Luno account opening

To open an account on Luno, follow these detailed steps:

1. Visit the Luno Website or Download the App:
   • Go to Luno’s official website or download the Luno app from the App Store (for iOS users) or Google Play Store (for Android users).
2. Sign Up:
   • On the homepage, click on “Sign Up.”
   • Enter your email address and create a strong password. Ensure that your password is unique and secure.
   • Click on “Create Account” to proceed.
   • You will receive a verification email. Click on the link provided in the email to verify your email address.
3. Complete KYC (Know Your Customer) Verification:
   • Log in to your Luno account.
   • Navigate to the “Profile” section and select “Verification.”
   • Upload a valid government-issued ID (passport, driver’s license, or national ID card).
   • Take a clear selfie as instructed to verify your identity.
   • Luno will review your documents. This process can take a few hours to a few days depending on the volume of requests.
4. Set Up Security Features:
   • Enable two-factor authentication (2FA) for additional security. This can be done through the “Security” section in your profile settings.
   • Use an authenticator app like Google Authenticator or Authy for generating 2FA codes.
5. Fund Your Account:
   • Once your account is verified, go to the “Wallets” section.
   • Select “Deposit” and choose your preferred payment method (bank transfer, debit card, or local payment options depending on your country).
   • Follow the instructions to complete your deposit. Ensure you use the correct reference number provided by Luno to avoid any delays.
6. Start Trading:
   • With funds in your account, you can now buy, sell, and trade cryptocurrencies.
   • Navigate to the “Home” or “Markets” section to explore the available cryptocurrencies.
   • Use the “Buy” or “Sell” options to execute your trades.

Types of Accounts on Luno

Luno offers a straightforward account structure designed to cater to both beginners and experienced cryptocurrency investors. Here are the main types of accounts you can open on Luno:

1. Basic Account:
   • Features:
     • Ability to buy, sell, and store cryptocurrencies.
     • Access to Luno’s educational resources.
     • Suitable for users new to cryptocurrency trading.
   • Limitations:
     • Lower transaction limits.
     • Limited access to advanced trading features and tools.
2. Verified Account:
   • Features:
     • All the benefits of a Basic Account.
     • Increased transaction limits.
     • Access to additional payment methods for deposits and withdrawals.
     • Required to complete KYC (Know Your Customer) verification.
   • Verification Process:
     • Upload a government-issued ID (passport, driver’s license, or national ID card).
     • Submit a selfie for identity verification.
     • Address verification may be required in some regions.
3. Business Account:
   • Features:
     • Designed for businesses looking to invest or transact in cryptocurrencies.
     • Higher transaction limits and advanced trading features.
     • Access to a dedicated account manager and customer support.
   • Requirements:
     • Business registration documents.
     • Verification of business identity and authorized personnel.
4. Luno Savings Account:
   • Features:
     • Allows users to earn interest on their cryptocurrency holdings.
     • Flexible terms and competitive interest rates.
     • Interest is typically paid monthly.
   • Supported Cryptocurrencies:
     • Bitcoin (BTC), Ethereum (ETH), and other supported assets.

Minimum Deposit on Luno

Luno does not have a mandatory minimum deposit for opening an account; however, the minimum amount required for transactions varies based on the cryptocurrency and the payment method used. Here’s a detailed look:

1. Cryptocurrency Purchases:
   • The minimum purchase amount for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others can vary. Typically, the minimum buy amount is around $10 or equivalent in other currencies. This is set to ensure that transaction fees do not exceed the value of the purchase.
2. Fiat Deposits:
   • Bank Transfer: Most regions do not require a minimum amount for bank transfers, but it is recommended to check with your local bank for any transaction fees that might apply.
   • Debit/Credit Card: The minimum deposit amount might be influenced by the card provider’s policies. It is generally around $10 or equivalent.
   • Local Payment Methods: Different countries have various local payment methods available, and the minimum deposit can vary accordingly. For example, in South Africa, you can deposit funds directly from your bank account with no minimum limit, but certain payment gateways might have their own minimum thresholds.
3. Withdrawal Minimums:
   • For withdrawals, there might be minimum amounts depending on the currency and the withdrawal method. For instance, withdrawing Bitcoin may require a minimum of 0.0001 BTC due to network transaction fees.

Countries Where You Can and Cannot Open a Luno Account

Countries Where Luno is Available: Luno supports users in numerous countries across different continents. Here are some of the major regions where you can open and operate a Luno account:

1. Africa:
   • South Africa
   • Nigeria
   • Uganda
   • Zambia
2. Europe:
   • Austria
   • Belgium
   • Italy
   • Netherlands
   • Poland
3. Asia:
   • Indonesia
   • Malaysia
4. Oceania:
   • Australia
5. South America:
   • Not widely available yet.

Countries Where Luno is Not Available: While Luno aims to expand its services globally, there are certain countries where its services are currently not supported. These include:

1. United States:
   • Luno does not operate in the United States due to regulatory restrictions.
2. Canada:
   • Similar to the U.S., Luno does not support operations in Canada.
3. Other Restricted Countries:
   • Iran
   • North Korea
   • Syria
   • Sudan
   • Myanmar