As one of the leading cryptocurrency exchanges, Luno has established itself as a popular platform, particularly among beginner investors in Malaysia. 

Offering a regulated and user-friendly environment, Luno aims to make digital asset investment accessible to everyone, from crypto novices to seasoned investors.

 

This review will guide you through what Luno Malaysia has to offer, from the onboarding experience to the available investment options, and weigh the platform’s pros and cons. 

What is Luno?

Luno is a global cryptocurrency exchange and wallet provider that enables users to buy, sell, and store digital assets like Bitcoin (BTC) and Ethereum (ETH). 

Established in 2013, Luno has grown steadily, expanding its presence worldwide, with a strong base in Asia and Africa. 

In Malaysia, Luno is particularly notable for being one of the few cryptocurrency platforms regulated by the Securities Commission Malaysia (SC), ensuring a secure and compliant environment for local users.

Initial Impressions and Onboarding Experience

The sign-up process is designed to be quick and user-friendly, with a clear step-by-step guide to set up an account. 

Verification of Identity

After downloading the Luno app or visiting the website, users are prompted to enter basic information and proceed with the Know Your Customer (KYC) verification, which is required by regulatory bodies. 

Luno needs these two things to verify identity:

• A colour photo or scan of Malaysian identity card (MyKad)
• A self-portrait photo (a clear, colour selfie) no older than 24 hours

Upon verification, users can fund their accounts directly in Malaysian Ringgit (MYR) through bank transfer, making the process simple and accessible for local users. 

If you are very new to crypto and would like to only focus on 1 coin, read my article on How to Invest in Bitcoin!

The interface itself is clean and minimalistic, providing easy navigation with clear tabs for buying, selling, and viewing assets. 

One standout feature of the onboarding experience is Luno’s built-in educational resources. 

New users are encouraged to explore these materials, which cover topics like crypto basics, the importance of security, and how to start investing responsibly. 

This emphasis on education is particularly valuable for beginners who may feel uncertain about entering the crypto space.

Investment Options with Luno Malaysia

Luno Malaysia offers a selection of major cryptocurrencies for users to buy, sell, and store, making it a straightforward choice for those interested in building a basic crypto portfolio. 

Currently, users can invest in 18 popular digital assets as per the list:

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. XRP
4. Solana (SOL)
5. Aave (AAVE)
6. Curve (CRV)
7. Maker (MKR)
8. Synthetix (SNX)
9. Stellar (XLM)
10. Cosmos (ATOM)
11. Polkadot (DOT)
12. Polygon (MATIC)
13. Avalanche (AVAX)
14. Cardano (ADA)
15. Chainlink (LINK)
16. Uniswap (UNI)
17. Litecoin (LTC)
18. Bitcoin Cash (BCH)

While the selection may be more limited than on larger international exchanges, Luno focuses on providing stable, highly recognized assets that appeal to most long-term investors.

One of Luno’s notable features is its Luno Wallet, which allows users to securely store their cryptocurrencies without needing an external wallet. 

This is ideal for those who may not be familiar with third-party wallets and want an integrated, secure way to manage their assets. 

Users can also send and receive crypto from others within the wallet, making transactions more accessible and user-friendly.

For those interested in regular investing, Luno offers a Recurring Buy feature. 

This allows users to set up automatic purchases of selected cryptocurrencies at chosen intervals (e.g., daily, weekly, or monthly), a strategy known as dollar-cost averaging. 

By automating purchases, users can build their investments gradually and potentially reduce the impact of market volatility over time.

Luno Malaysia also provides a basic Exchange option for those who prefer to trade crypto actively. 

While the platform doesn’t offer advanced trading tools like margin or futures, users can place limit orders, enabling them to buy or sell crypto at their preferred price points. 

This is a suitable option for users looking for a bit more control over their trades without venturing into complex trading strategies.

Additionally, some assets on Luno may offer staking options, where users can earn rewards by holding specific cryptocurrencies for a set period. 

However, staking availability and rewards can vary, so it’s worth checking the app for the latest details if this feature interests you.

Pros and Cons of Using Luno Malaysia

Luno Malaysia offers a range of benefits that make it attractive to new and intermediate investors, though it also has some limitations. 

Here’s a closer look at the pros and cons to help you evaluate if it’s the right platform for your crypto investment needs.

Pros

1. Regulated by the Securities Commission Malaysia
   Luno is one of the few cryptocurrency exchanges in Malaysia regulated by the Securities Commission, which adds a layer of trust and security for local users. 
2. Beginner-Friendly Interface
   Luno’s simple, intuitive design makes it ideal for those new to crypto investing. 
3. Local Currency Support
   Malaysians can fund their accounts with Malaysian Ringgit (MYR) via local bank transfers, streamlining the process and avoiding foreign exchange fees. 
4. Staking Opportunities for Passive Income
   Luno offers staking for select cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Cardano (ADA), which allows users to earn rewards by holding these assets.
5. Recurring Buy Feature for Dollar-Cost Averaging
   Luno’s Recurring Buy feature allows users to set up automatic purchases of selected cryptocurrencies at regular intervals.
6. Referral Program for Earnings
   Luno’s referral program rewards users for inviting friends to the platform, providing an easy way to earn Bitcoin. 
7. Price Prediction Games for Additional Earnings
   Luno includes a “price prediction” feature, where users can make predictions on future cryptocurrency prices.
8. Educational Resources for New Users
   Luno provides a library of educational content, including guides and videos, that cover crypto basics, security, and investment strategies. 
9. Luno Price Widget for Quick Updates
   Luno offers a price widget for mobile users, displaying real-time cryptocurrency prices and percentage changes right on the phone’s home screen. 

Cons

1. Limited Cryptocurrency Selection
   While Luno provides popular options like BTC, ETH, and a few others, it offers fewer cryptocurrencies compared to global exchanges like Binance. Those seeking a wide range of altcoins may find the selection limited.
2. Higher Fees for Instant Buy
   The instant buy feature on Luno is convenient but comes with higher fees compared to placing limit orders on the Exchange or using other platforms. Frequent traders may find these fees add up, impacting their returns.
3. Basic Trading Tools
   Luno is primarily designed for straightforward buy-and-hold investing, with limited advanced trading tools. Experienced traders may miss features like margin or futures trading, which are available on other exchanges.
4. No Wallet Private Keys
   Although Luno offers a secure in-app wallet, users do not have access to their private keys, meaning Luno holds custody of the crypto assets. Some investors may prefer external wallets where they control their own keys.
5. Limited Staking Options
   While Luno offers staking for select assets, options are limited compared to other platforms with a wider range of stakable assets and potentially higher returns.

Fees and Limits Summary

Category	Method	Fee	Notes
Deposits	Bank Transfer	Free (RM 1.00 if below RM 100)	Reflects in up to 24 hours
	FPX Instant Transfer	Free (RM 1.00 if below RM 100)	Reflects instantly, max RM 100,000 per transaction
	Touch ‘n Go eWallet	Free (RM 1.00 if below RM 100)	Reflects instantly, user-tier limits apply
Withdrawals	Bank Transfer	RM 0.10	Withdraw before 15:45 on weekdays for same-day arrival; others by next business day
Buying/Selling Crypto	–	2% per transaction	Applies to transactions on Wallets screen
Monthly Limits	Fully Verified Users	Deposits: RM 300,000; Withdrawals: RM 300,000	–
Staking	ETH	30% of rewards	Fee deducted from rewards before distribution
	ADA	20% of rewards	Fee deducted from rewards before distribution
	SOL	35% of rewards	Fee deducted from rewards before distribution
Luno Exchange Fees	Taker Fee (30-day Volume-Based)	0.60% – 0.13% (volume-dependent)	Based on trading volume; lower fees for higher volumes
Transaction Limits	MYR	Min RM 1.00 – Max RM 400,000	Varies by cryptocurrency
	Cryptocurrency	Varies by asset	Example: BTC 0.000025 – BTC 5
Cryptocurrency Sends	Dynamic Fee	Based on blockchain demand	Only XRP has a fixed fee (0.03%)
Receiving Crypto	–	Free	BTC transactions below 0.0001 BTC incur a small fee

Read more about Luno’s fees here!

Who is Luno Malaysia Best Suited For?

Luno Malaysia is ideal for:

1. Beginner and Intermediate Investors
   • Those new to cryptocurrency or looking for a straightforward, beginner-friendly platform.
   • Investors who prefer a regulated and secure environment.
2. Long-Term Investors Interested in Dollar-Cost Averaging

• Users who want to build their crypto holdings gradually with Luno’s Recurring Buy feature, which automates regular purchases for a dollar-cost averaging strategy.
• Users can also track real-time cryptocurrency prices and percentage changes on their phone homescreen.

3. Investors Focused on Major Cryptocurrencies
   • People interested in a select range of established assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) without exploring a wide variety of altcoins.
4. Those Seeking Passive Income Through Staking
   • Users who want to earn staking rewards on supported assets like ETH, SOL, and ADA without the need for extensive technical knowledge.
5. Casual Users Enjoying Gamified Features

• Individuals who appreciate engaging features like referral bonuses and price prediction games, offering fun ways to earn extra rewards.

 

Not Ideal For:

• Advanced traders looking for a wide selection of altcoins, margin trading, or complex investment tools.

Conclusion

Luno Malaysia is a solid choice for beginner and intermediate investors looking to enter the cryptocurrency market through a secure, regulated platform. 

With its intuitive interface, local currency support, and features like recurring buys, staking options, and educational resources, Luno provides a reliable entry point for Malaysians interested in building a crypto portfolio. 

Have you tried Luno? Or are you thinking about starting? I’d love to hear about your experiences and any questions you may have! 

Drop a comment below to share your thoughts, or feel free to reach out directly to me via email [email protected] 

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