Luno Wallet Review – Uncovering all fees & features

Luno Review

Luno is an innovative cryptocurrency company offering international users a place to hold and exchange their crypto. The wallet experience is straightforward and very secure. 

This experience helps Luno standout and increase wide adoption in developing countries. Luno’s goal is to upgrade the world financial system.

In this review, we’ll explore this vision and see if fits with your Bitcoin holding needs. 

Pros

  • Newbie Friendly User Interface & Platform
  • Bitcoin Savings account allows users to earn 4% on Bitcoin saved.
  • Available in 30+ countries – key markets South Africa, Europe, and Nigeria.

Cons

  • Customer support
  • Trade Fees and Fee Structure is confusing
  • KYC Process isn’t straightforward
  • Limited Number of cryptocurrencies supported

Luno Overview

One of the original Pioneers in the crypto space. CEO Marcus Swanepoel and CTO Timothy Stranex cofounded Luno in 2013 back when it was formerly known as Bitx. 

Now Luno is an active crypto wallet and exchange. Processing more than 14 billion dollars in transactions. 

Based in London with a team of nearly 400 employees. Luno has additional offices in Singapore, Indonesia, Nigeria, and South Africa. 

Luno’s customer base has grown exponentially. 5 million customers spanning over 40 countries. Each customer enjoys Luno’s wallet and exchange functionalities.

This international exposure helps solidify Luno as an international hub for buying, holding, and selling Cryptocurrency. 

Luno Platform Features

Luno provides users with a safe and secure custodial wallet. It’s easy for Luno wallet holders to buy, send, and store their favorite cryptocurrencies like Bitcoin.

It’s ideal for users looking for a simplistic way to store Bitcoin bought temporarily. Luno has expanded beyond BTC to include coins like Ethereum and Litecoin. 

Luno BTC Savings Wallet

Earning passive income on your Bitcoin is now possible with the Luno BTC Savings account. The team at Luno recently introduced a way for users to save BTC and earn 4%* interest per annum on it.

The savings wallet has no fixed terms, admin fees, and funds in this wallet that can be moved into your normal wallet. 

The wallet is separate from the Luno flagship wallet. Users have to add Luno’s BTC Savings Wallet as an additional wallet in order to take part.  Luno noted that BTC Savings Wallet isn’t available in Malaysia. 

Luno Exchange

Luno has created a simple platform for users looking to buy cryptocurrencies through the exchange market. Buyers bid and sellers ask, Luno connects the two through their platform.

They offer cool data charts and reports to help traders make informed decisions through their API. 

The exchange is similar to other competitors. Users can trade in the exchange to buy crypto coins like Bitcoin. 

Luno Business

Users looking for a secure place to transact, trade, and store cryptocurrency for their business do so through Luno’s business account. 

Many businesses in top industries like Trading firms, miners, other financial companies utilize Luno to actively trade and secure funds. 

Users can also integrate with the Luno API to build cryptocurrency features into their platforms.

Luno Exchange Platform, Small Yet Simple

As we mentioned earlier, Luno offers its users a way to trade fiat to Bitcoin and vice versa. A very simple platform that includes a myriad of tools. Although Luno’s trading volume is small in comparison to its competitors, they find ways to incentivize users to trade more. 

An example, Luno has an exchange rewards program exclusive to Indonesian traders. The program rewards customers based on their monthly transaction volume.

The more Indonesia customers trade, the bigger rewards users can earn. 

The reward program specifically caters to regions like Indonesia. This speaks to Luno’s dedication to its customers in developing markets.  

Luno supports trading for several fiat currencies, in developing markets such as: 

  • Nigerian Naira (NGN)
  • Indonesian Rupiah (IDR) 
  • South African Rand (ZAR)
  • Malaysian Ringgit (MYR)

The trading fee structure is competitive. Lower fees based on your gross trading volume. 

Earn Bitcoin in Luno BTC Savings Wallet

Luno created an Easy way to store your Bitcoin. The team does a good job of making the Luno wallet accessible on multiple platforms. The wallet is available on IOS, Google Play, and the web. 

Additionally, Luno recently created a BTC savings wallet. Users can move BTC into this wallet and earn a 4% interest per annum.

Obtaining a BTC Saving wallet is easy. Go to the wallet section in Lunos App or website, tap Add new wallet, and follow the onscreen instructions. 

This wallet is great for users looking to HODL their Bitcoin. The team at Luno created the BTC Savings Account in response to economic certainty seen with COVID-19.

The BTC savings wallet can serve as an alternative way to secure funds in a meaningful way.

Luno Wallet Security

Luno prides itself on having a secure wallet in which users can safely store their Bitcoin. The Luno team protects your digital assets in a few different ways. One of the first ways is in how Bitcoin funds are kept. 

Deep Freeze Storage

Funds are securely stored in what they call a “deep freeze storage”. The deep freeze storage accounts are multi-signature, and private keys are stored in different vaults. There are multiple levels of encryption and security checks. 

Hot Wallet Two Key Control 

Second, the multi-signature Hot wallet is maintained by Luno. Luno controls access to one of two private keys, the other is handled by Bitgo.

Keeping control of these two keys by splitting them up this way is important. Attackers would have to compromise two different systems in order to gain access to both keys. 

User Authentication  

The third way is through a user’s authentication. User login names and passwords are required in order for customers to access their accounts. Also, two-factor authentication (2FA) is supported to add another layer of protection. 

KYC, Verification, & Deposit Limits  

Just like most crypto wallets and exchanges. Luno is required to comply with KYC and Anti-money laundering (AML) laws. So, Luno does have a KYC process that new customers must comply with in order to make deposits and withdrawals. 

There are different account levels that limit the amount users can deposit and withdraw. Each limit applies to a certain verification level.

Deposit Limits  

Level 1 Verification – Mobile Number, Basic user info, & Selfie photo: €1,000.00 EUR

Level 2 Verification – Government-issued ID: € 5,000 EUR

Level 3 Verification – Proof of residence: € 100,000 EUR

Luno Fees

Fees associated with Luno’s services are competitive. Sending, receiving, withdrawals, and trading just to name a few services all vary from country to country. 

It is important for users to take note of their regions when interacting with some of Luno services. The full fee structure can be viewed here.

Users who trade on Luno can expect to see a maker-taker fee model. Traders who make trades in their local currencies or Bitcoin are considered Makers. 

Makers pay a 0% fee on equal orders. A trader who matches an existing order also known as a taker will pay up to a 1% fee.  

Supported Cryptocurrency

Luno is very limited in the cryptocurrencies they support. We listed all the supported cryptocurrencies below. 

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)

Supported Countries 

Luno is available in a number of key markets like South Africa, Europe, and Singapore. We counted over 30+ countries, below we listed the most notable.   

  • Australia
  • France
  • Greece
  • Indonesia
  • Malaysia
  • Nigeria
  • Italy
  • Norway 
  • Singapore
  • South Africa
  • Uganda
  • United Kingdom
  • Zambia

Customer Support

Luno offers customer support mainly through emails and ticket submission. There isn’t a dedicated number to call or a chat system where customers can reach out for support. 

Which is common to see with most exchanges out on the marketplace. There is a help center, which helps answer some of the common issues and questions users may have on Luno.

One area where Luno shines is how they support newbie traders. Luno provides a number of helpful resources to help educate and lessen the learning gap for users new to crypto. 

An example, Luno has a robust learning portal. The content is available in multiple languages and gives users insights into the Cryptocurrencies like Bitcoin and Litecoin.  

Customer Reviews 

Most of the reviews from customers we spotted on sites like Trustpilot were generally positive of the services Luno provides and were excited to use the platform. 

A couple of the 3-star reviews were a mixture of users having issues getting to understand how to trade on Luno. 

Others took issue with customer service limited availability beyond e-mail or submitting tickets. 

For the customer complaints we’ve seen, the Luno team seems to be quite active at responding to customer reviews. Negative or positive, Luno’s customers seem to enjoy services overall.

Luno Pros & Cons

Pros 

  • Newbie Friendly User Interface & Platform
  • Bitcoin Savings account allows users to earn 4% on Bitcoin saved.
  • Available in 30+ countries – key markets South Africa, Europe, and Nigeria. 

Cons 

  • Customer support 
  • Trade Fees and Fee Structure confusing
  • KYC Process isn’t straightforward   
  • Limited Number of Cryptocurrencies Supported  

Final Thoughts – Luno Your Ship To The Crypto Universe?

Luno is carving a place for itself among all the other crypto wallets and exchanges on the market. Giving developing markets a chance to be part of the crypto experience.

It’s a niche not many other exchanges are taking part in, but that is what makes Luno special. 

Simple user experience and basic functionality make it a great place for newbies looking to get involved with cryptocurrency. 

Of course, there are areas where they can improve. Better contact and support are some of the more obvious areas. Adding more coins than the cryptocurrencies they already support is another.

 With that being said, Luno offers a great service that users of all backgrounds can use to trade and hold crypto.