As crypto grows in popularity across South Africa, more people are trying to figure out which platform is best for buying, trading, and storing their digital assets. Two of the most popular choices are Binance and Luno.
To help you decide, I tested both platforms by depositing R550 into each. I looked at how easy it was to fund the account, what fees I paid, what features were available, how many coins you can access, and how secure each platform feels.
This review breaks it all down in a simple, side-by-side comparison to help you pick the one that suits your needs best.
ZAR Deposit Methods & Fees Compared: Binance vs Luno
How to Deposit ZAR on Binance
To fund my Binance account with ZAR, I first tried using Discovery Bank, but it didn’t work possibly due to a network issue. I then switched to Nedbank, which worked smoothly. The deposit was made using linked payments powered by Stitch, which requires logging in through your online banking portal. The fee for this method was 1.4%, which came to R7.70 on my R550 deposit.
Banks supported by Binance via Stitch to buy Crypto:
Tymebank
Discovery
Investec
Absa
FNB
Nedbank
Standard Bank
How to Deposit ZAR on Luno
Luno offers two ways to deposit ZAR to buy Cryptot:
I used Tymebank linked payments at a fee of 1.25% of R550 .
Credit or Debit card payments : Instant but has a small fee.
Crypto Availability: Binance Vs Luno
Binance gives you access to over 350 cryptocurrencies, including major coins and newer projects. It’s ideal if you want a wide range of options to explore altcoins or try out DeFi tools like Launchpool and Megadrop.
Luno, on the other hand, offers 52 cryptocurrencies, including the 10 most well-known ones like BTC, ETH, LTC, XRP, and USDC. While this is more than enough for beginners, it doesn’t quite compare to Binance’s extensive selection.
User Experience: Binance Vs Luno
Binance
Gives you two options:
Lite Mode for Easy for new users.
Pro Mode provides more tools for experienced traders.
Luno
Luno features a beginner-friendly app interface designed for simplicity. It's well-suited for users who want to “buy and hold” without navigating complex tools.
Customer Support: Binance Vs Luno
Binance: 24/7 live chat + detailed help articles.
Luno: Email support + help center (no live chat).
Binance vs Luno: Pros and Cons
Binance Vs Luno: Which Crypto Exchange is better?
Both platforms offer a secure and user-friendly way to access cryptocurrency, but Binance stands out thanks to its wider range of assets, advanced trading tools, and broader product offerings. Based on my comparison, Binance consistently outperforms Luno in several key areas—delivering more features, lower fees, and greater flexibility for traders at all levels.
Disclaimer: This comparison is based on my personal experience and research as of June 2025. Crypto platforms, fees, and regulations can change over time, so always do your own research and consider your risk tolerance before trading. This is not financial advice.