Is Luno a Legal & Trusted Platform for Crypto Trading in Nigeria?

  • Home
  • Is Luno a Legal & Trusted Platform for Crypto Trading in Nigeria?
This review examines if Luno is legit in Nigeria by exploring its legal registration, safety measures, and real user experiences.

Cryptocurrency adoption has been on the rise in Nigeria, with platforms like Luno leading efforts to make digital currencies more accessible. Launched in 2013 and headquartered in London, Luno operates in over 40 countries and enables millions of customers to easily buy, store, and trade cryptocurrencies like Bitcoin and Ethereum.

However, the initial excitement around cryptocurrencies has also bred some skepticism among Nigerians given the complexities of the new financial instrument and its scope for fraud or abuse. The Central Bank of Nigeria has also in the past discouraged cryptocurrency transactions which adds to user caution. Hence, it is natural for Nigerians exploring the crypto space to wonder – is Luno truly a legitimate platform that I can safely entrust my money with?

Before joining the over 10 million users that Luno claims are actively trading through its Nigerian Naira wallet, it is important we address this trust question. Understanding Luno’s legality and safety mechanisms for Nigerian customers can give useful assurance to investors venturing into cryptocurrency trading on the platform for the first time.

Is Luno Legal in Nigeria?

Answering the key question “Is Luno legit in Nigeria?”, we weigh platform security, trader protections and functionality reviews by existing Nigerian customers.

To operate in the highly-regulated Nigerian financial market, cryptocurrency companies need to establish proper legal standing within the country. On this count, Luno fulfills all criteria through Luno Fintech Nigeria Limited – an entity registered with Nigeria’s Corporate Affairs Commission.

More importantly, Luno’s local arm is registered as a financial institution with the Nigerian Financial Intelligence Unit (NFIU) bearing registration number 59542. This places Luno under the purview of the Securities Exchange Commission of Nigeria (SEC) that introduced guidelines in 2020 for cryptocurrency exchanges facilitating Nigerian Naira transactions.

By obtaining this regulatory license, Luno complies with SEC requirements including having adequate Know-Your-Customer (KYC) and transaction monitoring policies, securely storing customer assets in Nigeria, and maintaining stipulated minimum share capital. This accountability ensures Nigerian traders are financially protected when using Luno.

Therefore, Nigerians can trade safely knowing Luno underwent local due diligence to operate legally in the country. With SEC oversight, one can rely on Luno’s legitimacy as a registered crypto asset service provider in Nigeria.

Is Luno Safe for Nigerians?

Is it Safe to Use Luno in Nigeria?

Given cryptocurrencies are digital assets, the security question is understandable before transacting through exchanges like Luno. On this front, Luno has incorporated multiple safeguards to secure Nigerian users’ personal data and money.

When signing up, users must enable two-factor authentication (2FA) through Google Authenticator or email for identity verification before logging in. For account and transaction validation, Luno also has mandatory confirmation messages and withdrawal address whitelisting.

Is Luno Safe? Taking a Look At Luno's Exchange Security

Luno stores over 98% of all cryptocurrency funds in deep freeze multi-signature wallets where the keys are generated and stored completely offline and offsite by leading custody solutions Bitgo and Fireblocks. A smaller portion is kept in a multi-signature hot wallet to enable instant transactions. Backups of the hot wallet keys are also stored offline across dispersed safety deposit boxes.

Additionally, private keys are kept on air-gapped machines not connected to any network and stored inside managed security vaults in undisclosed locations. This significantly minimizes the attack surface. Together, these cold storage and air-gapped measures provide Nigerians assurances that Luno has bank-grade protection of its cryptocurrency reserves against potential breaches.

So far, there have been no reports of any major security incidents that compromised Nigerian Luno users’ information or assets. The exchange states it is further insured to protect users financially in unlikely cases of loss arising from security incidents.

Using Luno in Nigeria

For Nigerians to start using Luno’s trading platform, they must create an account and have their identity verified through the submission of any government-issued photo ID such as voter’s card, driver’s license, or international passport. A selfie photo is also required. The onboarding process typically completes within minutes after sharing these KYC details.

Local payment methods become key for conveniently funding your Luno account or cashing out cryptocurrency holdings. Nigerians can directly deposit Naira using bank transfer or credit/debit card payment. You can withdraw Naira into your bank account. Applicable deposit and withdrawal fees are clearly specified depending on transfer amounts and methods chosen.

Once set up, users in Nigeria can begin buying, holding, and selling popular cryptocurrencies offered on Luno including Bitcoin, Ethereum, Ripple, and Litecoin using the Naira wallet.

What cryptocurrencies does Luno offer in Nigeria?

The sign-up dashboard lets you easily place orders, review transaction history, and manage your portfolio. Through Luno’s orderbook, buyers and sellers also trade directly with other verified users.

So whether you are a beginner or a seasoned cryptocurrency trader, Luno provides a user-friendly platform tailored for Nigerians to actively utilize cryptocurrencies.

Luno User Reviews

While Luno seems well-positioned legally and technically for the Nigerian market, the real testimonies come from its existing users. Across reviews, Nigerians highlight convenience factors like Luno’s seamless account opening, smooth deposits/withdrawals, and responsive customer assistance.

These satisfactory experiences building trust in the platform are best encapsulated by a trader’s feedback stating: “I was quite impressed with the swift response I got when I had challenges. Luno’s support team helped resolve my issues quickly. Such support builds my confidence to trade more.”

However, some users faced account restrictions when complications arose linking new bank accounts. Though inconvenient, Luno has actively assisted in verifying legitimate customers and lifting restrictions wherever feasible after due process.


In light of Luno’s licensed status, safety mechanisms, and largely positive functionality for Nigerians highlighted through first-hand experiences – traders can decisively validate Luno’s legitimacy in the Nigerian crypto market. For beginners, basic tips would be to start small, enable security settings like 2FA right away, and get clarity on trading fees/limits before transacting extensively.

As more Nigerians eye gains from cryptocurrencies, Luno stands out as a suitable platform for trading safely and benefiting through a seamless user experience largely tailored to the local context.


  • Is Luno Legit in Nigeria?

Yes, Luno is a legitimate cryptocurrency exchange platform legally registered to operate in Nigeria. Luno Fintech Nigeria Limited obtained registration from Nigeria’s Financial Intelligence Unit and meets guidelines issued by the Securities Exchange Commission of Nigeria for crypto asset service providers in the country.

  • Is it Safe to Trade on Luno in Nigeria?

Yes, Luno implements sufficient security measures like two-factor authentication, offline cold storage and data encryption to keep Nigerian users’ personal information and digital currency funds protected against potential hacks or theft.

  • Can Nigerians Deposit/Withdraw Naira on Luno?

Yes, Nigerians can easily deposit Naira into their Luno wallet using bank transfer or card payment and similarly withdraw directly to their local bank account. Luno offers tailored support for transactions using the Nigerian Naira.

  • What Cryptocurrencies Are Available to Trade on Luno in Nigeria?

Luno allows Nigerian traders to buy, sell, and hold popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, USDC, XRP, Litecoin, Chainlink, Uniswap, Cardano, Solana, and Avalanche using the Naira wallet. Its platform is suitable for both beginner and seasoned cryptocurrency investors in Nigeria.

  • Does Luno have Good Reviews from Nigerian Crypto Traders?

Yes, many Nigerian traders highlight Luno’s responsive customer assistance, convenient onboarding/trading and seamless deposits/withdrawals as positive aspects reflecting in largely satisfactory user experiences and trust in the exchange.

Read also ↓

Is Bybit Legit in Nigeria?