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Luno vs Crypto.com: Pros, Cons and How they Compare | Bitcompare

In this comparative guide we are pitting two safe and secure industry heavy-hitters against each other: Luno vs Crypto.com.


  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
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Cryptocurrency has come a long way since Bitcoin (BTC) became the first decentralized digital currency in 2009. Since then, the growth has been massive, not only for Bitcoin but also for a wide array of other coins, from Ethereum (ETC) to Litecoin (LTC) and many more. 

Consider this. In May 2020, the cryptocurrency market cap soared to $264.545 billion, and many experts predict that the global blockchain market will skyrocket to $23.3 billion by 2023. 

Bitcoin alone accounts for $6 billion of daily online transactions, and the coin gained 193,639.36 percent from 2012 to 2020. How does Luno vs Crypto.com fit into the mix? Let's take a closer look.

What Is Luno?

In our comparison of Luno vs Crypto.com, we must begin with a basic overview of each exchange. Luno is one of the most highly-rated digital currency exchanges available worldwide today.

The exchange has gained a reputation for being one of the most reliable trading companies on the market and with good reason. Headquartered in London, the platform has offices in Cape Town, South Africa, and across Singapore. 

It only accepts trades in two cryptos, Bitcoin (BTC) and Ethereum (ETH). Despite these coin limitations, Luno enjoys a reputation as a highly secure, bank-position tech platform. 

Established in 2013, Luno's founders are Timothy Stranex and Marcus Swanepoel. The exchange started as BitX, but the company rapidly rebranded to Luno, setting up two new offices in the United Kingdom in 2016. 

Features of Luno

Now you've got a better understanding of Luno's origins. Next, let's explore the benefits customers will enjoy when choosing this platform for their cryptocurrency needs. 

When you transact on the Luno platform, you'll gain access to three key features. These features include verification, security, and regulation. Let's explore why these factors matter.

When signing up via Luno, you'll see that the platform takes certification seriously. To open an account, you'll must provide your email address, mobile number, and identification via government-approved documents.

Why the strict verification process? This process fulfills the Know Your Customer (KYC) protocol that CeFi exchanges follow.  

This process supports Luno's claims of strict security. What's more, the platform supports two-factor authentication (2FA).

As a result, you'll enjoy better protection of stores and accounts from authorized access. Luno's emphasis on security provides peace of mind for users.

What's more, Luno is a registered business operating in the United Kingdom. As a result, it adheres to some of the highest standards set by the crypto industry.

Again, this translates into a higher level of security for users. Learn more about Luno and its features. 

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What Is Crypto.com?

How does Crypto.com compare to Luno? This crypto company bills itself as a one-stop-shop for crypto users to spend, buy, and save digital currencies like Ethereum (ETC) and Bitcoin (BTC). 

Crypto.com boasts many staking options that permit users to unlock a variety of features such as cashback rewards, interest rewards, and rebates. The company maintains a strong focus on everyday individuals looking to profit from their digital asset holdings. 

Unlike other exchanges, Crypto.com is a dual-coin exchange, which some critics have declared overly complicated and confusing. We agree that it can be difficult to fully comprehend all of the pros and cons associated with this system.

In a nutshell, both coins serve a different role in the company's larger ecosystem. The company's first coin was MCO, which consumers may use as a staking mechanism to unlock tiered perks.

You can also upgrade your MCO Visa card by staking in this native token. The more MCO you stake through Crypto.com's mobile application, the more significant your savings, cashback incentives, and rebates. 

The brand's second coin, CRO, acts as the standardized medium of exchange for the Crypto.com blockchain. Like other exchanges' native coins, you can stake CRO to earn during different governance activities.

You can also access benefits when using the ecosystem's network to pay merchants or other users. 

Features of Crypto.com

What other features of Crypto.com do you need to know about? Besides the platform's two native tokens and MCO Visa card, you need to understand how Crypto Earn works.

Crypto Earn permits users to earn higher savings APR when users stake more crypto for longer timeframes. You'll gain the most elevated benefits when staking in CRO, followed by stablecoins and then more volatile assets. 

How long do savings periods with Crypto Earn last? You choose from one-month and three-month intervals. Or you may earn at a flexible savings rate providing you with the ability to withdraw at any time. 

Besides the MCO Visa card and lending options, Crypto.com also offers investment, credit, and payment solutions to all users. The platform provides users with educational blog posts and active updates, too.

These resources permit customers to stay on the cutting-edge of the crypto market. They also ensure that Crypto.com remains an excellent platform for individuals relatively new to the digital currency ecosystem. Find out more about Crypto.com.

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Pros and cons of Luno

Pros

  • Active in the world of cryptocurrency since 2013, Luno is a trustworthy and reliable place to trade cryptocurrencies.
  • Being one of the easiest to use exchanges today, Luno scores high on usability and is perfect for beginners.
  • Luno offers multi-language customer support and supports local payment methods, resulting in the best possible user experience.
  • They have adopted a deep-freeze storage strategy offering a high level of internal security.

Cons

  • Luno has country-based restrictions. As of now, Luno is available only in Australia, Europe, Indonesia, Malaysia, Nigeria, Singapore, South Africa, Uganda, United Kingdom, and Zambia.
  • Compared to the leading cryptocurrency exchanges, Luno supports a limited number of cryptocurrencies.

Pros and cons of Crypto.com

Pros

  • Is a complete crypto platform
  • Offers frequent promotions
  • Permits you to earn returns on your deposits
  • Includes a high-speed exchange with competitive fees
  • Offers a crypto-backed rewards card
  • High-speed exchange with competitive fees

Cons

  • Having to stake CRO or MCO to get the most out of your MCO rewards
  • A general lack of transparency regarding where funds come from
  • A confusing two token system (e.g., CRO and MCO)

Frequently asked questions about Luno

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

What are the current fees on Luno?

The fees charged by Luno varies by the type of service. Luno charges deposit fees on certain deposit methods. They also charge a transaction fee from takers and withdrawal fees for withdrawing crypto to external addresses. 

Luno charges trading fees only from the takers, and it is between 0.03%-0.1%. The fees depend on your trading volume in the last 30 days. When it comes to Luno's Instant Buy/Sell service, the fees vary by the amount of cryptocurrency you want to purchase, the type of cryptocurrency, and the fiat currency you are using for the purchase.

What is the minimum deposit for Luno?

The minimum deposit is $10 on Luno

Is Luno safe to use?

Luno has never been hacked, however, it’s worth noting that it could always get hacked and you need to be very cautious to not fall victim to phishing or other hacking attacks.

How long does it take to withdraw money from Luno?

It generally takes up to two business days to withdraw funds from Luno.

How to Start Trading With Luno?

Working with Luno is easy. All you need to do is download the app and sign up for your free Luno wallet. Once you’ve set up your profile, choose your preferred payment method like bank transfer or credit card to add money to the wallet. Once you have added funds, you can start buying, storing, or sending the crypto assets using Luno.

How Protected is My Private Key with Luno?

To protect your private keys, Luno stores them in a physical bank vault secured with stringent access control mechanisms like fingerprint and retina scans. The keys are stored in several vaults across many continents. The entire system is built in a way that you have to access the keys from multiple vaults and put them together before you could use them to extract the Bitcoin.

Does Luno have an API?

Yes, Luno has an API that can be leveraged to access present and historic Bitcoin and Ethereum market data, submit and view orders, buy, sell, send, and receive Bitcoin and Ethereum and generate receiving addresses.

How to Verify Identity with Luno?

First, you need to confirm your mobile number and your basic personal details. Then you need to submit a photo or a scanned image of your government-issued ID. You also need to file a selfie photo, not more than 24 hours old. The final step is to enter your residential address and select your employment status.

Can a Foreign Resident Open Account in Luno?

Yes. To open a Luno account as a foreign national, you will have to furnish documents related to proof of identity, proof of residency, proof of bank account with residential address, and proof of residential address.

How secure is Luno?

Luno has taken all necessary steps to ensure the security of the exchange and user funds. They have an authentication strategy in place, and it involves passwords stored in hashed form and the 2FA or two-factor authentication model. Entire communication happens over SSL-secured HTTP channels, whereas the wallets are stored using PGP encryption. All personal information is encrypted and securely stored.

Crypto.com: Frequently Asked Questions (FAQs)

Now that you've got a much better concept of what you'll get with Crypto.com, let's take a look at some of the platform's most frequently asked questions (FAQs). These common customer inquiries will provide you with insights into everyday aspects of using the app, card, and more.

Which Cryptocurrencies Are Accepted by Crypto Pay?

At the moment, you only have one option when it comes to Crypto Pay. The platform currently only accepts Crypto.co Coin (CRO).

What Should You Know About Crypto.com DeFi Swap Fees?

Crypto.com's DeFi swap permits users to connect their personal Ethereum wallet for effortless and streamlined ERC-20 token swaps, unlike the app or exchange.

Generally, you'll get charged 0.3 percent fees to liquidity providers for token swapping fees. These fees support the run of smart contracts.

To get started, connect your Defi Swap with your Crypto.com Defi Wallet. When transferring crypto in the Ethereum network, you must pay gas fees.

Choose between average, fast, and super transaction confirmation speeds. Remember that average and super-fast speeds respectively represent low and very high transaction fees.

Which Wallets Are Compatible With Crypto Pay?

You've got incredible flexibility when it comes to Crypto.com. You may use any wallet that both holds and sends Crypto.com Coin (CRO) with Crypto Pay.

Luno vs Crypto.com

What's the takeaway when it comes to Luno vs Crypto.com? The answer to this question depends on a variety of factors, from the coins that most interest you to whether you want to integrate crypto into your daily life.

When it's all said done, it's tough to beat the advantages of Crypto.com's MCO Visa card. It provides you with the ability to spend Bitcoin anywhere you see a Visa logo. If you've long fantasized about using Bitoin to buy a cup of coffee, this is the platform for you.

That said, your search for the right crypto platform shouldn't stop at Luno and Crypto.com. Explore the wide world of cryptocurrency platforms to find the perfect fit for your needs.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 3
  • 5
  • 4
  • 4
  • 4
  • 3
  • 3.83
Go to site
  • 4
  • 3
  • 4
  • 4
  • 3
  • 4
  • 3.67
Go to site