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What is Luno and How does it work?

what is luno?
Written by Robin
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What Exactly is Luno?

Luno is one of the biggest cyrptocurrency platform in Africa. It was founded in 2012 and has it’s headquarters located in London UK. Luno provides a platform where you can buy, sell, trade and store a wide range of cryptocurrency. Coins you can use in Luno includes Bitcoin, Etherum, XRP, Litecoin etc.

Luno has been around for a while now and is widely used in over 40 countries. It is also one of the most popular crypto-wallet in Nigeria.

What Luno Does

Luno basically does 3 major things;

  1. They offer a way for users to buy and sell cryptocurrencies
  2. Creates a space for buyers and sellers using their platform
  3. Luno also offers a secure way to deposit

Why Should i use Luno?

Many crypto wallets pop up every day, it’s quite difficult to find a legit wallet that will give you peace of mind. Luno is one of the most trusted wallets in Africa. It is also highly recommended by Cyber.ng

Things you should know about Luno

There are some key factors you should know about Luno;

  • Luno does not set the prices of crypto, all prices displayed are strictly based on demand and supply.
  • Luno does not offer investment profits when using their wallet.
  • They do not give finance advice
  • They don’t also provide set returns

How does Luno work?

In Nigeria, you can fund your Luno wallet with as low as 500 naira then use the money you fund to buy cryptocurrency. The rates differ based on your country, market demand and others. You buy any cryptocurrency of your choice and do whatever you want with it. You can simply store it for a few weeks and wait for it to increase in rate, then sell off and make your gain.

Cryptocurrency is not stable so a rise or fall in price of any coin can never be guaranteed. Luno themselves have always advised it’s users never to invest money they can’t afford to lose. If youre lucky or good at studying crypto, youll make a lot of profit from this platform.

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Robin

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