Luno is an Ethereum and Bitcoin wallet used by more than 3million people. It makes buying & sending crypto very easy.
Founded by a South-African (ex-Google Maps Engineer), Luno is striving to establish crypto in emerging markets such as Africa and Asia. Next to its operations in Europe, it has its biggest user base in Malaysia, Singapore, Uganda, Zambia, South Africa and Nigeria.
You can sign-up for your Luno account through their mobile app (iOS/Android) or via their website. You’ll see there are three different account levels giving you access to different deposit and withdrawal limits. For the first, you simply need to confirm your Email and phone number as well as entering some basic personal details and you’re good to buy and withdraw up to €1000 of crypto. For the second (up to €5000), a government-issued ID and selfie is required. For any amounts above, you’ll need to upload a proof of residency. All in all, the process is pretty smooth although in some rare occasions it can take a couple of hours until your ID documents are approved.
Luno’s focus on security is noticeable right from the start. To prevent your account being compromised, you’ll receive one-time sign-in confirmation codes sent by e-mail every time you log-in via their website. When you access the app from a new device, you’ll additionally receive a transaction authorisation link via SMS to confirm it’s really you. Some security crucial account modifications like enabling the option to send crypto to third-party wallets are also protected by this mechanism.
Once the account is set up, the inside of the app is kept really simple. On the home screen you’ll only find an option to buy crypto. To buy any amount of crypto you’ll first have to deposit money using your bank account or credit card. If you choose bank transfer, be careful to use a bank account associated with your name as the opposite result in your funds being rejected.
The fees for buying crypto in Europe are 1.5% using bank transfer and 3.5% for credit cards - which is not really cheap but it’s fast and convenient. For cheaper rates Luno also has an integrated crypto exchange, although it’s only accessible through the website and even there, it’s a bit hidden. The main difference is that you can set your own prices for buying and selling and pay a much lower commission to Luno.
In addition, Luno has one of the best and most responsive customer support services we have seen. You can open a chat window and talk with a customer support agent within seconds from inside the app. While good customer support and the app’s simplicity are compelling reasons to get Luno, we think it misses some unique features that set it apart from its competitors like a debit card or the ability to take out a loan against one’s crypto holdings.
We are a multi-faceted team of crypto enthusiasts based in Berlin.
© 2021 cryptotesters UG
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