Cryptocurrencies, especially Bitcoin, have gained massive popularity recently, with daily price movements becoming a focal point for investors. For Malaysians looking to enter the Bitcoin market, this guide simplifies the process using Luno—one of Malaysia's six legally recognized digital asset exchanges.
Why Choose Luno in Malaysia?
Malaysia’s Securities Commission approves only six cryptocurrency exchanges, including Luno, MX Global, Sinegy, HATA Digital, Torum, and Tokenize. Among these, Luno stands out for its:
- Fast deposits/withdrawals
- Beginner-friendly interface
- Easy crypto transfers to other exchanges
👉 Start with Luno today to claim your free RM75 Bitcoin
Step-by-Step Guide to Buying Bitcoin on Luno
1) Open a Luno Account
Use this Luno referral link and enter the promo code VFTQ7S during registration. Purchase at least RM250 in Bitcoin to receive free RM75 in Bitcoin (terms apply).
2) Set Up a Bitcoin Wallet
- Open the Luno app and navigate to Wallets.
- Tap Add a Wallet and select Bitcoin Wallet.
- Confirm with Create Wallet.
3) Deposit MYR
- Go to Local Currency Wallet > Deposit.
- Minimum deposit: RM10 (RM0.70 fee for deposits < RM100; free above RM100).
- Use FPX for instant deposits.
Note: The RM75 Bitcoin reward requires a minimum RM250 deposit.
4) Buy Bitcoin
Luno offers three trading methods with varying fees:
| Method | Fee | Best For |
|--------------|------|--------------------|
| Instant Buy | 2% | First-time buyers (required for RM75 bonus) |
| Taker (Market Order) | 0.60% | Quick trades at current prices |
| Maker (Limit Order) | 0.35% | Cost-saving for patient traders |
Pro Tip: Use Post-only in Limit Orders to ensure 0.35% fees by avoiding accidental Taker orders.
Advanced Trading Options
Limit vs. Market Orders
- Limit Order: Set your price (e.g., RM251,000 when the market is RM253,000). Lower fees (0.35%) but may not execute immediately.
- Market Order: Buy instantly at current prices (0.60% fee).
Stop-Limit Orders
Set Stop Price (trigger) and Limit Price (execution). Example:
- Stop: RM20 (buy if Bitcoin reaches this price).
- Limit: RM23 (execute only if the price stays above RM20).
FAQs
1. Can I buy fractions of Bitcoin?
Yes! Bitcoin is divisible (e.g., 0.0000358 BTC). Specify your MYR amount, and Luno calculates the units.
2. How long do withdrawals take?
1–3 business days (Interbank GIRO). Fee: RM0.10 per withdrawal.
3. What other cryptocurrencies can I buy on Luno?
BTC, ETH, LTC, XRP, BCH, and more. USDT is not supported, but you can trade XRP for USDT on other exchanges.
4. Is Luno available in Chinese?
No, only English.
5. Can I transfer Bitcoin to other exchanges?
Yes! Check Luno’s fees for withdrawal costs.
👉 Maximize your crypto journey with Luno’s low fees
Final Tips
- First trade: Use Instant Buy with promo code VFTQ7S to claim RM75 Bitcoin.
- Later trades: Switch to Limit Orders (0.35% fee) for savings.
- Withdrawals: Processed in 1–3 days.
For deeper insights, explore crypto terminology or email [email protected].
Happy investing! 🚀