Quick Facts

• Luno is FSCA-licensed and regulated in South Africa
• Over 6.3 million South African users as of 2025
• Now integrated with Discovery Bank for easy access
• Minimum investment starts from R20 (about $1)
• Supports Bitcoin, Ethereum, XRP, Solana and 20+ cryptocurrencies
• FSP Number: 51334 | NCR Number: NCRCP22123

1. What is Luno?

Luno is a cryptocurrency platform where you can buy, sell, and store digital money. Digital money is also called cryptocurrency or crypto.

Luno started in South Africa in 2013. It was called BitX at first. Four South African businessmen created it in Cape Town. Now it serves over 11 million people in 40 countries.

In South Africa, Luno has over 6.3 million users. That makes it the biggest crypto platform in the country. In 2025, Luno partnered with Discovery Bank. This means Discovery Bank customers can now buy crypto through their banking app.

Why Luno is Popular in South Africa

• You can use South African Rand to buy crypto
• The app is easy to use for beginners
• It’s regulated by the FSCA (Financial Sector Conduct Authority)
• Customer support speaks English and understands South African banking
• You can start with just R20

Is Luno Legal in South Africa?

Yes, Luno is completely legal. In April 2024, Luno became the first cryptocurrency platform to get an official FSP licence in South Africa. This means the government allows them to operate.

Luno’s licence numbers are:

• FSP Number: 51334
• NCR Number: NCRCP22123

You can check these numbers on the FSCA website at www.fsca.co.za

2. How Luno Works

Luno is like a digital wallet and an exchange in one place.

The Two Main Parts of Luno

1. The Wallet (Portfolio Screen)
This is where you keep your crypto. You can buy crypto quickly here at the current price. The fees are higher but it’s instant and simple.

2. The Exchange
This is for people who want to trade like on the stock market. You can set your own prices and wait for someone to match them. The fees are lower here.

What You Can Do on Luno

Action	What It Means
Buy	Use Rand to purchase cryptocurrency
Sell	Convert your crypto back to Rand
Store	Keep your crypto safe in your Luno wallet
Send	Transfer crypto to another person or platform
Receive	Accept crypto from someone else
Stake	Lock your crypto to earn interest (passive income)

New Feature: Luno Pay

In 2025, Luno launched Luno Pay. This lets you use your crypto to pay for things at shops. Some stores in South Africa now accept Luno Pay.

You can also use Luno to buy tokenised stocks. These are shares in American companies like Apple, Tesla, and Nvidia. You can buy them with Rand starting from R20.

✅ 3. Getting Started: Step-by-Step Guide

Here’s exactly how to create a Luno account and buy your first cryptocurrency.

Step 1: Download the Luno App

• Go to the Google Play Store (Android) or App Store (iPhone)
• Search for “Luno”
• Download the app with the blue and white logo
• Or visit www.luno.com on your computer

Step 2: Create Your Account

1. Open the Luno app
2. Tap “Sign Up”
3. Enter your email address
4. Create a strong password (at least 8 characters)
5. Enter your mobile number
6. Accept the terms and conditions

Step 3: Verify Your Identity (FICA)

By law, Luno must verify who you are. This is called FICA compliance. You need to provide:

Document Type	What You Need
ID Document	South African ID book, ID card, or passport
Selfie Photo	Take a photo of yourself holding your ID
Proof of Address	Bank statement, utility bill, or municipal rates (not older than 3 months)

The verification usually takes 15 minutes to 24 hours. Luno will send you an email when it’s complete.

Step 4: Add Money to Your Luno Wallet

Once verified, you can deposit Rand:

1. Tap “Portfolio” at the bottom of the app
2. Select “ZAR Wallet”
3. Tap “Deposit”
4. Choose “Bank Transfer (EFT)” – this is FREE
5. Luno shows you their bank details
6. Use your banking app to send money to Luno
7. Use your account number as the reference

The money arrives in 15 minutes to 2 business days. Standard Bank is usually instant.

Step 5: Buy Your First Cryptocurrency

1. Once your Rand arrives, go to “Portfolio”
2. Choose which crypto you want (e.g., Bitcoin)
3. Tap “Buy”
4. Enter how much Rand you want to spend (minimum R20)
5. Check the fee and total cost
6. Tap “Buy Bitcoin” to confirm
7. Done! The crypto appears in your wallet instantly

4. What You Can Buy on Luno

Luno offers over 20 different cryptocurrencies. Here are the most popular ones in South Africa:

Top Cryptocurrencies Available

Cryptocurrency	Symbol	What It’s Used For
Bitcoin	BTC	The original and most popular cryptocurrency. Used as digital money and store of value.
Ethereum	ETH	Used for smart contracts and decentralised applications. Second most popular crypto.
XRP	XRP	Made by Ripple. Used for fast international payments. Very popular in SA.
Solana	SOL	Fast and cheap blockchain. Growing quickly in 2025. Good for staking.
Cardano	ADA	Academic research-based blockchain. Popular for staking to earn interest.
Dogecoin	DOGE	Originally a joke coin. Now used for tips and small payments.

Staking on Luno (Earn Passive Income)

Luno offers staking for six cryptocurrencies. Staking means you lock your crypto and earn interest on it. It’s like a savings account for crypto.

Available staking options:

• Ethereum (ETH) – Most popular for staking
• Solana (SOL) – Good returns
• Cardano (ADA) – Stable staking option
• USDC Earn – Up to 3.5% annual interest on stable coin

Tokenised Stocks (New in 2025)

Luno now lets you buy shares in American companies using Rand. These are called tokenised stocks or xStocks.

Popular stocks available:

• Nvidia (NVDAx) – Most popular
• Apple (AAPLx)
• Meta/Facebook (METAx)
• Tesla (TSLAx)
• S&P 500 ETF (SPYx)
• Over 60 other US companies

You can buy a piece of a stock for as little as R20. You don’t need to buy a full share.

5. Luno Fees and Costs

Understanding fees is important. Here’s what you’ll pay when using Luno.

Deposit Fees (Adding Money)

Method	Fee	Time to Arrive
Bank Transfer (EFT)	FREE	15 mins – 2 days
Instant EFT	FREE	Few minutes
Credit/Debit Card	Varies by card	Instant
Cash Deposit	R20 + 5% (DON’T DO THIS)	Same day

Trading Fees (Buying and Selling)

Wallet (Quick Buy/Sell):

• Bitcoin: 0.75% to 1.00% fee
• Ethereum: 0.75% to 1.00% fee
• Other cryptos: Similar fees

Exchange (Advanced Trading):

• Maker fee: 0% to 0.40% (when you create an order)
• Taker fee: 0.10% to 0.60% (when you take an order)
• Fees get lower as you trade more

Withdrawal Fees (Taking Money Out)

Withdrawal Type	Fee	Processing Time
Normal ZAR Withdrawal	FREE	Up to 2 business days
Express Withdrawal (RTC banks)	R20	Same day
Express Withdrawal (non-RTC)	R80	Same day
Crypto Send Fee	Varies (dynamic fee)	15-60 minutes

RTC banks include: Standard Bank, FNB, ABSA, Nedbank, Capitec, African Bank, TymeBank, Discovery Bank

Other Fees

• Crypto Bundles: 1% buy fee, 2% annual management fee
• Tokenised Stocks: Small trade cost (varies by stock)
• Staking: No fees to stake, but you earn less than the full rate

6. Requirements and Verification Levels

Luno has three verification levels. Higher levels let you do more.

Level 1 (Basic Verification)

What you need:

• Email address
• Mobile phone number
• Basic personal information

What you can do:

• Deposit: R5,000 per day
• Buy/sell: R5,000 per day
• Withdraw: R5,000 per day

Level 2 (Intermediate Verification)

Additional requirements:

• South African ID, passport, or driver’s licence
• Selfie photo with your ID

What you can do:

• Deposit: R50,000 per day
• Buy/sell: R50,000 per day
• Withdraw: R50,000 per day

Fully Verified (No Limits)

Additional requirements:

• Proof of address (bank statement, utility bill, or rates notice)
• Document must be less than 3 months old

What you can do:

• No daily limits on deposits, trades, or withdrawals
• Access to all Luno features
• Lower fees on the Exchange

Who Can Open a Luno Account?

• You must be 18 years or older
• You must be a South African resident or citizen
• You need a South African bank account
• You need a valid ID document
• You need a mobile phone with internet

✅ 7. Safety and Security

Luno takes security seriously. Here’s how they protect your money.

How Luno Keeps Your Money Safe

Security Feature	What It Means
Cold Storage	98% of crypto is stored offline where hackers can’t reach it
Two-Factor Authentication (2FA)	Extra security code sent to your phone when you log in
Bank-Grade Encryption	Your data is scrambled so no one can read it
FSCA Regulation	Government oversight and compliance checks
Regular Audits	Independent experts check their security regularly

How to Protect Your Own Account

1. Enable Two-Factor Authentication (2FA) – Go to Settings → Security → Enable 2FA. Use Google Authenticator app, not SMS.
2. Use a Strong Password – At least 12 characters with numbers, letters, and symbols. Don’t use the same password as other websites.
3. Never Share Your Password – Luno staff will never ask for your password.
4. Check the Website Address – Always go to www.luno.com. Scammers create fake websites like “lunno.com” or “luno-za.com”
5. Don’t Click Links in Emails – Type www.luno.com yourself instead of clicking email links
6. Keep Your Phone Secure – Use a PIN or fingerprint lock. Don’t root or jailbreak your phone.

Is My Money Insured?

Important to know: Cryptocurrency is NOT covered by deposit insurance like bank accounts. If Luno gets hacked or goes bankrupt, you might lose your money.

However, Luno has never been hacked in over 10 years. They have strong security and are regulated by the FSCA.

What Luno does to protect funds:

• Keeps most crypto in cold storage (offline)
• Has insurance for the small amount kept online
• Follows strict financial regulations
• Regular security audits by experts

🚨 8. SCAM WARNINGS – READ THIS CAREFULLY

South Africa has a serious cryptocurrency scam problem. In 2025, over R1.4 billion was lost to crypto scams. Please read this section carefully.

Common Scams Targeting Luno Users

Red Flags – Signs of a Scam

• ❌ Promises of guaranteed profits or high returns
• ❌ Pressure to act immediately or “opportunity will close”
• ❌ Requests to move conversations to Telegram or WhatsApp
• ❌ Asking for your password, PIN, or 2FA codes
• ❌ Poor grammar and spelling in messages
• ❌ Too good to be true offers
• ❌ Unsolicited contact offering investment advice
• ❌ Requests to install remote access software

What to Do If You’ve Been Scammed

1. Change your Luno password immediately
2. Enable 2FA if you haven’t already
3. Contact Luno support through the app
4. Report to the police (SAPS) at your nearest station
5. Report to SABRIC: www.sabric.co.za
6. Report to FSCA: 0800 110 443 or www.fsca.co.za
7. Don’t send more money to “recover” your losses

Luno’s Scam Statistics (2025)

In just three months, Luno handled over 500 scam-related customer queries. The most common victims are:

• Young men aged 20-40 (most common)
• Women in their 20s (second most common)
• Older women 55+ (third most common)

One user lost R200,000 after ignoring scam warnings for two years. Another lost R4 million in a romance scam.

Don’t become a statistic. Stay alert and question everything.

9. Alternatives to Luno

Luno is popular but not the only option. Here are other FSCA-regulated platforms in South Africa.

VALR

Best for: Lower fees and more cryptocurrencies

Pros:

• Over 75 cryptocurrencies (more than Luno)
• Lower trading fees (0.18% to 0.35%)
• Free deposits and withdrawals
• FSCA licensed
• Supports futures trading

Cons:

• Interface is more complex (not as beginner-friendly)
• Smaller user base than Luno

AltCoinTrader

Best for: Easy withdrawals to South African banks

Pros:

• Simple interface for beginners
• All pairs use ZAR (easy to understand)
• Fast withdrawals to SA banks
• FSCA and FIC registered
• Lower fees than Luno on some trades

Cons:

• Only about 35 cryptocurrencies
• Higher instant buy fees

Binance

Best for: Experienced traders who want many options

Pros:

• Over 500 cryptocurrencies
• Very low trading fees (0.10%)
• Advanced trading tools
• Can use at Pick n Pay stores

Cons:

• Not fully regulated in South Africa
• Complex for beginners
• Limited direct ZAR support

Quick Comparison

Platform	Best For	FSCA Licensed	Difficulty
Luno	Beginners, simplicity	✅ Yes	Easy
VALR	Lower fees, more coins	✅ Yes	Medium
AltCoinTrader	Easy ZAR trading	✅ Yes	Easy
Binance	Advanced traders	⚠️ Limited	Hard

10. Your Consumer Rights and Protection

As a Luno user in South Africa, you have legal rights. Here’s how to get help if something goes wrong.

Your Rights Under FSCA Regulation

• Right to Transparency: Luno must clearly explain all fees, risks, and terms
• Right to Fair Treatment: No discrimination or unfair practices
• Right to Privacy: Your personal information must be protected (POPI Act)
• Right to Complain: You can report problems to regulators
• Right to Information: You can request your transaction history anytime

How to Complain to Luno

1. Start with Luno Support: Go to the app → Help → Contact Support. Response time: 24-48 hours.
2. If Not Resolved: Email complaints@luno.com with your details and complaint.
3. Keep Records: Save all emails, screenshots, and transaction numbers.

Where to Report Problems

Problem Type	Who to Contact	Contact Details
Luno Account Issues	Luno Support	In-app support or www.luno.com/help
Regulatory Complaints	Financial Sector Conduct Authority (FSCA)	0800 110 443 www.fsca.co.za
Fraud/Scams	South African Banking Risk Information Centre (SABRIC)	www.sabric.co.za
Crime Reports	South African Police Service (SAPS)	10111 or nearest police station
Privacy Violations	Information Regulator	012 406 4818 www.justice.gov.za/inforeg
General Consumer Issues	National Consumer Commission	0860 003 600 www.thencc.gov.za

Important Legal Information

✅ 11. How to Make Money with Luno

There are several ways to potentially earn money using Luno. None are guaranteed and all have risks.

1. Buy Low, Sell High (Trading)

How it works: Buy Bitcoin or other crypto when the price is low. Sell when the price goes up.

Example: You buy R1,000 of Bitcoin. The price goes up 10%. You sell for R1,100. You made R100 profit (minus fees).

Risk: The price can also go down 10%, 20%, or more. You could lose money.

2. Long-Term Investment (Holding)

How it works: Buy crypto and keep it for months or years. Hope the value increases over time.

Example: Bitcoin was R100,000 in 2020. In 2025 it’s over R1 million. People who held made huge profits.

Risk: Bitcoin has also crashed many times. It could lose 50% or more of its value.

3. Staking (Earn Interest)

How it works: Lock your crypto in a staking wallet. Earn interest (like a savings account).

Available on Luno:

• Ethereum staking
• Solana staking
• Cardano staking
• USDC Earn (up to 3.5% per year)

Risk: Your crypto is locked for a period. If the price drops, you can’t sell immediately.

4. Referral Programme

How it works: Invite friends to join Luno. When they trade, you both get rewards.

How to do it:

1. Go to the Luno app
2. Find your referral code
3. Share it with friends
4. They sign up and trade
5. You both get rewards (usually small amounts of Bitcoin)

5. Tokenised Stocks

How it works: Buy shares in American companies like Apple or Tesla. If the share price goes up, you make money.

Example: You buy R100 of Nvidia stock. Nvidia grows 20%. Your R100 is now worth R120.

✅ Use Luno If You Are…

• New to cryptocurrency and want something simple
• Looking for a regulated, legal platform
• Want to start with small amounts (R20+)
• Value security and FSCA protection
• Want good customer support in English
• A Discovery Bank customer (easy integration)

⚠️ Consider Alternatives If You…

• Want the lowest possible fees (try VALR)
• Want access to 100+ cryptocurrencies (try VALR or Binance)
• Are an experienced trader (try VALR for advanced tools)
• Want to trade derivatives or futures

Key Takeaways

1. Luno is safe and legal – It’s FSCA-licensed (FSP 51334) and has operated since 2013 without major security breaches.
2. Start small – You can begin with just R20. Don’t invest money you need for living expenses.
3. Beware of scams – Over R1.4 billion was lost to crypto scams in 2024. Never send money to strangers online.
4. Fees matter – Luno’s fees are higher than some competitors but you’re paying for simplicity and security.
5. Enable 2FA – Use Google Authenticator, not SMS, to protect your account from SIM swap fraud.
6. Crypto is risky – You could lose all your money. Only invest what you can afford to lose completely.
7. Tax applies – You must report crypto profits to SARS. Keep records of all trades.
8. Learn before you invest – Use Luno’s free educational resources at www.luno.com/learn

Should You Use Luno?

For most South African beginners, yes. Luno offers a good balance of simplicity, security, and regulatory compliance. It’s particularly good if you’re a Discovery Bank customer due to the 2025 integration.

However, once you become comfortable with crypto, you might want to explore platforms with lower fees like VALR or more coin options like Binance.

Remember: cryptocurrency is speculative and high-risk. Many people lose money. Approach with caution, start small, and never invest more than you can afford to lose.