All Share (J203) = 88 342
Rand / Dollar = 18.57
Rand / Pound = 23.35
Rand / Euro = 19.33
Gold (usd/oz) = 2 927.99
Platinum (usd/oz) = 968.90
Brent (usd/barrel) = 76.37
Trade +10,000 CFDs with Tight Raw Spreads. – Trade Now!

Luno: The Ultimate Guide for Beginners

Luno The Ultimate Guide Banner

 

Luno: The Ultimate Guide for Beginners Revealed for 2025* We have listed, rated, and reviewed the top facts about Luno: The Ultimate Guide for Beginners.

In this in-depth write-up, you will learn:

 

  • What is a Luno?
  • Luno APP Download in South Africa?
  • Luno Bitcoin Wallets
  • What is a Luno Minimum Deposit?
  • Trading Platform for Luno.
  • Does Luno have a future?
  • Is ZAR available in Luno, South Africa?

 

And much, much more!

 

Luno: The Ultimate Guide for Beginners

📌Feature🔖Description
🌍 LocationGlobal platform with a focus on emerging markets
💰 Supported CoinsBitcoin (BTC),
Ethereum (ETH),
Ripple (XRP),
and others
📱 Mobile AppAvailable on iOS
and Android for easy access
🔒 SecurityTwo-factor authentication (2FA),
cold storage,
and encryption
💳 Payment MethodsBank transfer,
credit/debit cards,
and e-wallets
📈 Trading FeesCompetitive fees starting from 0.1%
🛡️ Regulatory ComplianceRegistered in multiple jurisdictions,
adhering to local laws
🤝 Customer Support24/7 support via email and in-app chat

 

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Luno: The Ultimate Guide for Beginners Overview

    1. ☑️What is Luno?
    2. ☑️What is a cryptocurrency exchange platform?
    3. ☑️What does Luno offer?
    4. ☑️Bar Chart for Luno
    5. ☑️How to open a Luno Account?
    6. ☑️How to buy Bitcoin or Ethereum through Luno?
    7. ☑️Where does Luno store my cryptocurrency?
    8. ☑️Does Luno support Ethereum?
    9. ☑️Is Bitcoin Cash available to trade on Luno?
    10. ☑️How much does Luno charge?
    11. ☑️Is Luno safe to use?
    12. ☑️What is two-factor authentication?
    13. ☑️Luno Promotion
    14. ☑️Invest with data-led methodology
    15. ☑️What is a multi-signature wallet?
    16. ☑️Where is Luno available?

 

What is Luno?

What is Luno

 

Luno is a digital currency exchange facility that offers clients a technology platform to buy, sell, and store digital currencies and pay for products and services using a cryptocurrency wallet. Digital currency is also known as a cryptocurrency, and the two most famous examples are Bitcoin and Ether, the latter being the digital currency used to power Ethereum.

Formerly known as BitX, the company headquarters are in London, United Kingdom; and the company is represented in 40 countries around the world. However, Luno is focused on developing countries that have proven to be lead adopters of cryptocurrency. This includes South Africa, Nigeria, Indonesia, Zambia and Malaysia.

 

What is a cryptocurrency exchange platform?

What is a cryptocurrency exchange platform

A cryptocurrency exchange platform facilitates the exchange of cryptocurrencies for traditional fiat money. Companies that operate exchange platforms came into being in 2009 with the launch of a decentralized cryptocurrency called Bitcoin. Many more cryptocurrencies have been launched since then, including the second-most-popular one called Ether which is used to power Ethereum, and Bitcoin Cash which was created through a Bitcoin Hard Fork.

A cryptocurrency exchange is either a ‘bricks-and-mortar’ business much like a bank that exchanges traditional fiat currencies (such as the US Dollar, Euro, and Pound Sterling) or it is a web-based platform that facilitates the exchange of fiat currencies and cryptocurrencies.

 

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The business accepts credit card payments and electronic fund transfers in exchange for cryptocurrencies. It pays out cryptocurrencies into a customer’s cryptocurrency wallet or, in some cases, transfers it to a prepaid gift card that can be used to withdraw funds from any ATM in the world.

You typically access a cryptocurrency exchange platform by signing up on a website such as Luno, downloading an app from the App Store, or accessing it via Google Play.

 

What does Luno offer?

What does Luno offer

 

Luno offers its clients a simple and secure way to buy and sell Bitcoin and Ethereum using a built-in cryptocurrency wallet. It supports several global fiat currencies such as the US Dollar, Euro, Pound Sterling, and the South African Rand.

Luno offers a brokerage service as well as training and consultancy services to help the general public understand the complexities of cryptocurrencies such as Bitcoin and Ethereum.

 

The company’s full-service offering includes:

 

Luno cryptocurrency trading platform

Luno cryptocurrency trading platform

 

The cryptocurrency trading platform is core to the Luno website and is designed to facilitate the electronic process of buying and selling digital currency using fiat currency such as US Dollars, Euro, and Pound Sterling.

The trading platform creates a linked account with your bank and you can immediately start trading Bitcoin or Ethereum as soon as your Luno account is verified.

Luno clients with registered accounts can trade digital currency with each other, and Luno earns a commission on all sales.

 

Luno wallet

Luno wallet

 

A Luno wallet is a software program (app) that stores private and public cryptographic keys and interacts with blockchain technology so that Luno clients can buy and sell cryptocurrency, store it, and monitor transactions.

Basically, if you want to buy or sell any cryptocurrency, you need to have a cryptocurrency wallet. The public key stored in a Luno wallet facilitates payments to the wallet’s address; the private key facilitates the spending of cryptocurrency from that address.

 

Luno brokerage service

Luno’s brokerage service facilitates the buying and selling of cryptocurrency through a dealer network instead of a centralized exchange. A Luno broker connects sellers with buyers and pairs them for sale. Cryptocurrency is sold or bought at a quoted exchange rate, including a brokerage fee. The fee percentage varies according to market conditions.

The Luno brokerage service is the preferred option for larger trades as it tends to provide both parties with a better price and is more flexible and convenient.

 

API for Developers

API for developers

 

Luno API provides developers with financial information and trading capacity in the digital currency market. This functionality allows developers to work with Bitcoin and Ethereum to access blockchain technology required for tasks such as accessing current and historical cryptocurrency market data.

 

Learning portal

Learning portal

 

Cryptocurrency is a revolutionary decentralized digital currency and it’s confusing for even the most tech-savvy clients. Through Luno’s learning portal, you can learn more about the world of cryptocurrency, understand the language around Bitcoin and Ethereum, and learn to trade cryptocurrency in a responsible manner.

 

Luno Store

Luno store

 

The Luno Store is much like Google’s Play Store. It’s where Luno clients can go to find new and interesting crypto-based apps and services that have recently been launched in the digital currency space. The apps promoted in the Luno Store have been pre-screened and carefully vetted so they are safe to use.

 

Bar Chart for Luno

Bar Chart for Luno

 

How to open a Luno Account?

You can open a Luno account in a few steps:

 

Step 1: Sign up for a free Luno Wallet

Access Luno through your web browser or smartphone by clicking on Create account.

 

How to open a Luno Account step 1

Step 2: Let’s Go

Sign Up with your email and password and click on Let’s Go.

 

How to open a Luno Account step 2

 

Step 3: Check your mail

Put in the 6 digits you received from your email by Luno.

 

How to open a Luno Account step 3

 

Step 4: Buy Crypto

After you have registered, you can find your wallet, fund your account, and start Buying Crypto.

 

How to open a Luno Account step 4

 

How can you buy Bitcoin or Ethereum through Luno?

buy eth on Luno

 

Luno is different from many cryptocurrency exchanges in that it is designed primarily to simplify the process of buying Bitcoin (BTC) and Ethereum (ETH) with fiat currency, as opposed to trading one cryptocurrency for another.

Buying Bitcoins or Ethereum through Luno is a straightforward process but trading fees and conditions do depend on your country of residence. Certain countries require you to provide a unique reference number or deposit account as a security measure.

To buy Bitcoin and Ethereum, you first create a Luno account and go through a verification process to link it to your bank. Follow the easy steps to sync your bank account with your Luno account.

When your Luno account is verified and officially created via an email address of a social media platform; you will be directed to WALLETS in the main menu.

Find the right wallet for your currency needs and make your first deposit. Depending on your location and whether there are further requirements to sync your bank account with Luno, you should be able to make an immediate fiat transfer from your bank to your Luno wallet.

When the funds have been transferred successfully, you will receive an email from Luno. From here on, you will be able to buy Bitcoin and Ethereum through Luno.

 

Where does Luno store my cryptocurrency?

Sign up for a free Luno Wallet

 

Any Bitcoin, Bitcoin Cash, or Ethereum that you receive is stored in your Luno wallet. This is not a physical wallet; it’s software that contains the private keys that authorize the owner of the cryptocurrency to send his or her “coins” to another wallet.

Cryptocurrency coins and cash are stored on the blockchain. The latter is a decentralized network that records digital currency transactions in much the same way as an old-fashioned accounting ledger. The individual blocks contain transactional information and can be thought of as pages of the ledger.

 

Does Luno support Ethereum?

Does Luno support Ethereum

 

As of November 2017, Luno clients can create an Ethereum wallet that operates independently of a Bitcoin wallet. An Ethereum wallet is required to buy, sell, and store Ethereum; it’s not possible to use a Bitcoin wallet to buy and sell Ethereum.

 

Is Bitcoin Cash available to trade on Luno?

bitcoin cash on Luno

 

Bitcoin Cash is now available to trade on Luno. To create a Bitcoin Cash (BCH) wallet, you select your BCH trading pair on the exchange and place an order. A new BCH wallet is automatically created for you, and you can use it to buy, sell, or store your BCH. You can also create a BCH wallet manually by adding the function to your Luno account.

You send BCH to and from Luno wallets in the same way you send Bitcoin and Ethereum. You need to provide the sender or receiver with an appropriate address or your QR code. You can find these in the WALLET tab in the main menu.

Bitcoin Cash was launched in August 2017 through a community-activated update to the protocol or code from the Bitcoin blockchain, otherwise known as the Bitcoin Hard Fork. A fork occurs when a group of miners run a different version of the software. The purpose of the Bitcoin Hard Fork was to increase the block size so more transactions could be processed per block.

Bitcoin Cash is designed to be used for everyday cryptocurrency transactions and is cheaper and faster to trade than Bitcoin. Essentially, Bitcoin Cash is designed to be used as digital cash for regular currency transactions and competes with the likes of PayPal and Visa.

 

How much does Luno charge?

luno rates

 

The fees Luno charges vary depending on your location, the currency you are trading, and how active the cryptocurrency network is at the time of the trade. The fee to send Bitcoin or Ethereum to a wallet is dynamic, meaning it is adjusted according to the cryptocurrency network traffic.

A fee is charged to receive Bitcoin or Ethereum via an address. Sending and receiving Bitcoin and Ethereum via a mobile platform or an email address is free.

There is a fee charged for all fiat withdrawals and it differs depending on the country where the trade occurs. Likewise, Luno trading fees differ based on the national currency and the size of the transaction.

 

Is Luno safe to use?

Is Luno safe to use

 

Once it was launched in 2013, Luno established itself as a trustworthy exchange website. The company offers an advanced level of security where a Luno wallet is secured via two-factor authentication and the account passwords are stored in a hashed form.

SSL encryption is used across the trading platform, and Pretty Good Privacy (PGP) encryption is used to secure Luno wallets. Essentially, Luno keeps its clients’ funds stored in a series of “deep freeze” cold storage wallets, which are significantly more secure than hot wallets.

The cold storage wallets are encrypted, multi-signature wallets where private keys are stored in individual bank vaults. The multi-signature features means that no one individual can access a Luno wallet without the cooperation of other parties.

 

What is two-factor authentication?

luno 2fa

 

Two-factor authentication (2FA) is an extra layer of security, usually the addition of a unique once-off password. It typically requires a Luno client to have a second device, such as a mobile phone, to which the once-off code is sent. It’s much the same as a one-time password (OTP) used for banking transactions.

When two-factor authentication is required, you need to provide both your unique password and the once-off code for the Luno trading platform to authorize sign-in access or a digital currency transaction.

 

Luno Promotions

Luno Promotions

 

Luno runs events and promotional campaigns, either ourselves or with a selection of partners, where customers are rewarded with Bitcoin.

The following rules apply to the use of a promotion code provided to you by Luno or a third party in connection with an event or promotional campaign (the “Promotion”). Without limiting the applicability of Luno’s Terms of Use and Privacy policy, you agree to be bound by these Rules when participating in the Promotion.

 

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Your bundle updates automatically every three months so it always includes top-performing cryptocurrencies and any poor performers are taken out.

 

What is a multi-signature wallet?

luno wallet

 

The multi-signature (MultiSig) feature built into a Luno wallet requires multiple authorizations from different people to successfully send a transaction to a blockchain. If five people are authorized to send Bitcoin from a MultiSig Luno wallet, then at least 3 of the 5 must approve the transaction before it is authorized.

Luno provides a ‘hot wallet’ facility that is secured. Luno holds one of the required keys and the other key is held by BitGo. The latter is a prominent payment processor that safeguards essential key information through its multi-signature technology. An attacker would have to penetrate both Luno and BitGo to access a client’s wallet.

 

Where is Luno available?

Luno is currently available in the following developing countries:

  • South Africa
  • Indonesia
  • Malaysia
  • Nigeria

 

Luno is available in the following countries in Europe:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Greece
  • Guernsey
  • Hungary
  • Iceland
  • Ireland
  • Isle of Man
  • Italy
  • Jersey
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • United Kingdom

 

Conclusion

Luno: The Ultimate Guide for Beginners is a vital book for everyone who intends to explore the realm of cryptocurrency investment. Due to its intuitive design, high level of security, and support for numerous types of digital currencies, Luno simplifies the processes of purchasing, exchanging, and trading cryptocurrencies.

It is also worth noting the focus on education as well as regulatory compliance which builds trust in the platform among cautious first-time investors and even seasoned traders.

The cryptocurrency environment keeps on changing and expanding, yet Luno remains an excellent platform for enabling its users to advance through the crypto space without fear.

 

You might also like: Best Cryptocurrency Wallets in South Africa

You might also like: Best Cold Storage Cryptocurrency Wallets for South Africans

You might also like: Best Cryptocurrencies for Staking

You might also like: Best Cryptocurrency ETF Funds in South Africa

You might also like: What is crypto trading

 

Frequently Asked Questions

 

Can Luno be trusted?

Luno adheres to the BSI Information Security Standard.

 

Can I withdraw from Luno to my bank account?

You’ll be able to do this using the Luno app, desktop, or mobile web browsers.

 

Can I make money on Luno?

On Luno Savings, which allows you to earn interest on your Bitcoin, Ethereum, and USDC holdings.

 

What are the disadvantages of Luno?

There are no advanced trading tools, and it doesn’t let you stake cryptocurrency to collect rewards.

 

What are the risks in Luno?

There are two main risks to be aware of: downtime penalties and slashing, both of which involve losing some staked crypto.

 

Which bank works with Luno?

When making an EFT deposit to your ZAR wallet, if you bank with ABSA, Standard Bank, Nedbank, or TymeBank.

4.7/5 - (54 votes)

Written by:

Louis Schoeman

Edited by:

Skerdian Meta

Fact checked by:

Arslan Butt

Updated:

January 19, 2025

Written by:

Louis Schoeman

Featured SA Shares Writer and Forex Analyst.

I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.

Edited by:

Skerdian Meta

Leading Analyst

Skerdian Meta FXL’s Heading Analyst is a professional Forex trader and market analyst and has been actively engaged in market analysis for the past 10 years. Before becoming our leading analyst, Skerdian served as a trader and market analyst at Saxo Bank’s local branch, Aksioner, the forex division and traded small investor’s funds for two years.

Fact checked by:

Arslan Butt

Commodities & Indices Analyst

Arslan Butt, a financial expert with an MBA in Behavioral Finance, leads commodities and indices analysis. His experience as a senior analyst and market knowledge (including day trading) fuel his insightful work on cryptocurrency and forex markets, published in respected outlets like ForexCrunch.

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