Go! Major African and Southeast Asian Fiat Currencies Supported
While almost all fiat currencies can be used on modern crypto exchanges, they generally need to be converted to a major currency, such as the USD or EUR , before they can be deposited and traded.Major African and Southeast Asian Fiat Currencies Supported – Source: Shutterstock.com
This means you have to pay the conversion fees with your payment providers on top of the fees the exchange charges itself.
However, Luno offers a range of major fiat currencies from Southeast Asia and Africa ( ZAR , IDR , MYR , and NGN ) which allows users from these populous nations to transact and trade in their own currency, and hence, avoid the conversions fees they would encounter with most other exchanges.Relaxed Verification Restrictions
Luno lets users transact strictly in crypto with no identity documents required for its lowest level of verification, and even lets users from a small number of countries trade small amounts of crypto at this level.
While users who want to trade significant amounts of crypto will still need to meet industry standards of verification , this first level of access is helpful for people who only need to transact in small amounts of fiat currency or in strictly crypto transactions.Luno Review Verification Limits Go to Luno Registration and Verification
Luno’s verification process is slightly more relaxed than the current industry standard, allowing some users to buy and sell a small amount of crypto based only on account confirmation through a mobile device and the submission of some personal details without identity document verification.
This is in contrast to the growing trend among crypto exchanges that require identity document verification before any fiat currencies can be deposited and withdrawn or digital assets bought and sold.Which is increasing more and more today.Registration and Verification – Source: Shutterstock.com
In addition, this first verification level is also adequate for people from both supported and unsupported countries to send, receive and transact with Bitcoin and Ethereum using their Luno wallet.
For the higher daily and monthly limits, users need to reach the second verification level by supplying a photo of their identification document and a selfie .This second verification level will increase the daily and monthly maximums slightly.
To get the industry standard daily and monthly deposit and withdrawal maximums for their account, users must undertake the third level of verification.
This third verification level at Luno requires the photo of a proof of address.
The Luno daily and monthly maximums for this third level of verification are around what most exchanges will offer for both identification document and proof of address verification.
Some exchanges will offer higher daily and monthly limits or unlimited accounts with income and asset verification, but Luno does not currently offer this higher level of verification.Luno Review Verification Levels Fees
Luno has a quite extensive deposit and withdrawal fee schedule based on the supported country that ranges from the best in the industry for almost all options to among the worst for one single option.
However, overall the deposit and withdrawal fees are very competitive.LUNO Fees Schedules
Luno’s transaction fees are also more complicated than most exchanges, being based on 30d volume and the fiat currency pairing.
The Luno market maker fees are some of the best in the industry, while the market taker fees range from decent to very good.Transaction Fees
Transaction fees at Luno follow a maker/taker model .
Market maker fees are a flat zero across all trading pairs , while they vary from 0.2% to 1% for market takers based on the fiat currency pairing and your 30d trading volume.
Even the high end of 1% is a decent transaction fee by industry standards, though far from the best, and the low end of 0 .
2% to 0.25% is very good.Luno Review Transaction Fees Credit Card Fees
While only available for deposits in Euro (EUR) and Nigerian Naira (NGN) , Luno’s credit card fees are extremely competitive at zero for EUR and 1.58% for NGN up to a maximum deposit fee of NGN 2,070 .
Bank Transfer Fees
All of Luno’s bank transfer fees except one can be considered as nominal, coming in at less than €5 equivalent.
The one exception is Luno’s South African Rand (ZAR) cash deposit penalty of 5%+.Pros and Cons
Here is our brief pros and cons breakdown of what this Luno review has shown us.Luno Pros and Cons.
