Phemex vs Luno: Fees, Security, Features & Which to Choose (2025)

Trying to choose between Phemex and Luno This side-by-side comparison reveals total cost (fees + spreads), security & licenses, coins/derivatives, deposits/withdrawals, and app quality. In 2 minutes you’ll see who wins for beginners, active traders, and long-term holders. Clear pros/cons, a quick verdict, and safe links to get started.

Last updated on August 16, 2025

Phemex

Luno

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Available Countries

United States

Europe

Yes

Latin America

Yes

India

Yes

China

Canada

United Kingdom

United States

Yes

Europe

Latin America

India

China

Canada

Yes

United Kingdom

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Phemex is ideal if:

Fast-paced traders value it: With ultra-low latency and deep liquidity, Phemex's high-performance trading engine offers smooth execution and stability.
Tech-savvy users benefit: Advanced tools—like copy trading, bots, and DeFi-style earning products—empower both automation and strategy innovation.
Privacy-conscious users find appeal: Flexible KYC policies and a streamlined onboarding style suit those preferring minimal verification barriers.

Luno is ideal if:

Excellent for beginners – Luno’s interface and mobile app are clean, intuitive, and built with simplicity in mind, making crypto entry easy and user-friendly.
Strong security and compliance – With features like deep-freeze storage and a regulation-first approach, Luno prioritizes the safety and trustworthiness of user investments.
Designed for local currency users in emerging markets – Ideal if you want to trade using your local fiat or participate in markets underserved by bigger exchanges.

Phemex isn’t ideal if:

Fiat-focused users may face limits: Fiat deposit and withdrawal services are unavailable or heavily restricted in numerous countries, reducing accessibility for those relying on bank transfers.
Newcomers could feel overwhelmed: The platform’s advanced features and high-leverage tools offer power—but may feel complex if you’re new to trading.
Risk-averse investors might be uneasy: Derivatives and high-leverage products carry greater risk, making Phemex less suited to those seeking lower-volatility exposure.

Luno isn’t ideal if:

Limited asset variety – If you seek a broad selection of cryptocurrencies or niche altcoins, Luno’s offering may feel too narrow for you.
Few advanced trading features – Traders who need margin, derivatives, social or P2P trading tools may find Luno’s functionality too basic.
Restricted geography – If you’re located outside its supported regions—or in underserved markets—Luno may not serve you fully or at all.

Fees & Total Costs

Spot Maker/Take

Spot trading fees start at 0.1% for both maker and taker on the base VIP tier and can decrease via VIP-level benefits tied to trading volume or asset holdings; using the Phemex Token (PT) grants additional discounts—around 20% off spot fees—and those can stack with VIP reductions.

Maker and taker fees adjust based on your rolling 30-day trading volume—makers generally pay no fees while takers see reduced fees at higher tiers, with no discount tied to any native token.

Futures/Derivatives

Futures (perpetual contracts) begin with a maker fee as low as 0.01% and a taker fee of 0.06%, with lower rates available through VIP status; funding rates vary according to market dynamics and are applied periodically, affecting long or short positions depending on current rates.

Luno currently does not support futures or derivatives trading, so there are no maker/taker or funding fees to consider.

Average Spreads on Liquid Pairs

Phemex delivers tight spreads on major spot pairs like BTC/USDT and ETH/USDT, thanks to deep order-book liquidity and efficient execution, although the exact average spread fluctuates with market conditions and isn’t publicly standardized.

Luno maintains competitive, tight spreads on major crypto-fiat pairs thanks to strong liquidity, but exact spread values vary and are shown in real time during your transaction.

Fiat Deposits & Withdrawals

Fiat deposits are facilitated via third-party gateways such as MoonPay or Banxa, often with fees imposed by those services; withdrawal in fiat is limited or restricted depending on jurisdiction and may incur fixed charges or banking delays driven by external banking partners.

You can deposit or withdraw fiat through local bank transfers, cards, and other methods specific to your jurisdiction; most deposits are free, withdrawals involve your bank’s processing time and possible nominal charges, and timing depends on your region.

On-chain Withdrawals

Crypto withdrawals carry network-dependent fees, which vary by chain and congestion

Withdrawals in crypto (e.g. BTC, ETH, TRX) use dynamic fees based on current blockchain congestion plus minimal operational cost—there’s no flat fee.

Hidden Costs

Hidden costs may include markups from third-party fiat gateways, potential inactivity penalties (if any), and premium-tier services like expedited KYC—but generally, Phemex avoids additional charges beyond trading, withdrawal, and external service fees.

Luno is clear about fees, but you may face currency conversion costs if depositing or withdrawing in a diff

Real-World Cost Example: “€500 BTC

Example

If you plan to buy €500 worth of BTC, the total cost would include a small taker fee (unless using a maker order), a modest spread embedded in the quoted price, and a dynamic blockchain fee when withdrawing—all of which are clearly shown before you confirm the transaction.

Crypto Offering & Trading Features

Number of Coins & Pairs

Phemex offers several hundred tradable assets across hundreds of spot and futures pairs; among the top by volume you’ll typically see major pairs like BTC/USDT, ETH/USDT, XRP/USDT, SOL/USDT, DOGE/USDT, ADA/USDT dominating the leaderboards.

Luno currently offers around 18 cryptocurrencies, with roughly 114 trading pairs available; the top 20 by volume typically include major ones like BTC, ETH, XRP, SOL, ADA, USDT, USDC, LTC, DOT, AVAX, and LINK.

Product Range

Phemex delivers a wide product mix including spot and margin trading, perpetual futures, automated copy-trading, grid-trading bots (spot and futures), DCA and Martingale bots, essential lending/borrow via margin, plus crypto earn products and launchpad functionality.

Only spot trading is available—there’s no margin, futures/perpetuals, options, crypto ETFs, copy trading, or grid bots; Luno does offer straightforward staking and has a recurring buy (DCA) feature, but lending or advanced products aren’t supported.

Liquidity

Phemex sees substantial daily volume usually in the hundreds of millions USD, with order-book depth in BTC and ETH strong enough to support sizable trades without excessive slippage, reflecting healthy active liquidity.

While exact numbers aren’t public, Luno maintains solid liquidity on top pairs, contributing to tight spreads; 24-hour trading volumes usually fall in the tens of millions USD range, indicating healthy order book depth for basics like BTC and ETH.

Tools

The platform includes full order-type support such as limit, market, stop and OCO orders, real-time alerts, advanced interactive charts powered by TradingView, and robust API with WebSocket for seamless automation and live data.

Luno supports standard spot order types like limit and stop-limit, enables price alerts, includes basic charting (with TradingView embedded), and offers API and WebSocket access for automated or programmatic trading.

Geographic Restrictions by Product

Certain services—especially derivatives—are restricted in countries like the United States, United Kingdom, parts of Canada, China, and other regions, while spot and earn products may remain accessible depending on local laws.

Derivatives and advanced trading tools are not offered anywhere, as Luno is strictly spot-only; availability of certain trading pairs and features also depends on the user’s country or regulatory region.

Innovation

Phemex continually expands its ecosystem with launchpad or launchpool-style token sales, and layered earn programs offering both flexible (withdraw anytime) and locked (higher yield) options to fit different investor preferences.

Luno includes simple staking for a select set of assets like SOL, ADA, and ETH, with flexible unstaking and weekly payouts; they don’t offer complex launchpad programs or a variety of flexible-vs-locked “earn” products.

Security, Regulation & Custody

Operating Entity & Jurisdiction

Phemex began in 2019 and is operated under entities such as Phemex Technology Pte. Ltd. in Singapore and Phemex Limited in the British Virgin Islands, placing it under those legal jurisdictions.

Luno is operated by Luno Group Holdings Limited, founded in 2013, with its main legal headquarters in London, UK, and maintains regional corporate entities across jurisdictions like Malaysia, South Africa, Nigeria, Australia, Indonesia, Uganda, and the UK.

Licenses/Registration

While Phemex holds an MSB registration with FinCEN in the U.S., it currently lacks MiCA or equivalent EU licensing and is not authorized to operate in several regulated regions.

The platform holds official registrations with local regulators—such as the Securities Commission of Malaysia, AUSTRAC in Australia, BAPPEBTI in Indonesia, Nigeria’s Financial Intelligence Unit, South Africa’s FIC, and the UK’s Financial Intelligence Unit—demonstrating robust compliance across its operating markets.

Custody

The exchange maintains full custody of user assets and provides a self-verifiable Merkle-tree proof-of-reserves (PoR) tool that shows assets are backed 1

Luno uses a hybrid custody model involving both in-house controlled addresses and third-party custodial partners. It publishes independently audited proof-of-reserves using a Merkle tree methodology, showing assets fully covering all customer liabilities, often above 100% coverage.

Insurance & Protection Funds

There is no publicly disclosed insurance or user protection fund; security relies on reserve mechanisms and risk controls but does not include third-party insurance coverage.

While Luno does not publicly list an insurance policy for user funds, its operational model focuses on strong custody practices and regulatory oversight rather than explicit insurance coverage.

Incident History

Phemex has not reported any major hacks, though it temporarily suspended a hot-wallet after an internal security review; it also faced regulatory scrutiny in Canada and the UK for compliance issues.

Luno has maintained a clean safety record, with no major hacks or regulatory penalties reported. Its platform continuity has been uninterrupted, and user wallet freezing or account issues are not prevalent.

Risk Controls

Users benefit from standard safeguards including mandatory two-factor authentication, IP or address whitelists, anti-phishing protection, segregated sub-accounts, and granular API permission controls.

Luno enforces industry-standard security measures including two-factor authentication (2FA), address whitelisting, anti-phishing code support, and granular API permissions; it also integrates advanced geolocation risk detection to prevent spoofing and unauthorized access.

Transparency

Phemex offers monthly-updated PoR data, public disclosure of partial cold wallet addresses, and reserve ratios, demonstrating a commitment to transparency though without formal SLAs or comprehensive monthly financial reports.

The platform emphasizes transparency through its regular proof-of-reserves audits, maintains risk and compliance reporting internally, yet does not publish public monthly wallet activity reports or formal SLAs—its transparency centers on audit-backed proof and internal governance.

Deposits, Withdrawals, KYC & Support

Fiat Deposit Methods

Phemex supports fiat deposits via bank transfers (SWIFT, SEPA, ACH, FPS) and third-party services like MoonPay or Banxa; minimums generally start around $50, maximums reach very high limits, and processing typically takes from instant (via e-wallet) to 1–3 business days for transfers.

You can deposit fiat via bank transfers (including instant methods like PayID or FPX, where available), debit or credit cards in select regions, and even vouchers in some countries; minimums and maximums depend on your verification level, and funding can be instant or take up to a few business days depending on your bank and country.

Supported Fiat Currencies & Conversion

KYC (Verification Levels)

There are three user tiers

Account verification progresses through three levels—Level 1 (basic details), Level 2 (ID and selfie), and Level 3 (proof of residence and source of funds)—with each unlock offering higher deposit, trading, and withdrawal limits, often culminating in virtually unlimited access once fully verified.

Withdrawals

limits, times, networks (TRC20/ERC20/BEP20, etc.)

Fiat withdrawals must go to a bank account in your name, are subject to minimums and maximums per region tied to your KYC tier, and typically clear within standard banking times; crypto withdrawals are conducted over relevant networks (e.g., ERC20, TRC20) and use dynamic blockchain-based fees.

Customer Support

chat 24/7, email, response times, knowledge base

Luno offers 24/7 assistance via an in-app digital assistant (Toshi) or email, supplemented by a thorough FAQ and Help Centre; response times vary, but many users resolve routine queries quickly through the knowledge base before reaching out directly.

Languages & Localization

The platform’s interface and support are primarily in English, with fees typically shown in USD or equivalent fiat; some content and interfaces are localized for major regions, though comprehensive local regulation compliance varies by jurisdiction.

The platform supports native English (and other regional languages) and displays fees and balances in your local fiat (EUR, USD, ZAR, etc.), ensuring clarity and compliance with local regulatory frameworks in supported jurisdictions.

App Quality & Stability

The Phemex mobile app is generally regarded as stable and regularly updated, offering seamless feature parity with desktop—though exact crash rates aren’t disclosed, user feedback reflects a smooth, reliable experience.

Luno’s mobile and web apps are known for stability and frequent updates. While specific crash-rate statistics are not disclosed, the apps maintain a smooth user experience with regular enhancements and minimal downtime reported.

Experience, Performance & Ecosystem

UX/UI

The platform offers a clean, intuitive interface with a low entry barrier for newcomers, while also featuring an advanced “Pro” layout tailored to seasoned users that surfaces more chart tools and analytics—all accessible without overwhelming either group.

Luno offers a clean, intuitive interface ideal for beginners, alongside a slightly more detailed layout—not an explicit “Lite/Pro” toggle, but it achieves a simple-to-advanced feel within a single platform.

Performance

Known for its fast order execution and robust infrastructure, Phemex handles volatility with minimal downtime, though during peak surges KYC and account approval may experience slight delays—performance remains solid overall.

Execution is generally swift with minimal latency under normal conditions; while occasional slowdowns may occur during sharp market spikes or KYC surges in bull runs, Luno’s infrastructure handles typical volume reliably.

Education

Phemex Academy offers a rich library of beginner-to-advanced tutorials, while a fully functional Testnet simulator lets users practice trading risk-free; however, Spanish-language educational materials are limited or not as comprehensive.

Luno provides a robust Help Centre and educational articles for crypto basics, but it lacks a demo or simulator; Spanish-language support may be limited depending on your region, with most guidance in English.

Community

Users can join lively communities via Telegram or Discord, participate in referral programs offering significant bonus pools and commissions, and access forums where updates and peer tips circulate regularly.

The platform supports a referral program that rewards both parties in Bitcoin, and runs an ambassador program for content creators—though it doesn’t maintain dedicated forums or public Telegram/Discord communities.

Integrations

Phemex’s interface embeds native TradingView charts, supports integration with external bot frameworks, and appeals to algorithmic traders via API access, though dedicated tax or accounting tool integrations are limited.

While Luno embeds TradingView for charting, it doesn’t support external bots; however, it integrates smoothly with top crypto tax tools like Koinly, Recap, CoinLedger, and other accounting platforms.

Who Each One Is Best For

Phemex stands out for active, tech-savvy or algorithmic traders seeking powerful tools, automation access, and derivatives options; it’s less ideal for ultra-beginners or those requiring local-language education or deep tax integrations.

Luno is best suited for casual or beginner crypto users who prioritize simplicity, regulatory clarity, and basic staking—not ideal for traders seeking advanced automation, simulators, or robust community interaction.