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Luno
RankLuno
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Volume (24h)
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Luno
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Luno is a global cryptocurrency wallet and exchange provider founded in 2013, with headquarters in London and regional centers in Singapore and Cape Town. To date, Luno has processed more than $ 14 billion in transactions and serves more than 5 million customers, from more than 40 countries. Luno is an independent operating subsidiary of the Digital Currency Group.

The Exchange has offices in London, Singapore and Cape Town (South Africa). It was founded in 2013 under the name BitX, and rebranded to Luno in 2016, and was founded by Timothy Stranex and Marcus Swanepoel.

Luno Exchange is backed by several well-known investors, including Venturra Capital, Digital Currency Group, Balderton Capital, Naspers, and Rand Merchant Investment Holdings (RMI).

Luno's vision is to "upgrade the world to a better financial system". With the instant buy / sell feature, Luno customers can buy cryptocurrency with their local currency or trade between 25 cryptocurrency and fiat pairs on the Luno Exchange (also available via the Luno API).

Luno is a convenient cryptocurrency exchange that offers a wide range of services that enjoy trust, reliability and security.

Trading Characteristics

  • Luno Trading Platform: Luno offers its users a platform for exchanging cryptocurrency for fiat. The platform provides users with features such as advanced charts, access to the API for automated trading, various indicators and detailed reports.
  • Luno Brokerage Services: Like many other exchanges, Luno offers an easy way to buy Bitcoin or Ethereum, unlike the convoluted trading platform of other exchanges. It simplifies the buying process by selling you coins directly and charging you extra for its services.
  • Luno Mobile Wallet: Luno offers a custodial Bitcoin wallet for iOS and Android that can be linked to your Luno account. This gives you more flexibility to access your Luno account, however, it also means that you don't have control over your cryptocurrencies. The Luno BTC Savings wallet allows customers to earn interest on their currencies by storing them in a separate wallet.
  • Luno for business: a service that allows you to safely make transactions, trade and store cryptocurrency for companies. It is aimed at trading firms, miners, startups, etc., who want to send or receive payments in cryptocurrency.

Luno fees

Luno trading fees for takers are 0.25%. This fee corresponds to the industry average, which is also about 0.25%. However, there is no trade commission for manufacturers in Luno. Luno does not charge any fee from the makers, which helps to increase the liquidity on the exchange.

The Luno Exchange commission depends on network activity, location, and currency. For receiving of Bitcoin via a bitcoin address will be charged a Commission rate of 0.0002 BTC. Although sending and receiving PTS via a mobile phone or email address is free.

Safety

Luno guarantees that 95% of its cryptocurrencies are stored in "frozen" wallets with multiple signatures, protected by various levels of encryption. Luno works with regulators in the markets (operations in Malaysia are regulated by the Securities Commission of Malaysia), and supports progressive regulation of the cryptocurrency industry. The exchange has also implemented robust AML/CFT measures, which include a mandatory multi-level approach to KYC, registration with local financial intelligence authorities, and reporting suspicious activity and transactions.

Luno also offers a fairly advanced level of general security. Digital wallets are secured with two-factor authentication, and account passwords are stored in hashed form. SSL encryption is used in all web services.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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