The first time I came across Luno it was an ads on google and i felt it was a scam.
Before now i wasn't sure of any other means of buying cryptocurrency directly from the bank or convert it to fiat. But Luno claims to provide such services so i decide to give it a try
Firsty i started with few deposit, it went smoothly and easily. sweet and nice wow! but still i wasn't sure of the authenticity of this wallet i decides to ask and the answers were some where in-between good and bad. infact some of them were actually regretting ever signing up. But yet there are so many people using it maybe because there is no other choice. it is easy to use, provides services they need but yet pose some risk....
WHATS IS LUNO
Luno fomerly know as BitX is an exchange platform that exchange fiat currency for bitcoin or etherum. Luno has been around for the past 4years. It provides services that are similar to coinbase and covers area where coinbase services are not available or supported. And there about 45 countries where luno services are rendered; Austria, Belgium, Bulgaria, Crotia, Cyprus, Czech republic, Denmark, France, Germany, United spain, Sweden, Switzerland, Nigeria, Romanian, South Africa, Portugal, Malta and so on.
It Offers users to sign in or create an account using their social platform(Google, Facebook). Crazy! Knowing fully well that hackers can easily attack accout when using this platform.
HOW DO YOU USE LUNO WALLET.
The procedures are not that difficult all you need do is sign for luno wallet on web, ios or android. It also support 2 factor verification and there are futher levels of of verification and each levels has its monthly limit of transaction. Once that is done you can now transfer money into your luno wallet using bank transfer or credit card, then convert your fiat currency to either bitcoin or ethereum. It charges 1% on deposit fee depending on your currency and about a dollar on withdrawal although in this case it is independent of the withdrawal amount.
Ok lets look at the good side of this wallet
- Luno has global expertise
- it is easy to use
- you can buy ethereum and bitcoin for as low as $1 (dollar) with you fiat currency and most of this currencies are not accepted in some popular exchanges.
Here is the problem
- Luno only supports two cryptocurrency ( bitcoin and ethereum).
It also HAS YOUR PRIVATE KEYS. that means you are not in control of your of it.
Sincerely any wallet that doesn't give you acess to your private keys should be avoided. What i personally do is use Luno to purchase cryptocurrency anf transfer to a wallet that i control the private keys and i only store very small amout of money on luno. I luno has my bank verification number and i am uncomfortable with this...so far there has not been any issues but imagine the danger if something bad happens.
Another thing about luno is their customer support it is terrible when contacted it takes like forever to reply.
Looking at all this you would understand the mix reaction of users across the globe.
For me using this wallet one has to be extremely careful and avoid heaping too much money on it.....
Thanks for your time i hope you enjoyed it feel free to leave your commnts below.
