Sign In
Sign Up
DeFinda Logo
Find & Compare DeFi Products
usd logo USD
Luno reviews

Average rating of 78% based on 9,327 reviews.

Founded 12 years ago in 2012.

Headquartered in the United Kingdom.

0.1% exchange (taker) fee.

Reviewed by Yunis
3 June 2021 (Updated 23 February 2024)

Luno Crypto Platform

DeFinda Score™

An impartial, objective analysis of Luno's features to help you compare platforms. Read our full analysis.
Staking Yields
3
Loan Rates
2
Established
7
Reviews
8
Risk Management
7
Withdrawals
2
Coverage
2
Support
5

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.

The platform supports a very limited selection of cryptocurrencies: BTC, ETH, XRP, LTC, BCH, and USDC. You are only able to earn savings interest on BTC, ETH and USDC deposits. Note that savings rates are not available on any currencies for UK customers.

Luno doesn’t provide loans for individuals. Loans are issued only for institutional customers.

You can transfer local fiat currency to your Luno account and then use those funds to buy any of the cryptocurrencies supported by Luno. Luno has partnered with several local money transfer businesses in Africa and Asia make transfers to Luno easier.

Similarly you can convert your cryptos back to local fiat currency and withdraw the fiat funds back to your traditional bank account for a small fee.

Deposit and withdrawal limits change depending on the country and verification level. Some countries require more verification, some don’t. There are different verification levels. For example if you complete 3rd degree verification in Indonesia, deposits and withdrawals are unlimited.

Luno has high security standards. Its web and phone apps feature two factor authentication and biometric id security features.

Luno stores most assets in deep freeze, multi-signature wallets with many layers to achieve the highest security for your cryptos. Deep freeze wallets are offline and offsite. The keys are generated and managed by Bitgo Custody, a leading crypto security company.

Pros

tick Easy to use mobile and web apps
tick Great for beginners
tick Strong support in a number of developing countries
tick Low exchange fees if you use the Luno exchange
tick Large, reputable business

Cons

cross Need to manually transfer funds to savings account to start earning interest
cross No loans available (except for large instituions)
cross Savings interest rates are variable so it is hard to know how much you will actually earn
cross Transfers of crypto out of your savings wallet sometimes take 24 hours
cross Very limited number of savings account currencies

Luno Savings Accounts

1
Hide Filters
Term
Clear
Select All
Yield
Clear
Token Type
Clear
Select All
Columns
  Yield Tokens Term Yield Yield Trend
7.6%
USDC 7.6% APR
Instant Access
7.6%
USDC 7.6% APR
2%
ETH 2% APR
Instant Access
2%
ETH 2% APR
1.5%
BTC 1.5% APR
Instant Access
1.5%
BTC 1.5% APR
No matching yield products found

DeFinda Score™

Staking Yields

3

Luno has market average instant access saving rates for USD Coin (7.5%), however Luno also has some of the worst instant access saving rates for Bitcoin (1.5%) and Ethereum (2%)

Read more ...

Loan Rates

2

Luno does not offer loans to regular users.

Established

7

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.

Read more ...

Reviews

8

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%).

Read more ...

Risk Management

7

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.

Read more ...

Withdrawals

2

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.

Read more ...

Coverage

2

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.

Read more ...

Support

5

Luno offers support by online chat, however they do not offer support by email or phone.

Luno Reviews

Based on a total of 9,327 reviews across the web for Luno we gave the platform an overall rating of 78%.

User Reviews
Overall User Rating
78%
9,278 reviews 9,278
Trustpilot
76%
5,226 reviews 5,226
iphone App
86%
3,500 reviews 3,500
Hello Peter
27%
356 reviews 356
Android App
74%
118 reviews 118
Cryptowisser
73%
71 reviews 71
G2.com
92%
4 reviews 4
Crypto Geek
74%
3 reviews 3
Revain
Reddit
ICO Rating
Just Use App
Add your own review
Leave a Review for Luno
Submit Review

Luno YouTube Reviews

Luno Promo Codes & Vouchers

£10 Free BTC

When you buy or sell £100 in crypto
CodeClick to Reveal Code

Earn £10 for Referrals

Earn £10 GBP paid in BTC for every friend that you refer to the Luno platform

Luno Fees

Fees
Exchange maker fee 0%
Exchange taker fee 0.1%
Fiat deposit fee tick Free
Fiat withdrawal fee tick Free
Crypto deposit fee tick Free
Crypto withdrawal fee Varies according to current market
Limits
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 Supported Currencies

Luno supports over 10 currencies including Pounds Sterling, Bitcoin, Ethereum and Solana.

GBP Pounds Sterling Pounds Sterling
XRP XRP XRP
USDC USDC USDC

Countries That Can Use Luno

Luno's services are available in the following countries:

Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Greece
Hungary
Iceland
Indonesia
Ireland
Isle of Man
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malaysia
Malta
Monaco
Netherlands
Nigeria
Norway
Poland
Portugal
Romania
San Marino
Slovakia
Slovenia
South Africa
Spain
Sweden
Switzerland

Luno Languages

Luno's supports the following languages: English, French, Italian and Indonesian.

Luno Key Data

Company
Legal name Luno Pte. Ltd
Year founded 2012
Country incorporated in Singapore
Headquarters country United Kingdom
Decentralised cross No
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
Products
Savings accounts tick Yes
Loans cross No
Crypto to crypto exchange tick Yes
Fiat to crypto exchange tick Yes
Pro exchange marketplace cross No
Peer to peer exchange cross No
Margin trading cross No
Corporate accounts tick Yes
Instantly buy crypto with fiat tick Yes
Integrated crypto wallet tick Yes
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Futures exchange cross No
Security
Cold storage tick Yes
Cold storage custodian BitGo
Two factor authentication tick Yes
Know your customer tick Yes
Credit check cross No
Regulators Luno embraces regulation and has worked closely with regulators in its target countries in Africa and more ... Asia.
Support
Email support cross No
Phone support cross No
Chat support tick Yes
Fees
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
Investment Strategy
Unsecured loans cross No
Independent proof of reserves tick Yes
Proof of reserves Undertaken quarterly by Mazers
Key People
Marcus Swanepoel
Co-founder & CEO
Timothy Stranex
Cofounder
Pieter Heyns
Co-founder & Head of Finance
Carel van Wyk
Co-founder & Software Engineer
Vijay Ayyar
Head of Business Development
Tiyo Triyanto
Country Head - Indonesia
Jodi Edmunds
Marketing Associate
Fabien Trzebiatowski
Software Engineer

ALuno is incorporated in Singapore, and their headquarters are located in United Kingdom.
ALooking at reviews from across the web, Luno has an average review score of 78% based on 9,327 reviews.

Useful Links

Luno Contact Details

https://www.luno.com/
Luno Pte. Ltd - 5 Shenton Way, #10-01 UIC Building
Luno Money Limited - 3rd Floor, Paul Street, 86-90, London, EC2A 4NE
Luno Australia Pty Ltd - Level 12, 90 Arthur Street, North Sydney, New South Wales, 2060
Bitx Payments Limited - 6th Floor Re-insurance House, 46 Marina, Marina, Lagos
PT Luno Indonesia Ltd -
Luno Malaysia Sdn. Bhd. -
Luno (Pty) Ltd -
Luno Technology Uganda Limited -
Luno Technology Zambia Ltd -

Platform Comparisons

Why Compare With Definda?

tick Completely Impartial

We always rank and compare products objectively and impartially.

tick Careful Research

We carefully research products for legitimacy before adding them to the platform.

tick We Never Sell Your Data

We never sell or disclose your data to anyone.

© DeFinda 2024
Share Page Using
Twitter
Email
Whatsapp
Facebook
Reddit
LinkedIn