Luno employs Mazars, an accountancy firm, to independently verify that the value of the crypto assets stored with Luno do actually exist. An example of the report can be found here. This audit is undertaken quarterly. It should be noted that the the audit verifies that the total value of the assets currently held by Luno exceeds the total value of customer liabilities (deposits). This demonstrates that any loans that Luno has made of depositor's funds have been overcollareralised (i.e. Luno has secured collateral of a greater value than the loan amount before granting the loan). The audit does not consider the liquidity of those collateral assets, meaning how easy it would be to sell those assets at market value if Luno was forced to sell them to cover a bad debt.
In order to generate yield, Luno lends out funds via Genesis, the world's largest digital asset lender. The exact lending strategy used and types of loans issued is not clear, but some reassurance can be taken from that the all loans are granted through this provider and the Mazar's indpendent audit proves that Luno has overcollateralised its loans.
Luno has embraced regulation and sought to preempt regulatory obligations by implementing some of the anticpiate policies before they were forced to do so.
Luno are very careful to prevent unauthorised withdrawals. By default, withdrawals from your wallet are not enabled. You will need to manually enabled "send mode" to allow withdrawals, and as an additional security precaution, this takes 24 hours to be activated.
WARNING: Crypto withdrawals are severely restricted in Europe to a maximum of 500 euros per week.
In order to make withdrawals from Luno you must first enable send mode on the app. Once you requested that this mode is enabled you will then need to wait 24 hours before the mode is enabled. Whilst this does provide extra security, it can be annoying if you want to withdraw the funds quickly and have not already enabled this mode.
In our tests, withdrawals were processed quickly once "send mode" had been enabled. Withdrawal requests were processed by Luno within a few minutes of the request being made and funds were normally received in less than a hour.
Luno does not charge withdrawal fees, however you do still have to pay the network fee to withdraw from the platform. This fee will be deducted form the amount that is sent.
There is no record of Luno ever having frozen withdrawals.
Luno supports 10 different cryptocurrencies and 1 fiat currency. Key supported cryptocurrencies include Bitcoin, Ethereum, USD Coin, XRP, Cardano and Solana. Luno support for fiat currencies includes Pounds Sterling. The biggest crypto platforms offer support for over 33 different cryptocurrencies.
Support for a larger number of cryptocurrencies is helpful if you are looking for trading opportunities, but may be less important if your priority is long term investment in one of the major cryptos.
Luno offers support by online chat, however they do not offer support by email or phone.
Based on a total of 9,325 reviews across the web for Luno we gave the platform an overall rating of 78%.
Overall User Rating |
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9,276 reviews 9,276 |
Trustpilot |
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5,226 reviews 5,226 |
iphone App |
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3,500 reviews 3,500 |
Hello Peter |
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356 reviews 356 |
Android App |
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116 reviews 116 |
Cryptowisser |
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71 reviews 71 |
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Overall Expert Rating |
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49 reviews 49 |
Quick Penguin |
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Coinlist |
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Block News Africa |
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Nigeria Bitcoin Community |
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Hedge With Crypto |
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Show 30 more expert reviews ... |
Exchange maker fee | 0% |
Exchange taker fee | 0.1% |
Fiat deposit fee |
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Fiat withdrawal fee |
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Crypto deposit fee |
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Crypto withdrawal fee | Varies according to current market |
Fiat wallet withdrawal limit | No limit for fully verified users |
Savings crypto account withdrawal limit | $120,000 USD per day, £600,000 USD per month |
Savings fiat account withdrawal limit | No limit for fully verified users |
Luno supports over 10 currencies including Pounds Sterling, Bitcoin, Ethereum and Cardano.
Luno's services are available in the following countries:
Luno's supports the following languages: English, French, Italian and Indonesian.
Legal name | Luno Pte. Ltd |
Year founded | 2012 |
Country incorporated in | Singapore |
Headquarters country | United Kingdom |
Decentralised |
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Number of employees | 400 |
Number of users | 8,000,000 |
Total assets under management | $21,000,000,000USD more ...$0USD |
Withdrawal time in hours | 1hours more ...0hours |
Savings accounts |
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Loans |
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Crypto to crypto exchange |
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Fiat to crypto exchange |
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Pro exchange marketplace |
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Peer to peer exchange |
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Margin trading |
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Corporate accounts |
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Instantly buy crypto with fiat |
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Integrated crypto wallet |
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Crypto withdrawals to private wallet |
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Fast account verification |
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Futures exchange |
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Cold storage |
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Cold storage custodian | BitGo |
Two factor authentication |
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Know your customer |
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Credit check |
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Regulators | Luno embraces regulation and has worked closely with regulators in its target countries in Africa and more ... Asia. |
Email support |
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Phone support |
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Chat support |
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Maker fee | 0% more ...0% |
Taker fee | 0.1% more ...0% |
Fiat deposit fee | Free |
Fiat withdrawal fee | Free |
Crypto deposit fee | Free |
Withdrawal process | You must enable "send mode" before withdrawals can be made. This mode takes 24 hours to activate. Once more ... send mode is enabled withdrawals are processed quickly, normally within a few minutes. |
Withdrawal time | 1 hours more ...0 hours |
Crypto withdrawal fee | Varies according to current market |
Savings crypto account withdrawal limit | $120,000 USD per day, £600,000 USD per month |
Fiat wallet withdrawal limit | No limit for fully verified users |
Savings fiat account withdrawal limit | No limit for fully verified users |
Unsecured loans |
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Independent proof of reserves |
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Proof of reserves | Undertaken quarterly by Mazers |
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