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.

You all registered with luno or luno Malaysia? Anyone confirmed yet if luno Malaysia is legit and is actually linked to luno?

I registered with Luno, I don't know about Luno Malaysia I purchased since it supports MYR. Luno are formerly known as BitX Malaysia SDN. BHD.

This post has been edited by Michael_Lee: Aug 16 2017, 04:38 PM


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Don't go for instant buy. You will be buying btc at higher price. I suggest you go to exchange & join the buying queue there.

It seems like the price of btc in Luno is a lot higher.

You probably want to buy as a "maker" that way fees are cheaper. If you want to make an almost instant buy, just make the price slightly above the sell price. So if it's 16000ringgit that is the most recent sales on the queues, just price it at 16001 and your sales will go through soon and you don't have to pay the "taker" price.

This post has been edited by simplylegendary: Aug 23 2017, 10:20 PM

Exp commission but no choice. Probably the only reputable one around

Hi, can someone please shed some light for me for Luno withdrawal schedule?

Im using cimb, and i've withdraw some amount this morning 3pm. what time i can expect to see the amount in my cimb account?

luno is fine, rate is better than remitano/localbtc

luno

pros : fast deposit (1hr) and good rates
cons : centralised and may take more than 1hr to settle deposit

remitano

pros : fastest deposit, decentralised
cons : soso rates

localbtc

pros : decentralised, fast deposit
cons : worst rate

xbit

pros : good rate
cons : slowest deposit (min 1 day), centralised

in terms of ranking i give :

1. remitano (fast deposit is important)
2. luno (best rate)
3. localbtc (sometimes rate is not following the actual price eg : 1800usd btc still selling for RM11000)
4. xbit (1 day deposit time is nightmare)

fast deposit time is important as bitcoin price is extremely volatile, every minute counts

This post has been edited by bloodchow2: Aug 30 2017, 03:12 PM

Luno as an exchange serving Malaysia is okay (so far), since we don't have much choices. It's easy to make MYR deposits, we only get charged IBG transfer, compared to say converting your MYR to USD then wiring it to a US exchange where foreign xfer fees can be a minimum of USD60. Most important thing is to take note of all the relevant fees https://www.luno.com/en/countries#withdrawal-fees

Luno charges a flat rate of BTC 0.0002 each time you deposit into the Luno wallet.

Oh yeah, an always be a maker

Luno is okay, just remember to compare between different exchanges if you want the best rates

One more exchange that you can look at is Coinhako. They have recently start accepting MYR deposit again. Previously, they encountered some problem with Malaysian bank. The good thing about Coinhako is that you can purchase ETH using fiat currency.

Suppose to be a thread of Luno & we are promoting other exchange

Can someone explains what is meant by being a 'maker' on Luno?

From Luno website....

How does a limit order work and what are “maker” and “taker” orders?

Maker & Taker Orders

Joining in the luno bandwagon since 8th August!

Coinhako is something like Luno that can directly purchase ethereum with MYR?

Luno sucks



The BTC withdrawal fee is 10X higher than before.

This post has been edited by jack2: Sep 7 2017, 01:42 PM

I believe Luno must be doing something behind to prevent the price up or down.

The buyers and sellers keep on added with large lots so people is hard to buy or sell off.

this one is withdrawing MYR from the wallet to bank account?

If you put more effort to read, I have clearly stated it is BTC withdrawal. And from the pic, the withdrawal fee is in BTC. How could it be MYR withdrawal?

the fee just increased? lemme take note at my next withdrawal.

Yes. It has been there since 1-2 weeks ago and before, the fee is just 0.0001 or 0.00007

any suggestion for a better alternative?

You can only buy btc via Luno whereas you can buy both btc & eth via Coinhako with MYR

What to do? We have really limited exchange to buy from with MYR

That's why I am opening a bank account in Singapore. At least I won't be limited by my choice of exchange

Much thanks!

time taken for the exchange to receive your money in "RM"

luno : 2 hr
xbit asia : 1 day
remitano : 5min
localbtc : 5min

this is from my experience, fast time deposit is important especially during bitcoin crash/pump or high volatility

Withdraw it during Sunday will be lower.

Is there anyway to reach them for a better response? My account got locked out and no one seems to be responding.

Hi all.any advice on the coming fork on Bitcoin and is our BTC in Luno safe to keep? Should we keep of from any trading or transaction after the new BTG fork & followed by B2X fork? Do share .

I have a US bank account but i am a malaysian, can i open an account at Kraken and then send all my BTC there, go to kraken exchange, exchange BTC to USD and then do a ACH transfer to my US bank account? How much Kraken charges to do ACH withdrawal to a US bank account?

This post has been edited by dummies: Nov 3 2017, 09:20 PM

Hi all, anyone here ever withdraw from luno? What’s the max myr per day anyone tried?

The transaction limit for Luno depends on your verification level.

By the way, if anyone has signed up to Luno but hasn't added a referrer code, can PM me, thanks.

what's your take on centralize vs decentralize on pros and cons?

Once registered Luno, you will not be able to delete your account, they want your info forever.

anyone care to do a Coinhako vs Remitano review?

deposit always go for centralized (better rate) while withdrawing go for decentralised (fast and anonymous)

hey, yes but the difficult part is to create a US based kraken account. Although you have a US bank, you need to create a US version of Kraken account. To do that, you need to have a US ID, US proof of residence (less than 3 months old), SSN, and your photo. If you're in Malaysia and if you have all of those things, you may need to explain why you're in Malaysia cuz of IP differences. If you use VPN, it makes things more complicated.

ACH Transfers are typically free.

I don't use Kraken (although I have a level 2 verified account), but I use GDAX. It's better and more user friendly than Kraken.

Can you advice 300k a month, but can I do 300k straight a day too ?

Get a Nano ledger and store all your coins there . Entry lvl you can get the Ledger S. My ledger blue kena stuck at Kastam damn

You got to use "send" then send it to the Bitcoin wallet address of your choice. Every wallet will have a unique address.

Exodus

yep, too bad Luno don't support hw wallet like ledger. Mycelium has the feature. so too bad you need to use send and incur some high fee like I what I did...it costs me RM20 something to send back to my Ledger wallet...what the heck

can anyone drop me luno contact number, their respond to ticket is so slow

ELECTRUM is good as well.

Any idea what's happening with LUNO? I have been having problem buying / selling ETH for more than 24 hours since yesterday. It keeps saying "Unable to convert to currency".

Emailed their support but as usual they won't reply until days later. The prices are fluctuating like anything so every minute counts!

Thinking of changing BTC & ETH wallets because of such poor customer service from LUNO, any recommendations?

This post has been edited by lumchailing: Dec 7 2017, 10:10 PM

probably too many transactions...

awal sgt mahu SCAM...

But for the entire day? I could still buy BTC alright. Just not ETH.

Sorry, what does that mean? They are a scam?

just use btc converts to eth okay ?

No, unfortunately it gives the same error too - unable to convert currency.

you need to have btc ..use myr changes to btc ..

I do have BTC but I want to buy ETH with MYR, not convert from BTC. I have done it before a few times, it's just their system suddenly is giving that error since yesterday.

I hear that cryptokitties is slowing down Ethereum transactions worldwide.
https://www.coindesk.com/cat-fight-ethereum...ties-congestion

same here, thot of increasing btc, and use btc to buy eth ? but somehow unable.

anyone cash out from Luno apps before? how long does it takes to bank in the MYR to our account? Can i cash it all out or i have to leave a certain amount inside?

If luno dont work, use another platform lo ....
I managed several ETH below 400 yesterday

Check the cashout cut off times in their website. Normally withint 24-48 hours.
Yes you can cash out everything.

any1 use luno trade before ?

what about it ? you need to be more specific ....

What other platforms do you use? Mind sharing?

nobody uses it. Don't use. It is not good

u can cash out all. I have done it before. That times 1-2 days depend congested or not

I'm using it to buy eth or btc. Dont buy/sell direct. It's more expensive with fees. Trade without any fees ( if not rushing)

yup. now is the best time to get eth since it went down badly

can tell more bro ?? tx

For starters, there is coinbase.

always use "Exchange". Buy and sell according to latest price without fees. If u buy/sell from wallet, they will charge fee & below market price. A lot of people dunno.

which platform you think is best bro ?
thinking to jump on the boat

thinking to buy ethereum

This post has been edited by ronho: Dec 10 2017, 03:31 PM

hi, can someone explain how to trade without being charge 1% fee.

it said if I buy, i should offer higher than market price its free. but still i being charge 1%. If i sell lower than market price it should be free but still i being charged 1%. can some one explain how it work? maybe i understand it wrong.

Hi, I am a newbie. I want to learn more about bitcoin. Any recommended so I can learn how to buy/sell bitcoin at the right timing?

started using it before last week's crazy bull run. cashed out yesterday night. so far so good.

you can cash out all, take 3 days max. you will receive a notice stating how long and estimated date when withdrawing

U got it reversed.
Basically, if your trade (buy or sell) is fulfilled immediately = you get charged the 1% fee.

So if you want to buy, put a price that is lower than the current highest buy offer or the same as the current buy offer.
But be aware, that during the time you click/tap and your offer becomes the highest buy offer (above what is currently being queued) and is fulfilled immediately, you will be charged.

Similarly, if you are selling, putting a price higher than the current lowest sell price, will avoid getting charged the fee.

To put the above in numbers:

Current highest buy offer, RM100, Current lowest sell offer RM101. You put RM101 to buy, It will be fulfilled immediately (since someone is offering to sell at RM101), so you will be charged 1% fee.
So to avoid the fees, you put RM99 (or RM100).

When selling, if the lowest sell price is RM101, and the current highest buy offer is RM100, and you got put RM100, it will be sold immediately and you will be charged. So to avoid fees, you q at RM101 or RM102.

How do you use coinbase with myr? They accept it? Or you convert myr to other currencies? And then send to coinbase from a foreign bank account?

I have US drivers license and bank account. I also have account in Aus and EU , lol ...

there is no right timing.buy when u feel it right. From what i can see, it is going to keep going up.

If you use exchange, just put the price that u want to sell/buy. Dont put the latest price. Wait for buyer/seller pick your price. Then it wont inccur 1% fees

-deleted. double post-

This post has been edited by ericlaiys: Dec 11 2017, 04:39 PM