Comparison of Bit vs Luno [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bit vs Luno comparison!

Your expert: Alejandro Borja

bit

Bit

  • Threenvest valuation: 3,8/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

luno

Luno

  • Threenvest valuation: 3,6/5
  • US legal: Yes
  • Security: High 4,5/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Main points

Fees

0.07%/0.04%

Earns

Yes

Customer service

3/5
≤0,10%

Fees

No

Earns

4/5

Customer service


Recommended for

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

3.6 – Reasonable fees but higher for certain advanced trading options.
3.8 – Reasonable fees with strong local support in emerging markets.

Level

0.07%/0.04%
≤0,10%

Brief explanation

Bit.com offers a competitive fee structure that’s attractive for both casual and serious traders. The exchange charges a 0.06% fee for takers and a 0.04% fee for makers, which is below the industry average. This low fee schedule is beneficial for high-volume traders as it allows them to maximize their profits on each trade. Additionally, Bit.com does not charge any deposit fees for cryptocurrencies, though there are fees associated with fiat withdrawals and deposits, which vary depending on the payment method and the currency involved. Overall, this fee arrangement supports an active trading environment at a reduced cost.
Luno operates with a transparent and competitive commission structure that varies based on the type of transaction and the user’s activity level. For trading, Luno typically charges a tiered fee, which decreases as the user’s monthly trading volume increases, incentivizing high-frequency traders with lower rates. The fees for buying and selling cryptocurrencies are calculated either as a percentage of the transaction amount or as a flat rate, depending on the currency and payment method used. Deposit fees vary by payment method, with options like bank transfers often being free, while credit or debit card transactions may incur higher fees. Withdrawal fees also vary, generally depending on the network fees of the cryptocurrency being withdrawn and the urgency of the transaction. This fee structure is designed to be straightforward, allowing users to easily understand the costs associated with their trading and financial movements on the platform.

Bit

bit
Read bit review
  • Security Methods: Bit.com employs advanced security protocols including multi-factor authentication, cold storage of assets, and continuous system monitoring, ensuring a high level of protection for user funds and personal data.
  • Reputation and Reviews: Since its inception, Bit.com has quickly built a strong reputation for reliability and professionalism within the crypto community. The positive reviews and testimonials from seasoned traders underline its credibility and trusted status in the market.
  • Trading Volume and Liquidity: Bit.com is known for its high trading volume and liquidity, which is crucial for executing large trades without significant price slippage. This makes it an ideal platform for institutional investors and professional traders who require quick order execution.
  • Transparency: The exchange is transparent about its fee structure, trading processes, and the security measures it implements. This openness is essential for building trust with users and is a core reason why many choose to trade on Bit.com.
  • Withdrawal and Deposit Policies: Bit.com offers clear and user-friendly policies regarding withdrawals and deposits. These policies are designed to provide convenience while also ensuring the security of transactions, which significantly enhances user trust and satisfaction with the platform.
  • Pros
  • Advanced trading features integrated.
  • High liquidity ensures efficient execution.
  • Competitive fee structure for traders.
  • Cons
  • Complex interface, steep learning curve.
  • No fiat currency support available.

Read bit review

Luno

luno
Read bit review
  • Year Founded: Since its inception in 2013, Luno has built a long-standing reputation in the cryptocurrency market. This longevity serves as a testament to its resilience and adaptability in the ever-evolving crypto landscape.
  • Security Methods: Luno prioritizes the security of its users' assets through robust security protocols, including state-of-the-art encryption and secure storage measures. These efforts ensure that users' investments are protected from external threats and vulnerabilities.
  • Possible Regulation: Luno’s commitment to regulatory compliance in each market it operates in reinforces its reputation as a trustworthy platform. By adhering to local financial regulations and guidelines, Luno provides a secure trading environment that aligns with legal standards.
  • Reputation and Reviews: The platform has garnered positive feedback from users globally, reflected in its favorable reviews across various consumer platforms. This positive reputation highlights user satisfaction with Luno's services and its effectiveness in meeting trader needs.
  • Trading Volume and Liquidity: Luno maintains a healthy trading volume and liquidity, ensuring that users can execute trades efficiently without significant price slippage. This reliability in trading performance makes Luno a preferred option for many traders looking to buy and sell cryptocurrencies.
  • Pros
  • User-friendly interface for beginners.
  • Strong security protocols enhance safety.
  • Supports a variety of cryptocurrencies.
  • Cons
  • Limited global reach.
  • Fewer advanced trading features.

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Product selection

Native token

No
No

Earns

Yes
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Unknown
Luno Pte Ltd.

Regulation

Regulation not specified
Regulated in Singapur y Sudáfrica

Year founded

Unknown
2013

Founder

Unknown
Marcus Swanepoel

Payment methods

Transfers

No
Yes

Mastercard

No
Yes

Wire transfer

No
No

Card

No
Yes

Comparative table

Bit FEATURES Luno
Allows small minimum trades, accessible for those looking to start with modest amounts.
Minimum Trade
Luno allows small minimum trades, making it accessible for beginners to start with lower amounts.
Competitive fees across trading types, appealing to high-volume traders due to lower costs.
Trading and Transaction Fees
Luno’s fees are competitive but can vary by region and payment method, which may impact cost efficiency for some users.
Offers a decent variety of cryptocurrencies, though not as extensive as the largest platforms.
Number of Cryptocurrencies
Luno offers a selection of the most popular cryptocurrencies but has a more limited range compared to larger exchanges.
Provides a wide range of crypto-to-crypto trading pairs, enabling diverse trading strategies.
Crypto-to-Crypto Trading Pairs
Luno provides a few crypto-to-crypto trading pairs, focusing more on fiat to crypto transactions which limits trading strategies.
The website provides clear and detailed information about fees, policies, and trading options.
Website Transparency
The Luno website provides clear information on fees, policies, and company details, although some users may seek more depth in certain areas.
Bit.com lacks an exchange card, limiting additional spending flexibility and benefits for its users compared to some competitors that offer branded cards with rewards.
Credit/Debit Card
The Luno card effectively integrates with their service offering, providing convenience and accessibility for in-store purchases while also facilitating easy conversion from crypto to fiat. This feature enhances user experience by expanding the usability of cryptocurrencies in everyday life. However, availability may vary by region, which is why it doesn’t achieve a perfect score.
High-level security storage solutions including cold storage options to protect user assets.
Storage Offering
Luno excels in secure cryptocurrency storage solutions, offering integrated wallets with advanced security measures.
Offers staking options but with limited rewards compared to leading competitors.
Staking and Rewards
Currently, Luno has limited options for staking and rewards, which could be an area for future development to enhance user returns.
Both mobile and desktop platforms are well-designed, offering full functionality and user-friendly interfaces.
Mobile App and Desktop
Luno’s mobile app and desktop platform are highly user-friendly, offering intuitive navigation and robust functionality for all user levels.
Customer service is available, but response times can vary, impacting user experience during peak times.
Customer Service
Luno provides competent customer service with multiple channels for support, though response times can occasionally extend during high demand periods.
Efficient processes for depositing and withdrawing funds, though improvements could be made in speed.
Deposit and Withdraw
Deposits and withdrawals are generally smooth with Luno, supporting various methods, though some users might face delays depending on their region.

Key features

Analysis tools

Basic charting tools
Basic charting tools

Mobile APP

No
No

Security

High 4,6/5
High 4,5/5

Additional features

Spot trading, margin trading, lending services, OTC trading
Savings wallets, fiat on/off ramps, staking, educational resources

Anonymity

Yes
No

Key points

Available cryptocurrencies

30+
10+

User-friendliness

Bit offers a straightforward and intuitive platform that is easy for beginners to use. The interface is clean and provides essential features without overwhelming new users.
Luno offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Value for money

Offers reasonable value for money with competitive fees and a straightforward trading experience, though it may lack some advanced features.
Provides decent value for money with competitive fees and a user-friendly platform, making it a good choice for beginners and emerging market users.

Countries of operation

United States, Canada, United Kingdom, Australia, Singapore
South Africa, Nigeria, Indonesia, Malaysia, Europe

Best for

Great for beginners and experienced traders looking for a straightforward trading experience with competitive fees.
Ideal for beginners and emerging market users looking for a user-friendly platform with competitive fees.

Base currencies available

JPY, USD, EUR, BTC
ZAR, NGN, MYR, IDR, EUR, BTC

Account

Trading

BIT exchange offers robust security and a user-friendly interface. While it provides essential trading features, it lacks the advanced tools required by professional traders. The exchange also has moderate liquidity.
Luno is a user-friendly exchange popular in emerging markets, offering easy fiat integration and a decent range of cryptocurrencies. It has competitive fees but lacks advanced trading tools.

Deposit and withdrawal

BIT exchange supports multiple deposit options such as bank transfers and cryptocurrencies. Withdrawals are processed efficiently, usually within a day. Fees are minimal, enhancing accessibility.
Luno is user-friendly, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.

Account opening process

BIT exchange provides an easy account registration process. Users need to provide personal details and verify their identity. The account is usually approved within a day, ensuring quick access to trading.
Luno offers an easy and quick account registration process. Users need to provide personal information and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

No
Yes

Customer Service

BIT offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.
Luno offers support through email and live chat. The response time is quick, and the support team is available 24/7, making it reliable for users needing immediate help.

Security

BIT offers strong security features, including 2FA and encryption. Despite its robust security measures, the platform lacks regulation from major financial authorities, which could be a concern for some users.
Luno ensures security through 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, providing a secure environment for investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I recommend Bit.com for traders looking for a robust platform that excels in derivatives trading and offers high liquidity. Its advanced security and comprehensive trading tools make it a strong choice for experienced traders. However, new traders should be aware that the platform’s complexity and limited fiat support could pose initial hurdles. Overall, Bit.com is a standout exchange for those looking to leverage sophisticated trading strategies in the cryptocurrency market.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on our website, I recommend Luno for newcomers venturing into the world of cryptocurrencies. Its user-friendly interface and robust educational resources make it an excellent starting point. However, more experienced traders might find the platform’s limited advanced trading features and crypto-to-crypto pairs a bit restrictive. If you’re just getting started or prefer a straightforward, secure trading environment, Luno is a solid choice to consider.

View all comparisons against Bit

View all comparisons against Luno

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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