Overview
Luno was founded in 2013, originally under the name BitX, before rebranding to Luno in 2017. The company is headquartered in London and has offices across several countries. In 2020, Luno was acquired by Digital Currency Group (DCG), one of the most prominent investment firms in the cryptocurrency industry. Luno's focus has always been on serving emerging markets, particularly in Southeast Asia and Africa, where it has built a significant user base.
The platform operates in countries including South Africa, Nigeria, Malaysia, Indonesia, and several others, supporting local currencies and payment methods in each market. This regional focus distinguishes Luno from exchanges that primarily target US or European users. By tailoring its services to the specific banking infrastructure and regulatory requirements of each country, Luno has become one of the go-to platforms for cryptocurrency users in these regions.
Luno offers a straightforward buying and selling experience through its mobile app, which is designed for accessibility. The platform supports Bitcoin, Ethereum, and a selection of other major cryptocurrencies. Additional features include a savings wallet that allows users to earn rewards on their crypto holdings, a built-in exchange with an order book for more active traders, and educational content aimed at helping new users understand cryptocurrency. Luno's combination of local market knowledge, simple interface, and institutional backing makes it a strong option for users in its supported regions.
Getting Started
Luno is designed to be accessible for beginners, particularly through its mobile app, which guides users through the setup process.
- Step 1: Download the Luno app for iOS or Android, or register at luno.com. Sign up with your email address and create a password.
- Step 2: Complete identity verification. Provide your personal details and upload a government-issued ID as required by the regulations in your country. Verification times vary by region.
- Step 3: Deposit funds using your local currency. Luno supports bank transfers and, in some markets, card payments and other local payment methods. Available deposit options depend on your country.
- Step 4: Buy Bitcoin or another supported cryptocurrency. Use the instant buy feature for a simple purchase, or use the exchange interface for limit and market orders. You can also explore the savings wallet to earn rewards on your holdings.
Pros & Cons
Pros
- Emerging market focus: Strong presence in Southeast Asia and Africa with local currency support and payment methods tailored to each region.
- Beginner-friendly app: The mobile experience is clean and accessible, making it easy for new users to buy their first cryptocurrency.
- Savings wallet: Users can earn rewards on selected crypto holdings, adding passive income potential.
- Institutional backing: Acquisition by Digital Currency Group provides financial stability and industry credibility.
Cons
- Limited asset selection: Supports fewer cryptocurrencies than many larger global exchanges.
- Not available everywhere: Luno operates in a select number of countries, so users outside its supported regions cannot access the platform.
- Feature variation by country: Available features, payment methods, and supported assets can differ significantly depending on where you are located.