Luno Savings wallet

The interest rate is variable
Transfers out can take up to 7 business days
Interest is paid out monthly
Your crypto will be lent to a third party and is not insured or guaranteed
 
Binance offers similar products higher returns around 6 or 7% per annum. Well remember your money at a bank is also lent out when put in savings... nothing untoward going the binance route next year myself
 
currently comparing actual returns over the next month between BlockFi and Luno, we'll see

nice touch if you happen to be a Luno customer already is transfers in / out of savings don't come with fees, where getting a chunk of BTC to BlockFi means going on-chain at your expense
 
I use Nexo, a flat 6% on Bitcoin and 10% on stable coins. Interest is paid out daily, compound interest and 24/7 liquidity. You can boost the interest by an additional 2% if you opt to receive the interest in their native token. In addition their assets are insured up to $100 million per account through Loyds of London. Pretty great compared to the interest you can earn at banks.
 
TranQ said:
I use Nexo, a flat 6% on Bitcoin and 10% on stable coins. Interest is paid out daily, compound interest and 24/7 liquidity. You can boost the interest by an additional 2% if you opt to receive the interest in their native token. In addition their assets are insured up to $100 million per account through Loyds of London. Pretty great compared to the interest you can earn at banks.
Click to expand...

Everyone relying on these savings accounts please for the love of crypto keep in mind you could wake up one morning to bad news and lose ALL your savings.

Keep this in mind when you balance reward of 6% vs possibility of losing entire savings deposit.

There is fine print that you agree you are ok with.
 
TranQ said:
I use Nexo, a flat 6% on Bitcoin and 10% on stable coins. Interest is paid out daily, compound interest and 24/7 liquidity. You can boost the interest by an additional 2% if you opt to receive the interest in their native token. In addition their assets are insured up to $100 million per account through Loyds of London. Pretty great compared to the interest you can earn at banks.
Click to expand...
Interesting, haven't checked them out before, I see they're teasing a nexo card that could be cool if available to South Africa

The 6% on BTC means they just match BlockFi though, any reason to pick Nexo over BlockFi (or vice versa)?

the way I read it their insurance is $100 mil in total,, not per account i.e. if everything is lost they have $100mil to divide between all their clients ... if the assets under management are more than that there won't be enough to pay you back 100%
nexo.io

Nexo’s Custodial Assets Now Insured for $100M

Nexo leads the industry with insured asset custody, providing users with unparalleled security.
nexo.io nexo.io
 
NarrowBandFtw said:
Interesting, haven't checked them out before, I see they're teasing a nexo card that could be cool if available to South Africa

The 6% on BTC means they just match BlockFi though, any reason to pick Nexo over BlockFi (or vice versa)?

the way I read it their insurance is $100 mil in total,, not per account i.e. if everything is lost they have $100mil to divide between all their clients ... if the assets under management are more than that there won't be enough to pay you back 100%
nexo.io

Nexo’s Custodial Assets Now Insured for $100M

Nexo leads the industry with insured asset custody, providing users with unparalleled security.
nexo.io nexo.io
Click to expand...

I didn't get a notification that there was a reply to my post. Good thing I came back to check on the thread!

So I was wrong with the per account it is as you say on total assets. I confirmed with their admin person on telegram as well. He said that the cold storage wallets are saved in multiple vaults with different banks. So it's unlikely that all their cold storage would be compromised in a single attack. But yeah big difference between insurance per account and total assets. But I still think they one of the best providers in the space.

The benefit for me of Nexo vs BlockFi is that Nexo allocates interest daily, compared to BlockFi that is monthly. What I also like is that they pay out a dividend to Nexo holders that is based on 30% of the companies net profit. I also like the fact that they will be buying Nexo from the open market to pay the interest, so in this way they are not inflating the market with Nexo coins and driving down the price.
I'm fascinated by the DeFi space but I only commited a small amount to test it out and see how it works. I would definitely not do this with my life savings.
 
NarrowBandFtw said:
currently comparing actual returns over the next month between BlockFi and Luno, we'll see

nice touch if you happen to be a Luno customer already is transfers in / out of savings don't come with fees, where getting a chunk of BTC to BlockFi means going on-chain at your expense
Click to expand...
Hey man, sorry have to ask, im not following what you are saying here, please help me... thanks man
 
TranQ said:
The benefit for me of Nexo vs BlockFi is that Nexo allocates interest daily, compared to BlockFi that is monthly. What I also like is that they pay out a dividend to Nexo holders that is based on 30% of the companies net profit. I also like the fact that they will be buying Nexo from the open market to pay the interest, so in this way they are not inflating the market with Nexo coins and driving down the price.
I'm fascinated by the DeFi space but I only commited a small amount to test it out and see how it works. I would definitely not do this with my life savings.
Click to expand...
I have been looking /. considering one of Nexo, Crypto, BlockFi or Celcius but still unsure which is better.
If i look at it, it depends what u hold .
My first few looks make me want to go for Nexo
How do you feel about those options above , today?
 
ichocolate said:
Hey man, sorry have to ask, im not following what you are saying here, please help me... thanks man
Click to expand...
well, simply put, sending crypto from one address to another requires a fee to be paid to ensure the transaction is processed on the blockchain

sending crypto from one Luno wallet to another Luno wallet (including their new savings wallet) however costs nothing

so if you plan to often move crypto into and out of the place where it is getting a yield you might want to take the transfer / send fee into account, it will start to eat away at your returns
 
ichocolate said:
I have been looking /. considering one of Nexo, Crypto, BlockFi or Celcius but still unsure which is better.
If i look at it, it depends what u hold .
My first few looks make me want to go for Nexo
How do you feel about those options above , today?
Click to expand...
I just typed a nice long detailed post and then Tapatalk closed on me and lost everything...

Not going to type everything again but in short it does not really matter which one you go for if you are purely interested in getting interest from what you deposit. I think all three have a strong brand.

Nexo for me has many benefits, I get my interest paid in their native Nexo coin as I believe there is long term value attached to it and thereby boosting my interest by 2%. I like the idea that you are an investor in the company and you are paid out dividends for holdings their coin. Their dividend almost doubled from year one to year two so it does show that they are running a profitable business. They have announced many improvements over the past month and my value has more than doubled over the past two months.

This is crypto, it is new, so don't invest more than you are willing to lose. Jeez I probably sound like a YouTuber now
 
I am wondering if Luno will be trying to sell OTC with their instant sell/buy from their own liquidity. This way they can more easily guarantee pricing on instant buy/sell and would then utilize the funds deposited in these savings wallets.

That is one way to have a practical service backing the savings wallet and I think Luno is just big enough now for this to be a very practical thing to implement.
 
Seems Luno dont offer any insurance or basically they are saying your loan may not be secure.
I opted not to use Luno's savings account.
Crazy.

It seems BlockFi Nexo Crypto and Celcius really have their own pros and cons.
 
ichocolate said:
Seems Luno dont offer any insurance or basically they are saying your loan may not be secure.
I opted not to use Luno's savings account.
Crazy.

It seems BlockFi Nexo Crypto and Celcius really have their own pros and cons.
Click to expand...
only Nexo offers insurance AFAIK and it is $100mil across all clients which may well not be anywhere near enough if things go south

I'm not a fan of having to stake some custom token in order to earn a yield so Crypto.com and Celcius are out for me, between BlockFi and Luno the risk is the exact same, Luno is just more upfront about communicating that risk than BlockFi, they do all have different pros and cons as you say, Luno vs BlockFi:
- same risk
- BlockFi's interest rate is higher
- Luno transfers between your normal BTC wallet and your savings wallet have no transaction fee
 
RH360 said:
I would say don't put all your eggs in one basket. Split up the btc you are willing to loose and put some in each of the services. The odds of loosing all of it at once is then close to zero.
Click to expand...
Nexo doesn't sound like a bad option.
Have they got a proven track record?
 
dont really understand the point of this
BTC is in of itself a savings account that can appreciate in value.

why would you need a separate savings account?
 
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