Luno Malaysia Review

Luno Malaysia Review

Written by Olivia, In Crypto, Updated On
June 22nd, 2023
, 658 Views

Established in 2013, Luno is a globally recognized wallet provider and cryptocurrency exchange, with a strong presence in Malaysia. While not all exchanges are regulated, Luno Malaysia is both reputable and legal, offering affordable trading fees for Bitcoin, Ethereum, and Litecoin. 

TU experts have published Luno Malaysia review. In the review compliance with local regulations and efficient performance are emphasized. So, for residents concerned about its legality and operational efficiency, Luno Malaysia is a trustworthy option.

Does Luno operate in Malaysia? Is it authentic?

luno

Traders Union notes that Luno Malaysia is a reliable cryptocurrency exchange platform with a strong regulatory framework:

  • Luno Malaysia is officially licensed and recognized as a Market Operator by the Securities Commission Malaysia.
  • As one of the first regulated exchanges in Malaysia, it enjoys a high trust level among local traders.
  • It should be understood that while being legal and regulated, Luno is not immune to potential cyber-attacks, similar to other digital exchanges globally.
  • Despite these potential risks, Luno Malaysia maintains a robust security system and transparency, with a public registration number (No. 201501011592 (1136927-A)) that can be verified with local authorities.

Is Luno Malaysia safe?

TU experts can affirm that Luno, including its branch Luno Malaysia, is one of the most secure exchanges globally. The Malaysian division adheres to high-security standards and anti-money laundering compliance, registered with the Central Bank of Malaysia. Luno Malaysia ensures the safety of user assets via deep freeze wallets and two-factor authentication, and keys are stored offline.

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The availability of hot wallets facilitates easy transactions. With Luno’s notable global presence and robust security measures, the likelihood of adverse events is remarkably low, making it a trusted platform for cryptocurrency trading.

Luno Malaysia – general information

luno

TU analysts provide a summarized overview of the Luno Malaysia cryptocurrency exchange:

  • It supports a range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.
  • The Central Bank of Malaysia regulates the exchange, ensuring a safe and legal platform for transactions.

Key features of Luno Malaysia are as follows:

  • Account Currencies: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash
  • Minimum Deposit: Free, but a charge of RM 0.7 applies for amounts below RM 100
  • Withdrawal Fee: RM 0.10
  • Spread: Market-based
  • Trading Instruments: Cryptocurrency

Luno Malaysia’s pros and cons

TU presents both the advantages and potential drawbacks associated with using the Luno Malaysia exchange.

Pros:

  • Luno Malaysia is a user-friendly, secure, and lawful exchange platform.
  • It has an uncomplicated sign-up process with minimal fees.
  • The platform prioritizes user security with measures like two-factor authentication and deep-freeze wallets.
  • It caters to both novice and experienced traders.
  • Payment options include credit cards and bank transfers.
  • No deposit fee is charged, and other transaction fees are quite reasonable.

Cons:

  • The variety of cryptocurrencies available for trading is relatively limited.
  • Luno Malaysia does not have referral programs and tends to lack high liquidity.

Top 5 Alternatives of Luno Malaysia

Traders Union presents the top five alternatives to Luno Malaysia for your consideration:

  • Binance: A leading global cryptocurrency exchange offering an extensive list of cryptocurrencies for trading and advanced trading features.
  • Coinbase: Renowned for its user-friendly interface, Coinbase is ideal for beginners and supports a wide array of cryptocurrencies.
  • eToro: A social trading platform that allows cryptocurrency trading alongside a variety of other assets, offering a unique copy trading feature.
  • Kraken: With its robust security measures and a vast selection of cryptocurrencies, Kraken is a reliable platform for seasoned traders.
  • Gemini: Regulated by the New York State Department of Financial Services, Gemini offers a secure environment for trading a variety of cryptocurrencies.
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In addition to these alternatives, a comprehensive Nominex review reveals its strengths in security, trading options, and user-friendly design, making it another viable choice for traders. For this reason, it’s worth considering Nominex, an innovative cryptocurrency exchange with unique features.

Conclusion

Luno Malaysia stands out as a secure, user-friendly, and reliable cryptocurrency platform. It’s essential to consider the pros and cons before choosing an exchange that suits your trading needs. For more insights on cryptocurrency trading and exchanges, visit the Traders Union website.

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