In a word (actually, two) very fast. At Luno, our goal is to release 99% of crypto send transactions in less than a minute. You can send your crypto in any 24-hour period from Luno and your transaction will be processed in a few moments. Easy peasy.
When will my cryptocurrency arrive at its destination?
Cryptocurrency transactions must be confirmed on the blockchain before they are considered final. It takes time for the network to confirm the transaction and this is not within Luno’s control.
Confirmation times vary based on blockchain network congestion. It also depends on the transaction fee paid by the sender. If the fee is high enough, transactions can be processed in approximately 30 minutes. In unusual circumstances (a combination of high congestion and low fees), it may take much longer to be confirmed.
Luno adjusts transaction fees for our customers to ensure any cryptocurrency sent from a Luno wallet is prioritised by the network and confirmed quickly.
Tip
You can read more about that in our blog article on dynamic fees.
Note
Before blockchain transactions are sent to miners for confirmation, they flow through a database of unconfirmed or pending transactions known as the mempool (short for memory pool).
From time to time, high volumes of transactions can cause the blockchain to become congested. When this happens, your transaction sits in the mempool and waits to be added into the next block, which may take some time. Once it has been added, it is removed from the mempool and your transaction is sent to its destination.
As this is a factor out of Luno’s control, we are unable to speed up these pending transactions.