Luno Nigeria Review - Is It Legal? Is it Cheap?
If you are into cryptocurrency and have dealt with many exchanges before, you would know that all exchanges cater to local clients. Also, exchanges can be both legal and illegal, so it is essential to do a thorough check before choosing one for your trading purpose.
Cryptocurrency trading is tricky, mainly because most countries don’t consider it legal. A majority of governments fail to recognize cryptocurrency as an asset and avoid protecting the traders. However, thankfully, many countries have started accepting it slowly, and with that, the trust between exchanges and customers is also gradually getting stronger.
Luno is a well-established trade exchange with its foundations around the world. The platform is available in 44 countries, which also include Nigeria. Nigeria is an African country with a population of around 210.97 million.
According to stats, Nigeria is the number one country with a high number of people searching for keywords such as crypto and Bitcoin on Google. Besides, more than 6.3% of the Nigerian population own at least one cryptocurrency.
It is safe to say that the Nigerian cryptocurrency market has good potential, so Luno Nigeria has a good presence there. However, is Luno legal in Nigeria, and how does Luno work in Nigeria? Keep reading to get answers to all these burning questions.
Is Luno Available in Nigeria? Is it Legit?
Yes, Luno is available in Nigeria, and the exchange is legit. According to the official website, the name of the exchange is Luno Fintech Nigeria Limited, and it is recognized as a legit financial institution by the Nigerian Financial Intelligence Unit. The registration number of the exchange is RC1216337.
The Nigerian Financial Intelligence Unit is a central body responsible for collecting disclosures on receipts of different organizations in the country, including Luno Nigeria. Further, it analyzes these disclosures, eliminating the risk of fraud or any wrongdoing.
That said, it doesn’t mean that Luno Nigeria is safe from cyber-attacks. For crypto exchanges, cybercrime is a considerable risk, and at times it makes them quite vulnerable. However, it is safe to say that Luno Nigeria is legit, and you can’t deny its authenticity.
Is Luno Nigeria Safe?
Yes, Luno Nigeria is a safe and secure platform that lets you sell and buy different currencies for trading purposes. There are many features that make this exchange safe.
For starters, Luno Nigeria stores your currency in deep freeze storage with multi-signature security. Further, all your wallet keys are perfectly protected by an authorized external body.
Another great thing about Luno Nigeria is that you can store your currency in hot wallets, which helps make every transaction pretty quick and smooth. Furthermore, each key is looked after with the help of additional security.
Luno Nigeria believes in two-factor authentication and ensures that every customer uses a strong password to access their wallets. What’s more, the actual personal and financial data is conveniently stored in cloud folders, guarded by tight security.
All these features make Luno Nigeria a perfect and safe exchange for cryptocurrency in the country.
Luno Nigeria - General Information
If you are in Nigeria and are into cryptocurrency trading, Luno Nigeria is a legit and safe platform to get trading experience. One of the best things about the exchange is that the sign-up process is simple and easy, and the operations are pretty straightforward, even for beginners.
Here is a table that briefly highlights some of the prominent features of this exchange.
| Features | Luno Malaysia |
|---|---|
Account currencies |
Bitcoin, Ethereum, Ripple, Chainlink, Uniswap, Litecoin, USD Coin, Bitcoin Cash |
Minimum Deposit |
Fee |
Withdraw Fee |
RM 0.10 |
Spread |
Market |
Instruments |
Cryptocurrency |
Instant buy/sell fees |
2.00% |
Luno Nigeria Pros and Cons
Like any other exchange, Luno Nigeria has some benefits and downsides. Below we have listed them together for honest analysis.
👍 Luno Nigeria Pros
• It is very easy to sign-up on Luno Nigeria.
• The platform offers a variety of currencies for trading.
• Making an account with Luno Nigeria is quite convenient.
• The exchange is registered with the Nigerian Financial Intelligence unit, making it legit.
• Luno Nigeria is a safe platform that offers strong security policies.
• It is best for beginners.
👎 Luno Nigeria Cons
• It doesn’t provide any referral programs.
• Unfortunately, Luno Nigeria doesn’t provide high liquidity.
Luno Nigeria - Fees
Unlike other exchanges in the world, Luno Nigeria fees are pretty affordable. This factor alone makes this platform quite attractive for the masses. For instance, the exchange doesn’t charge any fee for deposits made through the voucher method.
Additionally, the instant buy and sell fees on various currencies is just 2.00%. Another attractive thing is that the taker fee range is also quite competitive.
In the table below, we have summarized the current fee structure of this exchange.
| Luno Nigeria Features | Fees |
|---|---|
Deposit fees |
Free |
Instant buy/sell fees |
2.00% |
Receive fees |
Free |
Send fees |
Varies |
Taker fees |
0.04% -0.10% |
Luno Nigeria - Supported Coins
Lucky for the local people of Nigeria, Luno Nigeria supports many coins. In fact, the exchange supports more currencies than most other similar exchanges in the country. Here is the list of coins.
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Chainlink (LINK)
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Bitcoin Cash (BCH)
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USD Coin (USDC)
How to Withdraw from Luno Nigeria
Accessing funds from your Luno Nigeria account is quite convenient. Although only recently, the restrictions on withdrawals and deposits have changed, Luno Nigeria has made sure that every customer experiences a smooth and hurdle-free procedure when making a transaction.
Before you withdraw currency from your Luno Nigeria account, make sure that your KYC or Know Your Customer data is up to date and preferably above level 3. If it is, you can proceed with the steps below.
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Log in to your account and click on the NGN wallet option.
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Select Withdraw and proceed with clicking on the Create Voucher button.
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Once done, write in the amount you want to withdraw, and click on Next.
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The screen will show you your withdrawal fees and amount.
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Accept the amount and click Confirm.
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Noe enter your Luno Pin.
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You will receive your voucher details through SMS and email.
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Next, select the option of the Redeem Voucher, and select the bank you want your money in.
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Fill in the voucher number you received on your phone or email address.
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Finally, select the option of Redeem Voucher.
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Enter a six-digit code received via your email.
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This is the last step, as the funds will appear in your account after it.
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It takes just a few minutes to complete the entire process.
Summary-Is Luno Nigeria a Good Exchange?
There are many popular cryptocurrency exchanges in Nigeria, but not all are safe or legal. However, Luno Nigeria is a perfectly legal and trustworthy platform. Firstly, it is regulated by a well-known central body in the country, and then its security policies are pretty strong, making it ideal for both beginners and professional traders in Nigeria.
One of the best things that make this platform good is its affordability. Luno Nigeria is a cheap platform that doesn’t demand any deposit fee. Further, it is convenient to create an account on it.
If you are in Nigeria, we can’t recommend Luno Nigeria enough. However, since the exchange doesn’t offer any referral program or high liquidity, it may not attract some of you.
Top 5 Luno Reviews
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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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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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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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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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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.
FAQs
Here are some common questions on this exchange. They might help you clear any misconceptions about this platform.
Can I withdraw Naira from my Luno account?
Yes, you can. However, make sure to use the Luno app to make this process quick and convenient. Then, the rest follow the steps mentioned above.
How do I deposit Naira into my Luno account?
The process is simple. Start with opening the app and signing in. Then select your local currency wallet before clicking on the option of deposit.
This platform will provide you with different methods to top-up your account. Simply choose the one that suits you and then follow all the on-screen instructions to carry out the process easily.
Was Luno halted in Nigeria?
In January 2024, the Central Bank of Nigeria prohibited cryptocurrency trading, halting the process of withdrawing and depositing Naira for all Nigerian-based traders. This ban led to various changes in the regulations related to cryptocurrency in Nigeria. However, Luno has finally resumed its operations in the country and ensured a smooth service for its traders.
How many currencies does Luno Nigeria support?
Right now, the exchange supports eight different types of currencies, including Bitcoin, Ripple, Ethereum, and USD Coin.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).