The Complete Luno Wallet Review South Africa
Luno Wallet Review South Africa: Our Opinion
Luno Wallet is excellent investors who are new to crypto and want a safe place to buy the biggest coins. It has a good range of basic features and some extra features like a savings wallet, but there are no advanced trading tools, and it doesn’t let you stake cryptocurrency to collect rewards. One of the best for beginners.
Luno is a cryptocurrency exchange facility in South Africa offering clients a technology platform to buy, sell and store digital assets. The crypto exchange also allows paying for products and services using a cryptocurrency wallet. Established in 2013, Luno is one of the oldest Bitcoin exchanges in the cryptocurrency industry. Luno is an independent subsidiary of Digital Currency Group, which invests in crypto assets and blockchain startups, including Coindesk and Grayscale.
Luno cryptocurrency exchange allows managers to build personalized crypto profiles to facilitate trading operations using mobile applications on iOS and Android devices. Teams can encrypt funds in multi-signature wallets and log in safely using two-factor authentication (2FA). Luno exchange enables managers to enter trade orders, add receiving addresses, obtain Ethereum market data, and monitor the progress of trades.
Luno exchange enables businesses to set price caps on a single interface and get alerts when prices change. The system can be integrated with Trading View so that users can keep an eye on trading charts, set up regular purchase orders, and manage investments.
What is Luno Wallet?
Utilizing a built-in cryptocurrency wallet, Luno offers its users a quick and secure option to buy and trade Bitcoin and Ethereum. It supports international fiat currencies, including the US Dollar, Euro, British Pound, and South African Rand.
To assist the general public in understanding the complexity of cryptocurrencies like Bitcoin and Ethereum, Luno provides brokerage, training, and consulting services. Luno focuses on developing nations, which have established themselves as early adopters of cryptocurrencies. It includes South Africa, Indonesia, Nigeria, Malaysia, and Zambia.
Luno crypto trading platform is a good fit for crypto traders who value low transaction fees and excellent security. Made with beginners in mind, Luno exchange is a great choice for those new to crypto. Moreover, factors such as 2-factor authentication, hot wallets, encrypted private key, multi-signature keys, etc., make the crypto trading exchange safe to use.
According to data from CoinMarketCap, however, Luno’s market capitalization is small compared to other major cryptocurrency exchanges worldwide. However, this is mainly because Luno predominantly deals in Bitcoin and, more lately, Ethereum.
How Does Luno Work?
Luno is a web platform and mobile app-based Bitcoin exchange. It is offered in 40 nations, including Singapore, where it is based, the United Kingdom, and European countries, but not the United States.
Here is what a user can do on the Luno Bitcoin exchange:
- Use the Luno crypto exchange to buy, sell, and trade cryptocurrencies.
- To automate your Bitcoin investments, set up a Repeat Buy.
- Earn interest by transferring some crypto assets to a savings account.
- Safely store your cryptocurrency in the Luno wallet.
- Transfer crypto free of charge to family members and friends who have a Luno account
- To receive updates on your phone, create cryptocurrency price alerts.
How to Send and Receive Coins on Luno Crypto Exchange?
Through Luno, a user can convert cryptocurrencies like Bitcoin and Ethereum in three simple steps:
Step 1: Create a free Luno account.
Use your smartphone or computer browser to access Luno, and complete the simple registration process to create your Luno profile.
Step 2: Deposit funds to your Luno account
Make a fiat currency deposit using your preferred payment method into your Luno Wallet. Preferred payment methods include credit card payments or electronic bank account transfers.
Step 3: Purchase your preferred coin.
Purchase the desired amount of cryptocurrency. You can either move it out of the Luno exchange or safely save it in your Luno crypto wallet.
- Crypto trading is simple and accessible with Luno. Luno exchange is a great option if you’re new to cryptocurrency and want an exchange with a low learning curve because it features a user-friendly web platform and mobile app. Within minutes, you can register and confirm your identity. After that, you can purchase cryptocurrency by depositing through an approved payment method.
- You can trade crypto pairs in Luno’s trade room. Both beginner and experienced traders can use the trading platform’s charts and indicators. There are a variety of crypto pairs available, depending on where you live.
- Luno cryptocurrency exchange assists users who want to trade Bitcoin and ETH quickly, even with fiat currencies. The instant buy or sell fiat trading fee initially starts at 2% but may also increase. The trading platform also sets transaction limits based on the country’s selection.
- There are Luno business accounts available for companies with significant spending limits. It is designed for companies who have goals beyond just using the Bitcoin trading service. The primary target market for the account includes entities like miners, financial firms, trading businesses, crypto industry start-ups, etc.
- With the Savings wallet that Luno provides, you can get a variable interest return on your cryptocurrency investments. Three different cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and USD Coin—have savings wallets available (USDC). If you purchase any of these cryptocurrencies, creating a savings wallet with them is a quick and easy way to get passive income.
- Compared to the best cryptocurrency exchanges, Luno’s trading fees are reasonable. Maker-taker costs begin at 0 and 0.1% and can reduce for investors who perform a significant amount of trading each month. Few platforms can compete with Luno’s Bitcoin trading fees of 0.1% or less.
- Luno exchange has some of the best educational content. Articles regarding cryptocurrencies in general and each of the cryptocurrencies it sells are available on its learning portal. It also includes videos with many of the articles and a blog with the most recent information about cryptocurrencies. The information provided by the Luno exchange is clear and informative. Additionally, it isn’t unduly difficult, a common problem in the crypto industry.
Luno supports the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (Ripple)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
- Chainlink (LINK)
- Solana (SOL)
- Uniswap (UNI)
- Cardano (ADA)
The choice of cryptocurrencies is where the Luno exchange falls short. Cardano (ADA), Solana (SOL), and Polkadot (DOT) are just a handful of notable cryptocurrencies that are absent, and there are no smaller-cap coins to check out. Many cryptocurrency exchanges provide hundreds of coins; Luno is behind the curve in this regard.
Luno’s trading fees are the most affordable in the Bitcoin trading industry. There are no fees associated with receiving or sending Bitcoins through email addresses or phone numbers. The cost for transactions made using the Bitcoin wallet is 0.0002 BTC.
The commission fee is determined by the network traffic and the fiat currency that is used to buy the bitcoins. In general, Luno exchange does not charge maker fees. You must instead pay the following taker fees:
- BTC/IDR – 0.20%
- BTC/MYR – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
- BTC/NGN – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
- BTC/ZAR – 1.00% >BTC 0.00, 0.75% >BTC 10.00, 0.50% >BTC 100.00
- ETH/BTC – 0.25%
The following fees apply for some currencies when filling your account at Luno:
- 5.8% for credit or debit cards via PayU
- Cash Deposit Penalty ZAR 20.00 + 5.00%
Deposits and withdrawal options
Luno exchange, like most crypto exchanges, accepts major fiat currencies such as IDR, EUR, NGN, MYR, and ZAR. These fiat currencies can only be deposited into and withdrawn from using a bank wire transfer or a credit card. Additionally, Luno gives you the choice to buy Bitcoin and Ethereum directly with your credit card. With Luno, you can make deposits and withdraw money by transferring money from your bank account. You could also be able to fund your account using a credit or debit card, depending on your country. Assess transaction fees for each payment option to avoid any unforeseen expenses.
Because of the recent spate of hacking attempts, Luno takes the security of its exchange very seriously. Luno has implemented the following security measures to protect the funds kept on the exchange:
Deep Freeze Storage
Most Bitcoin cash is maintained in multi-signature wallets in cold storage. Different banks have several places where private keys are kept.
Encrypted Backup Wallets
Luno additionally encrypts the wallet backups as an additional security measure.
Multi-Signature Hot Wallet
A multi-signature hot wallet is used to enable fast withdrawal. Because multiple parties own the private keys, no single party will be able to control the wallet.
Luno stores all passwords in hashed form. When creating an account with Luno, users must also provide a strong password.
Two-factor authentication adds an additional level of security. For the purpose of transaction authentication, your smartphone will create a one-time code.
SSL Secured Channels
Web services and all communications are sent through SSL-secured channels.
Background checks on employees
Before being hired, all Luno staff must successfully complete a background check.
Opening an account with Luno is comparatively simple. Follow these guidelines to open your own and begin trading on the Luno website.
- Check out the Luno website at https://www.luno.com
- Enter your email address and password by clicking the “Sign Up” button in the top right corner of the page. Your email may need to be verified.
3.You’re in! The next step is for you to confirm your account. To do this, select “Settings” from the menu that appears after clicking the “Profile” icon in the top left corner of the screen.
- Next, select “Verification” from the menu.
- You will be required to provide identification, a selfie, evidence of residency, and proof of your home address. The exchange will check your submission once you’ve finished and notify you if it has been approved.
Luno Mobile Wallet
The company’s mobile wallet is the mobile version of Luno’s first top crypto wallet. The mobile wallet, frequently ranked among the top cryptocurrency wallets online, is compatible with Android and iOS smartphones. It provides convenience by enabling investors and traders to transact any time and from any location.
Features of Luno Mobile Wallet
- Multiple cryptos on offer (Ethereum, USDC, XRP, Bitcoin, and Litecoin)
- Store crypto with esteemed security
- Simple user interface
- Allows use of advanced charting and price alerts
- Seamless trading experience
- Speedy deposits and withdrawals
Additionally, investors can stock USD coin, ETH, Bitcoin and Bitcoin cash on the market to receive a 4% interest rate yearly. Opening a Luno savings account and transferring the coins are the first two steps. The trusted lending partner of Luno receives a portion of the coins. The partner creates unique loans with outside parties. On the first of every month, users’ savings wallets receive the specific interest. Users have three options from which to select:
- A USDC Savings wallet that pays 7.6% interest
- A wallet for ETH savings that pays 4% interest
- BTC savings account yielding 4% interest
Other cryptocurrencies can be transferred at any time without Luno fees. The transfer may occasionally take 1 to 7 business days to complete. Its service range also includes products like the Luno app and mobile wallet.
While there are millions of searches for “Luno download for PC” on the Internet, there is also a sizable audience for “Luno app download.” The same is made easier by its renowned Luno app.
Android app Luno
As stated, its mobile version is available for both Android and iOS systems. This app downloads quickly and provides a flawless experience, especially on Android. With more than 50,000 reviews, it still has an overall rating of 4.3 stars. Additionally, it has five million downloads on the Google Play Store, demonstrating its popularity across the globe.
Luno iOS App
Along with almost 1,500 reviews and an average rating of 4.3 stars on Apple iTunes, it also boasts a high engagement rate. Nevertheless, the iOS counterpart feels sluggish, but what makes users enjoy this app? Due to its effortless app experience and working, Luno’s app makes trading crypto quick and simple.
For the transactions to be completed, the user only needs to create an account or sign up. The entire process is to be explained later in the review. Traders can set up their wallets and make deposits once it has been approved. You can start trading as soon as your amount appears. They offer secure storage for cryptocurrency, making it available to all users.
Luno’s customer service is very simple, consisting of a help page and a form you must fill out if you have any questions. Both live chat and phone support are unavailable.
The main reason behind most negative Luno reviews is its sub-par customer support. It provides basic support on its site. The overall investment made on its website is reduced because there is no email assistance for making requests. The majority of its problems are related to delayed payments and locked accounts.
Although there are many cryptocurrency exchanges on the internet, Luno offers certain distinctive features that we haven’t yet seen on other exchanges. To begin with, Luno supports less-used fiat currencies like the Nigerian Naira, the Indonesian Rupiah, and the Malaysian Ringgit. This has naturally led to Luno becoming especially well-liked in nations like Indonesia, Malaysia, and Nigeria, but also South Africa.
It offers unique features such as quick trade, quick deposit and withdrawal, direct bank account transfer, simple trading, price alert, etc. It is advised that you double-check the fee schedule before completing the payment. Despite the slight issue, any assessment of Luno will state that it is a top crypto trading exchange in South Africa.
Both cryptocurrencies and CFDs are advanced investment tools that carry a high risk of financial loss. You should carefully examine your ability to afford the significant risk of losing money and whether you properly comprehend how these instruments operate.
If you want to know more about on Luno Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallet South Africa. You can also read about our Blue Wallet South Africa as an alternative to Luno.
Most frequent questions and answers
No, there is no direct regulation of the exchange. Luno does not own the property either, as the bitcoin business is not yet regulated. In South Africa, it is registered with the Financial Intelligence Centre (FIC), possesses a top-notch KYC and anti-money laundering (AML) compliance system, and continues to collaborate with South African regulators to create efficient and appropriate rules for the nation’s cryptocurrency market.
Yes, Luno is legit, and the platform offers excellent security. Despite not being a regulated exchange, Luno nonetheless provides a bank-level degree of security. Private keys belonging to customers are kept safely in cold storage. No one has authorization to enter more than one safety deposit box, and each key is stored in a separate box in the bank vault. Furthermore, it is secure to use thanks to features like 2-factor authentication, encrypted private key, hot wallets, multi-signature keys, etc.
Luno has high-security standards — in terms of crypto storage and account security, Luno offers some of the best protection in the industry. The majority of the Bitcoin assets that Luno manages are kept in cold wallets or crypto wallets without a network connection. Hackers are unable to access them because they are offline.
In what it refers to as “deep-freeze” storage, Luno keeps these cold wallets in actual bank vaults within a safety deposit box. These safety deposit boxes are locked, and only certain people have access to them.
Through the Luno Instant Buy function and the exchange, you can buy Bitcoin, Bitcoin Cash, Ethereum, XRP, USDC, Litecoin, Chainlink, and Uniswap.
A digital wallet that uses multiple signatures is known as a multisig wallet. This indicates that multiple private keys are required to sign and approve a cryptographic transaction or that multiple keys may occasionally be utilized to generate a signature.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.