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Home Platforms BlockFi vs Luno

Compare BlockFi vs Luno

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
7.3
Loan Rates
7.8
Established
5.1
Reviews
7.6
Risk Management
6
Withdrawals
4
Coverage
2.7
Support
10
Savings Rates
4
Loan Rates
2
Established
7.1
Reviews
8.2
Risk Management
7
Withdrawals
8
Coverage
2.2
Support
5
Savings Rates
7.3
Savings Rates
4
Loan Rates
7.8
Loan Rates
2
Established
5.1
Established
7.1
Reviews
7.6
Reviews
8.2
Risk Management
6
Risk Management
7
Withdrawals
4
Withdrawals
8
Coverage
2.7
Coverage
2.2
Support
10
Support
5

Pros & Cons

tick Transfers in and out of savings account are instant
tick Good customer support including phone support
tick One of the only major platforms to be based in and fully regulated in the US
tick Full transparency on company location and regulation status
tick Funds immediately start earning interest daily
tick No hidden fees & no credit checks
tick Flexibility to have interest paid in the currency of your choice
tick High LTV up to 50% available on loans
tick The world's first bitcoin reward Credit Card
tick Available worldwide
tick Offers loans but Luno doesn't
tick Has email support but Luno doesn't
tick Has phone support but Luno doesn't
tick Easy to use mobile and web apps
tick Great for beginners
tick Strong support in a number of developing countries
tick Low exchange fees if you use the Luno exchange
tick Large, reputable business
tick Higher average review rating than BlockFi (82% vs 76%)
tick More reviews than BlockFi (111,195 vs 6,228 reviews)
tick Higher rating for android phone app than BlockFi (4.1 vs 3.9 stars)
tick Higher rating on Trustpilot than BlockFi (4.1 vs 3.5 stars)
tick Been in business longer than BlockFi (Founded 2012 vs 2017)
tick Has fewer users than BlockFi
tick Has less assets under management than BlockFi
tick Quicker time to withdraw crypto than than BlockFi (1 hour vs 24 hours)
tick Has a slower withdrawal time than BlockFi (1 hour vs 24 hours)
tick Invests in unsecured loans but BlockFi doesn't
tick Has independent proof of reserves but BlockFi doesn't
tick Interface supports French, Italian and Indonesian whereas BlockFi doesn't
Savings Rates
tick Luno has a higher base saving rate for USD Coin (USDC) (7.6% vs 7.5%)
Loan Rates
tick BlockFi offers loans in US Dollars (USD) fiat currency deposits whereas Luno does not
cross Loans appear to be only available in the US at the moment
cross Slow withdrawals and high withdrawal fees
cross Savings accounts not available to US customers
cross 2% Loan origination Fee
cross Savings interest paid out monthly
cross English language version only
cross Moderate selection of cryptocurrencies supported
cross High minimum withdrawl amount
cross Need to manually transfer funds to savings account to start earning interest
cross No loans available (except for large instituions)
cross Savings interest rates are variable so it is hard to know how much you will actually earn
cross Transfers of crypto out of your savings wallet sometimes take 24 hours
cross Very limited number of savings account currencies
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Withdrawals

Withdrawal Time
24 hours
Withdrawal Time
1 hour
Withdrawal Score
4
Withdrawal Score
8
Withdrawals Experience

In order to earn interest on BlockFi you must transfer funds from your BlockFi wallet to your BlockFi Interest Account. This means that when you want to make a withdrawal from an interest account you must first transfer your funds to your BlockFi wallet and then make a withdrawal request. This adds a minor amount of inconvenience but no significant delay to the withdrawal process.

Withdrawals from your BlockFi wallet are processed the next US working day. Requests made before 00:00 UTC will be processed the next day, requests made after this time will be processed in two working days time. This means that from the time of making a withdrawal request you could typically be waiting 24 hours before the request is actioned. BlockFi claim that this delay is for security reasons as it allows time for withdrawals to be reversed if necessary.

Withdrawals are only processed on US working days. This means that if your withdrawal request was submitted during a weekend or public holiday then you could be waiting even longer to get your funds.

Some withdrawals are subject to additional fraud checks. If the withdrawal gets flagged then BlockFi may ask for further confirmation of the withdrawal.

You get one free crypto withdrawal per month, after which a withdrawal fee is charged. These withdrawal fees can be quite high, for example the withdrawal fee on most stablecoins is $50 USD.

As an additional security measure you can whitelist withdrawal addresses, which means that only those addresses can receive funds.

Overall BlockFi has adopted a very strict withdrawal process, which should provide protection against fraudulent withdrawal requests. However the long withdrawal time and high withdrawal fees have attracted many complaints from users.

Withdrawals Experience

In order to make withdrawals from Luno you must first enable send mode on the app. Once you requested that this mode is enabled you will then need to wait 24 hours before the mode is enabled. Whilst this does provide extra security, it can be annoying if you want to withdraw the funds quickly and have not already enabled this mode.

In our tests, withdrawals were processed quickly once "send mode" had been enabled. Withdrawal requests were processed by Luno within a few minutes of the request being made and funds were normally received in less than a hour.

Luno does not charge withdrawal fees, however you do still have to pay the network fee to withdraw from the platform. This fee will be deducted form the amount that is sent.

There is no record of Luno ever having frozen withdrawals.

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Risk

Risk Management Score
6
Risk Management Score
7
Risk Management

BlockFi implements the usual security measures to protect assets held in your crypto wallet. These assets are secure by a third party custodian, Gemini. It is likely that BlockFi has some level of insurance against loss of these assets, but we have not been able to confirm that this insurance exists or what level of cover is provided. The BlockFi app utilises two factor authentication and biometric face id. Users can enable crypto wallet address whitelisting so that funds can only be withdrawn to accounts that you have previously approved.

BlockFi provides extensive detail on its investment strategy for funds which are deposited in a BlockFi savings account. These activities including lending to retail and instutional clients. BlockFi state categorically that "they may ... lend, or invest ... assets without retaining in our possession a like amount of digital assets". This is somewhat concerning as it suggests that some loans made by BlockFi may not be fully collateralised. Full loan collateralisation is important as it means that the loan can always be repaid by using the collateral in the event of a default by the borrower. Having said this, BlockFi provides a detailed breakdown of how it manages loan risk, including its current allocations and credit risk methodology. A well managed credit risk strategy will allow BlockFi to generate higher savings rates for users.

BlockFi is very transparent on the measures it takes to ensure sufficient liquidity remains on the platform to service user withdrawl requests. It keeps 10% of client deposits readily available on hand at all times to service immediate requests. It aims to keep 50% of deposits either on hand or in loans that can be called in with in 7 days. It aims to keep 90% of deposits either on hand or in loans that can be called in within 1 year.

BlockFi does not provide a public audit of its reserves, although it does provide a snapshot of its financial assets here. Proof of reserves can provide significant reassurance to deposits as it is typically undertaken by a third party and it proves that the platform holds more assets than customer liabilities (i.e. it is in a position to be able to repay all users if necessary).

Risk Management

Luno offers the usual security features to prevent unauthorised access to crypto assets. The majority of crypto assets are stored in cold storage, secured and insured by BitGo. A hot wallet is used to store working capital and this wallet is a three key multisignature wallet, meaning that more than one key is required to access the funds and each key is stored in a different, secure location. Two factor authentication is available within the Luno app to make access to your account more secure.

Luno employs Mazars, an accountancy firm, to independently verify that the value of the crypto assets stored with Luno do actually exist. An example of the report can be found here. This audit is undertaken quarterly. It should be noted that the the audit verifies that the total value of the assets currently held by Luno exceeds the total value of customer liabilities (deposits). This demonstrates that any loans that Luno has made of depositor's funds have been overcollareralised (i.e. Luno has secured collateral of a greater value than the loan amount before granting the loan). The audit does not consider the liquidity of those collateral assets, meaning how easy it would be to sell those assets at market value if Luno was forced to sell them to cover a bad debt.

In order to generate yield, Luno lends out funds via Genesis, the world's largest digital asset lender. The exact lending strategy used and types of loans issued is not clear, but some reassurance can be taken from that the all loans are granted through this provider and the Mazar's indpendent audit proves that Luno has overcollateralised its loans.

Luno has embraced regulation and sought to preempt regulatory obligations by implementing some of the anticpiate policies before they were forced to do so.

Luno are very careful to prevent unauthorised withdrawals. By default, withdrawals from your wallet are not enabled. You will need to manually enabled "send mode" to allow withdrawals, and as an additional security precaution, this takes 24 hours to be activated.

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Reviews

76% based on 6,228 reviews
82% based on 111,195 reviews
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Savings Rates

The table below compares the savings rates for BlockFi and Luno. Enter the amount you intend to deposit to get a more detailed comparison.
Stable Coins
DAI Dai
4% - 6% APY
4% - 6% APY
7% - 7.5% APY
7% - 7.5% APY
USDC USD Coin
7.5% - 8.5% APY
7.5% - 8.5% APY
USDP Pax Dollar
4% - 7% APY
4% - 7% APY
USDT Tether
8% - 8.75% APY
8% - 8.75% APY
Crypto Currencies
3% APY
3% APY
AAVE Aave
3% APY
3% APY
ADA Cardano
10% APY
10% APY
ALGO Algorand
2.5% APY
2.5% APY
ATOM Cosmos
7% APY
7% APY
AVAX Avalanche
5% APY
5% APY
3% APY
3% APY
0.1% - 1% APY
0.1% - 1% APY
3% APY
3% APY
BNB BNB
3% APY
3% APY
BTC Bitcoin
2.5% - 3.5% APY
2.5% - 3.5% APY
7% - 7.5% APY
7% - 7.5% APY
CHZ Chiliz
3% APY
3% APY
COMP Compound
3% APY
3% APY
3% APY
3% APY
DOGE Dogecoin
2% APY
2% APY
DOT Polkadot
15% APY
15% APY
3% APY
3% APY
EOS EOS
3% APY
3% APY
ETH Ethereum
2% - 3.5% APY
2% - 3.5% APY
FIL Filecoin
2% APY
2% APY
FTM Fantom
3% APY
3% APY
FTT FTX Token
3% APY
3% APY
GALA Gala
3% APY
3% APY
GRT The Graph
5% APY
5% APY
LINK Chainlink
0.1% - 1% APY
0.1% - 1% APY
LTC Litecoin
0.1% - 2% APY
0.1% - 2% APY
6% APY
6% APY
3% APY
3% APY
MATIC Polygon
5% APY
5% APY
MKR Maker
3% APY
3% APY
7% APY
7% APY
PAXG PAX Gold
0.1% - 1% APY
0.1% - 1% APY
RUNE THORChain
3% APY
3% APY
3% APY
3% APY
SOL Solana
5% APY
5% APY
SRM Serum
3% APY
3% APY
SUSHI SushiSwap
3% APY
3% APY
TRX TRON
6% APY
6% APY
UNI Uniswap
2% - 3% APY
2% - 3% APY
3% APY
3% APY
Loading rates ...
Stable Coins
USDC USD Coin
7.6% APR
7.6% APR
Crypto Currencies
BTC Bitcoin
1.5% APR
1.5% APR
ETH Ethereum
2% APR
2% APR
Loading rates ...
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Loans Rates

The table below compares the loan rates for BlockFi and Luno. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
USD US Dollars
4.5% - 9.75% APR
50% LTV 4.5% - 9.75% APR
Loading rates ...
Fiat Currencies
Loading rates ...
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Company

Legal name
BlockFi Lending LLC
Legal name
Luno Pte. Ltd
Year founded
2017
Year founded
2012
Country incorporated in
2
Country incorporated in
206
Headquarters country
2
Headquarters country
1
Centralised
tick Yes
Centralised
tick Yes
Number of employees
505700
Number of employees
400
Number of users
225,000
Number of users
8,000,000
Total assets under management
$15,000,000,000USD
Total assets under management
$21,000,000,000USD
Withdrawal time in hours
24hours
Withdrawal time in hours
1hours
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Products

Savings accounts
tick Yes
Savings accounts
tick Yes
Loans
tick Yes
Loans
cross No
Crypto to crypto exchange
tick Yes
Crypto to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Pro exchange marketplace
cross No
Pro exchange marketplace
cross No
Peer to peer exchange
cross No
Peer to peer exchange
cross No
Margin trading
Margin trading
cross No
Corporate accounts
tick Yes
Corporate accounts
tick Yes
Instantly buy crypto with fiat
tick Yes
Instantly buy crypto with fiat
tick Yes
Integrated crypto wallet
tick Yes
Integrated crypto wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Fast account verification
tick Yes
Fast account verification
tick Yes
Futures exchange
Futures exchange
cross No
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Security

Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
Gemini
Cold storage custodian
BitGo
Two factor authentication
tick Yes
Two factor authentication
tick Yes
Credit check
cross No
Credit check
cross No
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Support

24/7 support
tick Yes
24/7 support
Email support
tick Yes
Email support
cross No
Phone support
tick Yes
Phone support
cross No
Chat support
tick Yes
Chat support
tick Yes
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Fees

Maker fee
Maker fee
0%
Taker fee
Taker fee
0%
Exchange fees
0% exchange fees
Exchange fees
Fiat deposit fee
tick Free
Fiat deposit fee
tick Free
Fiat withdrawal fee
tick Free
Fiat withdrawal fee
tick Free
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
You must first withdraw from your savings account to your BlockFi crypto wallet. You can then submit a withdrawal request to remove funds from the platform altogether. Withdrawals are processed next working day
Withdrawal process
You must enable "send mode" before withdrawals can be made. This mode takes 24 hours to activate. Once send mode is enabled withdrawals are processed quickly, normally within a few minutes.
Withdrawal time
24 hours
Withdrawal time
1 hours
Crypto withdrawal fee
Varies by currency - approx $10 USD per withdrawl
Crypto withdrawal fee
Varies according to current market
Savings crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Savings crypto account withdrawal limit
$120,000 USD per day, £600,000 USD per month
Loan crypto account withdrawal limit
Varies by currency - min approx $100 USD, max approx $1,000,000 USD every 7 days
Loan crypto account withdrawal limit
Fiat wallet withdrawal limit
Fiat wallet withdrawal limit
No limit for fully verified users
Savings fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Savings fiat account withdrawal limit
No limit for fully verified users
Loan fiat account withdrawal limit
Varies by currency - approx $1,000,000 USD every 7 days
Loan fiat account withdrawal limit
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Investment Strategy

DeFi products
cross No
DeFi products
Unsecured loans
tick Yes
Unsecured loans
cross No
Independent proof of reserves
cross No
Independent proof of reserves
tick Yes
Proof of reserves
Proof of reserves
Undertaken quarterly by Mazers
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Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulated in the USA
Regulators
Luno embraces regulation and has worked closely with regulators in its target countries in Africa and Asia.
Alabama - Consumer Credit License
tick Yes
Alabama - Consumer Credit License
Alabama - Money Transmitter License
tick Yes
Alabama - Money Transmitter License
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
tick Yes
California - Department of Financial Protection and Innovation - Finance Lender and Broker License
Colarado - Supervised Lender’s License
tick Yes
Colarado - Supervised Lender’s License
Connecticut - Money Transmitter License
tick Yes
Connecticut - Money Transmitter License
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
tick Yes
District of Columbia - Department of Insurance, Securities and Banking - Money Transmitter License
Florida - Money Services Business License
tick Yes
Florida - Money Services Business License
Georgia - Seller of Payment Instructions
tick Yes
Georgia - Seller of Payment Instructions
Idaho - Department of Finance - Money Transmitter License
tick Yes
Idaho - Department of Finance - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
tick Yes
Illinois - Department of Financial and Professional Regulation - Money Transmitter License
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
tick Yes
Illinois - Department of Financial and Professional Regulation - Consumer Installment License Certif
Kansas - Office of the State Bank Commissioner - Supervised Loan License
tick Yes
Kansas - Office of the State Bank Commissioner - Supervised Loan License
Kansas - Office of the State Bank Commissioner - Money Transmitter License
tick Yes
Kansas - Office of the State Bank Commissioner - Money Transmitter License
Maryland - Consumer Loan Authorization
tick Yes
Maryland - Consumer Loan Authorization
Maryland - Money Transmitter License
tick Yes
Maryland - Money Transmitter License
Michigan - Regulated Loan Act License
tick Yes
Michigan - Regulated Loan Act License
Minnesota - Department of Commerce - Regulated Loan License
tick Yes
Minnesota - Department of Commerce - Regulated Loan License
Minnesota - Department of Commerce - Money Transmitter License
tick Yes
Minnesota - Department of Commerce - Money Transmitter License
Missouri - Division of Finance - Small Loan License
tick Yes
Missouri - Division of Finance - Small Loan License
North Carolina - Money Transmitter License
tick Yes
North Carolina - Money Transmitter License
North Dakota - Money Broker License
tick Yes
North Dakota - Money Broker License
Nebraska - Money Transmitter License
tick Yes
Nebraska - Money Transmitter License
New Hampshire - Banking Department - Money Transmitter License
tick Yes
New Hampshire - Banking Department - Money Transmitter License
New Jersey - Money Transmitter License
tick Yes
New Jersey - Money Transmitter License
Ohio - Consumer Installment Loan Act License
tick Yes
Ohio - Consumer Installment Loan Act License
Ohio - Money Transmitter License
tick Yes
Ohio - Money Transmitter License
Oklahoma - License of Authority
tick Yes
Oklahoma - License of Authority
Oregon - Division of Financial Regulation - Money Transmitter License
tick Yes
Oregon - Division of Financial Regulation - Money Transmitter License
Pennsylvania - Consumer Discount Company License
tick Yes
Pennsylvania - Consumer Discount Company License
Puerto Rico - Money Transmitter License
tick Yes
Puerto Rico - Money Transmitter License
Rhode Island - Currency Transmitter License
tick Yes
Rhode Island - Currency Transmitter License
Rhode Island - Lender License
tick Yes
Rhode Island - Lender License
South Carolina - Money Transmitter License
tick Yes
South Carolina - Money Transmitter License
Tennessee - Industrial Loan and Thrift Certificate of Registration
tick Yes
Tennessee - Industrial Loan and Thrift Certificate of Registration
Tennessee - Money Transmitter License
tick Yes
Tennessee - Money Transmitter License
Texas - Money Services Business License
tick Yes
Texas - Money Services Business License
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
tick Yes
Utah - Department of Financial Institutions - Acknowledgment of Consumer Credit Notification
Washington - Money Transmitter License
tick Yes
Washington - Money Transmitter License
Washington - Consumer Loan License
tick Yes
Washington - Consumer Loan License
Bermuda Monetary Authority - Class F Digital Assets Business License
tick Yes
Bermuda Monetary Authority - Class F Digital Assets Business License
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Other Platform Comparisons

Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

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