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Luno Malaysia Review (with Sept 2022 RM50 Promo Code)

This post is about my Luno Malaysia review.

If you want to own some cryptocurrencies and are looking for a good crypto platform, read on. I’ll share all I know based on my experience using the platform, including how you can get RM50 worth of Bitcoin using my Luno Promo Code (LNMICH50, valid through 2022) at the bottom of this post.

I’ll also share my Luno Refer A Friend Invite Code (PAWHVW) and how to receive free Bitcoin worth RM25 (Luno Malaysia users) or special Bitcoin rewards (other Luno participating countries).

(As a new Luno user, you are eligible to redeem only one of my two Luno codes. Learn the promotion details to use the codes successfully.)

Table of Contents

[Disclaimer: I am not a certified financial planner. My sharing is purely based on my own research and personal experience. To make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a certified financial planner if necessary]

Who is Luno Malaysia?

Luno is a leading global cryptocurrency platform with its headquarters in London and a local presence in the countries below:

  • Singapore
  • Capetown, South Africa
  • Kuala Lumpur, Malaysia
  • Johannesburg, South Africa
  • Jakarta, Indonesia
  • Lagos, Nigeria
  • Sydney, Australia

As of the time of writing, the service is available in more than 40 countries, including Malaysia.

Now, what is cryptocurrency (crypto)? It is a type of currency that appears in digital format instead of the physical paper money we use daily. This means you can’t physically hold a cryptocurrency, but you will be able to see it through digital devices such as smartphones, laptops, desktops or tablet computers.

Just like paper money, you can use cryptocurrency as a medium of exchange. Some of the well-known cryptocurrencies include the following:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple XRP (XRP)

One of the ways to own cryptocurrency is to buy through a crypto platform such as Luno.

Thus, Luno is a digital platform where its users can safely and easily buy, store and learn about cryptocurrencies.

How did I come to know about Luno?

In 2017, I was looking for a crypto platform for my first Bitcoin purchase. At that time, I was aware that Luno is among the crypto platforms in Malaysia.

But I ended up buying Bitcoin through Remitano Malaysia. I share the experience in another post, How to buy Bitcoin in Malaysia.

Then in 2019, I learned that Luno relaunched its operation in Malaysia after becoming the first cryptocurrency exchange approved by the Securities Commission Malaysia (SC) to run a Digital Asset Exchange (DAX) in the country.

That SC approval given to Luno Malaysia got my attention. Mostly with regards to security and feeling protected as a digital asset holder in Malaysia.

After doing my research about the crypto exchange and its operation in Malaysia, I registered for Luno Malaysia in early March 2020.

Why did I choose Luno Malaysia?

In this Luno Malaysia review, allow me to share why I choose Luno as one of my cryptocurrency platforms.

1. Luno Malaysia has full approval from SC

The main reason is that Luno has received full approval from SC to operate as a registered DAX operator in Malaysia.

Luno Malaysia is regulated by Securities Commission Malaysia.
Luno is regulated by the Securities Commission Malaysia (SC)

From the crypto news, it’s clear that the SC is very strict with the approval for crypto exchanges in Malaysia:

  • January 2019 – 45 crypto exchanges were operating in the country
  • March 2019 – 21 exchanges were ordered to cease their business
  • June 2019 – 19 crypto exchanges were ordered to cease their business
  • June 2019 – Luno is the first among the 3 crypto exchanges to receive SC approval

Are you curious about the details of the approval? You can read the SC guideline on digital assets on its website.

With SC approval, I feel safe and secure when buying cryptos such as Bitcoin through Luno Malaysia. At least I know Luno Malaysia won’t run away with my deposits.

This greatly reduces some of the risks of my Bitcoin investment.

2. Luno Malaysia has a local team

Secondly is because Luno has a local team providing services to Luno users in Malaysia.

I feel more comfortable using a service that has a local team.

3. Luno Instant Buy and Sell Feature

Thirdly is because of the Luno Instant Buy/Sell feature.

To maximize my crypto investment, I need a fast, safe and reliable platform to buy or sell my digital coins.

The feature helps me to complete my transaction in seconds.

What are Luno Malaysia fees?

This Luno Malaysia review is incomplete without mentioning its transaction fees.

Generally, Luno fees are quite competitive and it is based on the country where you are situated.

Below are the fees for the Luno Malaysia platform.

Deposit fees

Luno offers free deposits for RM100 and above. For a deposit below RM100, there is an RM0.70 fee per transaction.

Luno Malaysia deposit is free for deposits of RM100 and above, while below RM100 has a fee of RM0.70 per transaction.
Luno Malaysia deposit fees

If you don’t want to pay the fees, make a minimal deposit of RM100.

Deposit and withdrawal limit

The deposit and withdrawal limits are based on the verification level below:

  • Verification Level 1: Confirm your mobile number and your basic personal details
  • Level 2: Submit a photo or scan of your government-issued ID and a selfie photo
  • Level 3: Enter your residential address and select your employment status, occupation and source of funds

The screenshot below shows the deposit and withdrawal limits for the crypto exchange.

RM10,000 (per month) deposit and withdrawal limit for level 2 user while RM300,000 (per month) deposit and withdrawal limit for level 3 Luno Malaysia users.
Luno Malaysia deposit and withdrawal limits

If you are a level 2 user and you want to withdraw RM20,000 from your Luno wallet, you may withdraw RM10,000 first, followed by another RM10,000 the following month.

Else, you may submit additional requirements to be a level 3 user so that you can withdraw RM20,000 at once.

Instant buy/sell fees

For Instant Buy/Sell using the Luno Wallet, the fee is 2%.

Luno Malaysia instant buy and instant sell fee is 2%.
Luno instant buy/sell fees

You will be able to see the 2% fees before you confirm your buy or sell order.

Fees for sending crypto from Luno wallet

If you want to send crypto from your Luno wallet, take note of the sending crypto fees as per my screenshot below.

Sending crypto from Luno wallet has a dynamic fees except 0.03% for Ripple XRP and no fee for sending to email address or mobile number.
Send crypto fees

Generally, dynamic fees are applied for sending to crypto addresses, except 0.03% for sending to XRP addresses. Dynamic fees mean the fees vary depending on the network traffic.

If you don’t want to pay fees for sending Bitcoin, you may send it to the recipient’s email address or mobile number.

Fees for receiving crypto to Luno wallet

Luno does not charge for receiving Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin to its wallet except for an equivalent transaction fee if you receive 0.000100 or lower Bitcoin to your BTC address.

It is free to receive crypto to Luno wallet except for receiving BTC 0.000100.
Luno receive crypto fees

The equivalent transaction fee for receiving BTC 0.000100 and lower is to combat dusting attacks, a tactic used by hackers and scammers to determine the identity of the person or company behind a crypto wallet.

Withdrawal fees

When you make a withdrawal from your Luno wallet to your bank account (through Interbank GIRO), the fee is RM0.10 per transaction.

Trade fees

For those who wish to buy or sell crypto through the Luno exchange, below is a screenshot of Maker fees and Taker fees.

Luno Malaysia Maker fees are between 0.25% to 0% depending on the assigned tier.
Luno’s Maker fees

Generally, Maker fees are between 0.25% to 0% depending on the assigned tier based on the total 30-day trading volume.

Luno Malaysia Taker fees are between 0.50% to 0.15% depending on the assigned tier.
Luno’s Taker fees

As for market Taker, the fees are between 0.50% to 0.15% depending on the assigned tier based on the total 30-day trading volume.

All the above-mentioned fees might change from time to time. Thus, it is best to refer to the fee schedule on the Luno website.

How to buy Bitcoin through Luno Malaysia?

Through this Luno Malaysia review, let me share how to buy Bitcoin via the Luno wallet aka Instant Buy.

As cryptocurrency is often related to volatility and risk, before you proceed to buy or invest in Bitcoin or other altcoins (digital currency other than Bitcoin) via Luno, I would advise you to take two minutes to read through the Luno Risk Warning page.

1. Register for Luno Malaysia

The first step is to register for a Luno Malaysia account.

As for me, I registered for a Luno Malaysia account through an existing Luno user’s referral link aka Refer A Friend program. After I bought RM300 of Bitcoin, I immediately received RM25 worth of Bitcoin credited to my Luno wallet.

Here is the screenshot of the free RM25 in Bitcoin:

Screenshot of receiving free RM25 worth of Bitcoin through Luno referral program.
I received RM25 worth of Bitcoin through the Luno referral link aka Refer A Friend program

That 0.00090535 BTC signup bonus is worth RM256 when the Bitcoin price was at its all-time high of RM282,900 on 11 November 2021.

So, the free Bitcoin you received through the referral program or special Luno promotion could turn into a significant amount in the future. Thus, don’t miss out on the opportunity to earn free Bitcoin.

You will find my special RM50 Luno Promo Code details at the bottom of this Luno Malaysia review, including how to use the promo code. If you prefer the RM25 Luno Refer A Friend instead, you’ll find my Luno Invite Code further below.

Do take note, that a new Luno user may redeem ONLY ONE of the two Luno promo codes.

And here’s the process of getting onboard Luno Malaysia. You can either register through the Luno app or the Luno website.

Register through the Luno app

  1. Download the Luno app on your device.
  2. Enter your email address.
  3. Create a password.
  4. Choose the country.
  5. Click ‘SIGN UP’.
  6. Check your email inbox to verify your email address.

Register through the Luno website

  1. Click ‘Sign up’ on the Luno homepage.
  2. Enter your email address.
  3. Create a password.
  4. Choose the country.
  5. Click reCaptcha ‘I’m not a robot’.
  6. Click ‘SIGN UP’.
  7. Check your email inbox to verify your email address.

And here is a brief description of the rest of the procedure to complete your Luno Malaysia registration:

  1. Upon signing up, Luno will send you a verification email.
  2. Follow the instructions to verify the email address.
  3. For the Luno Wallet setting, enter your mobile number so that Luno can send you security alerts.
  4. Then, verify your mobile number by entering the one-time password (OTP) sent to your mobile.
  5. If you are using web-based, the next step is to set up Two Factor-Authentication (2FA) for additional security:
    • You can use either Authy or Google Authenticator app for the 2FA.
  6. If you are using the Luno app, the next step is to set up 4-digit codes for confirmation of the transaction.
  7. Lastly, upload 2 personal documents:
    • Malaysian NRIC (front and back)
    • a selfie

Then, wait for your Luno Malaysia account activation. It can take up to five business days for the verification of documents.

As for my Luno registration, it took about three business days for activation.

2. Deposit money to Luno wallet

When your account is activated, the first thing is to redeem a Luno reward code, such as my RM50 Luno Promo Code or the RM25 Luno Refer A Friend invite code.

Once the unique code is applied successfully, you can start depositing money into your Luno account through FPX or bank transfer:

  • FPX instant transfer
    • the fund is immediately available in Luno Wallet.
    • a fee of RM0.70 per transaction applied for FPX transfer less than RM100.
  • Bank transfer
    • the fund available in Luno Wallet within 1 to 2 hours.
    • a fee of RM0.70 per transaction applied for bank transfers less than RM100.

Below are the procedures on how to make a deposit through the FPX Instant Transfer.

1. Go to Luno Wallet. Click on the ‘MYR’. Select ‘Deposit’.

How to make a deposit to Luno wallet as part of Luno Malaysia review.
Making a deposit to Luno wallet

2. Choose the type of deposit.

Making a deposit either through an FPX instant transfer or a Bank transfer.
Luno deposit options

3. Enter the deposit amount.

Entering the deposit amount.
Entering your deposit amount

4. Make sure to deposit from your own account.

Reminder to only make a deposit from own bank account.
Only make a deposit from your own bank account

5. Complete the deposit through FPX.

Making a deposit via the FPX Instant Transfer.
Continue the deposit with FPX Instant Transfer

Once you’ve completed the FPX transfer through your prefered bank, keep a copy of your transaction. The deposit should appear in your Luno wallet within a minute or two.

At the same time, Luno will send a notification through your registered email on the deposit made.

From my experience, the deposit was reflected immediately after I completed my FPX instant transfer. As for bank transfers, it took about two hours before the deposit is reflected in my Luno wallets.

If you are making the deposit for the first time, you may consider depositing the minimum required amount just to try out the whole process.

3. Buy bitcoin in Malaysia through Luno Instant Buy

When the deposit is reflected in your Luno account, you can start buying Bitcoin through its Instant Buy feature.

The buying process is rather straightforward.

Below is the step by step on how to buy Bitcoin through Luno Instant Buy.

1. Tab on the ‘Wallets‘ on either Luno apps or web-based.

2. Select ‘Buy‘.

3. Choose to buy once-off.

4. Choose how to pay for your Bitcoin.

Choose ‘MYR Wallet‘ if you are buying Bitcoin for the first time on the Luno platform. You might need to create a Bitcoin wallet to store your Bitcoin if you haven’t created one.

5. Enter the amount you wish to buy.

How to buy Bitcoin through Luno Instant Buy as parts of Luno Malaysia review.
Buying Bitcoin through Luno Malaysia Instant Buy feature

You can enter the amount in MYR or in BTC.

6. Buy order confirmation screen.

Luno's buy order confirmation screen.
Luno Malaysia’s buy order confirmation screen

7. Confirm your buy order.

Once you’ve checked and are satisfied with the order confirmation details, click on ‘CONFIRM’.

8. Successfully bought Bitcoin.

Next, you’ll see a screen mentioning you’ve successfully bought the amount of Bitcoin.

Successfully bought MRY1 worth of Bitcoin through Luno Malaysia.
Successfully bought Bitcoin through Luno Malaysia

9. View the Bitcoin balance in your BTC wallet.

A transaction showing newly bought Bitcoin in Luno Bitcoin wallet.
Newly bought Bitcoin in Bitcoin wallet

Finally, you can now view the newly bought Bitcoin in your BTC wallet.

For sharing purposes, I’ve seen an error message after I click on ‘CONFIRM’. The error message was due to some differences in the order confirmation vs the current Bitcoin price.

As Bitcoin price moves fast, there could be price differences between the time the order is created vs the time when you click on ‘CONFIRM’.

But, don’t worry. You can always check your wallet to see if the amount has been deducted. And I suggest trying out your first purchase in a small amount, just to experience the buying process. After all, Luno allows you to buy Bitcoin with just RM1.

The buying process will be the same for other cryptos available on the platform. Do take note that you’ll need to store each crypto in its own wallet.

How to withdraw money from Luno?

Once you’ve made some good profit from your Luno crypto investment, you might be wondering how to withdraw your money from your Luno wallet to your bank account.

Here is the complete Luno withdrawal process.

Luno Malaysia withdrawal procedure

The step-by-step below is based on my experience.

1. Tab on the ‘Wallets‘ on either Luno apps or web-based.

Luno wallets on mobile web-based.
Luno wallets

2. Choose your ‘Local Currency‘.

Local currency MYR on Luno wallets.
Local currency (MYR) on Luno wallets

In my case, Malaysian Ringgit (MYR). Make sure you have sufficient balance for withdrawal.

3. Tab on the ‘Withdraw‘ button.

How to withdraw money from Luno Malaysia.
Luno withdrawal tab

4. Choose which bank you want to withdraw your balance from.

Chose the bank account for withdrawal process.
Chose withdrawal bank

If you have not added your bank account, choose to ‘Add new bank account‘ option.

  • Make sure your bank account name is the same as your Luno account holder’s name.
  • Choose your bank from the drop-down list.
  • Enter your bank account number.

Once you’ve submitted your new bank account details, wait for the Luno team to approve your bank account. Then, you can proceed to make a withdrawal from your wallet.

To expedite your Luno withdrawal, add your bank account details earlier. Preferably right after your account is activated.

5. Enter the amount you wish to withdraw.

Entering withdrawal amount.
Enter withdrawal amount

You’ll see a withdrawal confirmation screen. Check if the details are ok, then click on ‘Confirm‘.

6. Enter your 6-digit 2FA code.

Enter your 6-digit 2FA code to verify your withdrawal request.

7. Withdrawal request completed.

Once you’ve completed the withdrawal request, Luno will immediately send you an email notification.

Next, Luno will send you another email notification mentioning they’ve processed the withdrawal and transferred the amount to your bank account.

How long does Luno withdrawal take?

Luno stated that it can take up to two business days before the withdrawal amount is reflected in your bank account. This is due to interbank payment schedules.

So far I’ve made two withdrawals from Luno. For both withdrawals, I received my fund within one day.

What are Luno Malaysia withdrawal fees?

The Luno withdrawal fee is RM0.10 per transaction. The fee is deducted from your Luno Wallet.

What is Luno Malaysia’s withdrawal limit?

Luno’s maximum withdrawal amount is:

  • RM10,000 per month for Level 2 customers.
  • RM300,000 per month for Level 3 customers.
Luno Malaysia maximum withdrawal amount.
Luno Malaysia’s maximum withdrawal amount

And Luno’s minimum withdrawal amount is RM1.

Luno minimum withdrawal based on country.
Luno minimum withdrawal amount

Why is Luno withdrawal delayed?

If your withdrawal is delayed, you can check the timeline of your withdrawal request.

Luno Malaysia withdrawal schedule.
Luno Malaysia withdrawal schedule

Next, check your interbank payment schedules.

What to do if I still haven’t received my withdrawal?

If you are concerned about your delayed withdrawal, you may reach out to the Luno support team through a Luno ticket/inquiry form.

How to expedite Luno withdrawal?

Below are some of my personal tips for a smooth withdrawal procedure:

  • Update bank accounts information right after you signed up for your Luno account. This can save on bank account verification time.
  • Plan your withdrawal (avoid withdrawal during public holidays or weekends, but plan your withdrawal during the business days, preferably early in the morning).

What are the things I love about Luno?

In this Luno Malaysia review, I will also share the things I love about Luno.

1. Simple registration

Luno makes it simple to register for an account.

Other than the delay in receiving the SMS for my mobile number verification, I consider the onboarding process smooth and straightforward.

2. Easy-to-use platform

I like the user-friendly Luno Malaysia platform.

I can easily browse around and look for things I need with the sleek interface and minimal navigation menu.

Something very obvious is I get to see the crypto (such as Bitcoin) price immediately when I am on the Luno homepage. This is very helpful and thoughtful because the crypto price is the most important thing I want to see when I am at a crypto exchange.

3. Sophisticated security system

Now and then, there’s news about cryptocurrency exchanges being hacked. So, the security system is an important part of a cryptocurrency exchange.

Luno claimed to have a sophisticated security system for:

  • Bitcoin storage.
  • account login authentication.
  • company security.

I am aware no platform is 100% secured from hacks and cyber thefts. But, at least multiple layers of security systems have a higher chance of reducing the risks.

4. Low minimal purchase

Do you know that you can buy cryptocurrencies with just RM1 through Luno Malaysia?

So, you can first try out the crypto exchange with a small amount. From there, you can decide if you want to include crypto in your investment portfolio.

5. Transparency in transactions

Every time I confirm a buy or sell transaction on Luno Malaysia, I can see the actual service charge (in RM) for that particular transaction.

Luno Malaysia Instant Buy's service charge of RM39.18 to buy RM2000 of Ethereum, which is about 2%.
Luno Malaysia Instant Buy’s service charge of about 2%

Although I know the service charge is approximately 2%, I feel comfortable knowing the actual service charge before I click on the ‘confirm’ button.

6. Price alerts

When I got my Luno account, I immediately created a few alerts. I find that the Price Alerts feature has been helpful and useful for my Bitcoin investment strategies.

Four Luno price alerts including Bitcoin more than RM200,000.
Some of my Luno price alerts

As Bitcoin prices swing up and down, I no longer worry about missing out on critical Bitcoin buying or selling opportunities.

7. Timely and reliable withdrawal

As mentioned earlier, I’ve sold some Bitcoin through Luno Malaysia and tried out the withdrawal feature.

I received my money within one working day. Thus, I consider the withdrawal process timely and most importantly, reliable.

8. Excellent customer support team

I’ve also sent a few enquiries to the Luno customer support team.

I am impressed with the responses from Luno Customer Success Team. These are the reasons:

  • they provide prompt and real answers to all my enquiries.
  • their email is a personal type of response (not a copy-paste type of generic answer).
  • their replies sound helpful, friendly and courteous too.

The marketing teams also provide a helpful and reliable response to my enquiries.

9. Attractive referral program

I also find Luno Malaysia offers an attractive referral program aka Refer A Friend program.

screenshot of Luno referral program with an Invite Code where both referral and referee shall receive RM25 in Bitcoin.
Luno referral program a.k.a Luno Refer A Friend with my Invite Code

Through the Refer A Friend program, I get RM25 worth of Bitcoin rewards for each new user I refer to Luno. In return, the new user (referee) also receives RM25 in Bitcoin when he signed up, applied my Luno referral code (invite code) and bought the specified minimum crypto amount.

It is a win-win situation for both the referral and the referee. And who does not want to receive free Bitcoin?

In case you prefer the RM25 worth of Bitcoin instead of the RM50 Bitcoin, the invite code above PAWHVW is my valid Luno referral code for the RM25 worth of Bitcoin.

You may refer to the step-by-step at the bottom of this review on how to redeem the Bitcoin rewards successfully.

10. Auto-invest through Repeat Buy feature

I also find the auto-invest through the Luno Repeat Buy feature practical and convenient.

Luno auto-invest through the Repeat Buy feature.
Luno’s Repeat Buy feature

Currently, I am not using this feature. But I do have plans to automate my crypto investing soon.

11. Lively crypto learning portal

Lastly, I enjoy learning more about cryptocurrency through the Luno Learning Portal.

Luno learning portal where its user can learn more about cryptocurrencies.
Luno learning portal

On top of the learning portal, the Luno blog also offers great updates on the happenings around the crypto world.

Things that I hope to see in Luno Malaysia

In this Luno Malaysia review, I’ll list down the things that I hope to see in Luno Malaysia.

1. More crypto available

At the moment, users can choose from 8 cryptocurrencies on the Luno Malaysia platform. So far, Luno is the one with the most crypto available among all the SC-approved DAX.

Let’s hope that more crypto will be made available soon on the exchange.

2. Cryptocurrency Savings Wallet

I am also looking forward to the cryptocurrency Savings Wallet feature.

I hope to make some earnings while keeping the cryptos in my Luno wallet.

3. List of the referee for the Luno referral program

Currently, Luno sends out notifications whenever someone successfully redeems my Luno referral code.

It will be great if I can see the list and status of those who entered my Luno referral code through the Refer A Friend program.

Luno promo code

In this Luno Malaysia review, you’ll find different Luno promo codes available. You may choose based on your preferences. These Luno promo codes are valid and confirmed works.

Do take note of the requirements to claim the Luno promo codes successfully.

Luno Malaysia promo code (RM50 in Bitcoin)

As part of the collaboration with Luno Malaysia, The Money Magnet readers are eligible to receive RM50 worth of Bitcoin through my Luno Promo Code.

To redeem the RM50 worth of Bitcoin, take note of the following:

  • register for Luno Malaysia (web-based or app);
  • enter my Luno Promo Code LNMICH50 at the ‘Rewards’ tab;
  • buy RM500 of cryptocurrency through Instant Buy by 31 December 2022.

With the free RM50 worth of Bitcoin rewards, I hope you’ll find this Luno promotion exciting and encouraging.

Further details on how to use the promo code as below.

How to use the Luno promo code?

Once your Luno account is activated, immediately redeem your Luno promo code for the RM50 worth of Bitcoin.

The reasons are:

  1. If you make any transaction before entering the Luno promo code, you are not eligible for the RM50 worth of Bitcoin.
  2. You might forget to enter the promo code. Thus, you miss the opportunity to receive the RM50 worth of Bitcoin.

To redeem the promo code, click on the ‘Rewards‘ menu on the Luno website or Luno app.

Then, look for the Enter Code‘ tab. And you may enter my Luno promo code LNMICH50. Click ‘Apply Code‘.

Here is the screenshot to redeem through the Luno website or Luno app.

1. Look for Luno ‘Rewards’ tab

On Luno’s ‘Rewards‘ tab, look for the ‘Enter Code‘ tab.

Luno's rewards tab.
Luno’s ‘Rewards’ tab

2. Enter the Luno promo code

Add my Luno promo code <LNMICH50> as shown in the screenshot below.

Add a Luno promo code to redeem RM50 in Bitcoin.
Enter my Luno promo code worth RM50 in Bitcoin

3. Take note of Luno’s ‘Get your reward‘ screen

Once you click ‘Apply Code‘, the next screen on the Luno app should show the ‘Get your reward‘ screen below.

Luno promo code for RM50 in Bitcoin successfully activated.
Successfully activated my Luno promo code for RM50 in Bitcoin

As long as you see the ‘Get your reward‘ screen above with ‘Buy MYR 500 worth of crypto‘ and ‘You get MYR 50 in Bitcoin‘, it means your RM50 Promo Code is successfully activated.

4. Buy a minimum of RM500 of crypto through Luno Instant Buy

Next, you may continue to click ‘Buy‘ and make your first deposit to Luno Wallet. Or, you may make the deposit when you are ready to do so.

Once your crypto purchase through Instant Buy reaches RM500, you’ll see another screen, mentioning you’ve been rewarded with RM50 in Bitcoin. At the same time, you’ll receive an email notification from Luno, mentioning the Bitcoin rewards.

Below is a screenshot of my husband’s Luno app for the RM50 Bitcoin he received through my Luno Promo Code when his crypto purchase reached the RM500 threshold.

Successfully received RM50 in Bitcoin from Luno Malaysia.
My husband successfully received the RM50 in Bitcoin using my Luno promo code

From the print screen above, you’ll notice that the amount received is RM49.99 instead of RM50. This is because Bitcoin price fluctuates fast. Thus, the actual amount received is an approximate value of about RM50.

Important notes on the RM50 Luno Promo Code

Do take note of some of the T&Cs to be eligible for the RM50 Luno code:

  1. You must be a new Luno Malaysia customer.
  2. You must enter my Luno promo code LNMICH50 once your Luno Malaysia account is activated (before you make any deposit to your Luno account).
  3. Your cryptocurrency purchase reach RM500 by 31 December 2022.
  4. Your crypto purchase is through the Instant Buy feature.

Other details that might help you to redeem the RM50 Luno code successfully:

  1. You can buy RM500 crypto in one transaction or buy in a few transactions until you hit the RM500 crypto threshold.
  2. You can buy any cryptocurrencies offered by Luno.
  3. The promo code is not valid on the Luno Exchange.
  4. The promo code cannot be combined with other promotions (including Refer A Friend program).

For any issue or enquiry, you can’t find on Luno Help, you may write a support ticket to Luno through the Luno customer support link.

As for the validity of my Luno Promo Code, any further extension of the promotion is upon approval by Luno Malaysia. Should there be any changes, I shall update them in this review. If needed, please come back often to check on the latest promotion due date.

The complete Promo Rules are available on Luno’s website, under Crypto reward promotions.

Just in case you’re having any issues or enquiries with my Luno promo code, please leave a comment below or send me an email. I’ll attend to you as soon as possible.

Luno Malaysia promo code (RM25 in Bitcoin)

The second Luno promo code is through Luno’s Refer A Friend program which comes with RM25 rewards in Bitcoin.

In case you prefer the RM25 worth of Bitcoin instead of the RM50 Bitcoin, the invite code below is my valid Luno referral code for the RM25 worth of Bitcoin.

Luno promo code for RM25 in Bitcoin.
My Luno promo code for RM25 in Bitcoin

To redeem the RM25 of Bitcoin, you are required to:

  1. Register for Luno Malaysia;
  2. Enter my Luno invite code PAWHVW at the ‘Rewards’ tab upon registering your account;
  3. Buy the specified amount of cryptocurrencies using Luno Instant Buy.

You can purchase the minimum amount in one lump sum or multiple orders. Once you reach the minimum threshold, you’ll receive a pending rewards notification.

After 30 days, you’ll receive another notification that your RM25 Bitcoin reward is ready to collect. You can log in and claim your RM25 rewards in Bitcoin.

Alternatively, you may choose to register through my Luno invite link. The screenshot and instructions as below:

Luno invite link with a promo code for RM25 in Bitcoin.
Luno invite link for RM25 in Bitcoin
  1. Sign up with my Luno invite link;
  2. Deposit and buy MYR 250* in crypto through Instant Buy (Luno exchange not included);
  3. We both get MYR 25.00 in free Bitcoin as a reward.

For your information, my invite link above is already tagged with my Luno promo code PAWHVW. You don’t have to enter the Luno promo code on the rewards tab.

(*Luno has the right to adjust or amend the minimum crypto purchase amount at any time.)

To check the minimum crypto purchase amount, you may click on my Luno invite link. If you are happy with the offer, click on the ‘Get Started’ button.

Do check out the rules for Luno Refer A Friend program.

Luno promo code (applicable globally to all new Luno users)

My Luno Refer A Friend promo code <PAWHVW> is also applicable to all new users where the Luno service is available.

For example, if you are using Luno Singapore, Luno South Africa or Luno United States (US) and you are looking for a promo code, you may use my code <PAWHVW>.

Here is the list of the countries where Luno service is available:

  • Australia
  • Europe
  • Indonesia
  • Malaysia
  • Nigeria
  • Singapore
  • South Africa
  • Uganda
  • United States
  • Zambia

For the updated list, you may refer to the country listing on the Luno website.

Do take note that the Bitcoin rewards and the minimum crypto purchase rewards vary, depending on the participating countries. To check the availability including the rewards and minimum crypto purchase, you may click on my Luno invite link.

Below is an example of the Bitcoin rewards and minimum crypto purchases for new Luno users in Malaysia.

Example of Luno invite code with its requirements and Bitcoin reward for Luno Malaysia users.
Example of requirements and Bitcoin reward for Luno Malaysia users

When you click on my invite link, Luno will divert you to a specific country or region (based on your internet connection). From there, you can check the offer displayed on the invite link.

To redeem the signup rewards, follow the requirements on the promotion screen.

If you’ve questions regarding the invite code, please comment below. I’ll try my best to assist. Or, you may reach out to the Luno customer support team.

The complete rules are available on the Luno website, under Refer A Friend.

Final thoughts

Personally, I love Luno as my cryptocurrency platform. The main reason is that it is approved by the Securities Commission Malaysia. I feel safe liaising with an entity approved by the government.

If you haven’t signed up for Luno Malaysia, register a Luno Malaysia account now. Get your Luno account ready, so that you can start investing when the right opportunity comes.

I hope you find my Luno Malaysia review helpful. I shall update this review whenever I have a new experience with Luno. If you have any enquiries on this review, feel free to drop your comment below.

Lastly, don’t forget to redeem the RM50 worth of Bitcoin using my Luno Promo Code LNMICH50 (Malaysia users) or PAWHVW (other participating countries).

Image credits

Featured image courtesy of Luno Malaysia
All screenshots were taken by the author

24 thoughts on “Luno Malaysia Review (with Sept 2022 RM50 Promo Code)”

    1. Hi Murni,

      Thank you for your comment.

      No, you can’t use my RM50 Luno promo code if you registered through another referral code.

      Because the referral code is activated right when you registered through the other referral code. And these kind of promotion code can only be applied once per user.

      Hope my explanation helps.

    1. Hi, again Zahran,

      My Luno promo code LNMICH50 should be working now.
      You may try to apply it again. Should there be any issue, please let me know.

      Thanks again for letting me know the issue. Really appreciate that. Wishing you a great weekend ahead.

  1. hi michelle, may i know how long does it take for the RM50 to be reflected in the account after hitting the purchase threshold of RM500 pls? many thanks in advance..

    1. Hi Daph,

      Thank you for your comment.

      By using the promo code, right when your crypto purchase through the Instant Buy feature reach RM500, you’ll immediately receive the RM50 in Bitcoin.

      You can view it in your Bitcoin wallet.

      You may refer to the print-screen above, where my husband received the free Bitcoin worth RM49.99 (after deduct the fees of 2%+-). At the same time, you’ll receive an email notification from Luno as well.

      Hope this helps.

  2. When applied LNMICH50 promo code, it prompted “This type of promotion code can only be applied once per person.”

    1. Hi Chin,

      Thank you for your comment.

      My promo code LNMICH50 is only valid for NEW Luno Malaysia customer who has never use any other similar promo code when signing up, including the Luno Refer A Friend promo code.

      For the details of the promo code Terms & Conditions, kindly refer to Luno Rewards and Promotions.

      Hope my explanation above helps.

  3. Hi, I realised that based on the USD price for Bitcoin the exchange rate to buy in RM is about 4.6. Not able to find any info on the site on the exchange rate. Since, you have bought and sell, hope you can share the info on what the exchange rate used when selling. Appreciate it. Thank you.

    1. Hi Mor,

      Thank you for your comment.

      When I registered myself as a Luno Malaysia customer, all my trade (buy/sell) on the Luno platform will be conducted in local currency, that is Malaysia Ringgit (RM). There is no exchange rate involved.

      For example, when I want to sell my Bitcoin, I can either choose based on the Bitcoin amount or the RM amount. And the Bitcoin sell price will be based on the current Bitcoin price published on the Luno Malaysia website. I attached a print-screen below:

      Luno Malaysia Instant Sell Bitcoin

      So, there’s no exchange rate involved for all my trades on the Luno platform.

      Hope this helps. Do let me know if you still have enquiries. Thank you.

    1. Hi Nancie.H,

      Thank you for your comment.

      May I know, after you entered my luno promo code LNMICH50, did you see the next screen showing ‘buy myr500 worth of crypto’ and ‘you get myr50 in Bitcoin’?

      If yes, may I know if your crypto purchase is completed through Instant Buy?

      If yes and if it is ok for you, please drop me an email at yan6500 [at] Gmail [dot] com. I’ll try to guide you further from there.

      Hope this helps.

  4. Hello Michelle, I’ve decided to put don’t $500 on crypto. How much is the fees difference between putting $100 into 5 types of crypto vs all $500 into Bitcoin?

    1. Hi Daniel,

      Thank you for your comment.

      Based on my experience, I was charged about 2% for all my crypto transactions (buy and sell) through Luno Malaysia Instant Buy/Sell feature. I’ve bought and sold Bitcoin, Ethereum, Ripple and Litecoin through Luno Instant Buy/Sell. So, you can do some calculation before confirming your crypto purchases.

      Before you proceed to confirm your crypto purchases, Luno will show you a screen with the service charge stated. You may refer to the print screen in my write up above for the service fee of about RM5.98 (2%) when I tried to buy RM299 worth of Bitcoin on Luno Instant Buy. And for buying Ethereum through the Luno Instant Buy, please refer to another print-screen as below.


      After you agree with the service charge, you may proceed to click confirm.

      Luno also offers buying crypto through Luno Exchange with a different set of trading fees. But, to be eligible for the promo code of free RM50 worth of Bitcoin, the new user is required to complete a minimum of RM500 crypto purchase through the Instant Buy feature. And please take note of all the Terms & Conditions as mentioned in my write up above to be eligible for the rewards of RM50 worth of Bitcoin.

      Hope my explanation above helps. Let me know if you still have any enquiries.

  5. Finally last week Saturday I register,n today been verify account…..so Michelle I have been using ur promo code and I did it first….I have see the same page that it say I did it….lucky yesterday I read your post here……by the way,after I deposit money….should I use instant buy/sell to qualify for the rm50?

    1. Hi Tan,

      Thank you for your comment and for using my Luno Promo Code. Great to know your Luno account is now verified.

      Yes, after deposit your money in Luno wallet, please use the Luno Instant Buy/Sell feature to be eligible for the RM50 free Bitcoin.

      Do let me know if you have further enquiries. Thanks again.

      1. What is the plan u have in Luno? Buy n hold long term? Is there any tax been taxed on the price appreciate or from trade transactions n make a profit? Since it is regulated by SC?

        1. Hi again Tan,

          I mostly buy and hold long term for my cryptos. But, occasionally I do take profits.

          As for the tax part, currently, active traders are required to declare their gains to be taxed.

          For more details, you may refer to the article from The Edge Market, TheWall: Profited from trading bitcoin? Find out if you need to pay taxes.

          Personally, I still think it’s best for crypto owners to keep a proper record of all crypto transactions. Because tax requirements might change from time to time.

  6. I see the withdrawal fee structure only show Giro RM0.10. Can withdraw cryptocurrency? What if I want to transfer my Eth to my cold wallet?

    1. Hi Van,
      Thank you for your comment.

      If you withdraw MYR currency from your Luno Malaysia wallet to your Malaysia bank account through Interbank GIRO (IBG), the fee is RM0.10. It may take up to two business days for the fund to reflect in your bank account.

      From my experience, I made the withdrawal request on a Friday at noon, the request was approved at about 5:30 pm. On that same late evening, the fund is available in my bank account. The fee of RM0.10 was deducted from my Luno MYR wallet.

      As for transferring your ETH to your cold wallet, the fee is ‘dynamic’. This means the fee varies depending on the network traffic.

      Hope my sharing above helps.

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