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Luno Cryptocurrency Exchange Platform in Singapore
Luno is one of the leading global cryptocurrency trading platforms with more than 7 million customers in over 40 countries.
Background Information About Luno
Headquartered in London, United Kingdom, Luno was founded in 2013 by Carel van Wyk, Marcus Swanepoel, Pieter Heyns, and Timothy Stranex. With a zealous mission to upgrade the world to a better financial system, Luno believes that decentralized cryptocurrencies will essentially change how the world sees and uses money.
Marcus Swanepoel is the CEO of Luno, an expert in private equity, consumer, and investment banking who wants to build the future of money with crypto. Consisting of expert teams from a wide range of backgrounds in tech, finance, and industry, Luno provides a high-performance crypto exchange platform with an integrated wallet, high liquidity, among other security features.
Table of content
Pros
- Easy-to-use intuitive interface
- Available in over 40 countries
- Can earn interest on savings
- 7 million+ customers
- App available on Google Play and iOS store
- Active since 2013
Cons
- Supports limited cryptocurrencies
- No advanced trading tools
- No live chat support
How do I create a Luno wallet from Singapore?
Once you create an account at Luno, you get a free cryptocurrency wallet, which can be used to store, top-up, send and receive cryptocurrency. Here’s how to sign up for a Luno wallet:
- On the website
- a) Go to the official website of Luno, and click on the “Sign-up” button available on the top right corner of the home page.
- b) Once you click on the “Sign-up” button, you’ll be redirected to the registration page, where you have to fill in your email address and create a password. Alternatively, you have to option to sign-up using Google, Apple, or Facebook account.
- c) Next, you need to read the user agreement and privacy policy of the company and accept it and click on the “Sign up” button.
- On the mobile app
- a) To create an account on the Luno mobile app, you have to first download the app from Google Play or the iOS store on your smartphone.
- b) Open the app, and tap on the “Profile” option available on the menu and follow the prompts you get to sign-up.
After signing up, you’ll receive an email from Luno with a link to follow. Open your email inbox and click on the “Verify Email” link in the email you received from Luno to verify your email address. This process is in place to confirm that you have access to the email address you’ve signed up with.
How do I verify my identity with Luno in Singapore?
Luno enforces some identity verification requirements for its customers at different account levels and applies deposit and withdrawal limits to each level. Below are the requirements for each level.
Level 1: For Level 1, you have to confirm their mobile number and basic personal details.
Level 2: To gain access to Level 2, users need to submit a photo/scan of Singapore government-issued ID (ex: driving license, national identity card, passport) and a selfie photo (no older than 24 hours).
Level 3: For Level 3, you have to fill in your Singapore residential address and select your employment status, occupation, and source of funds.
Bonus
Luno
How do I deposit money at Luno Crypto Exchange Singapore?
Once you have completed the identity verification process, you can start making deposits into your Luno wallet. At Luno, you can buy a preset amount of cryptocurrency or even specify your own amount by entering the desired amount on the home page. In case you have a balance in your local currency wallet, you’ll have the option to buy cryptocurrency instantly. If you don’t have sufficient balance in your wallet, you’ll be asked to make a deposit first and then buy cryptocurrency. Here’s how to do it:
- Log in to your Luno account and select the “Wallet” option from the menu.
- Next, you have to choose the local currency wallet.
- Click on the “Deposit” tab
- Now, you have to choose the deposit method with which you would like to top up your wallet
- At last, follow the on-screen prompts to complete the deposit process.
Free quently asked questions
1Is Luno Cryptocurrency Exchange Platform secured?
Yes, Luno is a safe and secured platform and has no history of any cyber-attacks. About 95% of funds on Luno are stored in “deep freeze”– multi-signature wallets protected by many layers of encryption.
2Are there any withdrawal limits at Luno?
Yes, Luno does enforce daily withdrawal limits on currency wallets to your bank account. The withdrawal limit depends on the country you are based in the local currency used. For example, the minimum withdrawal limit for users in Singapore is 1 SGD.
3Are there any trading fees on Luno Crypto Exchange Platform?
Luno adopts a maker-taker fee based on average 30-day trading volumes. The fee is calculated each day by adding all your trading activity across all markets on the Luno platform over the last 30 days (converted to your primary currency). Also, the fees depend on the customer location, and type of currency used. The highest fee is 0.10%, which is a taker fee. It is to be voted that there are no maker fees on Luno.