Founded in 2013, Luno is a global cryptocurrency exchange and wallet provider headquartered in London, with regional hubs in Singapore and Cape Town. To date, Luno has processed more than USD$14 billion in transactions and has over 5 million customers spanning 40+ countries. Luno is an independent operating subsidiary of Digital Currency Group.
Luno’s vision is to ‘upgrade the world to a better financial system’. Through Luno’s instant buy/sell feature, customers are able to purchase crypto with their local currency, or trade across 25 crypto to fiat pairs on the Luno Exchange (also available through the Luno API). Luno’s BTC Savings wallet allows customers to earn interest on their Bitcoin holdings by saving it in a separate wallet. All features are available on Luno’s mobile app for iOS and Android, and on desktop.
Luno ensures that 95% of its crypto is stored in “deep freeze” multisignature wallets protected by various encryption layers. Luno works with regulators in the markets in which it operates (Malaysian operations are regulated by the Securities Commission Malaysia) and supports progressive regulation of the cryptocurrency industry. Luno has implemented robust AML/CFT measures, which include a mandatory, tiered approach to KYC, registration with local financial intelligence authorities, and the reporting of suspicious activity and transactions.
1.Decentralized Exchanges (DEXs) ( Best Alternative To Luno)
Decentralized exchanges (DEXs) are a popular alternative to Luno and other centralized exchanges. As the name suggests, these platforms are built on blockchain technology, which allows for decentralized trading and eliminates the need for a central authority to control user funds. This means that users have full control over their assets and can trade directly with other users without the need for intermediaries.
Below We Include Some popular DEXs Alternative To Luno Exchange
1- Tinyman ( Luno Alternatives Without Verification)
Tinyman is a decentralized trading protocol, utilizing the fast and secure framework of the Algorand blockchain to create an open and safe marketplace for traders, liquidity providers, and developers. Tinyman, built by a team with experienced fintech backgrounds, is on a mission to realize the full potential of DeFi, or financial tools that run on blockchain and are inclusive, accessible, and profitable for users far and wide. With the community-focused, cheap, fast, and fully permissionless Tinyman protocol, users are able to trade any Algorand Standard Asset (or Algo) through liquidity pools using an Automated Market Maker (AMM) algorithm.
An example of an automated market maker (AMM), Tinyman launched in October 2021, and it has a growing audience and liquidity. Within Tinyman Platform, traders have access to liquidity provision and swapping on Algorand blockchain along with general and personal analytics tools for overseeing their accounts. Development at Tinyman continues to introduce additional features in the near future.
2- Swapr (Arbitrum) ( LUNO Alternatives)
Swapr is a multi-chain decentralized AMM with a suite of unique features including LP governance, DIY farming, eco-routing, and much more. Swapr was developed organically within the DXdao community and is the first automated market maker (AMM) to allow for adjustable swap fees through governance. Swapr is the first DeFi protocol on Ethereum to be launched by a DAO.
DXD is the DXdao native ERC20 token. DXD token holders own future access to a suite of services, premium features, and a portion of fees accrued in the decentralised applications that the DXdao community creates. With the passage of the Governance 2.0 signal proposal, DXD will also be a DXdao governance token that manages the DXdao on-chain treasury.
Launched in October 2020, ZilSwap.io (“ZilSwap”) is a fully on-chain, decentralised exchange running on the Zilliqa network— a high-performance scalable public blockchain platform based in Singapore. The DEX—governed by ZWAP holders— strives to deliver an unrivaled experience for users looking to trade, earn liquidity rewards, participate in initial liquidity offerings, and bridge their assets between the Zilliqa and Ethereum networks.
ZilSwap underwent a rebranding exercise and a dashboard rehaul in mid-2021 and have continued to strengthen its position as the DeFi hub of Zilliqa with the release of the following key features since: – Swap & Pool: Allows users to swap tokens and provide liquidity on their favourite token pairs while earning liquidity mining rewards.
– ZILO: ZilSwap Initial Liquidity Offering (ZILO) is an on-chain service where ZWAP holders can participate in providing liquidity for the latest tokens on ZilSwap, before they even launch. – ZilBridge:
A bridge that allows users to bridge their assets between the Zilliqa and Ethereum networks. Current supported assets are BTC, ETH, and USDT, with more tokens to be added later. – Multi-Reward Claimer: A reward claim feature that allows users to claim their liquidity pool rewards in a single transaction.
More features are lined up as part of ZilSwap’s 2.0 development roadmap: – ARK (initial release at end October 2021): ZilSwap’s very own NFT marketplace that will allow users to trade their NFTs seamlessly, with cross-bridge NFT integration to be supported in future; – Single-sided Liquidity for impermanent loss protection; – Amplified AMM that will allow for arbitrary token pairs; and – Staking.
Best Centralized Exchange Of Luno Alternative
1-One of the best alternatives to Luno is XT.COM
XT.COM is a trading platform with a wide selection of cryptocurrencies, a significant range of transactions and trading categories like OTC/spot/margin/contract/derivatives, as well as efficient and professional crypto investment services.
Both beginners and experienced investors have access to trading operations such as currency transactions and OTC transactions, trading in tokens and futures, buying assets with credit cards, and margin trading/leverage transactions. In addition, for advanced clients, there is support for staking, saving and mining.
XT.COM provides its users with a secure trading experience through DDoS attack protection, an extra layer of safety based on a three-private-key security structure, and special treatment for user accounts and digital assets that are stored in cold wallets.
The exchange has an app for Windows/Android/iOS, a clean and user-friendly interface, a simple and intuitive registration process, a convenient P2P marketplace for buying/selling cryptos, and a high-performance matching engine for fast transactions without delays.
XT.COM claims to be dedicated to providing users with the most secure, trusted, and hassle-free digital asset trading services. The exchange is built from a desire to give everyone access to digital assets regardless where you are.
Founded in 2018, XT.COM now serves more than 6 million registered users, over 500,000+ monthly active users and 40+ million users in the ecosystem. Covering a rich variety of trading categories together with a NFT aggregated marketplace, the platform strives to cater to its large user base by providing a secure, trusted and intuitive trading experience.
2- Another popular alternative to Luno is Paribu
Based in Istanbul-Turkey, Paribu is one of the leading cryptocurrency trading platforms with almost 5 million users. Paribu started its operations in February 2017 and now, the exchange has support for more than 60 cryptocurrencies.
The users can deposit and withdraw Turkish Lira through any of the seven banks that Paribu has integrated with. Paribu offers Turkish Lira pairs as well as USDT pairs. Along with support for the domestic fiat currency, Paribu also provides 24/7 customer support for its users.
3- CoinField is another Alternative to Luno
CoinField is the leading Bitcoin & cryptocurrency exchange. We currently host a wide variety of cryptocurrencies that trade against six different fiat currencies including EUR, USD, CAD, GBP, JPY & AED. It was built with one goal in mind: To make the world of cryptocurrency more accessible globally
CoinField has continued to innovate and expand its reach, we now operate in 186 countries spanning from North America, South America, Europe, Asia and beyond. Launched in April 2018, CoinField is an European based centralized crypto-to-fiat exchange & virtual currency wallet system supervised by Financial Intelligence Unit (FIU) under licence number FVT000111. CoinField adheres to the requirements under the Proceeds of Crime (Money Laundering and Terrorist Financing Prevention Act (MLTFPA).
4-Bitrue is another alternative to Luno
Founded in 2018, Bitrue is one of the world’s most advanced cryptocurrency exchanges and management platforms. Bitrue employs blockchain and emerging technologies that enable access to an expansive suite of crypto products, options, and services.
As a digital assets trading platform, Bitrue operates with globalization, specialization, and diversification at its core. Bitrue’s mission is to become a key player in making blockchain and digital assets infrastructure available to everyone by enabling users to buy, sell and invest in more than 700 cryptocurrencies.
About Crypto Exchange
A crypto exchange is a platform where users can buy, sell, and trade cryptocurrencies. These exchanges can be centralized, meaning they are operated by a single company, or decentralized, meaning they operate on blockchain technology and are not controlled by a single entity.
Some popular centralized crypto exchanges include Binance, Coinbase, and Kraken, while popular decentralized exchanges include Uniswap and Sushiswap.
The exchange rate of a cryptocurrency on a specific exchange is determined by supply and demand on that platform. Some exchanges also offer additional features such as margin trading and staking.
Why Luno Popular
Luno is a popular cryptocurrency exchange that has gained popularity for several reasons:
- User-friendly interface: Luno offers a simple and intuitive platform for users to buy, sell, and trade cryptocurrencies. The platform is easy to navigate and suitable for both beginners and experienced traders.
- High liquidity: Luno has a large user base and offers high liquidity, making it easy for traders to execute their trades quickly and efficiently.
- Wide selection of cryptocurrencies: Luno supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, among others. This makes it a convenient platform for traders who want to diversify their portfolios.
- Security: Luno takes security seriously and employs various measures to ensure the safety of its users’ funds. These measures include two-factor authentication and encryption of sensitive data.
- Mobile app: Luno also offers a mobile app that allows users to manage their accounts and trade cryptocurrencies on the go.
Overall, Luno’s user-friendly interface, high liquidity, wide selection of cryptocurrencies, security measures, and mobile app have contributed to its popularity among cryptocurrency traders.
Why Luno Not Good Choice For Some Users
While Luno is a popular cryptocurrency exchange, it may not be the best choice for all users. Here are some reasons why:
- Limited geographic availability: Luno is not available in all countries, which may be a significant disadvantage for users who reside in regions where the platform is not supported.
- Limited selection of cryptocurrencies: While Luno does offer a wide range of cryptocurrencies, its selection is still limited compared to some other exchanges. Users looking for more obscure or niche cryptocurrencies may need to use other exchanges.
- High fees: Luno’s fees can be relatively high compared to other exchanges, especially for users who frequently trade large volumes of cryptocurrency.
- Limited customer support: Some users have reported experiencing delays in customer support responses or not receiving adequate assistance. This can be frustrating, especially if a user is experiencing an issue with their account or transaction.
- No margin trading: Luno does not currently offer margin trading, which can be a disadvantage for users looking to leverage their trades for higher potential returns.
In summary, while Luno may be a great choice for some users, its limited geographic availability, limited selection of cryptocurrencies, high fees, limited customer support, and lack of margin trading may make it less appealing to others. It’s essential to consider these factors and do your research before deciding on an exchange that best meets your needs.
How to Choose best crypto exchange?
Choosing the right crypto exchange can be a daunting task, as there are many options to choose from and each has its own set of pros and cons. Here are a few things to consider when choosing a crypto exchange:
- Security: The security of your assets should be a top priority when choosing an exchange. Look for an exchange that has a history of good security practices and has never been hacked.
- Jurisdiction and regulations: Some exchanges are not available in certain countries due to regulatory restrictions. Make sure the exchange you choose is available in your country and complies with the local laws and regulations.
- Fees: Compare the trading fees of different exchanges to see which one offers the lowest fees. Also, consider the deposit and withdrawal fees as well.
- Payment methods: Some exchanges only accept cryptocurrencies for deposit and withdrawal, while others also accept bank transfers, credit cards, and other methods. Make sure the exchange you choose offers a payment method that is convenient for you.
- Coin offerings: Not all exchanges offer the same coins and tokens. Make sure the exchange you choose offers the coins you want to trade.
- Trading volume: Exchanges with high trading volume typically have more liquidity, which means it’s easier to buy and sell coins without affecting the market price.
- User-friendly interface: Look for an exchange that has a user-friendly interface and offers helpful features such as charting tools and order book.
- Customer support: Good customer support is important in case you have any issues or questions. Look for an exchange that offers multiple ways to contact customer support, such as email and live chat.
- Reputation: Look for an exchange that has a good reputation in the community, and has been around for a while.
- Remember to do your own research, read reviews and check the reputation of the exchange before making any decision.
Luno Alternative Conclusion
Luno is a popular cryptocurrency exchange that offers a user-friendly platform for buying, selling, and trading cryptocurrencies. It has gained popularity due to its high liquidity, wide selection of cryptocurrencies, security measures, and mobile app.
However, Luno may not be the best choice for all users, as it has some limitations such as limited geographic availability, limited selection of cryptocurrencies, high fees, limited customer support, and lack of margin trading. Therefore, it’s important to carefully consider these factors and compare them to other cryptocurrency exchanges before deciding on the best platform for your needs.
Overall, Luno remains a reputable and reliable platform for cryptocurrency trading, and its popularity among users speaks to its strengths as an exchange.