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Save Money on Crypto Purchases with Luno’s Exchange Feature

Did you know that when you buy cryptocurrency from Luno’s home page, you’ll be charged a two percent fee? While it may not seem like a significant amount, these fees can add up over time. Fortunately, there is a way to avoid this hefty fee and save money on your crypto purchases.

Using Luno’s Exchange Feature

Luno offers an exchange feature that allows you to buy cryptocurrency at a much lower fee compared to the home page. To access this feature, follow these simple steps:

1. Tap on the three dots located on the top right-hand corner of the Luno app or website.
2. Select “Exchange” from the dropdown menu.
3. Press “Buy” to initiate a purchase.

By using the exchange feature, you’ll realize that the fee is at least four times lesser than buying from the home page. This means you can instantly buy Bitcoin at the current price while saving money on fees.

Market Order vs. Limit Order

When using Luno’s exchange feature, you have two options for buying Bitcoin: market order and limit order.

A market order allows you to buy Bitcoin at the current market price. To use this option, simply key in the amount in MYR (Malaysian Ringgit) that you wish to spend. Luno charges a fee of 0.5 percent for a market order, which is significantly lower than the two percent fee charged on the home page.

If you have a specific price in mind at which you want to buy Bitcoin, you can use a limit order. Enter the desired price and the amount in MYR, and Luno will execute the order when the price reaches your specified level. The fee for a limit order is only 0.25 percent, which is eight times lesser than buying from the home page.

Purchase Crypto Safely

In addition to saving money on fees, using Luno’s exchange feature also ensures a safe and secure purchase of cryptocurrency. Luno is a trusted platform with a strong reputation for security and reliability. When buying crypto through the exchange feature, you can have peace of mind knowing that your transactions are protected.

Frequently Asked Questions (FAQs)

1. How can I access Luno’s exchange feature?

To access Luno’s exchange feature, simply tap on the three dots located on the top right-hand corner of the Luno app or website. From the dropdown menu, select “Exchange” to begin buying cryptocurrency at a lower fee.

2. What is the difference between a market order and a limit order?

A market order allows you to buy cryptocurrency at the current market price, while a limit order allows you to set a specific price at which you want to buy. Market orders are executed immediately, while limit orders are executed when the price reaches your specified level.

3. How much does Luno charge for a market order?

Luno charges a fee of 0.5 percent for a market order, which is significantly lower than the two percent fee charged on the home page. By using the exchange feature, you can save money on fees and get more value for your crypto purchases.

4. Is Luno a safe platform for buying cryptocurrency?

Yes, Luno is a trusted platform with a strong reputation for security and reliability. When using Luno’s exchange feature, you can have peace of mind knowing that your transactions are protected and your crypto purchases are made safely.

5. Can I buy cryptocurrencies other than Bitcoin through Luno’s exchange feature?

Yes, Luno offers a variety of cryptocurrencies for purchase through its exchange feature. You can buy popular cryptocurrencies like ethereum, Litecoin, and Bitcoin Cash, among others. Simply follow the same steps mentioned earlier to access the exchange feature and buy the cryptocurrency of your choice.

In conclusion, if you want to save money on fees and purchase cryptocurrency safely, make sure to use Luno’s exchange feature instead of buying from the home page. By following a few simple steps, you can enjoy significantly lower fees and get more value for your crypto purchases.