Setting up a Luno Account
Crypto has become quite a big craze nowadays, so what better time than now to get into the game (NFA, merely an introductory sentence)? Today we shall be exploring Luno, one of the first 3 exchanges recognized by the Malaysian Securities Commission as an official exchange to trade cryptocurrencies.
A little bit of backstory, Luno is a cryptocurrency exchange founded in 2012 based in London, UK (United Kingdom, bukan Ulu Klang) and is currently spread in over 40 countries. On this exchange, you can trade BTC, LTC, XRP, ETH and most recently BCH with MYR as your medium currency.
A Little Review on My Part
So far, the exchange has been working quite well in terms if user experience and functionality. Their prices are quite close to that of exchanges and has alot of trading volume. Their fees are reasonable at 0.25% for buying and 0.50% for selling. They have many useful features such as price alerts, market news as well as an extremely easy to navigate interface when it comes to making trades. Therefore, this is the ultimate platform for those who are absolute beginners and want to try their hand at crypto trading.
Creating Your First Luno Account
So without further ado, let’s jump right into it. For this guide, I will be using the Luno App which can be downloaded from Google Play or the Apple Appstore because typing in details and taking confirmation photos are going be much more convenient. Their icon looks like this.
When you first download the app and run it you will be met with this page.
Click on the “Sign Up” button and use an email , Gmail or Facebook account which has been registered with an age over 18 to avoid complications.
Luno will then send a 4-digit verification code to the account which you have entered to sign up.
Next, you will have to set a 4 digit pin which will be used to confirm any of your trading activities (note : do use a secure pin which cannot be easily guessed).
Finally, you will be prompted to enter a phone number which you own, which will be used as a verification method by Luno. Long winded, huh? But to me that is a good thing because it shows that Luno takes user security very seriously.
Now, at last, we have reached our first destination ; Luno’s “Home” page which looks like this. However, we are still not able to trade any crypto since we still have to verify ourselves as real people, and not just bots. So, to complete our registration, head on over to the Profile Page.
After that, click on the “Verification” card to start filling in our details.
From here on out just start filling your details and MAKE SURE all of them are correct because you will not be able to edit them afterwards.
After you are done filling them up, you will be met with this page. Here, you will have to take a picture of your ID card as well as a selfie to verify your identity. Make sure the selfie is clear and without any filters, ni bukan post IG bang.
Now you are done! Luno will send you a confirmation email in a few days so just sit back and explore the app while you can.
They have a news section, graphs where you can monitor the current market and price alerts which you can accustom yourself to.
Or, you can spend your time checking out other security features to keep your account safe by going back to the “Profile” page and clicking on the “Security” card.
Buying and Transferring Ethereum
Now then, in a couple of of days, Luno should send you an email which looks something like this.
If you receive this, then congratulations! You are now a verified user and can start trading cryptocurrencies. Otherwise, either go through the entire sign up and verification process again or contact the Luno help team regarding your issues at support@luno.com.
As an extra confirmation, you can go to the “Wallets” page and you will find that the MYR option has now appeared which means you can start depositing money to buy crypto.
Right now, we are going to be doing a simple one-off transaction to buy ETH and then transferring the tokens we have bought to our own wallet. First off, go to the “Home” page and click on the “Buy” button provided by Luno. Make sure you have the Ethereum coin selected.
Just follow the steps and soon they they ask you to top up your wallet since you probably don’t have any funds yet.
Put in the amount you want to send, click “Next” and then you will be redirected to an FPX (Financial Process Exchange) page where you can fill in your bank details.
And done! You have now bought ETH and can check your balance in the “Wallets” page.
Moving on to the final step; transferring your ETH to another wallet. Simply do so by clicking on the “Send” button in the “Wallets” page and then select Ethereum when the bottom drawer pops up.
Fill in the CORRECT wallet address and click “Next”. This step is of the utmost importance since transactions made cannot be reverted.
Confirm it on this page.
As well as on the SMS link that was sent to the number affiliated with your Luno account.
Finally, we are DONE! You should receive the Ethereum in the wallet you designate in the transaction.
Conclusion
As you can see, Luno values security which makes many processes kind of long-winded but we have to bear with it I guess. I do recommend that any new traders try this exchange out before going on to more complex exchanges such as Binance or Huobi. Sekian, terima kasih (thank you) and I hope you have a good day!
