With such a wide variety of cryptocurrency exchanges, it can be quite difficult to choose one, especially if you are a beginner. However, in this Luno review, we will introduce you to one of the most popular options.

What is Luno? In short, Luno is a convenient platform for buying, selling and securely storing digital assets. Is the Luno exchange safe? Judging by the strict security measures he uses, it seems that this is the case. But is it better than crypto giants like Binance, Bybit or Kraken? This is exactly what we will try to find out in the Luno review.

Luno is a British cryptocurrency exchange with offices in London, Singapore and Cape Town (South Africa). The UK is certainly the leader in the number of cryptocurrency exchanges in the world, at least among those known to us.

Only Bitcoin and Ethereum can be traded on the exchange. If you prefer platforms with a wide range of trading pairs, we recommend that you familiarize yourself with Binance, ByBit or BitGet.

Luno emphasizes on its website that their products and services are based on secure banking-level technology platforms undergoing regular independent technological and financial audits. The exchange also claims to have a powerful trading engine and API.

"Our low latency trading platform is fast, compliant and reliable, providing the best execution regardless of your location. We offer high-quality APIs for easy and reliable integration and automation of trading."

Among the additional benefits listed on the Luno website are user trust, end-user orientation, security and global experience.

Adjustable platform 

Luno stands out as a regulated platform in all the countries where it operates. This means that Luno is legal and has the necessary licenses and registrations in each region. This commitment to regulation plays a key role in protecting the interests of users and ensuring reliable control on the platform.

In addition, Luno complies with BSI information security standards and uses KYC verification, requiring users to verify their identity before starting cryptocurrency trading. This is important to ensure the safety of customers, and Luno recognizes the paramount importance of strict regulation in this matter.

Partnering with regulators around the world allows Luno to create an effective regulatory framework in the crypto industry. These efforts ensure that the exploration, purchase and storage of cryptocurrencies on Luno remains safe and hassle-free for customers.

For Luno, customer trust is of paramount importance, and this is reflected in their commitment to provide a safe and reliable environment for trading cryptocurrency.

Trading Instruments

Unlike platforms like Binance or Bybit, which provide a wide range of features and sophisticated tools for trading strategies, Luno focuses on basic operations. It facilitates basic transactions - buying, selling, sending, receiving and storing cryptocurrencies - without engaging in advanced trading functions. This means that if you need trading margin, futures, options, or other advanced features, Luno may not be the ideal choice for you.

In addition, Luno currently does not support the placement of cryptocurrencies for receiving rewards, as well as many other earning functions. This may be a disadvantage for those who want to increase their assets through the placement of their assets to receive additional rewards or interest.

However, if simplicity and ease of use are most important to you, then Luno remains an excellent choice. It offers a simple interface for managing your cryptocurrency, and your assets are accessible through the Luno app or website.

Although Luno may not be intended for the advanced trading community, its focus on accessibility, ease of use and basic cryptocurrency management makes it suitable for beginners or experienced traders who prefer a simpler approach to cryptocurrency trading.

The functionality and capabilities of the platform

In the review of the Luno platform, one cannot ignore its usability. This is one of the main attractive features of this platform, especially for newcomers to the world of cryptocurrencies.

Luno offers users two key features: a wallet and an interface for spot trading. The wallet allows you to easily and quickly carry out transactions of buying, selling and storing cryptocurrencies. It is intuitive and provides easy access to crypto assets. Moreover, users can invite friends to the platform and receive referral rewards, as well as use the recurring purchase feature for systematic investment.

The interface for spot trading is also easy to use. With it, users can view charts, order book and recent trades, as well as place their own orders. Thanks to this interface, users can bid with minimal difficulty.

The Luno app reflects this ease of use and offers a clean and intuitive design. It gives access to all the functions of the web version, which makes the trading process even more convenient and accessible to users at any time and anywhere.

In addition, Luno provides a number of business features, including API infrastructure and special support for enterprises. This allows business clients to effectively manage their assets and expand their capabilities in the cryptocurrency field.

The price notification feature in Luno is another important element that makes the platform user-friendly. It helps to stay informed about current changes in the cryptocurrency market and respond to them in a timely manner, providing users with up-to-date information and the opportunity to make informed decisions.

Available Cryptocurrencies

Since Luno is strict about the choice of cryptocurrencies available for trading on their exchange, they have a limited set of currencies. Currently, the list of available cryptocurrencies on Luno includes such well-known assets as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Avalanche (AVAX), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Tether (USDT), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC) and some others. However, it is worth remembering that the availability of these coins may vary depending on your location. The lack of certain altcoins or new tokens can be a disappointment for users seeking greater portfolio diversification or exploring new projects.

It is important for potential users to ensure that their chosen cryptocurrencies are supported in their region before they fully rely on Luno for trading. In addition, taking into account the development of the crypto scene, the list of available coins on the platform may change, which may solve this problem.

Despite this limitation, Luno remains a convenient and secure platform, which makes it an attractive choice for both beginners and experienced traders.

Mobile application

Like many other cryptocurrency exchanges, Luno offers users convenient access through a mobile application. Thanks to this, you can fully immerse yourself in the world of cryptocurrency trading without needing a computer. The Luno mobile app is available for download in the App Store and Google Play, which allows you to use it on devices with iOS and Android operating systems.

With the installation of the application on your smartphone, you get the opportunity:

• Conduct trading operations at any time and in any place. Now you are not tied to your workplace or home – it is enough to have a mobile device at hand.

• Track the status of your cryptocurrency portfolio in real time. You will always be aware of the current prices for cryptocurrencies, will be able to respond promptly to market changes and make informed decisions.

• Use all the main functions of the exchange directly from your mobile device. The application offers features such as buying and selling cryptocurrencies, depositing and withdrawing funds, analyzing charts and price trends.

• Ensure the safety of your assets. The Luno mobile app supports two-factor authentication and other account protection methods, which helps to securely protect your funds.

Thus, the Luno mobile application makes cryptocurrency trading more accessible and convenient by providing all the necessary tools and functions right in your smartphone.

Commission and fees

Each trading operation on the Luno exchange takes place between two participants: the maker, who creates orders, and the taker, who makes a deal corresponding to the existing orders. Makers provide liquidity in the market, and takers use this liquidity.

At Luno, the trading commission for takers is 0.10%, which is at or even below the global industry average. No commissions are charged for makers, which stimulates the creation of new orders and increases liquidity on the exchange. 

Luno customers receive discounts on trading commissions based on their trading volume for the previous 30 days. There are 8 levels of discounts, and the highest level (level 8) is achieved with a trading volume of more than $20.75 million over a 30-day period, with a trading commission of only 0.03%.

The commission for withdrawing funds to Luno depends on the asset. For example, for Ripple, the commission is a fixed $ 0.03, while for BTC there is no withdrawal fee. The deposit of fiat funds is free, and withdrawal is possible only through SEPA with a fixed commission of 0.30 EUR. 

Trading commissions on Luno also depend on the client's trading level. The maker's commission at all levels is 0.0%, and the taker's commission varies from 0.10% to 0.03%.

For instant purchase/sale transactions using EUR, a commission of 3.5% is charged on Luno when using Google Pay and a card, and 1.5% when using a cryptocurrency wallet.

Safety

The security of the service is achieved by the following aspects:

• Deep-frozen storage

Luno provides reliable storage of most client cryptocurrency assets using the "deep freeze" technique. For this purpose, a multi-signature wallet is used, where keys are generated and stored completely offline, outside the office. Key management is carried out by Bitgo Custody and Fireblocks, one of the most secure and compatible digital asset storage solutions in the world.

• Hot Wallet

A multi-signature hot wallet is used for instant bitcoin transactions. Backup copies of the keys are stored in offline safes located in different geographical locations. For additional security, three keys are required, one of which is stored by an external custodian. This custodian also monitors compliance with transaction speed limits.

• Air gaps

Private keys are stored completely offline and outside the office, on a device that is not connected to the Internet or other networks. This significantly reduces the possibility of an attack, as physical access to the device is required. The machine with an air gap is stored in a safe inside a secure vault in an unknown location.

• Two-factor authentication

Two-factor authentication (2FA) is supported for additional security. By enabling 2FA, you add another layer of protection to your account. The one-time code required to log in can only be generated on your smartphone.

• Passwords

All passwords are stored in hashed form, which ensures that no one but you can access them. Luno also makes sure that users create strong passwords when registering with Luno. It is recommended to use password managers such as LastPass, Keychain or Keepass to create and store passwords.

• Authorization

Luno guarantees that any high-risk activities, such as sending cryptocurrencies, are performed only with your permission.

• Confidentiality

Your personal and financial information is processed and stored exclusively in cloud services that meet strict security requirements. All information is collected and transmitted in accordance with the Privacy Policy.

• Infrastructure

The infrastructure is hosted on Amazon web services, providing a secure environment for Luno services. Access control methods, data encryption, monitoring and isolation are used for maximum security. Internal networks are protected by firewalls and do not have access to the Internet. All Internet traffic is also encrypted.

• Organization security

All Luno employees are required to use cryptographically secure multi-factor authentication to access internal services. Engineers do not have access to application credentials or production servers. All deployments are performed independently by the deployment server. New employees are checked for criminal records.