Finance

Luno - The Crypto Wallet for better Transactions

Luno makes crypto-trade easier and more interesting. Read on to know how

Updated on February 14, 2020
Luno - The Crypto Wallet for better Transactions

Cryptocurrencies have given the world the ultimate financial freedom as these currencies have no single entity that controls them. But what makes them cooler is having an e-wallet from where you can generate transactions. Luno is a blockchain and crypto wallet that carries out every crypto-expenditure and income with perfection. 

Whether you’re a nascent crypto trader or have fairly advanced in the same, you will require a secure and safer means to buy and sell online. To cater to all such woes, Luno introduces it’s 3 Step process which will help you to purchase, sell, mine and learn more about cryptocurrencies

Since its inception in 2013, the app operates in over 40 countries and has generated more than 8 million in revenue. It guarantees the most comprehensive and state-of-the-art security measures for BTC (Bitcoin), ETH (Ethereum) and other cryptocurrencies as well. The Luno Bitcoin wallet is garnering positive feedback from users worldwide as many consider it the app that provides the ‘most sophisticated Bitcoin security systems.’ 

Let us have a deeper retrospection.

The Luno App

Logo

It primarily follows the colours blue with a shade of indigo and white. Its urban typeface, (probably a modified daCasa font) gives it a very casual look to appeal to the wider gamut of audience who have a geeky approach to things; smartly revealing their heterogeneity to the world. The Concentric ‘O’ takes the biggest slice. 

Features

You would first need to Sign Up. If you already have an account, you simply need to Sign In. You can deposit money into your Luno wallet by various methods of money transfer, including net banking and card payments. Next is buying the crypto. After buying currencies, you can easily store them in your wallets. If you’re a rookie to all this, you might still question ‘how to buy with Luno app. Let’s understand further.

The Homepage itself is quite attractive as it’s informative. Right when you open the app, 1/3rd of your mobile screen will show you live market reports of cryptocurrencies (you will be able to toggle between Bitcoins and Ethereum). The second portion of the wizard will allow you to enter the amount of Bitcoins or Ethereums you want to buy. 

Note: The conversion currency is Euros because it majorly functions in European countries.

The last portion provides you with the following options-  

  • Explore Crypto- Here you’ll find every small and big news and updates regarding cryptocurrencies 
  • Get Rewarded- With promo codes you can earn free Bitcoins
  • Secure your money- This enables you to protect your Luno wallets against cyberattacks. There’s an interesting Two-factor authentication process which you must check out.

To be able to send Bitcoins to another user via your Luno Bitcoin Wallet, you will first be asked to authorize via e-mail.

luno bitcoin review

The Luno exchange process and other methods explained

Safety measures

Luno is popular for its ‘bank-grade’ security measures. Interestingly, the app bears a distinctive feature called ‘deep freeze’ which has the keys safely stored to your crypto vault. No third party has access to your keys. Some vital points to note down-

  • For instant withdrawals, multiple signatures are required via a hot wallet.
  • As mentioned earlier, the two-factor identification is indispensable for Sign-In.
  • The password generator will help you create a strong password for your account. This is absolutely a necessity when dealing with cryptos.
  • Every financial and security audit is safely ensured.
  • Verification is a must for all traders before engaging in any form of transaction.

Hits and Strikes

Hits

  • Smooth functioning UI
  • In-app ID verification is quite easy
  • There is a business account for companies which wish to transact crypto
  • Cash-out options available as per your country’s currency
  • Easy conversion from Bitcoins to fiat money
  • 24/7 price change monitoring for Bitcoin and Ethereum

Strikes

  • Deals with only two cryptos- Bitcoin and Ethereum
  • Yet to be introduced in other countries where cryptocurrencies are in regular trade
  • Liquidity rate is low

Fast Facts

  • The Luno app was founded by Carel van Wyk, Marcus Swanepoel, Pieter Heyns and Timothy Stranex
  • It is currently headed by Maurcus Swanepoel who leads a team of 35 members.

blockchain and crypto wallet

  • In a span of 4 rounds, Luno was able to procure investments worth $13.8 million
  • The estimated annual revenue of Luno is $3 million
  • Luno has an investor base of 6 which includes names like PayU and Venturra Capital. 
  • The app is just 50,000 shy of 1 million monthly visitors.

Verdict

  • Design- 4 stars
  • Usability- 4.5 stars
  • Features- 4 stars
  • Support- 3.5 stars

MAD rates: 4 stars

The progressive side of Luno is quite evident from its activities. It has played a significant role to promote cryptocurrencies in many African economies. In countries like Nigeria, Uganda, Zambia the app makes it more flexible to buy/sell, trade and learn about cryptos like Bitcoin and Ethereum and other ones as well.

Amongst emerging Blockchain wallets, the Luno app is doing well and is expected to spread across other countries as rapidly as ever. Thus, if it’s present in your country, you must install the Luno right away.

Meenal  <span> Creative Lead </span>
Written By Meenal Creative Lead

She is a writer and content marketer at MobileAppDaily. She can mold the most annoying app into a gleaming stone. Her knack around the mobile apps is merely splendid. Her experience in the tech industry has assisted her in churning out the best and more importantly, unbiased mobile app reviews.

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