Review on Luno Wallet by Temitope Babatunde
Luno Helping The Developing Nations To Know Cryptocurrency
Luno wallet is well known among crypto enthusiasts in some developing countries like Nigeria, Malaysia, South Africa etc. Luno which is former Bitx, was originally established in 2013 by Timothy Stranex before it was changed to Luno in 2016.The team base in London.
As formerly explained Luno can be found in some developing countries and some European countries under EU regulations. Luno try to make cryptocurrencies available to these countries by allowing them various ways of depositing their fiat currencies either through credit and debit cards deposit, paystack or bank transfer. This make it more easier for people from this countries to have access to the coins that luno wallet supported.
As regarding the fees being paid when using luno wallet, if you are to transfer coins to other luno users no fee or charges but if you are to make withdrawal either your fiat or crypto the fee tend to be too much, when using the wallet for trading only taker pay fee but maker no fee.
In respect to security of this wallet, you are not in control of your private key luno and bitgo share the saving of the key which means before someone will have the key he must be able to hack both luno and bitgo which will be very difficult if not impossible. You have to carry out 3 levels of verification before you can use it.
To facilitate instant withdrawal, the wallet use multisig features. There is existence of API for developers.
It must be mentioned also that luno wallet only supports Bitcoin, Ethereum, Bitcoin cash and some fiat currencies.
Pros
- It target developing countries thereby availing them the opportunity to know more about cryptocurrencies.
- There is a blog and learning portal, where blockchain related matters are being explained
- It supported some developing countries fiat currencies.
Cons
- Private key is with the third party.
- High withdrawal fees.
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Comments (1)
May 22, 2020
I commend luno wallet for showing alot of interest mostly to underdeveloped countries. great idea, in terms of security it is also highly recommend and so far there hasn't been any issue concerning security over the years.
