Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
These fees are applied per instant buy/sell transaction and do not apply to the Luno Exchange platform.
Transaction method
Fee
Instant buy/buy using the Luno wallet (MYR)
2% per transaction
Instant sell/sell using the Luno wallet (MYR)
2% per transaction
Platform trading fees
Luno trading fees get vary based on your total trade volume over the last 30 days. After hitting MYR40,000 equivalent in 30 day trading volume you can start getting discounts.
30 day trade volume
Maker fee
Taker fee
RM0.00 – RM39,999.99
0.25%
0.5%
RM40,000.00 – RM199,999.99
0.2%
0.45%
RM200,000.00 – RM399,999.99
0.1%
0.4%
RM400,000.00 – RM999,999.99
0%
0.35%
RM1,000,000.00 – RM1,999,999.99
0%
0.3%
RM2,000,000.00 – RM3,999,999.99
0%
0.25%
RM4,000,000.00 – RM7,999,999.99
0%
0.2%
RM8,000,000.00+
0%
0.15%
Deposit and withdrawal fees
Deposit fees
Deposit method
Fee
Bank transfer (select customers only)
Free (RM0.70 for amounts below RM100)
FPX instant transfer
Free (RM0.70 for amounts below RM100)
Withdrawal fees
Withdrawal method
Fee
Interbank GIRO
RM0.10
Limits
The minimum instant buy/sell purchase is RM1, the maximum purchase size is RM400,000. There is no limit on the number of transactions that can be done, and these limits do not apply to the exchange.
How fast will my funds be available?
Deposits
Up to 48 hours
Deposit times vary depending on the currency and payment method. Bitcoin deposits are available in about half an hour, while credit and debit card deposits are typically available within minutes, as are SGD bank deposits. MYR deposits using FPX instant transfer method are available instantly. Other currencies will usually take 1 or 2 business days to arrive in your account.
Withdrawals
Within 24 hours
Withdrawals will typically be processed on the same day, with the potential exception of weekends and public holidays. While most supported currencies are available for withdrawal 24 hours a day, MYR, ZAR and UGX are processed in batches and may take longer.
Is Luno safe to use?
Regulation. Luno is headquartered and a registered business (company number 10388856) in the UK. Formerly known as BitX, its founders have a long history of calling for a safer and more tightly-regulated cryptocurrency industry. In Malaysia, Luno Malaysia Sdn Bhd (registration number 201501011592 (1136927-A)) is the first regulated cryptocurrency exchange in the country and licensed as a Recognised Market Operator (Digital Asset Exchange) by the Securities Commission Malaysia (SC).
Verification process. Luno offers several verification levels to suit different users. The level 0 verification prohibits trading and is the default after initial sign-up. To trade at all, users will need to confirm their mobile number and provide some basic details. The tiered verification level provides more flexibility to users, while still meeting Luno’s commitments to compliance.
Security features. Luno supports 2-factor authentication to better protect your account and stores most user funds in offline cold wallets. In addition, it uses multi-signature wallets when unlocking hot wallets, meaning at least two different parties hold separate parts of the key, and all are needed to unlock the wallets.
How do I create an account at Luno?
If you want to use Luno, sign up for a free Luno wallet online or by downloading the app on iOS or Android.
Start the verification process by going to “Settings” and then providing the appropriate information.
You will need to get verified beyond level 1 if you want to deposit or withdraw more than MYR 5,000 or equivalent in crypto to your account. Your limits will vary with your account level, each of which has different ID requirements.
Level 0: Confirm your email address or sign up with your social media account.
Level 1: Confirm your mobile number and provide some basic personal details.
Level 2: Submit a photo or a scan of government-issued ID. Accepted documents include national identity card, a passport, or a clear selfie.
Level 3: Submit proof of residential address, such as a utility bill, an ISP statement, bank statement, mortgage statement, etc.
Make an interbank GIRO deposit (select customers only), FPX instant transfer or create your wallet to deposit BTC/ETH to fund your account.
You can now take advantage of the peer-to-peer market or instant buy/sell functions.
Luno was founded in 2013, starting off in Cape Town, South Africa. Initially called BitX, it rebranded to Luno in 2017. By the start of 2018, Luno claims to have had over 2 million customers and to have processed over USD$5 billion.
It’s known for its goal to serve unbanked populations, facilitate lower-cost remittance payments and otherwise make it easy for people to unlock the practical applications of Bitcoin. To this end, Luno has been a well-known and active voice in the regulatory development of the industry.
Luno Malaysia review in a nutshell
Pros
Simple and straightforward. Luno can help people buy, sell and send BTC, ETH, XRP, LTC and BCH and without fuss.
Easy transfers. Luno lets you send and receive BTC from other users for free, with email or phone number. Luno also does not charge any fees if you receive BCH, ETH, XRP and LTC.
Tiered verification. The tiered verification structure helps keep sign-ups quicker.
Managed wallet. The built-in Luno wallet makes things simpler for first-time users.
Cons
Third-party wallet. By keeping your crypto on Luno, you’re entrusting it entirely to Luno. This can be risky if something goes wrong.
Batched transfers. Luno batches fiat transfers and large crypto transfers, which might slow things down and get in the way.
Debit/credit card deposits not supported. Luno doesn’t support debit/credit card deposits for MYR, so any deposits will have to be transferred via interbank GIRO (select customers only) or FPX instant transfer.
Luno is available in Malaysia, Indonesia, South Africa, Nigeria and Europe (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom).
Yes. You can download the Luno app for iOS or Android via your device’s app store.
Luno offers a comprehensive and searchable help center that has answers to most commonly asked questions.
To get in touch with Luno, you can find it on a number of social media channels including Facebook, Twitter, Instagram and LinkedIn.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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