Even though there are a lot of exchangers out there why luno is highly recommended to beginners there are three main reasons luno becomes one of the most chosen exchanger among beginners.
1) Malaysia Sec Approved
What Does Malaysia Securities Commission do, The SEC is responsible for developing and implementing capital market rules, maintaining long-term market growth and development, and supervising capital market operations and market institutions such as exchanges, clearing houses, and registered market operators. So if we have approval from Malaysia SEC we can consider LUNO is one of the legit platforms to buy and store cryptocurrencies.
2)Luno is Easy To Use
- A basic user interface
- At the touch of a button, you can start buying crypto.
- Simplified Tracking System
3) Convenient Deposit System
There are two ways provided :
a) FPX Instant Transfer
We can use almost any bank in Malaysia for this payment as long as you have online transaction approval from your bank. We can deposit as low as RM 10 using this method and the deposit amount will reflect on your Luno account within 10 minutes.
b) Bank Transfer
Basically, this method is like transferring money from your account to another person’s account. For this method make sure you transfer the money to the given account number by luno, do not deposit cash and you cannot deposit the same amount of money within 24 hours but you can use different amounts. Make sure to enter the reference code they give during the transaction in banking fields such as Recipient Reference, Other Payment Details, Payment Details, Reference 1, Reference 2, Comments, Message, and so on to get your deposit fast.
Also, make sure the deposit is done from your personal bank account.For any of those two methods, if the amount of the deposit is less than rm100, luno will charge a fee of around rm 0.70.