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[AudraMiller]

One of the most prominent cryptocurrency wallets in the country of South Africa is the use of the Luno wallet. Whilst this wallet has provided many users with excellent service in the past, and has been given good reviews, the company is now looking to expand their user base by offering interest to the crypto balances of those that use their wallets.

whilst at a first glance this seems like an amazing idea, one needs to consider the risk involved here. First of all, the company aims to include a 4% per annum interest rate. In order for this interest though, the user gives their crypto to the company who then lends out that crypto to other users who need it at an interest rate. This lending process is extremely risky and there is a chance that the person to whom it is lent to may not pay it back and it could result in total loss of your wallet funds.

Is it it really worth it to go through so much of a risk for just 4% per annum? What are your thoughts?

 

[sh199]

Quite appealing but risky as well . I might go for anything but not for for one year APR especially in a Centralized exchange sites like kucoin or probit.

Its depends. Many big YouTubers and traders doing it. Just deposit and wait till the lending period finish.
Last I saw kucoin offers around 50% APY for USDT. Don't know why they provide this much profits. For centralized exchange, it's become risky now.

 

[Josemendez]

Its depends. Many big YouTubers and traders doing it. Just deposit and wait till the lending period finish.
Last I saw kucoin offers around 50% APY for USDT. Don't know why they provide this much profits. For centralized exchange, it's become risky now.

Well , as for someone like me who knows the risk associated with centralized exchanges. I will never invest in such a site irrespective of the APR .

 

[sh199]

Well , as for someone like me who knows the risk associated with centralized exchanges. I will never invest in such a site irrespective of the APR .

But when you see, most popular exchange giving this kind of apr rate, then how you and your kind of traders will see this. binance also giving a high rate like 8% apr with stablecoin.
investment companies which also giving credit card like blockfi which giving up to 10% with stablecoin.
we should first see their audit report of a particular site before investing in there

 

[Josemendez]

But when you see, most popular exchange giving this kind of apr rate, then how you and your kind of traders will see this. binance also giving a high rate like 8% apr with stablecoin.
investment companies which also giving credit card like blockfi which giving up to 10% with stablecoin.
we should first see their audit report of a particular site before investing in there

I think we are both heading towards the same point; safety . As for Binance, it has stood the taste of time that I can invest in it without fear of losing anything.

 

[leithy]

It is possible to get good rates staking on Binance. I got my Kucoin account hacked 16 months ago, using 2FA, but they showed no interest so will not use them again.

 

[achawaskey]

I don't think that your crypto will be lost, because before lending your crypto to someone there are conditions that must meet which will make your crypto secure.

 

[LutherKing]

Well if You Try Btcjam And Other Exchanges That Offer Upto 18% Yearly Interest Why Will One Prefer Luno Wallet To Be Honest Actually In My Opinion .

 

[AudraMiller]

Well if You Try Btcjam And Other Exchanges That Offer Upto 18% Yearly Interest Why Will One Prefer Luno Wallet To Be Honest Actually In My Opinion .

You have a very good point and I think that it is mainly because it comes down to the reputation of the site that you were using. For example the exchanges that you have mentioned here are not very well known and as a result people might be more willing to invest in a wallet that is reputable in order for them to gain that confidence in their investment.

 

[Niftyicon]

You have a very good point and I think that it is mainly because it comes down to the reputation of the site that you were using. For example the exchanges that you have mentioned here are not very well known and as a result people might be more willing to invest in a wallet that is reputable in order for them to gain that confidence in their investment.

Absolutely! The reputation of an exchange is very important in deciding on which one you would commit so much funds into. You can trade on most platforms but be careful of your funds.

 

[GoldenLady]

Luno has a great reputation but it's extremely limited by it's abysmally small number of coins. This is not suitable for most traders so even the high interest rate might not be enough for them

 

[Oluwaa]

This news has been making the rounds on telegram too but why does luno have different interest and wallet functions in different countries, my luno wallet balance stays the same for weeks now

 

[Mariappa45]

That's very low amount of interest per annum for a cryptocurrency wallet site that is well-known like Luno. Binance offers double to what Luno offers.

 

[ELSA-ELI]

Luno has now gone e to be headquartered in the USA and surprisingly one of the countrries that operations for the withdraw feature have been paused is Zambia.

But all in all the interest feature is very much okay more especially If you are looking to trade at a long term basis

 

[LutherKing]

Its the feature of many wallers perfect money offers 4% for just keeping money and 1% from referrals some yes terms and conditions attached for it though to be honest .

 

[AudraMiller]

That's very low amount of interest per annum for a cryptocurrency wallet site that is well-known like Luno. Binance offers double to what Luno offers.

This is what will drive people more towards the use of platforms that exists such as binance because they are then able to get more profit and have a lower risk than what luno is offering them now.

 

[kaycee001]

I don't think i have issues with that since Luno is the one taking the risk mine is just to keep using their wallets while they bear the brunt incase things do not work out as expected, but they would have done their research to know how profitable this will be for them in the long run.

 

[Mariappa45]

This is what will drive people more towards the use of platforms that exists such as binance because they are then able to get more profit and have a lower risk than what luno is offering them now.

Yes, at Binance they'll have lower risks, with higher profit which Luno can't offer at the moment. Do you trade with Luno wallet? I do trade with Luno, but the bug on their site which always increase my finance from it's original level makes me feel worried about it. Cos they aren't keeping up to real price updates of the coins in each country's fiat currency.

 

[ELSA-ELI]

Yes, at Binance they'll have lower risks, with higher profit which Luno can't offer at the moment. Do you trade with Luno wallet? I do trade with Luno, but the bug on their site which always increase my finance from it's original level makes me feel worried about it. Cos they aren't keeping up to real price updates of the coins in each country's fiat currency.

Glad though that you are making some cash through trading cryptocurrency.Do you also trade on behalf of other people?Again how long did it take you to master the art of trading?

 

[Mariappa45]

Glad though that you are making some cash through trading cryptocurrency.Do you also trade on behalf of other people?Again how long did it take you to master the art of trading?

I was simply holding my coins at Luno earlier but now I moved to Binance full-time. I trade "spot, future, I don't do arbitrage trading for others cos my knowledge haven't improve to drive for others.

 

[Raiyan10]

I think the risk should be bore by the company. It's a bit risky but the offer is really good no doubt about that. But the service should bear the risk rather than the investor. That should be the policy. Only then it would be a great company