Compare Crypto.com vs Luno

Withdrawals on Crypto.com are completely automatic and run 24 hours per day. This means that withdrawals are generally very efficicent and in our tests withdrawals were completed in under an hour.

Withdrawals do attract fees, which are generally speaking around $10 USD.

Crypto.com allows you to whitelist external wallet addresses, meaning that funds can only be withdrawn to these addresses. There is also a feature to lock new whitelisted addresses for 24 hours, so that they do not become active until 24 hours after they were setup.

WARNING: Crypto withdrawals are severely restricted in Europe to a maximum of 500 euros per week.

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.

All key activites on the Crypto.com are secured by multi-factor authentication including face ID and 2 factor authentication codes. In addition Crypto.com has passed multiple security audits including ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2013 and PCIDSS v3.2.1 Level 1 compliance. The app has achieved the highest security rating for both NIST Cybersecurity and Privacy Frameworks. Finally Crypto.com contracts with third party security firms such as Kudelski Security to stress test their systems.

Crypto.com claims that 100% of user crypto deposits are held offline in cold storage wallets. These wallets are secured by cold storage custodian Ledger Vault. Crypto.com also hold $750M of insurance against loss of these assets.

All fiat deposits are held in Metropolitan Commercial Bank and are covered by FDIC insurance up to $250k USD.

Crypto.com is a substantial and complex business with activity in almost every aspect of Crypto. They have hugely ambitious plans and an experienced team behind them. How all of Crypto.com's various activities and subsidiaries connect together financially is not clear and the extent to which failure in one part of the business could have implications in other areas is also a concern. The method that Crypto.com uses to generate yield on their earn product is not clear, and so we can not be certain of the level of risk they are taking to generate customer returns. We can take some reassurance from Crypto.com's commitment to holding 100% of user deposits in cold storage.

We were not able to find any proof of reserves for Crypto.com. Proof of reserves are normally carried out by an external third party and provide assurance that the company has enough assets to pay out all customer liabilities (deposits) if required.

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.