How to Buy Crypto with Luno Exchange

In this article, we will talk about Luno exchange, specifically how to buy crypto in Malaysia. You may follow the same steps if you live in another country as well, the process should be more or less the same. But let’s start with some introduction and how safe is Luno exchange.

Is Luno Safe and Secure ?

As far as I know, Luno has been regulated in Malaysia since 2021, you may follow the news here in this article : https://themalaysianreserve.com/2021/07/30/luno-becomes-1st-registered-cryptocurrency-exchange-in-malaysia/.

In the FAQ section on their website, it stated “We are a Recognised Market Operator for cryptocurrency in Malaysia by the Securities Commission (SC)” with a link to the Securities Commission site for Malaysia.

Moreover, I’ve been using this platform for around 5 years, and even though there are some hiccups since it got banned for a year plus in Malaysia, but ever since they have been regulated, they are able to operate again and all the funds are still intact. Furthermore, during the banning period, we are still able to move the coins to another wallet.

According to their site, they claims that Luno stores 95% of crypto in “deep wallet” and it is protected by many layers of encryption. They support 2FA using Google authentication and provide settings like disabling crypto withdrawal in case if anyone gain access to your wallet, they won’t be able to transfer the coins out immediately.

To enable crypto withdrawal/send, you will need to wait for at least 24 hours. This will make sure that you are the one who enables it, and if someone else did that, you will have the time to change your password and disable it.

Luno : Coin and Country Support

At the time of writing this article, the only cryptocurrencies that Luno exchange supports right now are BTC, ETH, XRP, LINK, UNI, LTC, BCH, ADA, and SOL. They only supported BTC and ETH a few years back, and now they have finally added more coins to their platform.

Also, they are operating in several countries. According to their website, these are the supported countries : South Africa, Nigeria, Uganda, Australia, Indonesia, Malaysia, Singapore, United Kingdom, France and United States. You may check this link https://www.luno.com/en/countrylist for latest info.

Signing Up at Luno

You may sign up using my referral link https://www.luno.com/invite/63KTP or referral code “63KTP”. By using a referral code, you will be awarded MYR 25 in Bitcoin as well. Read more about rewards here : https://www.luno.com/help/en/articles/11000029864

Signing up is pretty easy and straight forward. Just key in your email and set your own password at the sign up page. You can also sign up using your Google, Facebook or Apple account.

Before you can start using the platform, you will need to verify your account by doing KYC. You are required to provide your details and proof of identity. Usually, getting authenticated takes one or two days.

Under the rewards tab, you will find your referral code. If someone uses your code, you and the other person will both receive the same reward amount.

How to Deposit Fiat to Your Account

Before you can buy any crypto coins, you will need to bank in some fiat currency to your Luno account.

Firstly, click on your local fiat currency. In this example, we will be using “MYR”. Depending on where you are, you will see different currencies.

Then, click the deposit option.

You will be able to deposit your fiat currency instantly, using the FPX service, again, this service is available in Malaysia and your country might provides with a different service.

Click continue and follow the next instruction. Key in the amount you wish to deposit to your Luno account. I’m depositing MYR 500 here in this example.

Next, you should see some important notice or instructions, read carefully and click continue, you should see this page below.

After clicking “Continue to FPX”, you should see this page below, choose your bank and then click “proceed”.

It will then take you to the bank login page. After logging in, you will see something like this below. We will be choosing “Maybank2u” in this example.

When you’re done transferring, you will be returned to the Luno site with a thank you message. Once its confirmed, you shall see the deposited amount in your wallet.

It could take around 1 to 15 minutes depending how fast your bank can transfer to the Luno platform. After receiving the funds, you will be able to purchase some cryptocurrency. The processes for purchasing cryptocurrency are listed below.

How to Buy Crypto

After depositing your fiat currency into your Luno account, you can now buy crypto at ease. There are 2 ways to buy crypto from Luno. The first method is by using the exchange where you can set the desired price and the second is the straight forward method where you will buy at the market price.

Method 1 : Buy Crypto Using the Exchange

On the home page, click “exchange”.

Then, choose one of the pairs. Since I’m buying ETH in this example, I will choose “ETH/MYR”

Set the ETH price that you wish to purchase and then type in the amount of ETH you want to purchase. If you want to buy with all your available funds, just click the “MAX” button.

Once you click the “BUY ETH” button, your buying order will be listed under the “Open Orders”.

You can also cancel your buy order if you feel like changing the price or you do not want to buy anymore

Once your buy order is filled, you will then receive “ETH” in your ETH wallet. You will not be able to cancel the buy order once it’s filled.

In this example, I have cancelled the buy order and then set the ETH buy price at MYR 5,000. If you go back to your wallet page and click on your fiat wallet, you will see the pending order as well.

Method 2 : Buy Crypto from the Wallet Page

Under your wallet page, click on the buy button. You will see a list of coins at the bottom of the page, click one of the coin that you would like to buy.

In this example, I will choose ETH. Once you click on the coin, you just have to key in the amount in fiat currency.

As of writing, MYR 500 equals to ETH 0.09046499. Once you click the next button, you will proceed to confirm buying ETH and shall receive the coin in your wallet once its confirmed.

How to Send or Receive Crypto with Luno after You Buy Crypto

Most of the time, we prefer to transfer our cryptocurrency to another wallet or keep it in cold storage rather than storing it at the exchange. To read more about wallet’s seed phrase, you may go here https://www.kintechie.com/what-is-seed-phrase-password-and-private-keys-in-crypto/

We won’t go too much details here, to send or receive crypto is pretty straight forward. Under your wallet page, you will find the send or receive option.

You will need to enable send from the option for security reasons as mentioned above. It will take around 24 hours for send to be enabled

Clicking on the “receive” option will let you choose the coin you wish to receive, example below is from clicking “ETH”.

Copy your ETH address and paste it to the wallet you wish to send from. Or, you may scan the barcode from the wallet app you want to send from. It will take some time for the transaction to complete depending on the traffic and the amount of fees you paid for the transaction.

Caution : Make sure that you are copying the correct address for the right coin, do not send to a different address. If you try to send BTC to an ETH address, you will LOSE your coins and you will not be able to reverse the transaction. Always double check if the address you send to is the correct address!