What is Luno Wallet
Members of the crypto community have witnessed the launch of different crypto wallets. These wallets differ from each other in terms of design, features, security, reputation, etc. Some have gone extinct, while others have merged and changed names. Furthermore, only some of these wallets are friendly to crypto newbies, and Luno is one of them.
Luno is one of the earliest crypto wallets launched since the inception of Bitcoin and blockchain. The wallet was founded in 2013 as BitX before the name was changed in 2016. The wallet supported only the exchange and purchase of Bitcoin until Ethereum and other coins, including Cardano, Ripple, etc., were listed and supported later.
Luno Wallet was founded by Marcus Swanepoel, Francois Paul, Carel Van Wyk, and Timothy Stranex and had Marcus Swanepoel as the Chief Executive Officer (CEO). The wallet also has Digital Currency Group (DCG) as its parent company. DCG is a venture capital company whose main focus is on the emerging blockchain technology. The firm has been operational since 2015 and has been supporting blockchain-based companies.
Luno is known for simplicity. The wallet is one of the simplest to set up and use. Furthermore, Luno is more than just a crypto wallet. It enables users to sell back to and purchase Bitcoin and other supported coins directly from them.
It is equipped with a quite nice and easy-to-navigate user interface. This has greatly impacted the success Luno has enjoyed over the years.
Getting Started with Luno
Setting up Luno Wallet is a relatively easy task to do. It has a very friendly user interface, making navigation around the wallet easy. It is noteworthy that Luno does not give room for anonymity. It would be best to have some government IDs or documents for KYC. The wallet is available only for Mobile. Follow the steps below to set up on both Mobile and desktop;
Setting Up on Mobile
- Download the Application: The wallet application must be downloaded before you can begin the mobile setup. Both Android and Apple mobile devices or phones can use the wallet. Install the app by searching for “Luno” in your specific app store.
- Login or Signup: If you have an existing account with Luno, log in with your email address and password. Otherwise, Proceed to create a new account by tapping on the “JOIN IN” button.
- Enter Your Details: If you are creating a new Luno account, a new page requesting you enter your email address and password will appear. Input the email address and the password you want to use and check that you are not a robot by solving a simple captcha challenge.
- Confirm Your Email Address: If you entered a valid email address according to the last step above, a confirmation mail must have been sent to the address. Log into your email inbox and tap the confirmation link to activate your account.
- Create Your Pin: You must create a four-digit pin when you confirm your email address. This pin will serve as your transaction pin. Use a pin you can easily remember and verify the pin again to proceed.
- Input Your Phone Number: Luno will demand you input your phone number for security purposes. Also, alerts of transactions are sent to the registered phone numbers. Select your country phone code and input your phone number accordingly. Next, a verification text will be sent to your phone number. Enter the four-digit numbers sent into your Luno app and proceed.
- Select Your Country: Luno is available in over forty(40) countries. If you live in a supported country, select the country. This is crucial because you will need a valid address for your country of residence to use Luno.
- Do Your KYC: You must complete your KYC to start using Luno. After you have chosen your country of residence according to the last step above, the new page will show you the required documents needed for your KYC. Ensure you have everything needed, and tap the “Let’s Go” button to start the verification process. Most times, the process takes a few minutes to complete and get verified.
Cryptocurrencies & Assets Supported by Luno
Luno supports about 11 different coins. These coins cut across other blockchains and protocols. The supported assets can be bought, sold, stored, and traded on the Luno app. The table below contains all the coins Luno supports;
|10||Bitcoin Cash (BCH)||✓||✓|
|11||USD Coin (USDC)||✓||✓|
Luno Keys and Security
Private keys or backup phrases play an immensely vital role in safeguarding the security of crypto wallets that rely on them. These precious elements possess the power to grant access to your wallets. If mishandled or left vulnerable, they could become a gateway for nefarious individuals to steal all your valuable crypto assets. It’s an alarming thought.
However, fear not, for the story takes a different turn regarding your Luno account. You see, accessing your Luno account is a realm apart from the intricate world of private keys and backup phrases. It couldn’t be simpler! You only require two humble companions: your registered email and the correct password. With these in your possession, you hold the key to unlock your Luno account.
But don’t let this apparent simplicity lure you into complacency. Oh no! To fortify your Luno account against any potential intruder, it is imperative to choose a password of utmost resilience, a fortress of unguessable complexity.
Other Luno Features
Luno is more than just a crypto wallet. It has other unique features that set it apart from other wallets. The following features are accredited to the Luno wallet;
Send/Recieve Crypto: This is a primary feature of any crypto wallet, and Luno is not an exception. Users can send and receive all the supported crypto assets without zero fees. To receive cryptocurrency in your Luno wallet, provide the recipient with your wallet address. They can then send cryptocurrency to your address using any Luno-compatible wallet.
Luno’s fee-free send/receive feature makes it an excellent option for users who want to send and receive cryptocurrency quickly and easily.
Buy Crypto: Luno offers more than just the ability to send and receive crypto assets when purchasing cryptocurrencies. In addition to these functionalities, Luno provides its users with the convenience of buying any supported cryptocurrencies directly on its platform.
Luno provides a variety of methods for purchasing cryptocurrencies, allowing you to select the method that best suits your needs. One option is to use bank transfers, which allow users to transfer funds directly from their bank accounts to their Luno account. Luno also supports purchasing cryptocurrency with debit and credit cards, allowing you to make instant purchases with previously used payment cards.
Sell Crypto: If you want to convert your cryptocurrencies back into traditional fiat currencies, the Luno app offers an efficient solution. Selling your crypto assets is easy and convenient, allowing you to swiftly exchange them for the currency of your choice directly within the app.
Unlike some platforms that rely on peer-to-peer (P2P) selling models, Luno takes a different approach. When you sell your crypto assets on Luno, you’re not engaging in a P2P transaction. Instead, Luno is the direct buyer of the crypto assets you wish to sell. This provides several advantages, including a streamlined process and enhanced security.
When you initiate the selling process on Luno, the platform ensures a smooth transaction by directly purchasing the crypto assets from you. This reduces the need to wait for a suitable buyer, reducing potential delays and uncertainties.
Price Alert: Besides its primary function as a secure wallet, Luno offers users various features beyond mere storage. One feature that sets Luno apart is its price alert functionality. It transforms the app into a powerful tool for monitoring market movements and staying updated on the latest cryptocurrency prices.
With Luno’s price alert feature, users can effortlessly track their preferred cryptocurrencies’ current and historical prices. This invaluable tool empowers users with real-time information, allowing them to make informed investment decisions based on accurate and up-to-date market data.
Loyalty Rewards: At Luno, they believe in showing appreciation to their users and promoters through a specially designed loyalty rewards program. This program aims to recognize and reward the loyalty and support of their valued users and those who actively promote the platform within their networks.
The rewards you receive through Luno’s loyalty program are determined based on your level within the app. Luno has established three distinct levels, namely levels one to three (1-3), and your level is determined by the number of transactions you have conducted over a certain period. This means that the more actively you engage with the platform and carry out transactions, the higher your level and the greater the rewards you can earn.
When it comes to referral rewards, Luno considers the referrer’s country of residence. The amount paid to users who successfully refer others to Luno varies depending on the specific country in which the referrer resides.
Crypto Updates: Luno has a dedicated section for crypto updates and information. This section is updated regularly with news, articles, and blog posts about the latest happenings in the crypto industry. Luno also publishes user guides and how-tos to help crypto newbies get started.
Anyone who wants to stay up to date on the most recent happenings and trends in the cryptocurrency industry should check out the Luno Crypto Updates section. For those just getting started with cryptocurrency, the section also includes useful information.
The following are some of the pieces you can find in the Luno Crypto Updates section:
- News articles about the latest updates in the crypto industry
- Blog posts about different aspects of the crypto industry, such as investing, trading, and security
- User guides and how-tos to help you get started with crypto
Luno Usability and Support
Signing up on Luno Wallet is more challenging than other crypto wallets. Even though the app has a very user-friendly interface, it takes quite a long process for you to complete the signup process. However, when you complete your signup, using the app further becomes so easy. The app and website are appropriately labelled for easy navigation and accessibility.
In addition to its user-friendly interface and intuitive design, both the Luno website and application offer a wealth of support materials, making it an ideal platform for crypto newbies looking to navigate the world of cryptocurrencies confidently.
The platform is equipped with various educational materials, guides, and tutorials covering different aspects of cryptocurrencies, blockchain technology, and the functionalities of the Luno platform itself.
They have established a dedicated support unit of knowledgeable and responsive professionals ready to assist users with inquiries or concerns.
Luno Reputation and Popularity
Luno has been enjoying a good number of patronage since it was launched. It is one of the earliest crypto-to-fiat exchanges established. Also, not only has Luno enjoyed good patronage and maintained a good reputation. The app has not been involved in any crypto-related controversy since its inception. Additionally, there has not been any case of hacks or exploitation reported about them.
However, in 2018, a report was that Luno’s bank account with Stanbic IBTC Bank, one of Nigeria’s most prominent commercial banks, was frozen. Luno stated that the account was frozen due to the action of one of its users, who purchased Bitcoin from them with stolen funds. The case has, however, been sorted out, and Luno regained access to their bank account.
In conclusion, Luno Wallet strikes a commendable balance between simplicity, security, and flexibility, making it an outstanding choice for crypto newbies and experienced users. The wallet’s user-friendly interface and intuitive design contribute to its popularity and ease of use. Navigating through the wallet is a breeze, and the availability of support materials, educational resources, and tutorials further aids users in understanding the world of cryptocurrencies.
Luno’s commitment to security is evident in its approach to access control. Unlike many other wallets that rely on private keys and backup phrases, Luno prioritizes using registered email addresses and strong passwords as the primary account protection. While this may seem simple, it emphasizes the importance of choosing resilient passwords to safeguard users’ assets.
Additionally, Luno offers features that go beyond just being a cryptocurrency wallet. Users of the platform can easily buy, sell, and receive cryptocurrencies. Users benefit from flexibility and convenience due to the availability of more than one payment option, such as bank transfers and debit/credit card purchases.
Luno Pros and Cons
Luno Wallet is like any other mobile application with its own strengths and weaknesses. The table below shows some of its Pros and Cons;
|Very easy to use||Signup process a bit difficult|
|in-App crypto purchase||No Anonymity|
|Zero sending and receiving fees|