When you’re new to cryptocurrency and live in Nigeria, South Africa, or Malaysia, finding a crypto exchange that actually works for you isn’t easy. Most platforms feel like they were built for traders in New York or London - too complex, too expensive, or outright blocked by local banks. That’s where Luno comes in. It’s not the biggest exchange. It doesn’t offer hundreds of coins or futures trading. But if you’re trying to buy your first Bitcoin without getting lost in a maze of options, Luno might be the only platform that actually makes sense.
What Luno Actually Does
Luno isn’t trying to be Binance or Coinbase. It doesn’t compete on volume, speed, or advanced tools. Instead, it focuses on one thing: helping people in emerging markets buy and hold crypto safely. Founded in 2013, it’s been around long enough to build trust where others failed. In South Africa, it handles 87% of all crypto trading volume. In Nigeria, before the central bank ban, it was the go-to app for millions. Today, it serves over 12 million users across 10 regulated countries. Its core strength? Simplicity. You don’t need to understand order books, limit orders, or candlestick charts. You open the app, tap "Buy Bitcoin," enter how much you want to spend in your local currency, and confirm. Done. The money comes out of your bank account. The Bitcoin shows up in your wallet. No middlemen. No confusing steps.Supported Cryptocurrencies
Luno supports five major coins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH). That’s it. No Dogecoin. No Solana. No Shiba Inu. No altcoins with 10,000% pumps. Some users complain about this. And they’re right - if you want to trade meme coins or stake new tokens, Luno won’t help. But for someone just starting out, this limited selection is actually a feature. It removes the noise. You’re not tempted to chase hype. You learn what Bitcoin and Ethereum are before diving into the rest. In Q3 2024, Luno added Bitcoin Cash. That was its first new coin in over a year. Competitors added 15+ in the same period. Luno’s team admits they’re slow to expand. But their focus isn’t on listing coins - it’s on making the ones they offer easy to use.Fees: Transparent, But Not Cheap
Luno’s fees are where most users get surprised. There are two types:- Instant buy/sell: 1.5% to 3.5%, depending on your country. In South Africa, it’s usually 1.5%. In Nigeria, it’s closer to 3.5%.
- Exchange trading: 0.1% for makers, 0.2% for takers. This applies if you use the trading interface instead of instant buy.
Security: Built for Beginners
Luno’s security setup is one of its best features. 95% of customer funds are stored in cold wallets - offline, locked away, and protected by multi-signature keys. Luno holds one key. BitGo, a trusted third-party custodian, holds the other. You need both to move money. That’s stronger than most exchanges. All accounts require two-factor authentication (2FA). You can use SMS or an authenticator app like Google Authenticator. Mobile apps also support fingerprint or face unlock. No one’s getting into your account without your phone and your PIN. In a 2025 survey by the University of Cape Town, 78% of first-time crypto users in Sub-Saharan Africa chose Luno because they trusted it more than any other platform. That trust isn’t accidental. It’s built into the design.
App and Interface: No Learning Curve
The Luno app (iOS and Android) is clean, slow to change, and easy to use. It’s not flashy. It doesn’t have charts that look like stock market tickers. It has a big "Buy" button. A balance display. A history log. That’s it. New users complete their first transaction in under 24 hours - 82% of them, according to Luno’s own data. That’s faster than any other major exchange. But there are quirks. You can’t sell your entire wallet in one click. You have to type in the exact amount you want to sell. If you have 0.3472 BTC and want to sell it all, you need to manually enter that number. No "Sell All" button. That’s frustrating for users who’ve used other platforms. The web interface is just as simple. No advanced order types. No stop-losses. No margin trading. If you want to trade like a pro, you’ll need another platform. But if you just want to buy Bitcoin and forget about it? Luno does that better than anyone else in its markets.Customer Support and Learning Tools
Luno offers 24/7 chat support. Response times average 18 minutes, which is fast for crypto. Email support takes 24 to 48 hours - slower, but still better than most. They also have a full learning center: 47 video tutorials, 23 written guides, and a free "Crypto 101" course. It covers blockchain basics, how wallets work, and why Bitcoin is different from bank money. 42% of new users finish the course. That’s unusually high for a crypto platform. In Nigeria, after the 2022 central bank ban, users lost the ability to withdraw to local banks. Many left. But Luno didn’t vanish. They kept the app alive. They still let users hold crypto. They just couldn’t move money in or out. Now, they’ve promised a peer-to-peer marketplace for Nigeria by Q3 2025. If they deliver, it could bring millions back.Who Is Luno For? Who Should Avoid It?
Luno is perfect for:- First-time crypto buyers in Africa or Southeast Asia
- People who want to buy Bitcoin with their local bank account
- Those who value safety over speed or features
- Users who don’t want to deal with complex trading tools
- Traders who want to use stop-losses, futures, or leverage
- People who want to trade hundreds of altcoins
- Users in the U.S., Canada, or Europe - Luno doesn’t serve them
- Anyone who needs fast, cheap withdrawals to external wallets
How Luno Compares to the Competition
| Feature | Luno | Binance | Coinbase | |--------|------|---------|----------| | Available in 10+ countries | Yes | No (only 6 fully licensed) | No (limited in Africa) | | Instant buy with local bank | Yes | No (P2P only in some regions) | Yes (in U.S., Europe) | | Crypto selection | 5 coins | 500+ | 200+ | | Trading fees (maker/taker) | 0.1% / 0.2% | 0.1% / 0.1% | 0.5% / 0.5% | | Instant buy fee | 1.5%-3.5% | Not offered | 1.49%-3.99% | | Mobile app rating | 4.7/5 | 4.5/5 | 4.6/5 | | Beginner-friendly | Excellent | Poor | Good | | Regulatory compliance | High | Medium | High | Luno doesn’t beat Binance on features. It beats it on accessibility. In Nigeria, Binance is blocked. In South Africa, Binance doesn’t offer local bank deposits. Luno does.The Future of Luno
Luno is betting on one thing: financial inclusion. In 2025, Africa has the highest rate of crypto adoption per capita in the world. South Africa ranks fifth globally. Luno is positioned as the default platform for millions of people who don’t have access to traditional banking. They’ve started adding new features slowly: recurring purchases (buy $1 of Bitcoin every week), and even U.S. stock trading in select markets. But their growth is tied to regulation. If Nigeria’s ban is lifted, Luno could explode. If they fail to add more coins or a P2P system, they’ll get left behind. Fidelity Investments rates Luno highly for compliance but gives it a medium risk for technological stagnation. That’s fair. Luno isn’t innovating fast. But it doesn’t need to. It’s not here to win the crypto race. It’s here to help people who’ve been left out of it.Final Verdict
Luno isn’t the best crypto exchange overall. It’s not even the cheapest. But if you live in South Africa, Nigeria, Malaysia, or Indonesia - and you’re just starting out - it’s the best choice you have. It’s safe. It’s simple. It works with your local bank. And it doesn’t overwhelm you with options you don’t need. For 12 million people, that’s enough. If you’re ready to buy your first Bitcoin without reading a 50-page guide, open the Luno app. Tap Buy. Enter your amount. Confirm. You’ll be holding crypto in under five minutes.Is Luno safe to use?
Yes, Luno is one of the safest crypto platforms for beginners. It stores 95% of customer funds in cold storage with multi-signature security, requires mandatory two-factor authentication, and is fully regulated in 10 countries. It’s trusted by over 12 million users, especially in regions where financial scams are common.
Can I trade altcoins on Luno?
No. Luno only supports five cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. It doesn’t offer Dogecoin, Solana, Cardano, or any other altcoins. This is intentional - it keeps the platform simple for new users who don’t need dozens of options.
What are Luno’s fees for buying Bitcoin?
Luno charges 1.5% to 3.5% for instant Bitcoin purchases, depending on your country. In South Africa, it’s typically 1.5%. In Nigeria, it’s closer to 3.5%. If you use the trading interface instead, fees drop to 0.1% for makers and 0.2% for takers.
Can I withdraw Bitcoin from Luno to another wallet?
Yes, you can withdraw Bitcoin to any external wallet. But the fee is high - around 0.0005 BTC (about $30 at current prices). This is higher than Binance or Coinbase, but common in regions with strict banking rules. Always check the fee before sending.
Is Luno available in the United States?
No, Luno is not available in the United States, Canada, the UK, or most of Europe. It only operates in 10 countries, mostly in Africa and Southeast Asia - including South Africa, Nigeria, Malaysia, Indonesia, and Singapore.
Does Luno offer staking or earning interest on crypto?
No, Luno does not offer staking, yield farming, or interest accounts. It’s designed as a simple buy-and-hold platform. If you want to earn interest on your crypto, you’ll need to use another service like Coinbase or Binance.
How long does verification take on Luno?
Verification usually takes 12 to 48 hours, depending on your country and the documents you submit. Tier 1 (email and phone) is instant. Tier 2 (ID document) takes up to 2 days. Tier 3 (proof of address) may take longer. Once verified, you can increase your weekly limits from $500 to $50,000.
Can I use Luno without a bank account?
No. Luno requires a local bank account to deposit or withdraw fiat currency. You can still hold crypto on the platform without a bank, but you won’t be able to buy or sell unless you link a supported bank.
Monty Burn
December 31, 2025 AT 09:01Luno isn't about making you rich overnight
It's about giving people who've been locked out of the system a way to hold something real
Most exchanges treat users like data points
Luno treats them like humans
That's rare
And honestly
That's enough