The Luno app was recently re-launched in Malaysia and I took it as a sign that it’s time to dip my toes into cryptocurrency.
Luno is the first cryptocurrency exchange in Malaysia to be fully approved by the Securities Commission (SC).
To put it in legalese, this means that they function as a Recognised Market Operator (RMO) that offers cryptocurrencies through a Digital Asset Exchange (DAX) that is legal, licensed, and regulated.
Getting On Board The Crypto Express
Registering on Luno is easy, but there were a few steps for me to go through before I could start buying crypto on the app.
Just like most e-wallet apps, I will have to verify that I am a real person by submitting identifying documents such as IC, Driver’s License, and a selfie to match it up. Registration could take up to two days and in my case, it did.
All About The Right Investment
After being recognised as a real user, I could then buy BTC from the app. While the minimum deposit amount is RM1, I needed to have at least RM3 in the wallet to be able to purchase BTC.
That was my very first taste into the world of crypto.
Right after, I tried to see if I could sell my RM3 investment for a quick profit as I saw the price going up, but it turns out I’ll need at least 0.0005 BTC in my account before I could sell (which equals to RM15.01 at the moment of writing).
If I wanted, I could also enable sending crypto to other users. But in order to reduce the chances of phishing or scamming, the Luno team advises users to turn it off when not used.
I also had to wait 24 hours before the feature was enabled. So, I tried sending my colleague who has a Luno account via his mobile number and it was instantaneous and free. Sending to a BTC address will incur charges though.
This is just one of the many safety measures that Luno has in place. With their history with…