I have been meaning to write a blog post about this for a while now. Few weeks back, Bitcoin’s price was at all time high (ATH) of $4,979, hitting $5,000 on some exchanges. Today, on September 15, 2017 is a different scenario altogether, price is hovering at $3,000. That’s down by whopping ~$2,000!
Disclaimer: This is not an investment advice. And it’s not a paid review.
Today we will be covering a site called Luno, formerly known as BitX Malaysia. I think Luno’s user experience and services are quite user friendly, their support of local banks such as Maybank, CIMB and other local banks is a huge benefit too.
Step 1 – Signup
After you signup at https://www.luno.com, go to your Wallet section and press on DEPOSIT button on the MYR wallet.
Step 2 – Choose your bank
Choose a bank that you will be using to fund your wallet. I will be using Maybank2u in this example.
Step 3 – Enter amount
Enter the amount that you want to fund your wallet.
Step 4 – Payment Details
On this step, Luno will generate a Reference Code for you, which you need to include when making a fund transfer from your bank account.
Step 5 – Make a transfer
Login to your internet banking account and make a transfer with the same amount that you specified in Step-4. Please make sure to include your reference code in Step-4 in the Recipient reference and Description of transaction fields in Maybank2u when making the payment.
Step 6 – Wait…
After you have made the payment, you wait until it shows up on your Luno account. Luno’s FAQ states that deposits can take up to 24hours. However, it was pretty fast for me, it took less than 15minutes to appear on my Luno account.
Step 7 – Click on Exchange
Once your account is loaded, click on the Exchange link at the side menu. This is where you will be buying the Bitcoins from. Exchange is basically a place (i.e marketplace) for users to buy/sell Bitcoins to/from each other.
Step 8 – Place a Buy Order
Be extra careful on this step. Setting wrong rates can be disastrous, which may result in loss of funds for you. Rates that are in red color are Sell side of the market. And rates that are in green color are Buy side of the market. Depending on at what rate you want to buy, you could either click directly at the lowest red offer and buy. Or you could set your own lower bid and leave it until it executes.
Once you are sure of your bid details, press ‘Place Buy Order’ button.
Step 9 – Confirm Your Order
Step 10 – Done
When your open order executes, you will be able to see the balance of Bitcoin that you purchased in your BTC wallet.
I’m sure that was easier than you thought right? I hope it was useful. Do leave your feedbacks in the comments section.