App Review: Luno App Provides a Fast and Easy Way to Buy and Receive Crypto in Seconds
Buying and selling Bitcoin and other cryptocurrencies can seem intimidating at first but it can actually be as easy as carrying out a bank transfer. Crypto scams which are a major scare for crypto users are now reduced as several advancements have been made to make crypto trading safe and easy.
So, whether you intend to buy, sell, store or trade crypto, or you are interested in anonymity or privacy crypto banking, there are several crypto platforms you can use.
Africa’s biggest cryptocurrency platform
However, when comparing services, exchanges and wallet security, Luno is one of the most reliable and secure platforms in the crypto world. It has a wide array of crypto coins you can choose from including popular ones like Bitcoin, Ethereum and XRP.
The crypto platform was founded in 2013 and is one of the early pioneers in the industry. The company believes that cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin have the ability to usher the world into a new era of advanced financial system.
Since its launch, Luno has grown steadily to become one of Africa’s biggest cryptocurrency platforms. It has completed over 8 billion dollars in processed transactions and has over 5M customers in 40+ countries across the world.
Luno is owned by CoinDesk’s parent company, Digital Currency Group.
With the promise of an easy and secure way to buy, sell, store and trade cryptocurrencies like Bitcoin (BTC), I explored the Luno App.
Buy and Receive Crypto in Seconds with Luno App
At 17 MB, downloading the app was easy and fast on Android but it’s a bit heavier on iOS with the size of 115.4 MB. The app has a 4.2-star rating from about 46,000 reviews and over 5 million downloads on Play store. It has a 4.1-star rating from about 1,000 reviews on Apple store.
Once it has been launched on your device, buying bitcoin and other cryptos is easy but you have to sign up and create a wallet before you can complete a transaction. To sign up, you need to provide an email and password, followed by a profile set up which requires name, date of birth and identity verification (BVN or NIN).
Once verified and funds have been deposited into your wallet, buying Bitcoin, Ethereum, XRP or Litecoin only takes seconds after which you can securely store the cryptos in your Wallet. Luno also provides a seamless way to transfer cryptos to other users.
You can start buying crypto on Luno with as little as N1000
GuyWitney, a Luno user enthused that the app is easy to use, fast and very secure. He also wished that the company has a community forum where people could share ideas and discuss trends on the app.
Suggested read: Here are the Top 5 Exchanges to Buy and Sell Bitcoin and Other Cryptos in Africa
Trade without complexity
The boom of Bitcoin and other cryptos have made cryptocurrency investment irresistible to many. However, the technicality of the structure of cryptocurrencies and blockchain often makes crypto trading appear complex.
The Luno app has an instant buy-and-sell feature on a range of cryptocurrencies including Bitcoin. This feature allows you to trade without needing to understand how to operate and execute complex trades on an exchange.
Cryptocurrency trading covers the buying and selling of any crypto or coins and exchanging to the fiat of one’s choice.
This is especially helpful if you are new to cryptocurrency or just don’t have the time to commit to trading on the exchange. It also has advanced cryptocurrency charting, Bitcoin price updates and Set price alerts for advanced traders.
You can also switch over to crypto exchange mode and trade between many supported pairs including BTC/ETH, BTC/LTC, BTC/XRP and more. You can also swap between fiat and digital coins with BTC/fiat pairs, allowing you to buy Bitcoin with the Rand, Naira, Ringgit, Euro or IDR Rupiah.
Sir Everking, a Luno user attested to the easy and smooth trading on the app. Parker, another user noted that the app’s fees are reasonable compared to other crypto exchanges. He explained that the “Taker” and “Maker” fee policy is particularly good by comparison “if you have the stomach for waiting for your trades to process – Makers pay no fees at all.”
Safely Secure Crypto & Bitcoin Wallets
While the cryptocurrency industry has been fraught with fraudulent coins and shady exchanges, Luno has largely avoided any controversy. They offer different crypto coin wallets with high security including two-factor authentications, biometrics, passwords and API keys.
Explore and Rewards
Apart from trading and storing crypto, Luno also educates and updates its users on the latest in the crypto space through the Explore option on its app.
With the explore option, users can learn about market trends and tips that can help develop great skills in crypto trading. Another exciting option on the app is the Rewards section where you can catch-up with the latest rewards the platform has to offer.
You also earn Bitcoin for every user you refer to the Luno app
In summary
Luno believes that by empowering decentralized cryptocurrencies like Bitcoin and Ethereum, the world will change its views and depend even less on money. Through its platform, the company provides a safe, simple and feature-rich way of banking in the crypto world.
So, whether you are looking to buy your first Bitcoin or execute the perfect cryptocurrency trading strategy, Luno is there for you.
