Luno is a bitcoin exchange and wallet available over your web browser, iPhone, or Android. It’s particularly popular in Indonesia, Malaysia, South Africa, and Nigeria. Find out everything you need to know about Luno today in our review.
What Is Luno?
Luno, found online at Luno.com, is a bitcoin exchange platform that promises to make it safe and easy to exchange fiat currencies for bitcoin.
To start using Luno, you sign up for a free Luno Bitcoin wallet through your web browser, or through the free iOS/Android app. Then, you transfer money through a local bank transfer or credit card purchase. Finally, you use that money to buy bitcoin. Luno keeps your bitcoins in its wallet, although you can transfer them to whatever storage solution you like.
In short, Luno works just like every other bitcoin exchange in the world today. What makes Luno different? Luno is particularly popular with markets under-served by other bitcoin exchanges. It’s one of the few exchanges where you can trade the South African Rand for Bitcoin, for example.
It also provides instant buy/sell support in Indonesia, Malaysia, Nigeria, and South Africa, with more countries being added in the future. In fact, global customers are only able to access Luno’s wallet at this time.
The exchange is only open to residents of Indonesia, Malaysia, Nigeria, and South Africa (although residents of the Netherlands can access the instant buy/sell feature, and people around the world can use Luno’s wallet).
Let’s take a look at some of the platform’s key features.
Luno comes with the following features.
Trusted & Longstanding:
Luno isn’t some flash in the pan startup. The company has been around since 2013 – which is eons in the world of bitcoin. Over the years, Luno has successfully processed hundreds of millions of dollars in transactions for customers in 40 countries around the world.
Easy-To-Use Around The World:
Luno promises to be easy to use for clients worldwide. The company accepts a surprisingly diverse range of local payment methods, for example, and even offers customer support in multiple languages.
Luno’s team comes from some of the world’s top tech companies. Many of the company’s developers have worked for Google, Amazon, Morgan Stanley, and Barclays, for example. Luno is also backed by some of the world’s top investors.
“We’ve built some of the world’s most sophisticated Bitcoin security systems and have never been compromised”, explains the official website.
How Luno Exchange Works
You can access the Luno exchange through your web browser or through the mobile apps. However you access it, it works about the same as any other exchange: you can view recent trades and prices across a number of currency pairs.
One difference between Luno and other exchanges, of course, is that it focuses on bitcoin trading – not altcoin trading. On Luno, you can buy Bitcoin with fiat currencies that aren’t often accepted on other exchanges.
This is the main advantage of Luno: few other exchanges let you trade the South African Rand for bitcoin, for example. Most exchanges restrict you to major currencies like the USD, GBP, and EUR. With Luno, you can trade fiat currencies from smaller nations around the world – which may save you an extra exchange rate.
The drawback, of course, is that you won’t find the same altcoins or other cryptocurrencies on Luno as you would on other exchanges. Nevertheless, here are some of the key features of Luno’s exchange:
- Real time market information
- Mobile trading on Android or iOS
- Advanced charts
- API access for automated trading
- CSV export, trade history, and reporting
- Depth liquidity indicators
- Fast bank deposits and withdrawals
- Competitive fee structure with market maker incentives
You can start using Luno today by signing up through their official website.
That online sign-in form asks for your email address and password. Alternatively, you can sign up with your Google or Facebook account.
Luno Mobile Apps
If you want to trade bitcoin with your mobile device, then you may want to download Luno’s apps, which are available for free for Android and iOS. The app is very well-designed and comes with a sleek UI. As far as I can tell, it has all the same functionality as the desktop exchange client.
If you want to access a lot of charts and data, then you may find yourself scrolling through the app more than you would in the browser client. However, it still makes trading very easy.
The Luno Bitcoin Wallet apps have an average rating of 4.0 stars or above on both app stores. You can setup an account and start trading bitcoin from within the Luno Bitcoin Wallet app. You never need to open your browser. Here’s the step-by-step process using the app:
Step 1) Sign up through the app and complete the verification process
Step 2) Transfer money to your Luno account using a bank transfer or credit card
Step 3) Convert your local currency to bitcoin with Luno Instant Buy
Some of the key features of the Luno mobile app on both iOS and Android include:
- Access your bitcoin anytime, anywhere
- Send and receive bitcoin via QR codes, email, or your wallet address
- Purchase airtime for you or your friends (available in selected countries)
- Monitor the price fluctuations of bitcoin
- Trade on the Luno Exchange, including placing limit orders and viewing detailed charts
- Store your bitcoin securely with our advanced multisig and cold storage
Right now, instant buy/sell is available in Indonesia, Malaysia, Nigeria, and South Africa. The company plans to add more countries in the future. As mentioned above, Luno is particularly popular among residents of these countries.
Luno tends to have a higher fee structure than other exchanges. However, it’s also the only exchange that accepts certain global currencies – like IDR, MYR, NGN, and ZAR. Even with a higher exchange rate, you’re probably still saving money as opposed to transferring your ZAR into USD and then buying BTC.
You can view Luna’s full fee structure on their site. Expect taker fees of between 0.50% and 1.00% on most transactions (with 0.50% taker fees only available on transactions of over 100 BTC).
Luno maintains three offices around the world, including in London, Singapore, and Cape Town. Overall, the company describes itself as “the world’s most international digital currency team.”
The team comes from a range of backgrounds in engineering, finance, and industry, and many members of the team have international experience or speak multiple languages.
Luno is backed by investors like Naspers, Digital Currency Group, and Venturra.
Ultimately, Luno is one of several bitcoin exchanges serving the global marketplace.
The exchange is particularly popular among residents of Malaysia, Indonesia, Nigeria, and South Africa, who can exchange currencies like the IDR, MYR, NGN, and ZAR directly for bitcoin. Few other exchanges allow that. Luno also offers instant buy/sell support to residents of these countries.
Whether you’re using Luno through the browser client or through the mobile app, you should find it easy to use. It’s a straightforward bitcoin exchange serving residents around the world – and it’s particularly popular in countries like Indonesia, Malaysia, Nigeria, and South Africa.