Started in 2013 Luno is a fast growing crypto wallet and fiat-crypto exchange. Originally registered in London Luno now has branches in Singapore, South Africa, Malaysia, Indonesia, Nigeria. With growing international team Luno goal is to deliver fast and easy to use crypto wallet and exchange service. In this Luno review you will learn more about their services and get insights of my experience of several weeks using Luno as Bitcoin and Ethereum wallet and fiat-crypto exchange.
To start using Luno wallet you have to verify your identity and deposit money. Support was helpful and fast during all verification process, so I could do my first deposit faster than 24-hours from registration.
Deposit and withdrawals
When it comes to depositing funds to Luno account there are few options as SEPA, iDEAL, SOFORT bank transfer and Visa debit or credit card deposits.
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Withdrawal of fiat currency could be done only to your linked bank account, just as easy as it was to deposit funds.
Fiat to Crypto
After the deposit you can finally buy crypto, right now Luno offers Bitcoin, Ethereum and Bitcoin Cash trading. The process itself is super easy, you can buy crypto just in two clicks. In the exchange there are two kinds of orders to buy crypto: market order (or instant buy) and limit orders. Both these orders have different fees, but I will talk about that later.
Congrats, after these steps you are now a proud cryptocurrency owner!
What is Luno wallet?
With Luno everything is simple and fast and crypto trading requires almost no effort. In my opinion this is the biggest advantage of Luno platform, it is made for crypto beginners. Every step of buying Bitcoin or Ethereum is intuitive and really fast, so I would recommend Luno to everyone who is buying crypto for the first time.
As it was easy to cryptocurrency, it is as easy to use Luno wallet. Using wallet is fast, efficient and intuitive. If we look at technical perspective I had no issues using the wallet while sending and receiving Bitcoin payments.
In mobile version you send crypto via QR reader or via your contacts list.
I think I’ve been using a word fast a lot in this review, but that is what is on my mind while talking about Luno. Their goal is to make buying, selling, receiving and paying with crypto as fast and efficient as possible. With Luno mobile app they achieved it to the fullest. Anyone without any knowledge about cryptocurrencies could easily open an account, deposit money, buy Bitcoin or Ethereum and pay for services or goods, in a few clicks.
Luno app has only the functions that is needed for a regular crypto user. Deposit or withdraw, buy or sell, send or receive cryptocurrency this just fulfills your daily crypto needs.
Security and Support
When it comes to security Luno declares that they keep crypto in two different kinds of storages. The first storage they call it “Hot Wallet” is for instant use. Meaning that some amount of tokens is kept to execute daily operations as withdrawals or payments. Multi-signature system keeps the wallet safe.
Second wallet is called “Deep Freeze Storage” and that is where the majority of Bitcoin funds are held. It is multi-signature secured as well, with no single person being able to access storage alone. These two storage methods are meant to keep funds as secure as possible.
Logging into the Luno app or website is secured with two step verification process, but you can login into the app with biometrics as well.
Pricing and Fees
Luno wallet and exchange fees are rather standard for the market. I will explain that: there is no deposit fee as in most exchanges, withdrawal fee for Euro clients is low actually it costs only 0.3 Euro to get a bank transfer. No receiving fee and dynamic send fee and for trading 0.25% taker fee (in Binance there is 0.075% maker fee and 0.075% taker fee so it comes to the same 0.25% fee in total). For instant buy/sell transactions the fee is 1 Euro with is the same as Coinbase instant buy/sell fee.
So, that’s what I meant by saying that Luno fees system is nothing extraordinary.
Luno declares that they main goal is to make cryptocurrencies safe and easy to buy. Their system is meant to newbies and people who uses crypto daily. I mean it is fast, safe and easy to use for your everyday crypto transactions.
After several weeks with Luno Bitcoin and Ethereum wallet I can say that this is by far the fastest and easiest to use crypto wallet and fiat-crypto exchange, that I’ve ever tested.
On the other hand, Luno simply has just a few features, you deposit money, buy crypto, send crypto. Luno knows its place in the market and in my opinion is far ahead of their competitors.
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