A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Luno consists of four parts: general information, fees, deposit methods and security.
Luno is a cryptocurrency exchange from the United Kingdom. It has offices in London, Singapore and Cape Town (South Africa). United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
The exchange only offers trading in Bitcoin and Ethereum. If you would prefer a coin exchange with a more extensive selection of trading pairs, we recommend you to check out our Cryptocurrency Exchange List to find one there.
Luno is very clear on their website in explaining that all of their products and services are built on highly secure bank-grade technology platforms and that they undergo regular independent technology and financial audits. Furthermore, they state that they have a powerful trading engine and API.
“Our low latency trading platform is fast, compliant and reliable, ensuring best execution no matter when or where you are. We provide high quality APIs to ensure easy and robust integration and trading automation.”
As a few additional advantages, Luno lists on its website that it is trusted, built for the end-user, secure and that they have global expertise.
Like most other cryptocurrency exchanges out there today, Luno is also available as a mobile application. This means that you no longer need a desktop to access the cryptocurrency trading world. As long as you can download apps from App Store or Google Play, you’re good to go.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at Luno, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Luno Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Luno:
Luno Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Luno’s trading fee for takers is 0.10%. This fee is on point with, or even slightly below, the global industry average. Even more attractive, however, is the trading fee for makers offered at Luno. Luno does not have any fees for makers, i.e. 0.00%. This fee model promotes the liquidity at the exchange, as the people creating new orders on the exchange are rewarded by not having to pay any trading fees. This is a strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Luno also offers trading fee discounts to its customers who have managed to reach a certain trading volume over the preceding 30 calendar days. There are 8 different tiers, and if you reach the highest tier, you only pay 0.03% in taker fees. The highest tier (tier 8), however, requires you to trade for more than USD 20.75 million during the preceding 30 day period... The below table outlines the various tiers, the trading volumes required to reach them, and the trading fee discounts of each tier:
Luno Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0006 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
Here, at Luno, you only have to pay the network fees, meaning the fees that miners receive to confirm transactions. Only charging network fees is very competitive.
In addition to depositing cryptocurrency to the platform, Luno also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card).
Seeing as fiat currency deposits are possible at this trading platform, this platform qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world. If you need an exchange accepting credit or debit card deposits, you can easily find one by using our Exchange Filters.