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Luno's motto is that cryptocurrency is for everyone, and it lives up to that with a beginner-friendly design. It's also highly secure. This is one of the simpler crypto exchanges, though, with a small selection and very few features. Check out our full Luno review to learn if it's the right exchange for you.
Bottom Line
The easy-to-use design and security makes Luno a solid option for beginners, but it only offers the basics.
Fees:
0.75%
Account Minimum:
$10
This cryptocurrency exchange is a good fit for: Investors who are new to crypto and want a safe place to buy the biggest coins.
Luno does a great job of making crypto investing as straightforward as possible. It has a beginner-friendly web platform and mobile app, so it's worth checking out if you're new to crypto and you want an exchange without much of a learning curve. To buy crypto, you simply add your debit card, decide how much you want to spend, and confirm the transaction.
Security is important for any crypto exchange, and this is an area where Luno excels. It keeps most crypto funds offline in cold storage and puts the keys to this crypto in safe deposit boxes. By storing cryptocurrency offline and making it difficult to access, Luno also makes it much harder for anyone to steal its clients' funds.
LEARN MORE: What Is Cold Storage in Crypto?
Luno has some of the better educational content we've found from a crypto exchange. Its learning portal includes articles on cryptocurrency in general and an in-depth look at specific cryptocurrencies. It also has video content and a blog with the latest crypto news.
Licensed crypto exchanges need to verify the identity of all their clients, and some exchanges are much quicker at this than others. Luno is definitely on the faster side. After you submit the required information, your ID, and a selfie, Luno typically only takes a few minutes to verify your identity.
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Those interested in buying different types of cryptocurrency probably won't be satisfied with Luno's selection. It offers just the two market leaders:
That's a big disadvantage, especially now that so many exchanges are offering large lineups of dozens and sometimes even hundreds of cryptocurrencies. Luno will need to offer more if it wants to attract crypto enthusiasts.
Luno doesn't have any bells and whistles. It lets you buy, sell, send, and receive cryptocurrency. There are no advanced trading tools, and it doesn't let you stake cryptocurrency to collect rewards.
International Luno users can store select cryptocurrencies in savings wallets. Through a crypto lending program, these crypto balances earn interest. However, this feature isn't available to U.S. investors.
If you want a larger cryptocurrency selection: Coinbase has built a terrific lineup of over 200 cryptocurrencies, including most of the big names and plenty of smaller ones. Like Luno, Coinbase is beginner friendly and has plenty of educational resources. It even has educational modules that pay you free crypto after completing them.
If you want more features: Crypto.com has quite a few perks that enthusiasts enjoy. Its earn program offers rewards on dozens of different cryptocurrencies, making it easy to grow your holdings. The exchange also offers a prepaid crypto rewards card, a payment app, and a platform to buy and sell non-fungible tokens (NFTs).
Interested in buying your first NFT? Read The Ascent's guide to the Top NFT Marketplaces.
Luno is a cryptocurrency exchange with a web platform and mobile app. It's available in over 40 countries, and although they all have access to the same Luno platform, some features can vary depending on the user's location.
For U.S. investors, Luno offers the following features:
Luno currently only accepts debit card payments from U.S. clients. To make a crypto purchase, you need to add your debit card as a payment method first. Although Luno also offers a way for users to deposit money from their bank accounts, this feature isn't available in the United States yet.
Luno charges a trading fee of 0.75% for buying and selling cryptocurrency. It has one of the simplest trading fee structures we've seen, although it's worth noting that there are crypto exchanges that charge less.
Cryptocurrency deposits are free, where cryptocurrency withdrawals have dynamid fees that depend on the network traffic at the time.
Deposits made via bank account transfer aren't available yet, but when they are, they won't have any fees. Bank account withdrawals and purchases made using a debit card also don't have any additional fees.
Luno supports Bitcoin and Ethereum in the United States. Users in other regions have access to additional cryptocurrencies.
Cryptocurrency selection is a Luno weak point compared to other exchanges. With such a small lineup, it's missing quite a few major cryptos, including Cardano (ADA) and Solana (SOL). It also doesn't have any small-cap cryptos to check out.
Luno has high security standards -- in terms of crypto storage and account security, Luno offers some of the best protection in the industry.
Most of the cryptocurrency funds Luno manages are stored in cold wallets, crypto wallets that aren't connected to the internet. Since they're offline, hackers can't access them. Luno stores these cold wallets in physical bank vaults inside safe deposit boxes, which it calls "deep-freeze" storage. Only specific individuals can access these safety deposit boxes, and no one has access to more than one.
Since it's difficult even for the exchange to access crypto in deep-freeze storage, it keeps a small portion of its crypto more accessible for day-to-day operations. This crypto is still extremely secure, with some stored in cold wallets and some in hot wallets connected to the internet. The only way crypto can be spent from a hot wallet is if both the Luno exchange and its partner authorizes the transaction.
Though your crypto should be safe on Luno, you also need to guard your account. Luno offers several features to help with this:
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Lyle Daly has positions in Bitcoin, Ethereum, Cardano, and Solana.