Luno and Coinbase are both wallet and exchange provider for Bitcoin. Coinbase it at the top of all Bitcoins websites in the world as well as the top in all Bitcoin exchange websites in the world, however, the complete services on Coinbase is limited to users from selected countries. Luno, on the other hand, is number 29 in the top Bitcoin exchanges in the world. Luno however, has done pretty well being that it was founded about two years after Coinbase and has surpassed some Bitcoin exchanges founded before it.
Coinbase and Luno are two websites that are very similar in operation. I have reviewed Luno extensively in the past so today I am going to directly compare the two companies and highlight the strength and weakness of Luno over Coinbase.
Before I give you details, the table below shows you Luno vs Coinbase at a glance.
Bitcoin wallets on Luno and Coinbase are available to users in all countries of the world for free. However, their exchange services are limited to some countries. In other words, anyone from any country can own a bitcoin wallet in these platforms but not everyone from any country can buy or sell their bitcoins directly on the platforms.
Luno: exchanges services are support in 43 countries – Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guernsey, Hungary, Iceland, Indonesia, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Netherlands, Nigeria, Norway, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom.
Coinbase: exchange services are supported in 32 countries – Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, San Mario, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States.
Supported Cryptocurrency Wallets
Bitcoin Cash (from the Bitcoin Available in Users wallet before Aug 1, 2017 – can only send, can’t receive)
Bitcoin cash wallet (will be available from Jan. 2018)
Required Verification Methods
To open and own a Luno or Coinbase wallet, all you need to do is to enter your name, verify your email address and accept the user agreement. However, to buy and sell bitcoins on this platforms, you will need to provide addiction information.
Luno Vs Coinbase – Buying / Selling Limits
Luno – you can only buy a few bitcoins directly from Luno unless you raise your level. To do so requires verifications of more information. This includes
Confirmation of phone number
Submission of government issued ID card
Submission of proof of residential address
Coinbase – Residents of the United States can purchase bitcoins worth $1,000 a week on Coinbase with a credit card. In order to raise this limit to $50,000 a day, verification of the following is required
Transaction fees on Luno and Coinbase
Luno: To buy Bitcoin in Luno, you have to deposit money to the Luno platform in your local currency. Depending on your country, there are 4 types of transaction fee you might incur
Deposit: Luno does not charge you for deposit but sometimes depending on the country they employ the service of a third party to process deposit transactions. The fees incurred is that charged by the 3rd party. Deposit in most countries are free but in Nigeria, PayU (the payment processor) charges 1.5% of deposit amount up to a maximum of NGN2,000 for each deposit they process.
Withdrawal: Luno levies an administrative fee to process withdrawals. This fee depends on your currency of withdrawal, however; it is independent of the amount withdrawn. The fees for each currency are BCH 0.00, EUR 0.30, IDR 6,500.0, MYR 0.10, NGN 200.00, ZAR 8.50.
Send/Receive Bitcoin: It is free to send Bitcoin on the Luno platform; it is also free to receive Bitcoin over email. However, when you receive Bitcoin to your public bitcoin address, you are charged a fee of 0.0002btc, this is inclusive of the standard Bitcoin transaction fee.
Buy/Sell: There is no charge to sell Bitcoin on Luno, but when buying, you pay 0.2% to 1% of the Bitcoins bought depending on your country?
Coinbase: Transaction fees on Coinbase is also dependent on the country / currency and the medium used:
U.S Bank account
1% -2%, with a %0.15 minimum
1% -2%, with a %0.15 minimum
Coinbase USD Wallet
$10 ($25 outgoing)
1% + $1
1% + $1
CAD Currency Wallet
Bank Transfer (Interact)
UK & Europe
Bank Transfer (SEPA) – in/out
The user support on Luno is quite similar to that on Coinbase
Luno has a very extensive HELP CENTER. Most of the questions you need an answer to will probably be found there. In case you submit a support ticket, response takes about 3 to 4 days.
Another issue is that the support team does not take time to dig deep into any issue on their first response. They would likely refer you to an answer in the ‘help centre’ (as they did in my case) which might not completely answer your question. People have complained that Luno is not really support oriented. They don’t give customers special attention. You will need to contact them severally if your need your issue thoroughly attended to
Coinbase customer support is very similar to that of Luno, they also have a support forum where you can find answers to your questions. Coinbase and Luno basically have the same customer care dispensation.
Verdict – Luno or Coinbase?
Since these companies are very similar, subscribing to the service of any of them is mostly depended on your countries of Residence. If you have access to the complete service of both of them, then you can consider their transaction fees. Luno has an overall lower transaction fee, however, Coinbase has more reputation, and extra cryptocurrency wallets (Litecoin) and more payment methods.