Luno Review for Australians

Dominic Harper // January 9 // 0 Comments

What is Luno?

Luno is a global cryptocurrency platform and an exchange that allows users to purchase, sell, and trade popular cryptocurrencies with the provided tools. As of now, Luno is available in over 40 jurisdictions, including Australia, and has over 10 million users from all over the world. Luno has acquired trading licenses from various jurisdictions so it won’t face any regulatory problems.

When it comes to features, Luno has kept things simple. Be it buying or selling of cryptocurrencies, trading, or storing them safely, Luno provides a hassle-free experience. In fact, the platform was started with the sole purpose of making cryptocurrencies more accessible to everyone. The problem that we found with Luno when we tested it out, is that it is TOO simple. Luno only supports 9 different cryptocurrencies, which is such a narrow range, compared to exchanges like Bybit with 280+ coins, CoinSpot with 410+ and Swyftx with 320+. 

We would suggest you have a look at our article on the best crypto exchanges in Australia to find a more suitable exchange. There is also a quick comparison table here of the top alternatives to Luno.

Top Australian alternatives to Luno

(Swipe across to see all 5 options)

Bybit
CoinSpot
Swyftx
Coinstash
Digital Surge
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Coinstash
Digital Surge
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD
AUD
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 410+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, DOGE, DOT, XRP, LINK & 1,000+ more
BTC, ETH, ADA, BNB, SOL & 300+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank Transfer, PayID, Cryptocurrency
POLi, PayID, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
0.85%
0.5%

Luno features

Luno has a great list of features for anyone who might be interested in investing in cryptocurrencies. Take a look below to find out what the platform offers, specifically to Australians:

  • Instant buying and selling of cryptocurrencies with AUD

  • Supports the most popular crypto assets

  • Professional trading interface with advanced functions

  • Trade cryptocurrencies for AUD

  • Trade and invest on mobile with Luno app

  • Beginner-friendly platform with easy-to-use features

  • Store, send, and receive crypto with the Luno wallet

  • Secure, compliant, and safe

  • Detailed guiding content for every step

If you are an Australian looking forward to joining Luno, there is a good chance you will enjoy the experience. You will be able to make transactions in your local currency with local payment methods, and even trade crypto assets for AUD as a fiat currency. But there is so much more to Luno. To find out what they offer, take a look below.

Australian payment methods to buy and sell crypto

One of the best things that Luno has done for Australian users is support for local payment methods. If you want to buy and sell cryptocurrencies in Australia, you can easily use PayID and bank transfers. Since you are paying with AUD, you will not incur any currency conversion fees.

You can also use your Australian credit or debit card to buy crypto assets instantly, but there will be a specific fee that you will have to pay for doing so. As for fiat withdrawals, you can trade your cryptocurrencies for AUD and withdraw to your bank account for free. Finally, if you wish to deposit cryptocurrency into Luno, this is free of charge.

Supports the most popular cryptocurrencies

Luno might not be the best exchange if you are looking for diversity in crypto assets. There is a limited range of coins, but the good news is that they are the most popular cryptocurrencies. As stated before, Luno has always kept things simple, and that is why they only offer a small number of cryptocurrencies on the platform. Luno does not offer new coins, or small altcoins that are not well-known. Instead, they only offer cryptocurrencies that are backed by millions of traders from all over the world.

Following is the complete list of crypto assets that you can trade on Luno:

BTC

ETH

LTC

XRP

SOL

USDC 

BCH

LINK

UNI 

Note that you cannot buy all of these coins directly, but instead you can purchase BTC and ETH and trade them for the coin that you want.

Professional and advanced trading interface

Luno makes it easier for experienced traders to trade with their advanced trading interface and integrated features. Traders are provided with a detailed chart for every single pair available on the platform. You can check the movements out, where the market is headed, previous movements, and even pull out historical data as you need. You can also switch to the depth chart and check out the market fear and evaluate what decisions other traders are making.

For the integrated features, traders can use a variety of indicators to predict where the market will move. You can use multiple indicators at the same time for better evaluation and detailed predictions. There are some other tools available, too, including drawing tools, patterns, texts, and scaling options. Luno also provides a separate portion on recent trades and order book along with the order execution section on the right-hand side to customize your trades. That is also where you can check out the order types, limits, and fees.

Trade cryptocurrencies for AUD

Another benefit for Australians trading on Luno is that the platform allows trading of digital assets for AUD. You can trade AUD for four different crypto assets, BTC, ETH, ADA, and SOL. This makes it easy for Australian traders to cash out their funds locally without facing any issues.

Mobile apps are available for Android and iOS devices

Luno is also available for mobile users with Android and IOS devices, and can be installed quickly from their respective app stores. With Luno mobile applications, you can trade anywhere and whenever you want, solving the problem of portability. You do not have to carry a laptop around in order to keep connected with your portfolio or trade.

Simply open the mobile application and instantly have everything that you can find on the desktop version of the platform. You can buy, sell, learn, store, send, or even receive cryptocurrencies through the app as efficiently as on the web version.

Beginner-friendly interface with easy functions

Luno is a cryptocurrency platform that aims to make the process of buying, selling, investing, and holding digital currencies easy and user-friendly. Many people around the world are hesitant to engage with exchanges and cryptocurrencies due to the perceived complexity of these activities. Luno aims to solve this problem by providing a platform with a simple, easy-to-use interface that is accessible to even the most inexperienced users.

To get started with Luno, all you need is an email address and a password, and you can easily verify your identity to gain full access to all of the platform's features. The platform's features are also designed to be easy to use, allowing you to buy and sell crypto assets with a single click and withdraw them just as easily. This approach encourages more people to join the platform, explore the world of cryptocurrencies, and get started without being overwhelmed by complicated processes.

Hold, send, and receive crypto with the Luno wallet

Luno is a platform that offers a range of services for cryptocurrency traders and investors. In addition to serving as an exchange where users can buy and sell digital assets, Luno also offers a crypto wallet that allows users to securely store their cryptocurrencies, send them to others, and receive them with ease. The Luno wallet includes features such as price alerts to help users stay up-to-date with market movements, and allows users to easily purchase cryptocurrencies with a single click. The Luno wallet is accessible through the platform's mobile app, which allows users to stay connected with the market and the assets they own at all times.

Best security, compliance, and safety

Luno stores the majority of user funds in “deep freeze” using multi-signature wallets to keep all the funds offline and inaccessible. When cut off from the internet, it becomes pretty much impossible for any unauthorised party to access or steal the funds. Luno also uses hot wallets and air gaps which come with the same purpose, to keep their cryptocurrency secure and safe. To ensure even further safety, users can also enable 2-factor authentication for their accounts so that they cannot be individually hacked. It is also a good idea to use a unique password that you have not used anywhere else before.

When it comes to compliance and regulations, Luno strictly follows the rules of different major jurisdictions. They even have a local presence in Australia and many other countries.

Opportunity to learn and grow with educational content

With the resources section available on Luno, you can start learning about the crypto industry from scratch and get familiar with concepts that could help you make profitable investment decisions. Luno has developed this section specifically for beginners who are interested in learning about the industry, how trading works, and why one should invest in cryptocurrencies. There are also engaging videos that are effective in conveying complex information. You can explore, read the articles and guides, and increase your knowledge.

Luno Australia fees and payment methods

The fee structure of Luno varies widely depending on the country you are using the platform from. When it comes to trading fees at Luno for Australian users, Aussies are charged a fixed taker fee of 0.10% if they are on tier one. As for the maker fee, it is 0%, no matter what pair you are trading on the platform.

You can even lower your taker fee if you have a large trading volume over the past 30 days. There are eight fee tiers on Luno; the more you trade, the lower your fees will be. 

As for the deposit fee for Aussies, crypto deposits through crypto wallets are absolutely free. Fiat deposits through bank transfers and PayID are also free if you deposit more than $50. If you make a smaller deposit, you will be charged a fee of $1.30. You can also buy cryptocurrencies instantly with credit or debit cards which come with a fixed fee of 3.5%.

Lastly, for fiat withdrawals to a bank account, if you withdraw more than $50, there is no fee. For smaller withdrawals, the fee is $1.30 per transaction. If you are withdrawing cryptocurrencies to an external wallet, you will have to pay a variable fee depending on the asset network and the congestion.

Pros and Cons of Luno

Pros
  • Buy, sell, and trade cryptocurrencies with AUD
  • Advanced trading layout for experienced users
  • Beginner-friendly exchange
  • Hold, send, and receive crypto with the Luno wallet
  • Android and iOS mobile apps
Cons
  • Very limited range of cryptocurrencies available
  • No advanced features such as derivatives trading

Conclusion

Crypto is a rapidly growing industry that is being adopted quickly in Australia. Luno is one of the few global platforms that has a local presence in Australia, offering several local payment methods, and the ability to trade cryptocurrencies with AUD.

Luno has a beginner-friendly interface allowing anyone to use their services easily. With the Luno wallet, you can always keep your assets safe and secure. If you are living in Australia and are planning to enter the crypto industry, Luno can help you take the first step with their guides, easy payments, user-friendly layout, and low fees.

Frequently Asked Questions

What payment methods does Luno offer to Australians?

Australians on Luno can deposit funds into their accounts using local bank transfers, PayID, and credit or debit cards. The withdrawals can be made through direct crypto transfers and bank transfers.

Can you trade cryptocurrencies and fiat on Luno?

Yes, you can trade cryptocurrencies and fiat on Luno. The platform also supports AUD trading to allow Aussies to trade crypto for their local currency.

Is Luno a safe and secure platform?

Luno uses industry-leading security mechanisms to ensure the safety of users’ funds. To date, there have been no reports of hacking or breaching in the platform.

Do Australians have to verify their identity on Luno?

Yes, everyone, including Australians, has to verify their identities on Luno in order to prevent identity theft and fraudulent activities on the platform.

Frequently Asked Questions

What payment methods does Luno offer to Australians?

Australians on Luno can deposit funds into their accounts using local bank transfers, PayID, and credit or debit cards. The withdrawals can be made through direct crypto transfers and bank transfers.

Can you trade cryptocurrencies and fiat on Luno?

Yes, you can trade cryptocurrencies and fiat on Luno too, allowing Aussies to trade crypto directly with AUD.

Is Luno a safe and secure platform?

Luno uses industry-leading security mechanisms in order to ensure the safety of the funds of their users. There have also been no reports of hacking or breaches in the entire history of the platform.

Do Australians have to verify their identity on Luno?

Yes, everyone, including Australians, has to verify their identities on Luno in order to prevent identity theft and fraudulent activities on the platform.

To read our privacy statement follow the link.

About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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