Luno Fees Review - Is Luno Cheap or Expensive?

Luno Fess-Short Introduction

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Luno’s fee structure is quite reasonable for both buyers and sellers. The platform also allows you to practice different ways to reduce the Luno trading fees. Luno’s fees vary from country to country.

Below, we have listed the main fees that Luno traders should pay.

Luno trading fees vary for every country. For instance, the maker fee is 0%, but the taker fee may change with increasing the trading volume. Further, the Luno withdrawal fee is around $1.30 in Australia and € 0.30 in Malaysia.

Also, the deposit fees in most countries are free, but in Australia, it is around $1.30 for transactions above $50. In Malaysia, the deposit charges are around RM 0.70 for amounts under RM 100.

Luno Fees vs Binance Fees

As explained earlier, Luno doesn’t have a fixed fee structure. In addition, the Luno fees vary in different countries, so comparing them with a single platform may not be possible.

Luno Trading Fees Explained

The trading fees for buyers and sellers decline gradually. The decrease happens with an increase in trading volume. Below, the table shows both maker and taker fees for different cryptocurrency pairs.

If you are a Luno trader based in Malaysia and Europe, you won’t have to pay any fees on deposits. However, a small fee for deposit transactions may apply in countries such as South Africa, Nigeria, and Indonesia.

The taker and maker fees at Luno are pretty low in the entire cryptocurrency industry, making this platform cheap. The platform believes in continually revising its fee structure so that the traders can benefit from this aspect.

Other than that, Luno also charges receive and send fees. But, again, this also varies in different countries. For instance, Australia's instant buy/sell fee is 2%. Moreover, the same fee is 1.5% in Europe and 0.75% in Singapore.

Additionally, Luno charges a withdrawal fee, and its amount may vary in different countries. There is also a fee for receiving and sending money through bitcoin addresses.

Luno Non-Trading Fees

Luno also charges some non-trading fees, and again they vary in different countries.

Does Luno Charge Withdrawal Fee?

All withdrawals made through a Luno wallet incur a fee. However, in some countries, it may also be free. These fees vary in different countries and are often displayed in the transaction history.

The table below shows the Luno withdrawal fees in a few countries.

Other Non-trading Fees

Besides Luno transaction fees such as trading, deposit, withdrawal, and buy and sell fees, Luno doesn’t charge anything. One of the best qualities of this platform is that it keeps its fee structure quite transparent, and there is no sign of any hidden charges.

Luno Interest Rates

Luno offers the BTC Savings Wallet. By just storing your BTC into the wallet, you can avail of an interest rate of 4% every year. Moreover, once you have got your earnings, they are converted into bitcoin and stored in your wallet on the first day of every month.

The good news is that these interest earnings can also be taken out as you please. Alternatively, you can keep them safe in your wallet and wait for them to grow.

The BTC Savings Wallet doesn’t have admin fees or any fixed terms. However, this facility is still not available in Malaysia.

Since Binance is a bigger platform, it offers different types of savings accounts for various currencies. That said, most users have rated their accounts poorly, as they believe that they do not generate productive yield.

Below are some of the savings accounts that Binance offers compared to Luno’s one saving account:

The interest rates for these accounts vary between 1.42% and 0.44%.

How to Reduce Luno Trading Fees?

As stated earlier, Luno charges a very reasonable fee for its trading transaction, and that’s the best quality that it has to offer. In addition, Luno’s low fee structure helps it become a convenient exchange that anyone can invest through.

That said, there might be many of you who may find Luno trading fees more. In that case, there are a few ways to reduce it.

The best way to reduce trading fees is by investing regularly and then increasing the value of your account. As the money you trade increases, your trading fees also start decreasing.

Moreover, Luno also offers some rewards and promotions. For example, the referral program at Luno allows you to earn Bitcoin by referring the platform to your family and friends.

However, there are specific eligibility criteria for this program. For instance, the program is only available for customers with Level 1 or higher accounts located in particular countries. Besides, every Luno customer gets an invite code that they can’t sell or transfer to anyone.

Other than this, Luno also runs many promotional campaigns and events throughout the year. Customers are provided with a promotion code to redeem and get their mentioned rewards.

Luno also runs giveaways and competitions now and then. For instance, from 1st to 8th February, there was a Chinese New Year Giveaway being run in Malaysia for the Luno customers eligible to take part. Moreover, if you want to benefit from some discount, you can participate in various events Luno offers and get a specific reduction in your overall trading fees.

Traders Union Rebate and Discount Programs

Another excellent quality of Luno is that it also offers attractive bonuses. If you are a trader with love for cryptocurrency, you can get rebates as bonuses for the fees you pay on the platform. However, you can’t benefit from this offer until you have registered with the official website of Traders Union.

Once you have passed the registration and verification process at Traders Union, you will be provided with a unique referral link available in your trading account. Use that link to enter the world of Luno.com, and then register again through the referral link given by the Traders Union.

The registration process is relatively short and straightforward. After verifying your identity on the exchange, you are eligible to trade at the platform’s terms and conditions. Moreover, you will also receive all the rebates automatically in your personal account.

The process is relatively straightforward and can benefit you as well. If you are ready to avail of this offer, try and experience it yourself.

Top 5 Luno Reviews

• 
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  ursulaex60

  08.02.2023

  Comment

  I didn't like this company. There were already very terrible slippages, most of the transactions were knocked out with hairpins, which disappeared after a couple of days, somehow looks like a fraud. Yes, and the money was withdrawn for 2 months ...

• 
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  MalirKn

  09.08.2022

  Comment

  I got burned trading with this broker. The first month even made a profit. I remember how much joy there was then) But already in the second month something went wrong. It was unprofitable, like the third one, although the losses were not very large, so I did not expect anything bad, on the contrary, I thought that there would be a reversal now. And then in one day my money was gone!

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  RobertGor

  23.02.2022

  Comment

  I was looking for a reliable company that makes it possible to use cryptocurrencies to receive passive income. You cannot invest in accounts with a deposit freeze and high-interest rates on Luno. But for funds free from trading, the broker charges from 2%, which, together with high-security guarantees, suits me. After I studied the trading conditions of the broker, I began to think that it would be nice to try trading. Luno offers authored training courses. I will have to look for information on other resources, but I will definitely trade on luno.com.

• 
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  Wilberen

  12.01.2022

  Comment

  I trade on Luno using a mobile application that can be downloaded from markets or via a QR code on the company's website. I can't devote much time to trading, so I liked Luno’s customizable automatic coin purchase function. Additional pluses of the interface and trading platform are understandable even for a beginner. The methods for withdrawing funds in fiat for different regions are different, but basically, it is a bank transfer, which is not very convenient for me. The advantage is that only the receiving bank takes the commission. In general, I am satisfied with this broker.

• 
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  kathrynzb69

  11.11.2021

  Comment

  Any crypto exchange, to one degree or another, focuses on attracting customers through various bonuses and promotions. Luno also has such offers, but my choice was not based on the number of free goodies. First of all, I liked the broker because its trading commissions are much lower than those of its competitors. Another important point is the high degree of account security and guarantees of the safety of funds. I have only recently cooperated with Luno, but I am already convinced that trading here is profitable and safe.