Hi -kytz-,

As a regulated Digital Asset Exchange (DAX) the SC has put in place investor protection measures. Such as:

1) Requiring DAXs to use a Trust Account when holding customer funds. This ensures that if anything happens to Luno (as a business), customer's funds are held separately from operational funds. Exchanges which have gone bust have had issues in the past. An example closer to home - Air Asia is now bankrupt, they're unable to refund customer's funds based on the services owed to them

2) An avenue to direct disputes to the Securities Commission (SC) Malaysia if there is fault found by the DAX

While if you're looking at Luno as a platform, we have our own investor protection measures:

1) We utilise both in-house and industry class security measures to store your cryptocurrencies. This is done through a multilayer and multi-signature storage solutions - deep freeze, cold wallets and hot wallets - through our partnership with the expertise of BitGo, the largest trusted cryptocurrency custodian

2) Our systems are audited by industry leading third-parties and also the Securities Commission

Do let me know if you have any other questions.

Thanks!

Hi guys, I have a noob question. What are the withdrawal limits in Luno? Thanks!

Hi Mr Luno,
Just wanna double cfm with you that "Buy Rm500 worth of crypto" means I can buy any crypto i want as long as the total its 500 right? The 500 has to be lump sum ?

Hi EL Pistolero,

Are you referring to fiat withdrawals or crypto withdrawals?

For the latter there are no limits, for the former it depends on your verification level.

You can read more about it here: https://www.luno.com/en/countries (scroll down all the way to the bottom)

Hi cr7jyej,

Yup, any crypto but you need to ensure you are using the instant buy and NOT the exchange.

Also, it doesn't have to be lump sump, it can be staggered.

Thanks!

I want to know what the typical fees for withdrawal of BTC to BTC Segwit Address. It listed on the Luno website as dynamic hence it is so difficult to know. I do not want to incur super expensive fees because it's not listed or given an estimate. Some exchanges charged a fixed send fee for withdrawal to Bitcoin address for example of 0.0002 BTC. Atleast let users know what's the typical number of input and output for the withdrawal or have an estimation showing user how much will that be.

If Luno combined all many small inputs and send to many outputs then the fees will be super expensive. For example recently I send my bitcoin from 1 exchange to my offline wallet, they charged fixed rate of 0.0002 BTC as I believe they combine many withdrawal in 1 transaction. When I checked the block explorer for that transaction, there is 75 input and 10 output address which cause the fees to be 0.00450891 BTC. If I withdraw from Luno to my offline wallet for that amount then it's gonna be very painful as that will be RM 356 at current price.

Anyone have ideas on this or have experience sending bitcoin to offline wallet with Luno?

This post has been edited by KChan: Nov 25 2020, 09:38 PM

Hi, was trying to sell off some btc yesterday and I was using the market price option , when I tried to sell, the Luno app says it’s an error on their side. Anyone else experienced this ?

hi i initiate MYR withdrawal yesterday night. When and What time today will i receive my fund in the bank acct?.

mrluno, what's with the huge Forex discrepancies between your listed USD and MYR for buying 1 BTC, for eg? This makes buying cryptos on your platform expensive but selling is favourable...

I can't find info on your Forex policy or terms other than the fees.

Hi markedestiny,

There seems to be a misunderstanding. All trading in MY is purely between MYR/Crypto. We do not do any forex exchange as nothing is converted to USD on our Exchange. When it comes to crypto each Exchange is its own marketplace, this means that the price of crypto is different on different Exchanges - this is because the market participants in a market are the ones who decide the buying and selling price - example see picture attached.



Also you can read more about it here:

1) https://www.cnbc.com/2017/12/12/why-bitcoin...t%20the%20price.
2) https://www.investopedia.com/news/why-price...t-around-world/
3) https://www.investopedia.com/terms/a/arbitrage.asp

Do let me know if you have any other questions.

Hi xXwasabiXx,

We process withdrawals only on business days (weekends and public holidays EXCLUDED). If you initiate a withdrawal before 3:45 pm, you should receive your funds by 11 pm, the same day. If you initiated after 3:45 pm, you should receive the funds in your bank account on the next business day, by 5:30 pm. Thanks

Hi KChan,

I think there's a bit of a misconception in terms of how we charge customers, if you were to withdraw that amount, it isn't a percentage of the size that you're withdrawing, that's not how we charge customers.

Ultimately, would you mind logging a support ticket?

We'll clarify there, this is related to how we batch our crypto withdrawals. Specifically for BTC, LTC and BCH. I would be happy to speak to you about this over the phone too.

I'd require your account details to reach you tho.

Thank you! Much appreciated.

Ok noted, not sure if I got it wrong but the price deviation seems to expand after the big selloff yesterday.

This post has been edited by markedestiny: Nov 27 2020, 09:40 PM

Is there a deadline? Like in how many days do i need to achieve the amount after inserting the promo code? Cause i plan to deposit and buy slowly and scared that the promo will expired when I'm half way thru

This post has been edited by cr7jyej: Nov 27 2020, 04:11 PM

Hi, I transferred eth from my other wallet into luno. It seems that it's stuck at 28 confirmations although when I track it already says more than 500 confirmations. Already many hours... what if there was a sudden drop in price? Then i have to bear the losses

that would be bad. crypto is very fluid.

Update: still not received...

damn, that's bad.

Better check with them man

It seems to be some sort of problem on their side, they resolved it already. Lucky, small amount only, if big amount really gg.com haha