Luno review malaysia, Is this a safe exchange?

It’s time for Luno Review Malaysia, Luno is one of the most popular exchanges among crypto traders.

It is a place for buying and selling bitcoin and Ethereum.

This company also has a Luno wallet where you can store Bitcoin in their wallet.

Luno has claimed to have more than 2 million customers spread across 40 countries, including Malaysia.

So if you are a Malaysian crypto trader, then Luno might be an option for buying and selling Bitcoin, Ethereum and Bitcoin cash.

But if you are a crypto trader who likes to buy and sell crypto assets with a large selection, Luno is not the best, because he only trades the largest crypto Bitcoin, Ethereum and Bitcoin cash.

Another option is Binance if you want a more complete crypto exchange.

Previously, the Luno wallet was known as Bitx, but later it was changed to Luno.

But is it safe to use their services?

In this Malaysia Luno review, you try to gather from several sources to answer the questions above.

luno review malaysia

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Company overview

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Luno review Malaysia

At first, Luno was formally Bitx, which is a cryptocurrency exchange and wallet provider, first operating in 2013 in Singapore, then the network expanded to various countries.

Especially in 2017, they developed well and eventually rebranding the name from Bitx to Luno.

These exchangers are especially popular in South Africa, with the largest volume in Nigeria.

The team behind the scenes according to the official website are people from various countries who are experts and experienced at Google, Amazon, Morgan Stanley, Barclays, and Ernst & Young.

But even though there are a number of photos on their team.

There is no name and information about the tittle position that is visible on the website.

These exchangers expanded to Malaysia and Indonesia and Nigeria in 2014.

At this time they claim to have offices in various countries including London, Singapore, Kualalumpur, Jakarta, Cape Town, Johannesburg, also Logos.

Luno service

Luno offers several products for exchanges, wallets, and also API developers.

For the wallet service offers a Bitcoin wallet, Ethereum wallet, and a Bitcoin cash wallet.

They use a trading platform for exchange with a simple but elegant appearance with four choices of charts, candles, lines, dept, and tradingview.

In the left box, there is an order book and the right box with market activity.

With the four options of the chart, it is easy to choose which is easy to understand for market analysis, the tradingview display is more attractive than others and can also embed available indicators.

How does Luno work?

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Luno review Malaysia

Luno is an exchange that offers support for several fiat currencies, including;

  • Euro (EUR)
  • Malaysian Ringgit (MYR)
  • Nigerian Naira (NGN)
  • Indonesian Rupiah (IDR)
  • South African Rand (ZAR)
  • Zambian Kwacha (ZMW)

Users can buy and sell bitcoin and Ethereum transactions through the Luno platform after depositing a sum of money through the available payment methods.

The purpose of buying and selling cryptocurrency is to get profits from price changes, while Luno as a service provider will get a commission or fee from transactions made by users.

Luno payment method

The payment methods available in Luno provide easy access to make deposits and withdrawals, to or from Luno’s wallet.

Some supported payment methods that available is

  • Debit/Credit card (EUR)
  • SEPA (EUR)
  • Interbank Giro/IBFT (MYR)
  • Card deposit (NGN)
  • Bank transfers (IDR and NGN)
  • Paystack(NGN)
  • GT Bank transfer (NGN)
  • Cash deposit penalty (ZAR)
  • EFT (ZAR)

The payment method depends on the country, different countries might offer different methods, so you refer to which country you live in, and also whether Luno supports that country.

And also the difference in payment methods can also be different fees charged, the good news is using a debit/credit card has a zero percent fee, maybe this method is the most used.

Luno fees

Luno has a fee schedule that varies depending on the type of service available, and also depends on the country where you live.

Some types of schedules related to fees are as follows;

  • Deposit fees
  • Transaction fees
  • Withdrawal fees
  • Fee Sending and receive Luno account to other Bitcoin addresses

For deposits that have different methods in several countries, European countries offer SEPA transfers, whereas in Malaysia using Instant Transfer or Interbank GIRO.

Transaction fees in Malaysia on BTC/MYR and ETH/MYR are subject to a fee for takers of 0.20%, while for makers not charged to fees.

For deposit and withdrawal fees in Malaysia using instant Transfer or Interbank GIRO, free deposits and withdrawals are subject to a fee of MYR 0.32.

Meanwhile, for sending or receiving cryptocurrency from Luno to another wallet address, only a fee is charged for sending and no fee for receiving cryptocurrency from another wallet.

If sending BTC to Bitcoin address has a dynamic fee, but if sending to an email address or telephone number is free.

It also applies to Ethereum wallets. Detail fee in Malaysia can be found here.

Luno verification level and limit to buy

Luno has a verification level rule that impacts on allowed deposit and withdrawal transaction limits.

Verification level is divided into four groups, level 0, level 1, level 2 and level 3.

Level 0 is confirmation of the e-mail address or register of a social media account.

You cannot deposit and withdraw if at level 0

Level 1 is confirming cellphone numbers and basic personal information.

In Malaysia, level 1 is also still not allowed to make deposits and withdrawals.

But in some other countries, it is allowed to make deposits with certain restrictions, for example in Europe the maximum one level of deposit/withdrawal is 1000 euros.

Level 2 by sending a photo or color scan of an identity document and take a photo selfie (no more than 24 hours since the photo was taken).

For level 2 verification in Malaysia, you can make a deposit/withdrawal of a maximum of MYR 10.000 per month.

Level 3 by sending document proof of residence address.

If you pass level 3 verification in Malaysia, you can deposit/withdraw a maximum of MYR 300,000 per month.

Luno country supported

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Luno review Malaysia

By expanding Luno exchangers, it has supported 40 countries, mostly from countries in Europe with a total customer base of more than 3 million people in the year 2020.

The all-country list in Luno 2020 is following

  1. Austria
  2. Belgium
  3. Bulgaria
  4. Croatia
  5. Cyprus
  6. Czechia
  7. Denmark
  8. Estonia
  9. France
  10. Greece
  11. Guernsey
  12. Hungary
  13. Iceland
  14. Ireland
  15. Isle of Man
  16. Italy
  17. Jersey
  18. Latvia
  19. Liechtenstein
  20. Lithuania
  21. Luxembourgish
  22. Malta
  23. Monaco
  24. Netherlands
  25. Norway
  26. Poland
  27. Portugal
  28. Romania
  29. San Marino
  30. Slovakia
  31. Slovenia
  32. Spain
  33. Sweden
  34. Switzerland
  35. United Kingdom
  36. Indonesia
  37. Malaysia
  38. Nigeria
  39. Singapore
  40. South Africa
  41. Uganda
  42. Zambia

Is Luno a Regulated exchange?

At present, there is no information about Luno regulated, either on the official website or other sources, but seeing from its business travel since 2013 it means that the company has been operating for several years.

However, once they support anti-money laundering and comply with KYC rules.

But in certain countries such as Indonesia, there is news that for companies engaged in cryptocurrency can take care of permission to BAPPEPTI and Luno Indonesia may have taken care of regulations in this country.

Luno also supports the existence of regulations related to digital assets throughout the world.

And perhaps Luno representatives in each country already have operating licenses from the country’s regulatory department.

Is Luno safe exchange?

Luno review malaysia, Is this a safe exchange?

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Luno review Malaysia

For bitcoin storage, Luno offers what they call “deep freeze” which is a multi-signature wallet that is stored in a different bank vault using a private key.

No one person holds more than one key, and to extract bitcoin from deep freeze requires coordinated efforts with several layers of encryption.

Their hot wallet offers multi signatures stored in Luno and another stored in the Bitgo multi-signature custodian.

With multi-sig separation in two different places will be safer, because the thief must break into two different systems.

For password security, they recommend using a strong password, and only users know the password.

For further security, the user can use 2FA authentication, as an additional security layer.

Is Luno a good Bitcoin wallet?

For the security of the old Bitcoin wallet, until now there has been no news that they had been hacked.

However, as a user also must be careful to avoid password theft, either using a phishing website or through phishing emails.

And what’s interesting is that the Luno Bitcoin Wallet can send or receive bitcoin via QR code, email, and also the phone number and blockchain address.

Customer support Luno

For contact support services, it might be considered inadequate, because there is no live chat and they only support the help center and email support.

It seems quite troublesome if the user experiences problems making it difficult for users to contact live.

Customer review Luno

Customer reviews are statements from users who have tried to use the Luno service.

Of the Trustpilot sites, most users voted 53% poorly, while those who gave an excellent vote were only 23%.

So if you pay attention to the reviews of Luno users, we can take the conclusion that this one is not good exchange and users often complain about problems with their money.

Some claimed that their accounts were blocked without any definite reason, complaining that they had lost their deposit.

And there are also those who complain about contact support who do not provide the best solution and only turn backwords but do not find a problem solved.

FAQ

1. What is a decentralized exchange (DEX)?

Decentralized exchange or DEX is a market exchange without relying on intermediaries from third parties, it can be said that this is a direct transfer from user to user or peer to peer through a process that occurs automatically.

2. What is a centralized exchange?

A centralized exchange is an exchange that accepts and stores user deposits.

Centralized exchangers store client money and personal identification information, centralized exchanges have a higher risk of becoming victims of cyber hacking and theft.

Most of these exchangers verify IDs to comply with KYC and anti-money laundering (AML).

3. Do I need a digital wallet to trade with Luno?

When you register Luno, you will get a Luno wallet that can store Bitcoin, Ethereum and fiat money.

However, it includes a hot wallet, so it is still vulnerable to risk.

But Luno saves your money in cold storage with your private key.

4. How do I send bitcoin for free on Luno?

To send bitcoin for free you can send it to an email address or mobile number.

You can send instantly with fellow Luno users and 14 days for non-Luno users.

Conclusion

Luno review malaysia, Is this a safe exchange?

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Luno is an exchange that has advantages and disadvantages.

The convenience for bitcoin trading with fiat money is the advantage, besides that, it is also a free fee by sending by email and phone number.

But the drawbacks include reviews from problematic users who give poor value to these exchangers.

It can only trade Bitcoin and Ethereum while many other exchangers support more cryptocurrency.

Luno also doesn’t offer margin trading, which can boost profits.

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