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Binance vs. Luno 2024: Features and Fees
Luis Clark
- Headquarter: Vilnius, Lithuania
- Year Founded: 2017
- No. of Cryptos: 350+
- Fiats Available: 40+
- Trading Fee: 0.50% for Instant Buy/Sell, 0.10% flat maker-taker fee | Fiat Deposit Fee: Free Fiat Withdrawal | Fee: Free
- NFTs Available: Yes
- Native Coin: Yes
- Beginner Friendly: No
- Platform App: Desktop/Mobile (Android and iOS)
- Security Features: Offline Cold Storage, 2FA, SAFU, SSL Encryption, KYC
- Headquarter: London, England
- Year Founded: 2013
- No. of Cryptos: 10
- Fiats Available: 8
- Trading Fee: 2.0% for Instant Buy/Sell, 0% maker fee and 0.10% taker fee. | Fiat Deposit Fee: R 20.00 + 5% for cash deposit, 1.40% for Instant bank transfer | Fiat Withdrawal Fee: Free
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop and Mobile (Android and iOS)
- Security Features: Cold Asset Storage, KYC, Offline Private Keys Storage, Multi-signature, 2FA
Binance and Luno are global cryptocurrency exchanges well-established in the crypto industry offering crypto-related services in South Africa. Both exchanges facilitate the buying, selling, and storing of cryptocurrencies at competitive fees.
Binance vs. Luno: Verdict
After extensive use of both platforms, we find that Binance is better than Luno because of its higher trading volume, lower fees, earning possibilities and margin trading capabilities. However, we see how both stack up in this Binance vs. Luno review.
Here, we highlight the advantages and disadvantages of Luno and Binance to help SA investors make informed decisions.
Pros
- Supports 350+ assets
- Low trading fees
- Zero fees for ZAR deposit and withdrawal
- Crypto staking available
- Instant Buy/Sell available
Cons
- Complicated trading platform
- Poor customer support
Pros
- Direct ZAR deposits and withdrawals
- Beginner-friendly exchange
- Excellent customer support
- High-level security features
- Mobile app available
Cons
- High fee for Instant Buy/Sell
- Supports only 10 cryptocurrencies
Binance vs. Luno: Unique Features
Binance and Luno offer various features for investors to buy, sell, trade, and invest in cryptocurrencies. We highlight some of the top features of both exchanges and how they compare.
Mobile App
The mobile app is one of the standout features of Binance and Luno exchanges. Both platforms offer mobile apps on Android and iOS devices. On the apps, investors can open and close trades, monitor the cryptocurrency market, send and receive crypto, and access other features in one place.
Interestingly, both mobile apps are designed smoothly with a simple interface to execute buy and sell orders, exchange crypto, and carry out other activities. However, while the Luno mobile app is more straightforward and less congested, the Binance mobile trading platform can be complicated for beginners because of its numerous features.
In other words, the Luno mobile app is ideal for users across all experience levels, while the Binance app is better suited for experienced cryptocurrency trading users. So, Luno wins this category.
Crypto Wallet
Apart from buying and selling Bitcoin and other cryptocurrencies, Binance and Luno offer asset custodial services using their cryptocurrency wallets. Their wallets are available to all verified account owners on the exchanges, allowing users to securely store their assets.
Similarly, both wallets are incorporated into the exchange platforms. This enables users to easily access them without downloading another application or browser extension. However, the Luno wallet is limited because it supports only the 10 cryptocurrencies on the trading platform.
In contrast, the Binance wallet supports 350+ assets, including non-fungible tokens (NFTs), making Binance the clear winner in this category.
Recurring Buy
Another top feature of Binance and Luno is the recurring buy solution that allows investors to save and automate the purchase of their favourite coins. With this feature, users can save time, make quicker purchases, and mitigate the risk of price swings by instantly purchasing assets.
At the same time, both exchanges use live rates, so investors can schedule future crypto purchases.
For Luno, the “repeat buy” feature can be automatically configured when buying crypto. This is easier than what’s obtainable on Binance, where users have to do some extra clicks to enable the feature. Because of its easier configuration, Luno wins this category.
ZAR Trading Pairs
Both Binance and Luno support South African rand (ZAR). They also have fiat currency paired with cryptocurrencies like Bitcoin and Ethereum for trades in the crypto market.
Because of this, South African investors looking to trade crypto with their local currency can eliminate the stress of converting ZAR to other fiat currencies.
Winner in Unique Features
However, while Binance offers 3 ZAR trading pairs (BTC/ZAR, BUSD/ZAR, and ETH/ZAR) in the spot market, Luno offers its users access to 8 ZAR crypto-to-fiat pairs (including BTC/ZAR, ETH/ZAR, and XRP/ZAR). So, Luno wins this section.
Binance vs. Luno: Cryptocurrencies Available
In terms of crypto support, Binance is one of the best exchanges on the market. The trading platform supports 350+ cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and more. As such, users can invest in a diverse asset basket on Binance.
Winner in Crypto Availability
In contrast, Luno is very limited in coin support. The exchange supports only 10 cryptocurrencies. While beginner investors may not have an issue with this, expert traders and investors would prefer Binance. So, Binance wins this category.
Binance vs. Luno: Can You Buy and Sell NFTs?
Investors looking to mint, buy, and sell NFTs in South Africa will be disappointed with Luno in this regard. Unlike other popular global exchanges, Luno has no NFT support, which limits the platform.
Winner in NFTs Availability
On the other hand, Binance has a global NFT marketplace where people can showcase, buy, and sell NFTs to various millions of users. As such, SA investors who choose Binance can leverage its NFT support for more income. Binance wins here.
Binance vs. Luno: Fees
Binance and Luno are one of the most affordable exchanges for South Africans. Both exchanges offer competitive fees, and we highlight their fee structures below.
Winner in Fees
Despite offering relatively low fees, Luno is a more expensive exchange than Binance. This makes Binance the winner in this category.
Binance vs. Luno: Payment Methods
As stated earlier, Binance and Luno accept crypto and ZAR fiat payments. However, in terms of payment methods, Luno accepts only electronic funds transfer (ETF) and payment via credit/debit cards for fiat deposits.
Winner in Payment Methods
On the other hand, Binance offers a wider range of payment methods. This includes bank transfer, credit/debit card, Google Pay, Apple Pay, peer-to-peer (P2P) trading, and a third-party payment provider called ‘Simplex’. As a result, SA investors will considerably favor Binance, making the exchange the winner in this section.
Binance vs. Luno: Security
Binance and Luno are reputable for their high-level security standards to safeguard client’s funds from external attacks. On the user end, both exchanges use the industry-standard two-factor authentication (2FA) for account security. Users must also complete the know-your-customer (KYC) process after creating an account to prevent scams.
On the company end, both exchanges store most of customers’ assets in offline cold storage to protect them from cyberattacks. Binance and Luno also use high-level encryption technology to protect their websites from hacks.
However, Binance has an additional safety net for its clients with its insurance fund. The Secure Asset Fund for Users (SAFU) is valued at $1 billion and will be used to repay users if the exchange ever gets compromised.
Winner in Security
With its additional user protection, Binance edges Luno, and wins in this section as well.
Binance vs. Luno: Earn/Staking Rewards
South African investors considering access to extra earning possibilities besides crypto trading will be glad to use Binance. The exchange offers various earning features, including crypto staking, that serve passive income channels. For instance, investors who stake supported cryptocurrencies on Binance get rewards of over 100% annual percentage yield (APY) at times.
Winner in Earn/Staking Rewards
This feature is unavailable on Luno. Regardless of how long Luno users leave their coins in the exchange’s wallet, they enjoy no interest on their holdings. So, Binance wins again.
Binance vs. Luno: Usability
Luno prides itself in offering simplified crypto trading to its customers. From its website to its mobile app, Luno ensures that users get a smooth interface that facilitates easy usage.
Setting up a Luno account and completing verification is seamless, and the exchange offers only a basic trading platform. So, Luno is more suitable for beginner traders.
On the other hand, Binance has a quite complicated trading platform. Though creating a Binance account and completing KYC can be seamless, trading can be challenging across its basic and advanced trading platforms. This is because both platforms are congested with various features, charts, figures, and order types that may be difficult for first-time users or beginners to understand.
Winner in Usability
In other words, Luno wins over Binance in terms of ease-of-use.
Binance vs. Luno: Customer Service
Not so many crypto exchanges have good customer service ratings online, but Luno impresses in this regard. Like Binance, the exchange strives to satisfy its customers by providing a dedicated customer support team and various educational materials. These come in handy to improve users’ experience across the platforms.
However, online user testimonials indicate that Luno is doing a much better job at customer satisfaction than Binance. Currently, Luno has a 4-star rating for customer support on Trustpilot, with reviewers commending its ease of use and relatively low fees. But Binance has a poor 2-star rating on the same review platform, with users complaining about poor support and complicated structures.
Winner in Customer Service
Therefore, Luno wins comes on top of Binance here too.
Conclusion: Final Verdict
Luno and Binance are go-to crypto exchanges for South Africans because of their reputation and South African-friendly payment methods. We’ve compared both exchanges in this Binance vs. Luno review, and it’s evident that Binance is miles ahead of Luno in most categories especially in features and fees.
Overall Winner
However, because of its simpler trading platform and excellent customer support, beginner investors may consider Luno for their crypto needs. A huge disadvantage to keep in mind though is, that Luno only offers the buying of 10 crypto assets.
FAQ
Most frequent questions and answers
Overall, Binance is a better exchange than Luno because of its lower trading fees and higher trading volume. Binance supports 350+ cryptocurrencies, while Luno supports only 10.
Luno works with some of the most popular banks in South Africa. Some of these banks include Standard Bank, ABSA, and Capitec.
All cryptocurrencies are decentralized, and there are no global or standard prices for them. Luno prices are higher because the exchange arrives at prices using unique demand and supply.
The Binance wallet is one of the best crypto wallets on the market because of its support for hundreds of assets. However, South Africans may consider the ZenGo wallet because it offers free Bitcoin rewards for referrals and up to 8% APY for crypto staking.
We always try to provide the most accurate information available, and make sure our team follow through.
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