Luno Malaysia: Legal Or Not? Review And Prices
Luno is one of three officially registered cryptocurrency exchanges in Malaysia that have received approval from the Securities Commission of Malaysia. The platform offers competitive fees, including no fees for deposits over MYR 100 and a fee of about 2% for instant buys and sells. However, users are advised to check the latest fees on Luno’s official website before making transactions.
Cryptocurrency exchanges worldwide operate locally but are often unregulated by any authority or government. This lack of regulation can make it challenging to fully trust them. However, some exchanges are legitimate, safe, and deliver on their promises.
Established in 2013, Luno is a well-known wallet provider and cryptocurrency exchange with a significant presence in various countries. The company has grown rapidly and now offers its services in 44 countries, including Malaysia, one of its key markets.
If you live in Malaysia, you’ve likely come across Luno. The platform supports cryptocurrencies like Bitcoin, Ethereum, and Litecoin and provides an affordable fee structure to its users.
But is Luno legal in Malaysia, and does it operate effectively? If you’re curious about its legality and functionality, this article will clarify those aspects. Keep reading to learn more.
Is Luno available in Malaysia? Is it legit?
Luno is indeed available and operates legally in Malaysia. In June 2019, the Securities Commission Malaysia (SC) registered Luno Malaysia Sdn Bhd as a Recognized Market Operator (RMO), authorizing it to establish and operate a digital asset exchange in the country. This registration signifies that Luno complies with Malaysia's regulatory standards for digital asset exchanges, ensuring a secure platform for buying, selling, and storing cryptocurrencies such as Bitcoin and Ethereum.
Interestingly, Luno Malaysia is one of the first regulated exchanges in the country, making it relatively safe to use. Moreover, since SC regulates it, it is easy to trust its legality and operations.
That said, just because Luno Malaysia is legal, it doesn’t mean that it isn’t prone to any cyber attack. That’s an entirely different thing, which even the most well-maintained and properly regulated exchanges can’t control. Exchanges have previously faced many incidents of attacks and hacks, which is just part of their existence.
However, the crux of this section is that Luno in Malaysia is a trustworthy exchange that you can entirely rely on for your trading. The exchange incorporated on March 24, 2015, has a valid registration number No. 201501011592 (1136927-A), that anyone can double-check with the authorities in the country.
Is Luno Malaysia safe?
Luno is one of the safest exchanges globally, and Luno Malaysia has its branch in Asia's most fast-growing countries. One of the best things about Luno is its security policies that help make the exchange convenient and safe for everyone.
For instance, like other exchanges of Luno, Luno Malaysia follows high-security standards. In addition, Luno Malaysia is registered with a private body, the Central Bank of Malaysia, ensuring the security of assets and earnings of all its clients.
What’s more, the exchange follows all anti-money laundering compliance and ensures that every user's crypto stays safe in the Luno wallet. Moreover, since Luno Malaysia is a part of the vast Luno exchange family, it also has similar security rules that the rest of the countries follow.
For example, Luno Malaysia uses multi-signature security and believes in storing cryptocurrency deep freeze wallets. Furthermore, the keys to these wallets are protected by an external body, which reduces the chances of theft by a significant amount.
Additionally, Luno Malaysia offers hot wallets to all its clients, ensuring that they can conveniently make all crypto exchange transactions. Besides, Luno believes in strict authentication processes. The exchange practices two-factor authentication and has passwords for every individual with an account with Luno Malaysia.
Since Luno Malaysia stores all the keys offline, it is impossible to access them through an internet source. This security measure reduces the chances of any theft or fraud.
It is safe to say that Luno Malaysia is a secure exchange to trade through. Moreover, since it has a huge name and widespread popularity, the chances of anything terrible happening are pretty low.
Luno Malaysia: General information
As stated above, Luno Malaysia supports the following coins and currencies:
Bitcoin (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Aave (AAVE)
Curve (CRV)
Maker (MKR)
Synthetix (SNX)
Cosmos (ATOM)
Chainlink (LINK)
Further, the exchange is controlled by the Central Bank of Malaysia and is a safe and legal body. Below, we have curated a table with the main highlights of the exchange.
Features of Luno Malaysia crypto exchange
| Features | Luno Malaysia |
|---|---|
Account currencies | Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Solana (SOL), Aave (AAVE), Curve (CRV), Maker (MKR), Synthetix (SNX), Stellar (XLM), Cosmos (ATOM), Polkadot (DOT), Polygon (MATIC), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK), Uniswap (UNI) |
Minimum Deposit | Free for deposits above RM100 via FPX Instant Transfer. Deposits below RM100 incur a RM1.00 fee. |
Withdrawal Fee | RM 0.10 |
Spread | Market-based |
Instruments | Cryptocurrency |
Luno Malaysia pros and cons
Like any other exchange, Luno Malaysia has its positives and negatives. To help you analyze it better, here are some benefits and downsides of Luno Malaysia.
👍 Pros
• This is an easy-to-use exchange that is both safe and legal.
• Luno Malaysia offers low sign-up fees, and the entire process of making the account is pretty straightforward.
• Luno Malaysia provides high-level security for its customers, such as two-factor authentication and the deep freeze wallets.
• The exchange is perfect for both beginners and professionals alike.
• Luno Malaysia accepts credit card and bank transfers.
• The exchange doesn’t charge a deposit fee and the rest of the fees are also pretty affordable.
👎 Cons
• The number of cryptocurrencies on offer is comparatively low.
• Luno Malaysia doesn’t offer any referral programs and also fails to provide high liquidity.
Luno Malaysia fees
One of the best features of Luno Malaysia is that it is one of the most affordable exchanges in Asia. The exchange doesn’t charge any deposit fee for transactions above RM 100. Moreover, the Instant Buy and Sell fee is just around 2%.
In addition to that, the receiving fee is almost free, and the withdrawal fee is around RM 0.10. Of course, the maker and taker fee varies with volume, but that too is quite competitive. The table below summarizes the Luno Malaysia fees structure for Luno Malaysia.
Luno Malaysia fees structure
| Fee type | Amount |
|---|---|
Deposit (RM100 and above) | Free |
Deposit (Below RM100) | RM 1.00 |
Withdrawal Fee | RM 0.10 |
Instant Buy/Sell Fee | 2% |
Maker Fee | Starts at 0.25% |
Taker Fee | Starts at 0.50% |
Luno Malaysia: Supported coins
While Luno Malaysia doesn’t support many coins, the ones you can trade are pretty popular globally. So, this allows you to use this exchange for all your essential trading goals. Moreover, a limited number of currencies mean that the exchange is less prone to cyber-attacks.
Here is a table of coins that Luno Malaysia supports:
Luno Malaysia supported coins
| Category | Supported Coins |
|---|---|
Major cryptocurrencies | Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH) |
DeFi Tokens | Uniswap (UNI), Aave (AAVE), Curve (CRV), Maker (MKR), Synthetix (SNX) |
Stablecoins | Tether (USDT), USD Coin (USDC) |
Smart contract platforms | Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Solana (SOL), Near Protocol (NEAR) |
Altcoins | Dogecoin (DOGE), Stellar (XLM), Chainlink (LINK), Tron (TRX), Algorand (ALGO), Cosmos (ATOM) |
Metaverse tokens | The Sandbox (SAND) |
Other cryptos | Fantom (FTM), The Graph (GRT) |
How to withdraw from Luno Malaysia
The good news is that the withdrawal process at Luno Malaysia is relatively inexpensive and straightforward. For example, if you want to withdraw MYR, the fee for the task is around RM 0.10 only.
Here is the withdrawal procedure that you should follow:
After you have sold your cryptocurrency, you may wish to withdraw MYR from your Luno Malaysia account to a specific bank account.
In that case, make sure that you have verified your identity and both your Luno wallet and bank account are linked.
If that’s already sorted, simply login to the Luno app, sign in and select the option of Wallet from the menu.
Now put in the amount you want to withdraw.
Finally, feed your bank account details, add your app’s pin and complete the process.
This withdrawal process varies for every country. However, it usually takes no more than two days if there are no holidays.
Enable 2FA and use hardware wallets for security
Getting started with cryptocurrency trading in Malaysia can be an exciting opportunity for beginners. While platforms like Luno offer user-friendly features, adopting a focused approach is crucial to secure and profitable trading.
With the increasing risks of online threats, it’s essential to secure your cryptocurrency investments. Beyond enabling two-factor authentication, consider using hardware wallets to store larger amounts of cryptocurrency offline. These wallets protect against potential breaches, providing extra peace of mind. Regularly update your passwords and stay alert to avoid phishing attempts that could compromise your accounts.
The cryptocurrency market changes rapidly, making it important to stay informed. Take advantage of the learning tools provided by platforms like Luno, including webinars and articles. These resources can help you understand market trends, regulatory updates, and advanced trading methods, giving you the knowledge needed to make confident decisions.
Conclusion
Luno Malaysia is a legitimate cryptocurrency exchange regulated by the Securities Commission of Malaysia, which confirms its reliability and safety for users. The platform offers competitive fees and user-friendly trading tools, making it attractive to both beginners and experienced traders. However, users should be aware of the limitations on the cryptocurrencies available and the deposit and withdrawal fees. Luno also features a simple interface and educational materials, which contributes to its popularity among Malaysian investors. Before using the platform, we recommend that you thoroughly review all the terms and conditions to assess whether it is suitable for your purposes. Overall, Luno remains a worthy choice for cryptocurrency trading in Malaysia.
FAQs
Does Luno Malaysia allow to buy and sell In the local currency?
Yes, Luno Malaysia allows users to buy and sell cryptocurrencies using the local currency, Malaysian Ringgit (MYR). The platform supports deposits and withdrawals in MYR, enabling seamless transactions for Malaysian users.
Is Luno Malaysia a registered exchange in the country?
Yes, Luno Malaysia is one of the first registered exchanges in Malaysia. Moreover, the company is recognized by the Securities Commission, claiming it to be legal and safe for traders.
Is Luno Malaysia cheap?
Yes, the exchange is pretty affordable and cheaper than most other exchanges. For instance, it doesn’t charge a deposit fee for transactions above RM 100 and has withdrawal fees around RM 0.10.
Is It easy to make an account with Luno Malaysia?
Yes, the sign-up process with this exchange is quite convenient. Moreover, the steps are pretty straightforward, making Luno Malaysia a perfect platform for beginners and professionals alike.
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Team that worked on the article
Maxim Nechiporenko has been a contributor to Traders Union since 2023. He started his professional career in the media in 2006. He has expertise in finance and investment, and his field of interest covers all aspects of geoeconomics. Maxim provides up-to-date information on trading, cryptocurrencies and other financial instruments. He regularly updates his knowledge to keep abreast of the latest innovations and trends in the market.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
