Luno is a centralized cryptocurrency exchange (CEX) that allows users to buy, sell, and trade digital currencies. The exchange was founded in 2013. It is headquartered in London and has regional hubs in Cape Town and Singapore.
Luno crypto exchange has over 10 million customers. The platform is available in more than 40 countries across North America, Africa, Europe, and Asia. Luno cryptocurrency exchange requires users to verify their identity, according to KYC and AML requirements, before they begin trading. People from unsupported regions are allowed to create an account and explore the platform without verifying their identity. However, they cannot buy, sell, or trade digital assets.
Luno cryptocurrency exchange is available in Android and iOS mobile apps. Users can also access the platform through the web.
Markets
Luno offers instant buy/sell features. Luno spot trading allows users to purchase cryptocurrencies such as Bitcoin, Ethereum, and Litecoin with their local currencies, or trade across 25 crypto-to-crypto pairs. Luno trading pairs include popular markets such as ETH/BTC and LTC/BTC.
Luno uses a maker/taker fee structure for traders using the Luno cryptocurrency exchange. Market makers pay no fees while market takers pay a nominal fee. The Luno exchange fee is determined by the user’s trade volume over the last 30 days. The 30-day trade volume is calculated by the Luna system each day at midnight (00:00 GMT).
Each supported regions have different tiers that determine the market taker's fees:
- Australia and Europe – 8 Tiers with fees ranging from 0.03% for Tier 8 to 0.10% for Tier 1.
- Indonesia – 3 Tiers with a 0.21% fee for every tier.
- Malaysia – 8 Tiers with fees ranging from 0.15% for Tier 8 to 0.50% for Tier 1.
- Nigeria – 7 Tiers with fees ranging from 0.04% for Tier 7 to 0.10% for Tier 1.
- Uganda, South Africa, and United Kingdom – 8 Tiers with fees ranging from 0.04% for Tier 7 to 0.10% for Tier 1.
Also, Luno users may incur a deposit fee depending on their regions. The platform levies fees where they incur costs to receive the deposited money. The platform also charges withdrawal fees when a user withdraws funds to their bank accounts. The fee for sending cryptocurrency is dynamic and dependent on the traffic on the blockchain. Receiving Bitcoin and Ethereum is free. Finally, buying and selling cryptocurrency on Luno Exchange also attract a fee, which is displayed on your screen when making the transaction.
Detailed Luno crypto fees are available on the platform's website.
In December 2022, the total Luno volume was $13.06 million. Many active traders and high Luno volume ensure deep liquidity on the platform. High liquidity helps to maintain a stable Luno crypto price, allowing traders to execute the trade as close to the price they want as possible to maximize their profit.
Other Services
Luno offers a savings program, which enables users to earn interest for depositing cryptocurrency into the Luno Savings Wallet. The saving wallet is a lending product. Though it is only available for supported cryptocurrencies, which may differ depending on the jurisdiction.
Additionally, Luno offers a multicurrency crypto wallet that enables users to safely store their assets. Luno itself stores 95% of its crypto in "deep freeze", which is a multi-signature wallet protected by multiple layers of encryption.
Lastly, Luno has a powerful API that allows users to build custom applications and integrate payments. Besides, the API offers a space to develop a secure trading bot.
About the Company
Luno, formerly known as BitX, was founded by Crel van Wyk, Pieter Heyns, Marcus Swanepoel, and Timothy Stranex in 2013. The company, headquartered in London, has been providing exchange services since its founding.
Luno raised over $13 million over four funding rounds. The company has been funded by multiple investors, including Digital Currency Group (DCG).
In September 2020, DCG announced the acquisition of Luno. Since then, Luno crypto exchange has been operating as an independent subsidiary of Digital Currency Group (DCG). DCG’s main aim is to develop a better financial system by building and supporting blockchain and crypto companies.
In October 2020, Luno announced a partnership with IntoTheBlock, an intelligence company that leverages machine learning and advanced statistics to extract crypto market signals. IntoTheBlock seeks to help Luno users with deeper trading insights.
The highest daily Luno trade volume was recorded at $123.11 million on May 20, 2021.
In 2021, there was attempted phishing, which targeted Luno users.
Co-founder and CEO Marcus Swanepoel has in-depth knowledge and experience in coding financial technology. He participated actively in the founding of Palo Alto Networks, the Silicon Valley startup before joining Luno. Other co-founders, Crel van Wyk, Pieter Heyns, and Timothy Stranex also possess a wealth of knowledge in tech and crypto.
