Bitcoin and cryptocurrencies continue gaining global attention, with Malaysia's investors increasingly interested in safe purchasing methods. As one of Malaysia's four licensed crypto exchanges (alongside MX Global, Sinegy, and Tokenize), Luno stands out for its user-friendly interface and seamless MYR transactions.
Step-by-Step Guide to Buying Bitcoin on Luno
1) Create Your Luno Account
Begin by signing up on Luno using this referral link. The registration process requires:
- Email verification
- Identity confirmation (upload NRIC or passport)
- Facial recognition for security
2) Set Up Your Bitcoin Wallet
Navigate the app's bottom menu:
- Tap "Wallets"
- Select "Add a wallet"
- Choose Bitcoin Wallet
- Click "Create Wallet"
👉 Start trading Bitcoin securely today
3) Deposit MYR Funds
Funding options include:
- Bank transfer (FPX)
- Credit/debit card (higher fees)
Fee Structure:
| Deposit Amount | Fee |
|---|---|
| < RM100 | RM0.70 |
| ≥ RM100 | Free |
Minimum deposit: RM10
Maximum daily deposit: RM30,000
4) Execute Your Bitcoin Purchase
Luno offers three trading methods with varying fees:
Instant Buy (2% Fee)
- Simplest method for beginners
- Executes at current market price
- Accessible via "Buy" button in Bitcoin Wallet
Exchange Trading (Lower Fees)
| Order Type | Fee | Description |
|---|---|---|
| Taker (Market) | 0.5% | Accepts existing market prices |
| Maker (Limit) | 0.25% | Sets custom purchase price |
Pro Tip: Enable Post-only in Limit orders to guarantee 0.25% fees by preventing accidental Taker executions.
Advanced Trading Features
Order Types Explained
- Limit Orders: Set custom buy/sell prices
- Market Orders: Immediate execution at current prices
- Stop-Limit: Triggers orders when price reaches specified levels
Bid-Ask Dynamics
- Bid: Highest buyer offer price
- Ask: Lowest seller asking price
- Spread: Difference between Bid and Ask prices
Luno's Cryptocurrency Offerings
Currently supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
👉 Diversify your crypto portfolio now
Frequently Asked Questions
Can I buy fractional Bitcoin?
Yes! Bitcoin is divisible to 8 decimal places (0.00000001 BTC). You can invest any amount from RM10 upwards.
How long do withdrawals take?
MYR withdrawals typically process within 1-3 business days via Interbank GIRO, with a flat RM0.10 fee.
Does Luno support USDT trading?
No, but you can purchase XRP on Luno and transfer to other exchanges for USDT conversion.
What if I want coins not listed on Luno?
Alternative methods include:
- Purchase XRP on Luno → Transfer to other exchanges
- Convert to USDT on secondary platforms
- Purchase desired altcoins
Security Best Practices
- Enable two-factor authentication (2FA)
- Use strong, unique passwords
- Never share wallet credentials
- Verify withdrawal addresses carefully
Final Thoughts
Luno provides Malaysians a regulated gateway into cryptocurrency investing. While its selection is limited compared to global exchanges, its straightforward interface and local banking integration make it ideal for beginners.
Remember: Cryptocurrency investments carry risk—only invest what you can afford to lose.