Luno Review: Making Crypto Investing Easy and Accessible for Everyone
Luno’s guiding principle is that cryptocurrency should be accessible to all users, and the platform’s architecture reflects this principle by catering to novices. Additionally, its security is very excellent. Despite this, it is one of the more straightforward cryptocurrency exchanges, as it only supports a limited number of cryptocurrencies and has a minimal feature set. See if Luno is the correct exchange for you by reading our comprehensive review of the platform.
Full Luno review
Investors who are new to the world of cryptocurrencies and are looking for a secure environment in which to purchase the most popular coins will find this cryptocurrency exchange to be a good fit.
Trading in cryptocurrency that is accessible to beginners, excellent security, educational resources, and quick verification are all pluses.
Cons:
• There are just two different cryptocurrencies accessible
• There are few features available
Top rewards
Trading in cryptocurrencies that is accessible to novices
Investing in cryptocurrencies is made as simple as possible by Luno, which performs an excellent job at doing so. If you are new to cryptocurrency and are looking for an exchange with little in the way of a learning curve, you should give this one a try because it offers a user-friendly web platform as well as a mobile app. Adding your debit card, deciding how much you want to spend, and confirming the transaction are the only steps necessary to acquire cryptocurrency.
Excellent security
Luno is a leader in terms of security, which is an essential component for any cryptocurrency trading platform. It stores the vast majority of cryptocurrency offline, at a facility known as cold storage, and it stores the keys to this cryptocurrency in vaults. Luno makes it far more difficult for anyone to steal its customers’ assets by storing cryptocurrencies offline and making it impossible to access the cryptocurrency.
Educational tools and materials
The teaching materials provided by Luno are among the best we’ve seen offered by a cryptocurrency exchange. Its learning portal features papers that cover bitcoin in general as well as in-depth analyses of particular cryptocurrencies. In addition to that, it offers video content and a blog that is constantly updated with the most recent crypto news.
Rapid vetting of information
Some cryptocurrency exchanges are significantly more efficient than others when it comes to verifying their customers’ identities, which is a requirement for obtaining a license to operate. Luno is undeniably on the swifter side of things. After you have provided Luno with the essential information, your identification, and a selfie, the verification process for your identity usually only takes a few minutes.
What aspects could use some work?
There are just two cryptocurrencies currently accessible.
People who are interested in purchasing various types of cryptocurrencies are generally not going to be happy with the options that Luno provides. It provides access to the only two industry leaders:
• Bitcoin in the form of BTC
• Ethereum (ETH)
This is a significant drawback, particularly in light of the fact that a growing number of exchanges are now offering extensive product lines comprising dozens and perhaps hundreds of different cryptocurrencies. If Luno wishes to attract people who are interested in cryptocurrency, it will need to provide more.
Few capabilities available
There are no extra features or options available in Luno. It gives you the ability to purchase, sell, transmit, and receive cryptocurrency transactions. You won’t find any advanced trading tools here, and you won’t be able to stake cryptocurrencies in order to collect rewards.
Users from all over the world who use Luno can utilize their savings wallets to save a variety of cryptocurrencies. These cryptocurrency balances can generate interest by participating in a lending service for cryptocurrencies. However, investors from the United States are unable to make use of this function.
Possible alternatives to think about
If you want access to a wider variety of cryptocurrencies: Coinbase has a fantastic selection of over 200 different cryptocurrencies, including the majority of the well-known ones as well as some of the lesser-known ones. Coinbase, much like Luno, is user-friendly for novices and provides a wealth of educational resources. It even has instructional modules that, once completed, will reward you with free cryptocurrency.
If you are looking for further benefits, Crypto.com offers quite a few bonuses that cryptocurrency fans appreciate. Because it pays rewards on dozens of different cryptocurrencies, its earn program makes it simple to increase the value of your holdings. In addition to these services, the exchange provides a prepaid crypto rewards card, a payment app, and a platform for buying and selling non-fungible tokens (NFTs).
Are you thinking about purchasing your very first NFT? Learn about the best NFT marketplaces by reading this guide from The Ascent.
How Luno works
Luno is a cryptocurrency exchange that operates both on the web and as a mobile application. It is offered in over 40 countries, and even while users in each of those nations have access to the same Luno platform, certain features may differ from one another depending on where in the world they are located.
Luno provides the following benefits to investors in the United States:
• Buying and selling cryptocurrencies;
• Depositing and withdrawing cryptocurrency from an external wallet;
• Buying and selling cryptocurrencies.
At this time, Luno will only accept payments made by debit card from customers located in the United States. Before you can make a purchase using cryptocurrency, you will first need to add your debit card as a payment option. Although Luno allows users to deposit money from their bank accounts, the feature is not yet accessible to customers in the United States at this time.
Fees overview
When you purchase or sell cryptocurrencies through Luno, you will be subject to a trading fee of 0.75%. Although it features one of the most straightforward trading cost schemes we’ve encountered, it’s important to point out that there are cryptocurrency exchanges that have a lower fee overall.
When it comes to cryptocurrency, deposits are always free, but withdrawals have variable fees that change based on how much traffic the network is experiencing at any given moment.
The option to make deposits by transferring money from one bank account to another has not yet been implemented, but when it does, there won’t be any costs associated with those deposits. Withdrawals from checking or savings accounts, as well as purchases paid for with a debit card, do not incur any additional costs.
Alternative cryptocurrencies to consider.
In the United States, Luno supports the cryptocurrencies Bitcoin and Ethereum. Users in other regions can use other cryptocurrencies that are available to them.
When compared to other exchanges, Luno’s cryptocurrency selection is one of its major weaknesses. Due to the fact that it has such a limited offering, it is lacking quite a few significant cryptocurrencies, such as Cardano (ADA) and Solana (SOL). Additionally, there are no small-cap cryptocurrencies available for users to investigate.
Is it safe to store your cryptocurrencies with Luno?
Luno maintains high security standards; in terms of cryptocurrency storage and account security, Luno provides some of the most comprehensive protection available in the market today.
The majority of the digital currency holdings that Luno is responsible for are held in what are known as “cold wallets,” which are digital wallets that are not connected to the internet. Hackers won’t be able to access them because they’re not online. Deep-freeze storage is what Luno refers to as the storage method it uses for its cold wallets, which are kept in physical bank vaults inside of safe deposit boxes. These safety deposit boxes are restricted to a select group of people, and no one has access to more than one box at a time.
Because even for the exchange it is difficult to obtain cryptocurrency that is kept in deep-freeze storage, the exchange preserves a tiny fraction of its cryptocurrency that is more easily available for day-to-day operations. This cryptocurrency nonetheless maintains an exceptionally high level of safety, as some of it is held in offline “cold wallets” while the rest is held in online “hot wallets” that are connected to the internet. The only way that cryptocurrency stored in a hot wallet can be spent is if the transaction is authorized not only by the Luno exchange but also by its partner.
Even if your cryptocurrency shouldn’t be at risk on Luno, you still need to keep a close eye on your account. Luno provides a number of helpful features, including the following:
• Two different forms of authentication can be used to log into an account (2FA). Logging in with this method requires the use of two different means of authentication, such as your password and a one-time code that is produced on your phone.
• You have the option to turn off sending any cryptocurrency that is kept in your Luno Wallet. Once this occurs, it will be impossible to move cryptocurrency out of the wallet until you reauthorize the transaction.
• In order for Luno to engage in potentially hazardous behaviors, it must first obtain your permission. A few examples of this would be transmitting cryptocurrency from a new device for the first time, sending quantities that are greater than $10,000, or altering the email address or phone number associated with your account.
• Luno will automatically prevent transactions from taking place if they include high-risk cryptocurrency addresses. Addresses that have a history of being involved with illegal activity are considered to have a high risk.
Luno is the appropriate cryptocurrency exchange for you if you are seeking for one that is straightforward to use.
• You are interested in purchasing Bitcoin and/or Ethereum as an investment.
