Luno Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Luno fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of Luno
The Luno exchange is a multifunctional service that provides users with a free multicurrency crypto wallet called the Luno Wallet which allows you to quickly exchange, buy, and sell cryptocurrencies. The service has an investment system that allows you to make money on cryptocurrency deposits. The proprietary trading terminal is represented by a web version and a mobile application for iOS and Android. They trade Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), XRP, USDC, and other cryptocurrencies. Among fiat assets are euros and pounds sterling. For beginners, the service offers free training programs as part of the proprietary Training Center. Data and assets are protected by two-factor authentication and hot and cold hybrid asset storage. he broker is especially in demand among residents of South Africa, Malaysia, Singapore and Nigeria.
👍 Advantages of trading with Luno:
•a convenient and functional trading terminal (web and application);
•they provide a free multicurrency wallet with free service;
•an investment system with an annual interest rate of up to 7.6%;
•a high level of information security over the platform;
•they trade most major cryptocurrencies, and there are crypto-to-fiat pairs;
•large trading volumes and high speed of the service;
•one of the lowest trading commissions (0.00% for a maker).
👎 Disadvantages of Luno:
•no referral program;
•fiats are represented only by EUR and GBP.
Luno Commissions and Fees
The company has withdrawal fees. The fee on most assets is dynamic. For Ripple, the commission is fixed at $0.03. There is no commission for BTC. There are no fees for depositing cryptocurrency. Fiats are deposited free of charge, they are withdrawn only via SEPA with a flat fee of €0.30.
Trading commissions depend on the trading level. The trading level is determined by the volume of trades during the previous 30 days. The maker’s commission at all levels is 0.0%. Taker’s fees range from 0.03% to 0.10%. Instant commission for buying/selling with EUR is 3.5% for Google Pay and card, and 1.5% for a cryptocurrency wallet.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.07% per order | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Luno suitable for beginners?
Analysis of Luno shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.