Originally branded as BitX, Luno wallet has been established since 2013 making it have a long history in the cryptocurrency industry. The wallet currently supports Bitcoin and Ethereum which is a limited range when compared with other wallets. The key differentiator for Luno is its focus on supporting local currencies. While most wallets support no fiat currencies or a limited amount, Luno allows user across Asia and Africa to connect their local bank accounts and deposit. Currencies such as ZAR, IDR, MYR, and NGN are supported. For this reason, Luno has become popular in emerging markets. Instant buying and selling of cryptos is also a feature Luno facilitate.
Luno has some features that provide advantages to users but also are lacking some key features. Users can send cryptocurrency via email addresses or phone numbers removing the need for users to deal with tricky cryptocurrency addresses. Users can also enable two-factor authentication to add an extra layer of security. However, wallets are not hierarchical deterministic, do not have multi-sig optionality, and the code is not open-source.
Luno can be accessed through your web browser and is also available on iOS and Android. Actively tries to prevent phishing by reminding users to make sure the URL is correct when they arrive on the site.
- Established since 2013
- Popular in emerging markets with its wide support of local currencies
- Users can instantly buy and sell cryptocurrency
- Users can send through email addresses and phone numbers
- Users can enable two-factor authentication
- Available through webs browser
- Only Bitcoin and Ethereum are supported
- Users are giving up control of their private keys
- Not hierarchical deterministic
- Does not have multi-sig optionality
- The code is not open-source which means security cannot be assessed