Luno is basically an easy-to-use platform to buy and sell cryptocurrencies in Malaysia. You can click here for more information.
Here is my way on how I use Luno in Malaysia that is simple and convenient for me to use.
The user interface is clean and simple to navigate. Here, you can see the local currency in MYR and the cryptocurrencies listed in the wallet that you can buy. Currently, the coins that they are offering are Bitcoin, Ethereum, Ripple and Litecoin. You can click the "Buy" button to buy crypto using the MYR currency that you deposited from your fiat bank, and then "Sell" cryptos for MYR. All Malaysian banks are accepted and I'm using Maybank or CIMB for my deposits.
Instructions to deposit your funds:
1) Click the MYR currency, you'll see this page and then click "Deposit".
2) Type the RM amount that you want to deposit.
3) Check the box and then click OK.
4) Fill in the Recipient Name, Bank Name and account number in your funds transfer page from your respective bank. Make sure you have to enter the code that is given in the recipient reference or else the deposit may be rejected.
Normally, it took me minutes to get the funds to be reflected in the Luno wallet. No deposit fees are charged, and the withdrawal fees is just 10 sens.
Pros:
- Simple, user-friendly, easy to use.
- All Malaysian banks are accepted for deposits.
- Wallet is currently very secure (Used it for 3 years and no hacks are reported.). You can also enable 2FA.
Cons:
- Limited token offering.
- Buy and sell fees for Bitcoin and Ethereum might be very high. Click here for the fees structure. Dynamic means the fees may change according to the network traffic.
I use this platform for the ease of transferring MYR to other DeFi platforms such as Crypto.com, Celsius, BlockFi and Nexo. These platforms enable you to earn interest while staking your cryptos. Luno does not provide this service unfortunately. If you're an investor like me and would love to earn passive income using cryptos, you can send your cryptos via Luno to these DeFi platforms mentioned where sending fees will be incurred according to the fees structure. I prefer to use Ripple for my transactions due to the 0.03% fixed sending fee and the transaction only takes seconds for the tokens to be transferred to your desired address. Ethereum is also very fast but the dynamic fees mean that your sending fees may be higher. If you're unsure on how to send and receive Ripple, you can use this instruction to guide you. All you need is a Ripple address and a destination tag, which will be provided from your respective DeFi platforms.
Comment down below if you have any other enquiries. To sign up for a Luno account, you can use my referral link as shown below:
Or click here if you haven't signed up. You have to deposit and buy RM250 worth of crypto to qualify for free RM25 paid in Bitcoin to your wallet.
If you would like to contribute to this post, you can sign up for a Publish0x account, where you can earn crypto by reading and writing articles. Happy reading!
