I signed up with Luno Malaysia back in 2020. Back then, Luno was probably the only approved platform by the Securities Commission to operate in Malaysia.
In this post, I will review the platform and share my brief journey hodling cryptocurrencies with Luno. Without further ado, let’s go!
What Is Luno?
Luno is a platform for buying, selling, and storing cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Founded in 2013 as BitX, Luno is headquartered in Singapore.
BitX entered Malaysia in late 2014, initially focusing on Bitcoin exchange. BitX started to partner with local banks to ease money withdrawals and deposits.
In 2017, BitX rebranded as Luno, expanding its focus to the European market and offering a wider selection of cryptocurrencies.
Luno was the first platform to receive approval from the Securities Commission Malaysia in 2019. They have continued to introduce new features and improve user experience, as we’ll discuss in more detail below.
Is Crypto Dangerous?
Since cryptocurrency is quite new (15 years), there are a lot of scams involving cryptocurrencies ranging from Ponzi schemes riding on the crypto hypes all the way to rug pulls.
Even memecoins can be considered a type of scam. Generally, every person with a little bit of know-how can create and hype their own tokens for profit.
That’s why a platform like Luno is important. Luno doesn’t offer a lot of cryptos in their platform, but the ones that do, are well established and have a legit project.
So, to answer the question, is cryptocurrency dangerous? Yes, it can be. However, with the amount of resources available for fact-checking and guidance, the risks can be minimized.
It’s important to note that even with minimal risks, individual cryptocurrencies are not immune to price fluctuations. This is a different issue altogether.
What Crypto Can I Buy On Luno?
As of September 2024, Luno Malaysia offers 13 cryptocurrencies:
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Polygon (MATIC)
Cosmos (ATOM)
Polkadot (DOT)
Avalanche (AVAX)
Cardano (ADA)
Solana (SOL)
Ripple (XRP)
Chainlink (LINK)
Uniswap (UNI)
If you take a look on CoinMarketCap, a website that tracks all cryptocurrencies in existence, these 13 cryptos rank among the top 25 with at least 3 billion USD market cap.
These cryptocurrencies are well-established and in high demand. Unlike memecoins like Dogecoin, Shiba Inu, or Pepe, which are also in the top 25, Luno has conducted thorough research before adding any cryptocurrency to its platform.
However, as with any other investment, do your own best research before making a purchase.
Luno Features
1 - Bank Linking
Since the early days, Luno has partnered with domestic banks to simplify money transfers between your Luno and bank accounts.
This means no need to log into your bank account during transactions, enter OTPs, and separately approve transactions in your banking apps. Phew!
Deposit money from your bank account to Luno is as easy as withdrawing money from Luno to your bank, with transfers typically completed within 1-2 business days.
2 - Repeat Buys
Luno is also a great platform for crypto investing. You can set up repeat buys for a certain amount daily, weekly, or monthly.
This allows you to steadily build your crypto holding whether the price is low or high, making it a great strategy for Dollar Cost Averaging (DCA).
3 - Crypto Staking
Staking is the mechanism behind Proof-of-Stake (PoS) consensus algorithms. In Proof-of-Work (PoW), which is the consensus algorithm behind Bitcoin, “miners” compete to solve complex mathematical problems to validate transactions and secure the network.
In PoS such as Solana, a user locks up or stakes their SOL coins to the Solana blockchain network. The staked coins are used to verify transactions and create new blocks. Stakers earn rewards, typically in the form of more coins.
If anything above confuses you, just imagine staking like a Fixed Deposit where you deposit a sum of money in the bank and earn some percentage after a certain amount of time.
In Luno, you can stake Ethereum, Solana, and Cardano. Each with its own percentage returns. These percentages are after Luno takes their 30% cut of the staked rewards.
4 - Custom Portfolios
Staking is the mechanism behind Proof-of-Stake (PoS) consensus algorithms. In Proof-of-Work (PoW), which is the consensus algorithm behind Bitcoin, “miners” compete to solve complex mathematical problems to validate transactions and secure the network.
In PoS such as Solana, a user locks up or stakes their SOL coins to the Solana blockchain network. The staked coins are used to verify transactions and create new blocks. Stakers earn rewards, typically in the form of more coins.
If anything above confuses you, just imagine staking like a Fixed Deposit where you deposit a sum of money in the bank and earn some percentage after a certain amount of time.
In Luno, you can stake Ethereum, Solana, and Cardano. Each with its own percentage returns. These percentages are after Luno takes their 30% cut of the staked rewards.
5 - Affordable Fees
Let’s talk about fees. Well, fees are how Luno makes some money from their customers, right?
Deposits are free for amounts higher than RM100, while deposits below RM 100 incur a RM 1 fee. Withdrawals have a RM 0.10 fee.
For buying and selling crypto, there’s a 2% fee. You can find detailed information on Luno’s fees and limits on their page here.
Great! How Can I Start with Luno?
You can start buying crypto on Luno today by downloading the Luno apps from the Google Play Store or Apple Apps Store.
After signing up for a new account, go to the Rewards tab, choose Enter Code, and Enter my referral code WDJ46.
As a Level 3 Luno user, you’ll receive RM 75 worth of Bitcoin after you deposit and buy RM 250 in crypto from Luno. Do note that I will also get RM 75 worth of Bitcoin as a reward.
Conclusion
In conclusion, I found that Luno is a user-friendly platform for buying, selling, and storing cryptocurrencies without requiring complex technical skills.
With features like easy deposits and withdrawals, custom crypto portfolios, and repeat buys, it’s a great option for both beginners and experienced investors.
The platform’s approval by the Securities Commission Malaysia offers added security and peace of mind.
However, it’s important to remember that cryptocurrency investments involve risk. Proceed cautiously and conduct thorough research before making any decisions.
