I’m a Luno User since 2015. Here’s My Luno Malaysia Review

This is my long-overdue Luno Malaysia review after being a long-time user.

Let’s start this article with this little tidbit of information:

Before Luno Malaysia, they were called.. BitX

I’ve signed up with Luno since December 2015, back when they were still known as BitX. They only rebranded into the Luno that you know in 2017.

I’m not sharing this info to be ter-paling crypto early adopter (I know people who were earlier!). More to prove that I’ve been using their services for a long time.

In this Luno Malaysia review, I’m going to cover Luno Malaysia platform ONLY. For other questions like what other crypto exchanges are available in Malaysia and what’s the difference between Bitcoin and Bitcoin Cash, please head over to The ULTIMATE Cryptocurrency in Malaysia Guide article – I’ve already covered it there.

Luno Malaysia Review: 7 Features You Should Know

In all my years of using the platform, I can say there are 6 areas where Luno Malaysia excels in:

#1 – Widest cryptocurrency selection in Malaysia

As of writing time, Luno Malaysia offers 18 cryptocurrency options – the widest cryptocurrency options among regulated exchanges in Malaysia.

The cryptocurrencies are:

1. Bitcoin (BTC) – The OG crypto. The one you heard about the most, and the one that started it all
2. Ethereum (ETH) – Blockchain platform with smart contract functionality. Founded by Vitalik Buterin
3. Litecoin (LTC) – kinda like budget version of bitcoin (oop I said it). They say that if bitcoin is digital gold, then litecoin is digital silver
4. Ripple (XRP) – Ripple is actually a private and CENTRALISED company, which means crypto purists hate it. Holding XRP is kinda sorta like holding stocks in a remittance service provider
5. Bitcoin Cash (BCH) – A fork of Bitcoin. See Section #9 – Why are there two bitcoins
6. Uniswap (UNI) – Decentralised crypto exchange
7. Chainlink (LINK) – ‘Blockchain oracles for hybrid smart contract’
8. Cardano (ADA) – Blockchain platform. Founded by Ethereum co-founder Charles Hoskinson
9. Solana (SOL) – Blockchain platform with smart contract functionality.
10. Avalance (AVAX) – Blockchain platform with smart contract functionality.
11. Polygon (MATIC) – Polygon is a “layer two” scaling solution that was launched to connect and grow Ethereum-compatible projects
12. Polkadot (DOT) – Polkadot connects multiple blockchains in a unified network through a central chain known as the “Relay Chain.
13. Cosmos (ATOM) – Cosmos is a decentralized network that provides open-source tools for developers to create their own interoperable blockchains.
14. Aave (AAVE) – one of the largest digital assets lending platforms
15. Curve (CRV) – lets investors trade stablecoins and other digital assets for lower fees
16. Maker (MKR) – Sky, formerly MakerDAO, allows investors to temporarily lock up their digital assets in return for one of their stablecoin, Dai (DAI) or USDS (USDS)
17. Synthetix (SNX) – Synthetix enables the creation of synthetic assets, allowing investors to trade real-world assets like commodities, currencies, and stocks on the blockchain
18. Stellar (XLM) – connects traditional financial institutions with blockchain technology, enabling rapid and cost-effective transactions between fiat currencies and digital assets. 

#2 – User interface (the UI/UX)

The Luno app is very easy to use. Trading knowledge is useful but not required. There are great security features (although the weakest link is always the humans themselves – more on this below)

#3 – Can set up repeat buy

You can set up crypto purchase monthly, weekly or even daily, from RM1. A great set-and-forget, sikit-sikit lama-lama jadi bukit strategy (the fancy term for this investment strategy is DCA – dollar cost averaging)

They do impose 2% service charge for this feature though.

#4 – Cryptocurrency portfolios

Speaking of repeat purchase, now you can also invest in cryptocurrency ‘portfolios’ via Luno Malaysia! If you want to buy multiple cryptocurrencies, then this option would save you fees.

To purchase multiple coins in one purchase, go to the Explore page > Buy Multiple coins. You will see the option to buy:

• Luno’s most popular coins: Bitcoin, Ethereum and Ripple
• A piece of everything: All 18 cryptocurrencies that Luno Malaysia offers
• Choose your own coins: Pick and choose what you want

#5 – Generous Bonus for new users

New users can get RM75 in BTC on minimum RM250 deposit, which is instant 30% ROI!. To earn this, sign up with my code ‘7FA6G′.

Simply open a new account at Luno.com > Go to REWARDS > Choose ENTER CODE > Enter the given promo code > Click Apply Code > Deposit the minimum amount required > Buy the minimum transaction amount > Get rewarded with the additional Bitcoin.

#6 – Staking with Luno Malaysia

As of February 2024, Malaysians can stake Ethereum and Cardano directly via Luno Malaysia platform!

Personally, I am excited about this feature. Hodling is great but earning while hodling? Amazing!

For those who are not familiar, staking is sort of like… collecting rental on property investment. You get capital appreciation (*if* Ethereum continues to increase in value), and you get to earn something while holding on to the asset.

All you have to do to stake Ethereum or Cardano via Luno Malaysia is:

• Log into your Luno Malaysia account
• Select ETH wallet or ADA wallet > Stake (obv you have to have some ETH or ADA first)
• Go through the steps

I really like this staking feature. Might as well earn while I hodl, correct or not 🙂

#7 – Trustworthy

I want to expand on this part.

Is Luno legal in Malaysia?

Yes, Luno is legal in Malaysia. They are registered with Securities Commission Malaysia and regulated under the Digital Assets Guideline, issued on 28 October 2020.

In fact the initial batch of approved crypto exchanges in Malaysia – Luno, SINEGY and Tokenize – have my biggest respect. It’s not too far-fetched to say that without their perseverance in getting licenced, crypto wouldn’t be this mainstream.

Second is my own personal experience with the team. I don’t know what they do to promote such a community-focused culture in the organisation, but it’s great. Even from the early days, my interactions with Luno employees have been nothing but positive.

I even provided some work in an informal capacity (wrote some articles) and at one time interacted directly with co-founder and CEO of Luno, Marcus Swanepoel and he was super nice and respectful.

And the positive interactions continued on even now. The Luno Malaysia team reaches out from time to time to offer updates, benefits, support and learning opportunities. At one time, they conducted free webinars aimed to increase women’s participation in crypto – something I personally appreciate.

Is Luno Shariah-compliant? Is Luno Halal?

So, is Luno Shariah-compliant? Well the exchange itself is agnostic. As for the products – the cryptocurrencies – I will repeat what I wrote in the The ULTIMATE Cryptocurrency in Malaysia Guide article here:

The short answer is yes, if you don’t take excessive risks and acquire them through legal and ethical means. The long answer can be found at Securities Commission’s Digital Assets from Shariah Perspective page.

However, there are differing views. For example, the Indonesian Ulema Council deemed it haram.

It’s ok if crypto is not for you. Just do other investments, focusing on halal investing.

Do read the article because there is a section on calculating zakat on cryptocurrency savings.

Is Luno safe in Malaysia?

Now, the next part – is Luno safe in Malaysia?

Well, I think Luno is safe place to buy, sell and keep cryptocurrencies. They implemented a lot of security features.

However, please note that safety features doesn’t mean ‘confirm won’t lose money‘. That brings me to:

Luno Malaysia review: Common complaints

Common complaint #1 – Losing money

Luno Malaysia the company is regulated but (1) the value of your bitcoin will still go down during bear market, and (2) you can still get scammed and lose your crypto.

It’s the same idea as using banks – if you accidentally transferred funds to a scammer, or if your account got hacked, the bank is not responsible for the loss.

There is no 100% guarantee way to prevent losses, but you can significantly reduce the chances by:

• Implementing 2-factor authentication
• Implementing Biometric login
• Using strong passwords for your Luno login AND email address
• Using hardware wallet if you have a significant amount

You can read more about digital security and other security measures in the The ULTIMATE Cryptocurrency in Malaysia Guide article. You can also refer to Luno Blog section on Security for more tips.

Common complaint #2 – Not enough cryptocurrency options

Currently, the platform only offers 18 cryptocurrencies – a far cry from the hundreds/thousands of crypto assets options offered from popular (but unregulated) exchanges like Binance and KuCoin.

Aaron Tang, Country Manager of Luno Malaysia (now General Manager APAC) (you may also know him as mr-stingy.com) has said that the number one customer request is more crypto assets.

Even though in 2022 Aaron has assured that more coins will be offered later, it is unlikely that they will add hundreds or thousands of additional crypto assets. It is also unlikely that your favourite dog coin will be approved by Securities Commission and listed in Luno.

This is not a bad thing.

Rather than lack of options, think of it as Securities Commission doing the work to ‘vouch’ cryptocurrencies on our behalf. When they approve a crypto asset, they’re basically saying ok this one safe, not scam coin.

It also doesn’t matter if Luno Malaysia doesn’t offer that many cryptocurrencies. Once you get BTC/ETH/XRP, it’s not hard to exchange that to whatever crypto asset you want – it’s just a matter of learning how. So not having options in local exchanges is not that big of an issue tbh.

Personally, I choose to concentrate on mostly hodling BTC and ETH myself because they’re the safest options. For a longer version of that argument, read more in the Which Cryptocurrencies to Invest In? 3 Ways I Use to Decide article.

Final say: Don’t take regulated exchanges for granted

Perhaps some of you read this article wanting to know why you should use Luno or other regulated exchanges when unregulated ones offer more services and crypto assets. Just one reason: your safety.

I wish more people know how scary it was to invest in cryptocurrencies in the early days. It was very common to lose money. I’m oversimplifying, but it went more or less like this:

• Circa 2015-2017: Many exchangers and p2p platforms allowed Malaysians to buy and sell crypto, but not all of them are great with due diligence or security. A lot of people lost money when the exchanges got hacked or when they got scammed
• Circa 2018-2019: It got so bad that many local banks were not willing to work with crypto exchanges, making customer deposit/withdrawal difficult. Regulatory body Securities Commission started on the Digital Assets framework, aimed to increase customer protection
• Circa 2020 – now: About a dozen crypto exchanges applied for the licence but only some (including Luno) successfully met SC’s stringent requirements. Now, Malaysians can easily own (selected) digital assets

What I’m saying is, being a licensed exchange is a hard-won battle and the extra few ringgit paid is well worth your own security and protection, especially if you’re new to crypto. When you gain more experience and knowledge, then you can go nuts and explore the wild wild west side of it.

Last but not least, don’t forget to get that Bonus for new users. New users can get RM75 in BTC on minimum RM250 deposit (instant 30% ROI) with my code ‘7FA6G′.

Simply open a new account at Luno.com > Go to REWARDS > Choose ENTER CODE > Enter the given promo code > Click Apply Code > Deposit the minimum amount required > Buy the minimum transaction amount > Get rewarded with the additional Bitcoin.