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Home Platforms Ledn vs Luno

Compare Ledn vs Luno

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
6.2
Loan Rates
4.7
Established
3.1
Reviews
8.9
Risk Management
8
Withdrawals
5
Coverage
2
Support
6
Savings Rates
4
Loan Rates
2
Established
7.1
Reviews
8.2
Risk Management
7
Withdrawals
8
Coverage
2.2
Support
5
Savings Rates
6.2
Savings Rates
4
Loan Rates
4.7
Loan Rates
2
Established
3.1
Established
7.1
Reviews
8.9
Reviews
8.2
Risk Management
8
Risk Management
7
Withdrawals
5
Withdrawals
8
Coverage
2
Coverage
2.2
Support
6
Support
5

Pros & Cons

tick Ultra simple model
tick No hidden fees
tick Only one interest payment at end of 12 month term required on loans
tick Automatically buy more bitcoin with a loan secured against your existing bitcoin
tick Proof of company crypto reserves provided by major accountancy firm
tick Higher average review rating than Luno, but based on fewer reviews (89% vs 82%)
tick Higher rating on Trustpilot than Luno (4.7 vs 4.1 stars)
tick Offers loans but Luno doesn't
tick Has email support but Luno doesn't
tick Interface supports Portuguese-Portuguese and Spanish whereas 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 More reviews than Ledn (111,195 vs 689 reviews)
tick Higher rating for android phone app than Ledn (4.1 vs 2.5 stars)
tick Been in business longer than Ledn (Founded 2012 vs 2018)
tick Has less assets under management than Ledn
tick Quicker time to withdraw crypto than than Ledn (1 hour vs 30 hours)
tick Fiat exchange available on Luno but not on Ledn
tick Offers corporate accounts but Ledn doesn't
tick Instantly buy crypto with fiat on Luno but not on Ledn
tick Has a slower withdrawal time than Ledn (1 hour vs 30 hours)
tick Interface supports French, Italian and Indonesian whereas Ledn doesn't
Savings Rates
tick Ledn has a higher base saving rate for Bitcoin (BTC) (2% vs 1.5%)
Savings Rates
tick Luno has a higher base saving rate for USD Coin (USDC) (7.6% vs 7.5%)
tick Luno will pay interest on Ethereum (ETH) crypto currency deposits whereas Ledn does not
1 more savings rates pro ...
Loan Rates
tick Ledn offers loans in US Dollars (USD) fiat currency deposits whereas Luno does not
tick Ledn offers loans in USD Coin (USDC) stable coin deposits whereas Luno does not
1 more loan rates pro ...
cross Mobile app has very limited functionality
cross Savings rates only available fro BTC and USDC
cross Much lower savings rates for large BTC deposits
cross Bitcoin is only token acceptable as loan collateral
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
30 hours
Withdrawal Time
1 hour
Withdrawal Score
5
Withdrawal Score
8
Withdrawals Experience

Ledn has a very simple model. As soon as you deposit either BTC or USDC then those deposits immediately start earning interest. There is no need to manually transfer the money to a savings account once on the Ledn platform. This means that when you need to withdraw funds, you can withdraw them directly from the savings account. Savings accounts have no lock in period and you can withdraw your funds at any time.

Withdrawals are processed manually and Ledn states that the vast majority of requests are processed within 24 hours, but that the terms of the savings account stipulate that it can take up to 7 days. In our tests, withdrawals took about 30 hours from the time of request to the funds arriving in your wallet.

Ledn does not charge any withdrawal fees on BTC, however you must pay the miner's fees associated with the withdrawal. These fees will be deducted from the amount that you withdraw. There is a minimum withdrawal amount of 0.0005 BTC. For USDC withdrawals a fee does apply which is 35 USDC.

Ledn state in their FAQ that some withdrawal requests may require a confirmatory video call with the platform.

To date Ledn has never frozen withdrawals on any of their currencies.

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
8
Risk Management Score
7
Risk Management

Ledn accounts feature 2 factor authentication for key activities such as login and withdrawals. You can whitelist withdrawal addresses so that funds can only be sent to those addresses. You can also add a personal anti-phishing phrase to the site. This phrase will be included in any emails sent to you which will help you to verify that the email was sent by Ledn and not an impersonator.

Ledn state in their FAQs that assets deposited on the platform are not loaned out to borrowers and instead 100% of these deposits are stored with a third party cold storage custodian, Bitgo. However, elsewhere in their FAQs they state that they may in fact lend out these assets to a borrower and will not necessarily hold an equivalent amount of crypto as collateral. They go on to state that their primary borrower is Genesis. So we have mixed messages from Ledn about the extent to which deposits are loaned out, but in all likelihood deposits are loaned out as this is how they generate a return to pass on to you.

One unique feature of Ledn is that you can verify that your deposit really does exist in Ledn's accounts. This is done by way of a an attestation by Armanino LLP, a top tier accountancy firm. The Ledn web app provides a link to the Armanino asset verification page. Here you can enter a unique hash associated with your account which then reveals Armanino audit of your personal assets. The ability to verify personal individual assets in this way is quite unique and very reassuring. Other platforms that have implemented proof of reserves systems normally show that the total assets of the company exceed total customer liabilities, but there is no way to verify your individual assets.

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

89% based on 689 reviews
82% based on 111,195 reviews
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Savings Rates

The table below compares the savings rates for Ledn and Luno. Enter the amount you intend to deposit to get a more detailed comparison.
Stable Coins
USDC USD Coin
7.5% APY
7.5% APY
Crypto Currencies
BTC Bitcoin
2% - 5.25% APY
2% - 5.25% 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 Ledn and Luno. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
USD US Dollars
7.9% APR
50% LTV 7.9% APR
Stable Coins
USDC USD Coin
7.9% APR
50% LTV 7.9% APR
Loading rates ...
Fiat Currencies
Stable Coins
Loading rates ...
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Company

Legal name
Ledn Inc
Legal name
Luno Pte. Ltd
Year founded
2018
Year founded
2012
Country incorporated in
47
Country incorporated in
206
Headquarters country
47
Headquarters country
1
Centralised
tick Yes
Centralised
tick Yes
Number of employees
40
Number of employees
400
Number of users
Number of users
8,000,000
Total assets under management
$1,000,000,000USD
Total assets under management
$21,000,000,000USD
Withdrawal time in hours
30hours
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
cross No
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
cross No
Corporate accounts
tick Yes
Instantly buy crypto with fiat
cross No
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

Insurance level
$100,000,000USD
Insurance level
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
BitGo
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
cross No
24/7 support
Email support
tick Yes
Email support
cross No
Phone support
cross No
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
Fiat deposits not accepted
Fiat deposit fee
tick Free
Fiat withdrawal fee
Fiat deposits not accepted
Fiat withdrawal fee
tick Free
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
Withdrawals are processed manually, normally with 24 hours. They can take up to 7 days max.
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
30 hours
Withdrawal time
1 hours
Crypto withdrawal fee
Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
Crypto withdrawal fee
Varies according to current market
Savings crypto account withdrawal limit
Up to 1,000,000 USDC every 7 days and up to 100 BTC every 7 days
Savings crypto account withdrawal limit
$120,000 USD per day, £600,000 USD per month
Fiat wallet withdrawal limit
Fiat wallet withdrawal limit
No limit for fully verified users
Savings fiat account withdrawal limit
No fiat savings withdrawls
Savings fiat account withdrawal limit
No limit for fully verified users
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Investment Strategy

Unsecured loans
Unsecured loans
cross No
Independent proof of reserves
tick Yes
Independent proof of reserves
tick Yes
Proof of reserves
You verify that your specific deposits do exist within Ledn assets via a web link to Armanino LLP
Proof of reserves
Undertaken quarterly by Mazers
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Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulators
Luno embraces regulation and has worked closely with regulators in its target countries in Africa and Asia.
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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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