Luno Wallet is a fast-growing crypto storage vault created by Timothy Stranex, an ex-Google engineer. The wallet seeks to provide its users with a balance between security and ease of use. It is the official crypto wallet for the Luno crypto exchange that started in 2013 as BitX before rebranding to Luno in 2016. Both the Luno exchange wallet and exchange are headquartered in London but maintain satellite offices in South Africa and Singapore.
Luno started as a Bitcoin-only wallet. Over time, however, it has incorporated Ethereum and Bitcoin Cash cryptocurrencies as well as a few more Fiat currencies like the Indian Rupee, Nigerian Naira, and the European Pound.
In this Luno wallet review, we want to ascertain if Luno is indeed safe and easy to use as advertised. We will be looking at the security and operational features put in place by the company while providing you with a step-by-step guide on how to activate and use the wallet.
Luno Wallet key features:
Cross-platform: Luno is a cross-platform crypto wallet available for iOS and Android devices and a web wallet.
Inbuilt exchange: Luno integrates a built-in crypto exchange to buy, sell, and exchange different cryptocurrencies. It is fully-fledged and fitted with basic and advanced crypto investing tools like the real-time order book and risk management tools such as Limit and stop-limit orders.
Buy crypto with fiat: Luno wallets makes it possible for users to buy crypto with fiat via debit/credit cards, direct wire transfers, or e-wallets like PayStack.
Portfolio trackers: On the Luno wallet user interface is the crypto history and balance tabs that let you monitor your crypto transactions and portfolio values in real-time. And in addition to the two is the chart that shows you the price performance of each of the supported cryptocurrencies and value changes per day, week, month, and year. You are also free to set automated price alerts for this crypto.
Block explorer: The wallet also integrates a blockchain explorer that users rely on to get crypto news and events and expert analysis on how either is expected to disrupt the crypto industry.
Trading insights and market reports: Luno has partnered with a crypto-focused Intelligence Company – IntoTheBlock – and launched a series of premium indicators and market analysis tools that they believe will be instrumental in helping users make informed crypto trading decisions. This is then complimented with the Daily Market Update blog that analyses and predicts the price performance of featured cryptos.
Savings wallet: Luno recently introduced the BTC Savings Wallet that earns you a 4% annual interest for saving your BTC in the account. There are no fixed terms, and you are free to withdraw either the profit or clear the wallet at any time.
Luno Wallet security features:
Password: Like any other cryptocurrency wallet, Luno is password secured. You get to set the password when creating a user account, and it doubles as the encryption tool.
Two factors authentication: When creating your Luno wallet user account, the wallet will ask for such personal information as your email and phone number. You will need either of these or the Google Authenticator tool to activate two-factor authentication.
Non-custodial: Luno wallet doesn’t store the private keys for the digital assets on your behalf. Rather, it encrypts them and stores them within your device, giving you absolute control over their use.
Monitor active devices: In the settings section of your Luno wallet’s user interface, you will see all the devices currently connected to your wallet in real-time. You can use this tab to log out, block, or disassociate the wallet from certain devices.
How to activate/setup the Luno Wallet
Step 1: Download the Luno wallet app from either the wallet website, Google Play Store or Apple App Store
Step 2: After launching the app, click the “Create a new wallet” tab
Step 3: Fill the registration form by entering your email, creating a unique wallet password, and selecting your country of residence
Step 4: Confirm that you are not a robot via the reCAPTCHA button that also doubles as agreeing to the wallet’s terms of use and privacy policy.
Step 5: Verify your identity by furnishing the Luno Wallet team with a copy of your ID and proof of address
Step 6: You will receive a confirmation email informing you that your account is now active and ready to use
Step 7: Log in to your Luno wallet and use the settings button to personalize the vault by activating two-factor authentication and depositing cryptos.
How to add/receive Crypto into Luno Wallet:
Step 1: Log in to your Luno wallet account and tap the “Buy” or “Receive” tabs, depending on how you want to fund your account.
Step 2: If you chose to buy, you will be redirected to the crypto purchasing page that requires you to enter the amount of USD you would like to deposit, select the preferred payment method, and initiate the purchase
Step 3: If you choose to receive crypto, the Luno wallet will display your address and QR code that you can send to the individual sending you coins or have them scan your QR code
How to send crypto from Luno Wallet:
Step 1: Log in to your Luno wallet, and on the user dashboard, tap “send.”
Step 2: If you have multiple wallets, select the wallet from whence to draw crypto
Step 3: Select the crypto you wish to send
Step 4: Enter the crypto recipient’s wallet address and the amount you would like to send
Step 5: Confirm the transaction details and hit send.
Luno Wallet ease of use and customer support
Luno wallet embraces a minimalistic user interface design that is easy to interact with for both crypto-investing veterans and beginners. The Luno development team also maintained a regularly updated blog and a learning portal that you can use to better understand how the site works. You will even find some how-to and troubleshooting guides in here. Plus, both the wallet and website are multilingual – available in English, Italian, Indonesian, and French.
Technical queries can be forwarded to Luno Wallet’s customer support team via the website’s help center page or by direct messaging them on Facebook, Twitter, and Instagram.
Luno Wallet supported currencies:
Luno Wallet currently supports 5 cryptocurrencies; Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.
Wallet services are available in 50+ countries across Africa, Asia, and Europe.
Luno Wallet cost and fees:
Downloading Luno Wallet and creating a user account here is free. You will, however, need to factor in the transaction fee charged on crypto transfers in and out of your Luno wallet. Bank and debit card transfers attract an average 1.58% fee, while credit cards attract a 5% deposit fee. Withdrawals and outbound transfer fees are highly variable and are largely dependent on the type of currency preferred and the amounts involved.
What are the pros and cons of using the Luno Wallet?
Pros:
- It is highly versatile and accepts multiple funding options (both Fiat and crypto)
- Luno wallet is hosted on an advanced and feature-rich trading platform.
- It integrates effective security features.
- Luno wallet’s transaction fees are quite competitive.
Cons:
- It has a complicated fee structure.
- It will only host a limited number of cryptocurrencies.
Comparing and contrasting Luno Wallet with other Multi-Asset wallets:
Luno Wallet vs. eToro wallet
The primary similarity between Luno Wallet and eToro is that both are offshoots of online trading multi-asset trading platforms. They also maintain highly advanced and feature-rich yet beginner-friendly user interfaces. More importantly, they both support the purchase of crypto with fiat while charging competitive rates.
But while the eToro wallet supports 15+ cryptocurrencies and a host of fiat currencies, Luno Wallet will only support five cryptocurrencies. Additionally, eToro hosts such advanced trading/investment tools as copy trader, auto-trader, and demo accounts. Nevertheless, we appreciate Luno’s wallet commitment to reach out to crypto enthusiasts in developing countries, who have been neglected by the larger crypto exchanges and wallets for the longest time.
Verdict: Is Luno Wallet safe?
Key security and privacy measures that Luno Wallet has embraced in safeguarding your crypto wallets’ integrity include activating two-factor authentication and blocking IP addresses. It also secures the wallet with a password, encrypts user’s data, and gives you absolute control over your digital assets. It can thus be said to have met the unofficial industry standard for wallet apps and web wallets. However, the fact that it is a hot wallet means that the wallet is constantly exposed to the inherent threats facing online crypto wallets like phishing attacks.