Hi,

Can someone please shed light on Luno Malaysia's reputation among Malaysian bitcoin traders? I'd like to hear out your reviews, thoughts, and experience dealing with Luno Malaysia before using it to trade large amount of money.

Thanks

Just one word: Beware

If Luno Malaysia is the official offshoot of Luno then I think they are pretty solid.

One criteria for exchange is transparency, and Luno befits that. Many exchanges operate by stealth, for example Yobit is one. So you don't know who is behind and if it will disappear. Luno International has a proper team and it's listed online.

Another thing I like about Luno is that it takes a concerted effort to service users in Indonesia, Malaysia and Singapore. So despite not being Kraken or Coinbase it is catering to a targeted audience, which is good.

Lastly, I haven't used Luno before lol. I started with Kraken (and others) and was stucked with them since. Not a bad thing

Anyways, if you trade and move your coins out of exchange once you are done, there is no big major risk, even on opaque exchanges such as Yobit. Your bigger concern might be the exchange rate and the withdrawal fees, to get the best rate. Luno being in Malaysia might have factored that.

This post has been edited by simplylegendary: Aug 9 2017, 10:58 AM

How do you withdraw back to Malaysia if you are using Kraken?

You can withdraw using regular TT to Malaysian banks. I am not sure if they do Ringgit TT or they will need to convert from USD to Ringgit which you lose some rates.

I usually TT USD to my USD account since I prefer to keep some savings in USD.

If this is the case, Luno is giving high MYR in comparing your USD TT back to Malaysia and then convert it at current rate.

The main reason I'm thinking of going all Luno Malaysia is to avoid the capital gains tax imposed by US regulations. So if you are withdrawing usd from kraken to your us bank accounts, please beware of capital gains tax which you will need to report when you do your taxes.

Luno charges 1% for takers fee. That's a lot!

No need la, u r not US citizens why need to pay capital gain tax. Even if you need (which you don't) you can sell your crypto in many other places without needing to go through the hassle.

And yes, 1% is f*king alot.

Yea I'm not a US citizen but i have a ssn lol, which requires me to report tax. That's why I'm careful in picking my exchange. Think I'm just gonna use my kraken to hold USD temporarily (which is not the best idea but it's better than holding USDT).

Kraken's taker's fee is 0.26%, much better by a mile lol

I think there was a ruling that beyond certain amount Kraken is not required to report (was it tax or ID verification?)

Also paid tax long long time ago in US so same predicament lol.

nope. fees 2 high. price not competitive.
when i do buy btc using myr i'd rather use xbitasia. the liquidity is a problem tho.

They're alright as an online exchange......not too many choices for us Malaysians using Ringgit anyway.
Everything works as intended, and I have never experienced any problems with them so far.
Just don't store any coins for the long term, for security purposes (after all, they are an online exchange, not a wallet provider).
Their liquidity is better than XBit Asia.

2014 is quite old timer, probably millionaire or multi millionaire now

Just be a maker & you won't get charge anything. That's how I did it so far....

Smart move

But are you sure maker is free in Luno? Maker is usually cheaper but free is new to me.

Yes, being a maker in Luno is free.

Yup, free. I have been a maker a few times already in Luno. I got back my deposit + profit without any charges at all. You just have to been patient a bit & queue at the price that you want to buy/sell.

Signed up for Luno yesterday and so far so good. Deposited money, bought BTC and transferred to Bittrex for trading.

Newbie here, signed up on Luno today. And bought little BTC too.

newbie here as well. just registered with luno. Should I go for instant buy for exchange? wanna start with small capital first.