Luno Malaysia Review - Is It Legal? Is it Cheap?
All exchanges around the world work with local clients, and they are rarely regulated by any authority or government body. While this factor makes it hard to rely on them entirely, some exchanges are legal, safe, and offer exactly what they promise.
Founded in 2013, Luno is a popular wallet provider and currency exchange in many countries. The company has experienced incredible growth quickly, and now it has spread its services in 44 countries globally. Among them, Malaysia comes from the topmost countries.
If you live in the country, you might have heard of Luno Malaysia at least once. The exchange supports many currencies such as Bitcoin, Ethereum, and Litecoin and offers an affordable fee structure to its clients.
That said, is Luno legal in Malaysia, and does Luno work in Malaysia? If you are concerned about its legality and performance, this article will help you understand that aspect of Luno Malaysia. Keep reading to explore further.
Is Luno Available in Malaysia? Is it Legit?
Luno Malaysia is a licensed exchange and is properly accepted as the Recognized Market Operator by an authority body, Securities Commission Malaysia. This means that Luno is available in Malaysia and serves many clients.
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 has a valid registration number, Registration 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 currencies:
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 | Luno Malaysia |
|---|---|
Account currencies |
Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash |
Minimum Deposit |
Fee. However, there is a charge of RM 0.7 for amounts below RM 100 |
Withdraw Fee |
RM 0.10 |
Spread |
Market |
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 of Luno Malaysia
• 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 of Luno Malaysia
• 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.
| Fee Structure | Luno Malaysia |
|---|---|
Deposit Fees |
Free above RM 100 |
Instant Buy/Sell Fees |
2.00% |
Withdrawal Fees |
RM 0.10 |
Maker and Taker Fee |
0.5%-0.25% |
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 list of coins that Luno Malaysia supports:
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Bitcoin
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Ethereum
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Ripple
-
Litecoin
-
Bitcoin Cash
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:
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After you have sold your cryptocurrency, you may wish to withdraw MYR from your Luno Malaysia account to a specific bank account.
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In that case, make sure that you have verified your identity and both your Luno wallet and bank account are linked.
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If that’s already sorted, simply login to the Luno app, sign in and select the option of Wallet from the menu.
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Now put in the amount you want to withdraw.
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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.
Summary-Is Luno Malaysia a Good Exchange?
If you are still wondering does Luno work in Malaysia, there is a straight answer for that, and it is a yes. Luno Malaysia is a legal cryptocurrency exchange that has its operations in the country and is recognized by SC. It is a good and safe exchange that follows the best security policies, ensuring the safety of the earnings of its customers.
Although the exchange doesn’t support many cryptocurrencies, the ones it does are pretty popular in the trading world. So, if you are a trader in Malaysia, Luno is a safe exchange to experience.
Top 5 Luno Reviews
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Comment
I didn't like this company. There were already very terrible slippages, most of the transactions were knocked out with hairpins, which disappeared after a couple of days, somehow looks like a fraud. Yes, and the money was withdrawn for 2 months ...
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Comment
I got burned trading with this broker. The first month even made a profit. I remember how much joy there was then) But already in the second month something went wrong. It was unprofitable, like the third one, although the losses were not very large, so I did not expect anything bad, on the contrary, I thought that there would be a reversal now. And then in one day my money was gone!
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Comment
I was looking for a reliable company that makes it possible to use cryptocurrencies to receive passive income. You cannot invest in accounts with a deposit freeze and high-interest rates on Luno. But for funds free from trading, the broker charges from 2%, which, together with high-security guarantees, suits me. After I studied the trading conditions of the broker, I began to think that it would be nice to try trading. Luno offers authored training courses. I will have to look for information on other resources, but I will definitely trade on luno.com.
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Comment
I trade on Luno using a mobile application that can be downloaded from markets or via a QR code on the company's website. I can't devote much time to trading, so I liked Luno’s customizable automatic coin purchase function. Additional pluses of the interface and trading platform are understandable even for a beginner. The methods for withdrawing funds in fiat for different regions are different, but basically, it is a bank transfer, which is not very convenient for me. The advantage is that only the receiving bank takes the commission. In general, I am satisfied with this broker.
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Comment
Any crypto exchange, to one degree or another, focuses on attracting customers through various bonuses and promotions. Luno also has such offers, but my choice was not based on the number of free goodies. First of all, I liked the broker because its trading commissions are much lower than those of its competitors. Another important point is the high degree of account security and guarantees of the safety of funds. I have only recently cooperated with Luno, but I am already convinced that trading here is profitable and safe.
FAQs
Does Luno Malaysia Allow to Buy and Sell In the Local Currency?
Interestingly, Luno Malaysia is one of the few exchanges in the country that allow you to sell and buy in Ringgit Malaysia.
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
Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.
His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.
A professional English-Spanish translator, writer, proofreader, transcriber. Jose Antonio Gastelum offers his services for website content, blogs, research papers, documents, books and manuals about technology, finance, investment, tourism and insurance. In addition, he has some experience in web and app development, content marketing and SEO optimization.
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).