Quick Verdict on Luno
Luno is a solid, established exchange that works well for Nigerians who want to both buy and sell crypto. Its strengths are a clean interface, direct NGN support, and low Exchange fees (0% maker, 0.1% taker). However, limited coin selection (~8-10 coins), withdrawal fees, slower processing (1-3 days), and high Instant buy/sell spreads are significant drawbacks. For selling crypto to Naira specifically, Monica Cash is the better choice — faster (5-40 min), free withdrawals, more coins (13+), and automatic conversion.
Luno is one of the most established cryptocurrency exchanges operating in Nigeria. Founded in 2013 (originally as BitX), the platform was rebranded to Luno in 2017 and was acquired by Digital Currency Group (DCG) in 2020. DCG is one of the largest crypto investment firms globally, also owning Grayscale, CoinDesk, and Genesis.
Luno has been a trusted name in the Nigerian and South African crypto markets for years. It was one of the first international exchanges to offer direct Naira (NGN) support, giving Nigerian users a straightforward path to buying and selling cryptocurrency. But in the rapidly evolving Nigerian crypto landscape of 2026, is Luno still the best option? This review provides a thorough, balanced assessment.
Luno Overview
Founded 2013
Over 10 years of operation, one of the oldest crypto exchanges
13M+ Global Users
Significant presence in Nigeria, South Africa, and Southeast Asia
40+ Countries
Available in Nigeria with direct NGN deposit and withdrawal
Owned by DCG
Digital Currency Group — major crypto investment conglomerate
SEC Registered
Operating within Nigeria's SEC Digital Assets Framework
Mobile Apps
iOS and Android apps with full trading functionality
Luno Fees in Nigeria — Complete Breakdown
Understanding Luno's fee structure is essential because the platform has two different trading interfaces with very different pricing:
| Fee Type | Amount | Notes |
|---|---|---|
| Luno Exchange — Maker Fee | 0% | When you add liquidity (limit orders) |
| Luno Exchange — Taker Fee | 0.1% | When you take liquidity (market orders) |
| Instant Buy/Sell — Spread | ~1-3% | Varies by market conditions; significantly higher than Exchange |
| NGN Deposit | Free | Via bank transfer |
| NGN Withdrawal | Fee applies | Amount varies; charged per withdrawal |
| Crypto Deposit | Free | Luno does not charge; network fees still apply |
| Crypto Withdrawal | Network fee | Varies by cryptocurrency and network congestion |
Watch Out: Instant vs Exchange
Many Luno users, especially beginners, use the "Instant Buy/Sell" feature because it is simpler. But this feature charges significantly higher spreads (1-3%) compared to the Luno Exchange (0-0.1%). If you are cost-conscious, always use the Luno Exchange — it requires learning to place limit/market orders but saves substantial money. Better yet, for selling, use Monica which has transparent rates and free withdrawals.
Supported Cryptocurrencies on Luno Nigeria
Luno supports approximately 8-10 cryptocurrencies for Nigerian users. The exact list can vary but typically includes:
- Bitcoin (BTC) — Full trading pair with NGN
- Ethereum (ETH) — Full trading pair with NGN
- XRP (Ripple) — Available on the platform
- Litecoin (LTC) — Available for trading
- Bitcoin Cash (BCH) — Supported
- Solana (SOL) — Added more recently
- Uniswap (UNI) — Limited availability
- Chainlink (LINK) — Limited availability
This is a significant limitation. The Nigerian market is dominated by USDT (which Luno has limited support for), and users also trade BNB, TRON, DOGE, TON, USDC, and other coins that Luno does not support. Compare this to Monica's 13+ coins including all the most popular cryptos in Nigeria — BTC, USDT, ETH, SOL, BNB, TRX, USDC, DOGE, XRP, and TON.
Luno Naira Cashout: How It Works
Cashing out from Luno to your Nigerian bank account involves the following steps:
- Sell your crypto on Luno Exchange or via Instant Sell for Naira.
- Your Naira balance appears in your Luno NGN wallet.
- Navigate to the withdrawal section and enter your bank details.
- Submit the withdrawal request.
- Wait 1-3 business days for the funds to arrive in your bank account.
The 1-3 business day withdrawal timeline is a notable drawback. In comparison, Monica processes withdrawals in 5-40 minutes, any day of the week. For someone who needs cash urgently — which is often the case — this speed difference is significant. Additionally, Luno charges a fee on Naira withdrawals, while Monica withdrawals are completely free.
Luno Security
Luno takes security seriously, implementing several measures to protect user funds and accounts:
- Two-Factor Authentication (2FA): Available via authenticator app.
- Cold storage: The majority of crypto assets are stored offline in cold wallets.
- Address whitelisting: You can restrict crypto withdrawals to pre-approved addresses only.
- Multi-signature wallets: Multiple approvals required for large movements.
- Insurance: Luno maintains insurance coverage for hot wallet holdings.
- KYC/AML compliance: Full identity verification required for all users.
Luno's security is adequate for an exchange of its size. The company has not suffered any major security breaches, which is a positive indicator. However, users should remember that exchange wallets are custodial — Luno holds your private keys. For maximum security on large holdings, consider a personal wallet. See our best crypto wallets Nigeria guide.
Luno Pros and Cons
Pros
- Established platform (since 2013)
- Direct NGN deposit support
- Low Exchange fees (0% maker, 0.1% taker)
- Clean, beginner-friendly interface
- Mobile apps (iOS and Android)
- Backed by DCG (financial strength)
- SEC registered in Nigeria
- Can both buy and sell crypto
- Savings Wallet feature (earn on BTC/ETH)
- Good security track record
Cons
- Limited coin selection (~8-10 coins)
- Limited/no USDT support for Nigeria
- Naira withdrawal fee
- Slow withdrawals (1-3 business days)
- High Instant Buy/Sell spreads (1-3%)
- No automatic conversion feature
- Exchange order book can have thin liquidity
- No TRON (TRX), DOGE, TON, BNB support
- Customer support can be slow
- Savings Wallet rates are low
Luno vs Monica Cash: Detailed Comparison
Since many Nigerian users considering Luno are also considering Monica, here is a head-to-head comparison. For a more detailed analysis, read our dedicated Monica vs Luno page.
| Feature | Luno | Monica Cash | Winner |
|---|---|---|---|
| Primary Function | Buy & sell crypto | Sell crypto for Naira | Different use cases |
| Supported Coins | ~8-10 | 13+ | Monica |
| USDT Support | Limited | TRC20, ERC20, BEP20, SOL | Monica |
| Withdrawal Fee | Fee applies | Free | Monica |
| Withdrawal Speed | 1-3 business days | 5-40 minutes | Monica |
| Trading Fees | 0% maker / 0.1% taker | Competitive spread | Comparable |
| Conversion Model | Order book + Instant | Automatic | Monica (for selling) |
| P2P Risk | None (exchange) | None (auto) | Tie |
| SEC Compliance | Yes | Yes | Tie |
| Mobile App | iOS & Android | Web app (responsive) | Luno |
| Buy Crypto with NGN | Yes | No (sell only) | Luno |
| Users | 13M+ global | 500,000+ Nigeria | Different markets |
The Verdict: When to Use Each Platform
Use Luno when: You want to buy crypto with Naira, you prefer a traditional exchange with order books, you trade primarily BTC and ETH, or you want the Savings Wallet feature.
Use Monica when: You want to sell crypto for Naira (any of 13+ coins), you need fast processing (5-40 minutes vs days), you want free withdrawals, you sell USDT (any network), or you want automatic conversion without order book complexity. For the specific task of converting crypto to Naira, Monica is the clear winner.
Other Alternatives to Luno in Nigeria
Quidax
Nigerian-founded exchange with SEC registration. Offers order book trading with more coin variety than Luno. Good for active traders. See our Monica vs Quidax comparison.
Binance (P2P)
The world's largest exchange. Offers P2P trading for Naira but carries frozen bank account risks. Regulatory issues in Nigeria. See our Monica vs Binance analysis.
Roqqu
Nigerian exchange with growing features. Supports buying and selling with Naira. Still building its user base and liquidity.
Final Recommendation
Luno is a legitimate, well-established platform that serves Nigerian users well for certain use cases — particularly buying crypto with Naira. Its clean interface, mobile apps, and low Exchange fees are genuine strengths. The DCG backing provides financial stability, and SEC registration gives regulatory comfort.
However, Luno's limitations are real and significant for many Nigerian users. The limited coin selection (especially the lack of robust USDT support), withdrawal fees, slow processing times, and high Instant spreads are meaningful drawbacks. For anyone whose primary need is selling crypto for Naira — which is the primary activity for most Nigerian crypto users — Monica Cash is the clearly superior option.
The ideal approach for many Nigerian users is to use Luno for buying crypto and Monica for selling. This gives you the best of both worlds: Luno's NGN deposit capabilities for acquisition, and Monica's speed, free withdrawals, and wider coin support for conversion back to Naira. For current rates, check the crypto calculator.
Whatever you choose, always prioritize SEC-compliant platforms that protect your funds and provide legal trading in Nigeria. Both Luno and Monica meet this standard.