EN 
CN Recently, the topic of virtual currency and cryptocurrency has become more and more popular, especially Bitcoin, and the price of the currency is a focus every day. So how can we buy Bitcoin in Malaysia? In fact, there are many exchanges (places to buy and sell cryptocurrencies) to choose from. However, please note that when choosing an exchange, you must choose a legal and compliant exchange. In Malaysia, there are several legal cryptocurrency exchanges, and one of the very popular ones is LUNO. Here are the steps to buy your favorite cryptocurrency and invest in LUNO.
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What is LUNO Exchange?
Luno is a cryptocurrency exchange founded by Timothy Stranex and Marcus Swanepoel in 2013. Timothy is a former Google software engineer, while Marcus has an accounting and finance background. The platform initially operated under the name BitX until it was officially renamed Luno in 2017.
Luno is headquartered in Singapore and currently provides services in more than 40 countries, with a customer base of more than 9 million and has processed transactions worth more than US$21 billion. The exchange has 8 offices around the world, located in London (UK), Singapore, Cape Town (South Africa), Johannesburg (South Africa), Jakarta (Indonesia), Lagos (Nigeria), Sydney (Australia) and Kuala Lumpur (Malaysia). Luno is also a trusted platform for the public to learn about cryptocurrencies and the latest trends in the crypto industry.
Luno's unique advantages
Senior exchange background, long history: As a long-established cryptocurrency exchange, Luno has rich experience and profound heritage in the market. Its branch in Malaysia, Luno Exchange, has attracted a large number of strong investors, providing reliable protection for users' capital flow.
Experienced management team: Luno Exchange's team is composed of professionals in finance, engineering, technology and other fields, who have rich experience and knowledge. This enables the team to effectively deal with various risks, such as hacker intrusions, and ensure the transaction security of users.
Feature
Currently, Luno provides safe and convenient trading services, supporting a variety of cryptocurrency transactions, including but not limited to Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash, etc. Through the Luno platform, users can conveniently trade these cryptocurrencies and enjoy a safe and reliable trading experience.
Luno's wallet service
Similar to most exchanges, Luno provides a wallet function to facilitate users to store cryptocurrencies. At the same time, Luno combines the exchange and wallet functions together, allowing users to easily top up with legal tender (such as Malaysian Ringgit, Singapore Dollar, etc.) and directly use legal tender to purchase cryptocurrencies, saving the cost and time of back and forth transfers.
Through Luno's wallet function, users can easily manage their cryptocurrency assets and trade them when needed. With the integrated functions of the exchange and wallet, users can more conveniently exchange fiat currencies for cryptocurrencies, providing users with a more flexible and direct trading experience. Such an integrated service not only saves additional transfer fees and waiting time, but also simplifies the user's operation process and improves the convenience and efficiency of transactions.
LUNO is the first approved cryptocurrency exchange in Malaysia
If you want to trade Bitcoin and other cryptocurrencies, you can choose to use a virtual currency exchange such as LUNO, which is approved by the Securities Commission Malaysia. LUNO is the first Digital Asset Exchange (DAX) in Malaysia to be approved by the regulator.
In early 2019, the Malaysian government strengthened its supervision of the crypto market, and LUNO is the first digital asset exchange in Malaysia to be approved by the Securities Commission Malaysia to be established and operated.
In other words, investors can buy major cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple on the LUNO cryptocurrency exchange, which is approved by the Securities Commission Malaysia.
Luno’s deposits, withdrawals and transaction fees
Deposit method:
FPX (Fresh Payments)
Luno provides FPX deposit method, allowing users to instantly transfer funds from bank accounts to Luno.
Luno deposit fee:
Free of charge for deposits of RM100 and above.
If the deposit amount is less than RM100, a handling fee of RM0.70 will be charged.
Withdrawal method:
Interbank GIRO (1-3 working days to arrive)
Luno offers Interbank GIRO withdrawal method, which allows users to transfer funds from Luno to their bank accounts.
Luno withdrawal fee:
A flat handling fee of RM0.10 is charged.
Transaction Fees:
Luno provides two purchasing methods: Instant Buy/Sell and Exchange.
Instant Buy/Sell fee: 2%.
Exchange Taker fee: 0.5%.
Exchange Maker fee: 0.25%.
Through these fee regulations, Luno provides users with clear and transparent information on fund deposits, withdrawals and transaction fees. Users can choose the appropriate option based on their needs and trading methods, and understand the corresponding fees. Such regulations make fund management and trading processes more convenient, controllable and predictable.
If the transaction volume is large, the LUNO exchange's handling fee can be further deducted:
Is LUNO Exchange a Scam?
Luno is a legal cryptocurrency trading platform that is regulated by the Securities Commission of Malaysia and actively reports to Bank Negara Malaysia on anti-money laundering and terrorist financing. Cryptocurrency has been recognized in Malaysia's fair and progressive regulatory environment, and Luno as a platform has proven this. The platform has stored more than RM1 billion in digital assets for more than 300,000 customers and processed more than RM4.2 billion in transactions in the first half of 2023.
Luno Exchange conducts anti-money laundering checks to ensure that each customer's financial information is properly collected and maintained in compliance with local anti-money laundering regulations. Luno's anti-money laundering procedures include a series of strong measures such as customer suspicious transaction monitoring, anti-money laundering training and customer identity verification to ensure the legitimacy and validity of each transaction.
To protect customer privacy and prevent information from being illegally obtained and used, Luno uses a large number of security technologies to comprehensively guard against various types of network attacks, including viruses, worms, malware and unauthorized access. In order to improve and perfect security technology, Luno regularly conducts comprehensive security audits and continuously monitors, detects and reviews all suspicious transactions and behaviors.
In addition, Luno regularly invites multiple independent compliance audit teams to audit its exchange to ensure that it complies with the financial regulatory requirements of various countries in the process of providing sovereign-level digital currency services.
In short, Luno Exchange is fully compliant with legal regulations, fully protects customer rights, follows local anti-money laundering regulations, and takes all necessary security measures. Luno Exchange emphasizes security compliance and accepts review and approval from government regulators to ensure the safety and legality of users' transactions.
How to trade Bitcoin and other cryptocurrencies in LUNO Malaysia?
1. Register Luno and create an account
You can register with Luno and create an account by following these steps:
From the Luno website:
On Luno's website, enter your email address.
You also have the option to sign up using Google or Facebook.
Create a strong and secure password, preferably one that contains a combination of letters, numbers, and special characters.
On the mobile app:
Download the Luno app from the Play Store (Android users) or App Store (iOS users).
Open the app and select the Profile option.
Follow the prompts to register.
Once you have completed your registration, you will receive an email from Luno. This email contains a link to follow to confirm that you have access to the email address you provided when you registered.
2. Set up a Bitcoin wallet (mobile version)
Open the Luno mobile app.
At the bottom of the app screen, you'll see a row of options: Home, Explore, Wallets, Rewards, and Profile.
Click the "Wallets" option to enter the wallet page.
On the wallet page, find and click the "Add a wallet" button.
Here you can choose to create a Bitcoin wallet. Click on the "Bitcoin wallet" option.
Finally, click "Create wallet" to complete the creation of the Bitcoin wallet.
By following the above steps, you will have successfully created a Bitcoin wallet that can be used to store, send, and receive Bitcoin in the Luno application.
3. Deposit Funds
If you wish to deposit MYR into your LUNO account, please follow the steps below:
On the LUNO platform, click to enter your Wallets page.
Select the "Local Currency" option.
You will see two options on the page: "Deposit" and "Withdrawal".
If you wish to deposit RM300, please click on the “Deposit” option and fill in the corresponding fields.
Just enter "300".
It should be noted that the deposit fee will be determined by the deposit amount. If the deposit amount is less than 100 MYR, a fee of 0.70 MYR will be charged. If the deposit amount exceeds 100 MYR, no fee will be charged.
In addition, the minimum amount for each deposit is RM10 and the maximum amount is RM30,000.
4. Buying Cryptocurrency
On the wallet page, click on Bitcoin wallet directly and you will see the following options: Buy, Sell, Send and Receive.
Here, the "Buy" and "Sell" options are traded at market prices and are the fastest way to trade. However, it should be noted that this method has a higher commission of 2%. Therefore, when confirming the transaction details, please pay attention to the percentage of the commission.
When making a buy or sell transaction, please carefully review the transaction details page to ensure that you understand the commission percentage involved in the transaction. This will help you make an informed decision when trading.
Summary of the tutorial
- First, make a deposit to deposit funds into your Luno account.
- On the home page (or transaction page), click the "Buy" option.
- On the buy page, select the "Limit" option.
- Enable the "Post-only" option.
- Check the seller's Ask price. For example, if it is 257,999, you can enter an amount close to that price, such as 257,000 (make sure the difference is not too large, otherwise the deal may not be completed).
- Enter the amount of Bitcoin you want to buy, for example 0.0000358, or select "Max" (buy all) and the system will automatically calculate the corresponding amount.
- The confirmation fee is the lowest at 0.25%.
- Click the "Buy BTC" button to complete the purchase order submission.
- If your order has not yet been filled, you can check the order status on the "My Orders" page.
- If the buy order is successfully filled, the Bitcoin you purchased will appear in your Bitcoin wallet.
Q&A about LUNO Exchange
Can Bitcoin only be bought one by one?
Bitcoin does not need to be purchased one by one, it can be divided into smaller units for purchase, such as 0.005 Bitcoin. You can decide how much money you want to invest and then calculate how many Bitcoin units you can get.
If you only have 500 yuan, you cannot place an order for 500 yuan of Bitcoin and 500 yuan of Ethereum at the same time to see which one is traded first. Just like entrusting someone to buy something for you, you usually need to give the money to the other party first. Unless they are close friends, others will not advance the money for you. Similarly, if you only have 500 yuan, when you place an order to buy Bitcoin, the exchange will deduct your balance of 500 yuan and wait for the transaction.
Does Luno only provide spot trading?
Luno only provides spot trading, no futures or contract trading. Therefore, even if you suffer a loss, you will only lose money and will not be in debt.
If I want to sell my Bitcoin, how many days will it take for the money to be deposited into the bank?
If you want to sell your Bitcoin and transfer it to a bank account, it usually takes 1-3 business days (Interbank GIRO). My personal experience is 2 days. The withdrawal fee is a fixed RM0.10.
Is there a Chinese version of Luno?
Currently there is no Chinese version of Luno, only English version.
Does Luno only have BTC/MYR? Can it be exchanged to BTC/USDT?
Luno only offers BTC/MYR trading pairs, not BTC/USDT. You can use MYR to buy Bitcoin (BTC), and then it will automatically convert back to MYR when you sell Bitcoin.
Besides Bitcoin, what other coins can be bought at Luno?
In addition to Bitcoin, Luno can also purchase the following currencies: Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Can I buy USDT on Luno?
You cannot buy USDT directly on Luno. But you can buy XRP and then transfer it to other exchanges to exchange for USDT.
If I want to buy coins other than these 5, such as Dogecoin, how can I buy it?
If you want to buy a currency other than these 5 currencies, such as Dogecoin, you can buy it in two ways: One is to use MYR to buy XRP on Luno, then transfer it to other exchanges, exchange it to USDT, and then buy other currencies. The other way is to trade directly with individual sellers over the counter. You remit MYR to the seller, and then he will directly transfer USDT to your account on other exchanges (Luno does not have a USDT wallet), such as Huobi, Binance, etc. However, there are risks with individual sellers, so I personally prefer to use exchanges for exchange.
