Luno

Luno review

Luno is a Bitcoin and Ethereum exchange that provide its services at Asia continent and offers a way to avoid fee by purchasing Bitcoin as a Maker.

PROS


  • Free deposits and low withdraw fee
  • 0% Maker fee and 0.2%-1% Taker Fee
  • High exchange limit
  • One of the most well known Bitcoin exchange in Asia continent

CONS


  • Users are not advised to store Bitcoin in Luno’s wallet

Payment Method

Currently Luno accept bank transfers and credit card for deposit . It will take up to 48 hours for confirmed transaction and an email will notify you when it is credited to your account.

Supported Country

Currently Luno support up to 43 countries including Asia continent such as Singapore , Indonesia and Malaysia.

Privacy

There are total of 4 level of verification on Luno’s user accounts. Where the first level will only require your email address or signing up via Social media binding. However it only provide you your Luno wallet. Below shows different perks of account level depending on level of verification.

Level 1


  • Mobile number verification
  • Basic personal information
  • Total of MYR5000  Deposit/Withdrawal Limit(all time)

Level 2


  • Photo/Scan of ID card
  • Total MYR10,000 on Deposit/Withdrawal Limit(Monthly)

Level 3


  • Proof of residential
  • Total of MYR300,000 Deposite/Withdrawal Limit(Monthly)

Limit and Liquidity

Luno’s buying and selling limit varies depending on user’s registered country. Indonesia and South Africa are one of the few countries that does not have a limit. Meanwhile Malaysia users will be implied with a RM300,000 limit monthly for fully verified users.

Transaction Speed

Deposit made to Luno’s wallet via either payment method will take up to at least 1 day or 2 days depending on your country. Luno also has a certain withdrawal cut-off time and release time which varies based on your country as well. Malaysia’s cut off time is on 14:00/21:00 PM and released on 1500/22:00 PM respectively.

Thus any withdrawal request will had to be made before the cut-off time and the withdrawal request will be approved an hour later. For more countries of withdrawal time , please do refer here .

Reputation

Luno is one of the well known cryptocurrency exchange available on Asia continent and widely used by Malaysia and Singapore.

Fees

Fees of deposit and withdrawal transaction varies on Luno as they are working with different countries currencies as well as cryptocurrency. Malaysia’s user fee will be charged as below :

Send fees

Receive fees

Withdrawal fees

Deposit fees

Trade fees

These are the current fees imposed for various transaction in Malaysia by Luno. For other countries , please do refer here for more information.

Please aware that prices of fee might be different on different countries and the prices above are subjected for change for time to time by Luno.

Customer support

Luno provides a Help Centre with common FAQ varies from “How-to-Basics” to issues regarding deposits and withdrawals. A support ticketing service are provided on here for users who wish to contact them regarding complicated issues that require assistance.

Luno provides a blog as well to provide news and update regarding their platform and cryptocurrency issues.

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