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Luno exchange: The perfect trading platform for beginners

As the popularity of cryptocurrency steadily increases, more and more crypto exchanges are beginning to emerge. Each one offers special features that attract crypto traders and investors. One platform currently rising in popularity, especially with beginners, is Luno. Continue reading here at Cryptoshimbun to learn more about this crypto exchange!

What is Luno?

Launched in 2013 as BitX before rebranding in 2016, Luno is one of the pioneer crypto exchanges that opened before cryptocurrency became popular. Thanks to new technologies such as its Luno API and Luno Store, the platform saw a steady growth with regards to its user base. 

When the Luno exchange started, the only currencies available on its platform were Bitcoin and Ethereum. After a few years, they began including other altcoins such as Bitcoin Cash, Litecoin and Ripple. Now, Luno supports over 30 trading pairs.

Why choose Luno exchange?

Check out the characteristics of the Luno platform that make it the perfect platform for beginner crypto traders below:

Trade on the go

Luno Exchange can be accessed by your computer through its website and on top of that, you can also download their mobile app so you can trade on the go 24/7. Also, the Luno mobile app is available both for iOS and Android so compatibility will not be an issue for its users.

Beginner-friendly user interface

You won’t have to deal with overwhelming graphs and information presented to you since Luno’s smooth user interface is simple to understand as long as you have some basic knowledge of how crypto trading works.

Access to major cryptocurrencies

Luno focuses on making the platform easily navigable by leaving out the complexity caused by hundreds of altcoins on the market. Although the selection of available cryptocurrencies in Luno is limited, it supports major crypto assets such as:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • USD Coin (USDC)

Maximum security

Luno exchange is highly protected and ensures that only you can have access to your assets, thanks to the help of their deep freeze storage that lets the wallet have multi-signature protection with several layers of encryption. 

It also adopts the know your customer (KYC) policy to ensure the safety of the platform and its users. However, take note that Luno is still not licensed with any regulatory authority so users are not insured in case Luno loses their funds.

Offers a built-in wallet

Luno offers a wallet where you can directly store your crypto, thus avoiding moving your assets back and forth between the platform and your external wallet. 

Services offered by Luno exchange

There are two major services of Luno: its exchange platform and wallet. But other features make it more than just an exchange platform and give beginner traders lots of opportunities to expand their crypto knowledge and portfolio. Check them out below:

Luno Savings

You can earn a passive income using Luno Savings which can be used through Luno’s wallet. This works by investing in Bitcoin which Luno lends out to a partner exchange. Any revenue it gets from the lending process will be passed onto you. 

Luno API

The Luno API allows developers to work with Bitcoin and Ethereum to access current and historic cryptocurrency market data they can use to build custom applications or integrate payments within the platform.

Luno Learning Portal

Luno Learning Portal provides lots of info about how the exchange platform works as well as the background of the cryptos you can trade here. The guides provided in the learning portal are short yet highly informative and are also available in video format.

Luno Store

Luno Store has 6 external merchants where you can buy products such as hardware wallets, gift cards and other services. The merchants are:

  • Bitrefill: Bitrefill lets you buy gift cards and pay mobile bills with Bitcoin or other cryptos
  • Bitbox: Use the promo code LUNO5 to get a discount on Bitbox which is a hardware wallet you can use if you don’t want Luno’s built-in wallet
  • SunExchange: SunExchange is a store that lets you buy solar cells with Bitcoin
  • Moon: Moon lets you shop on sites like Amazon using crypto
  • BitGive: BitGive is the world’s first Bitcoin non-profit charity 
  • Ledger: Ledger is another hardware wallet that can store and manage over 1,000 crypto assets

Getting started with Luno exchange

If you are interested in exploring Luno exchange as a user, read on below to know how you can get started:

How to sign up

Take a look at how you can create an account with Luno exchange below:

  1. Click the ‘Sign Up’ button at the upper right corner of Luno’s homepage.
  2. Enter your email address or simply connect your Facebook or Google account.
  3. Create a unique password.
  4. Enter your phone number. Luno will send you a unique code via text message.
  5. Type the code into the platform then you’ll receive a confirmation email from Luno containing the link that will verify your account.

Withdrawal and deposit fees per country

When it comes to deposit and withdrawal fees, they vary depending on your location and payment method. Check out the table below for more details: 

CountryDeposit FeesWithdrawal Fees
AustraliaFree as long as the amount is not below $50Free as long as the amount is not below $50
IndonesiaFreeRP 15,000
MalaysiaFree as long as the amount is not below RM 100RM 0.10
South AfricaVaries depending on the deposit methodFree for EFT, additional R20 for an Express withdrawal
UgandaFreeUSh 2,000
United KingdomFreeFree

Other than deposit and withdrawal fees, Luno also has other types of fees such as trading, receiving and sending fees which vary depending on your location, payment method and the currency you are using.

How to buy crypto

If you are a new crypto trader, check out how you can buy your first crypto below:

  1. Deposit via bank transfer or debit/credit card then select the crypto you want to buy.
  2. Click the Buy button then you will be taken to a screen where you simply fill in the amount of coin you wish to buy.
  3. Check the final price then confirm your order. Fees depend on your country so make sure you check how much you are going to pay at the Withdrawal and deposit fees page of Luno.
  4. The coin will now appear in your Luno Wallet.

Start your crypto trading journey with Luno exchange

With all the features mentioned above, it is evident that Luno is not just a crypto exchange platform. It is also a place where you can learn more about the ins and outs of crypto trading which makes it the perfect trading platform for beginners. 

If you like what you’ve read above, create an account with Luno now and start your crypto trading journey.

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