Luno cryptocurrency now allows direct SGD bank transfer feature with $0-fee deposits through local SGD-denominated bank accounts

Correction: Luno is not the first crypto platform in Singapore to allow direct SGD fund transfer services. Singapore-headquartered cryptocurrency trading platform Coinhako has been offering deposits via direct bank transfers since 2018. Coinhako users are able to transfer SGD via the Fast and Secure Transfers (FAST) directly from their bank account of choice into their Coinhako SGD wallet. Earlier in September 2021, Coinhako updated their bank transfers feature to allow users to deposit SGD into Coinhako in only a few minutes directly from their local bank account–SGD withdrawals might take up to 10 minutes. This is also via FAST and with a deposit limit of $20,000 per day. 

Luno launches an official direct SGD bank transfer feature today, promising a fast, safe and hassle-free way to invest.

As the first in Singapore to officially offer this feature, Luno users can now transfer funds without intermediary parties or delays, from any local SGD-denominated bank accounts to their cryptocurrency wallets at no fee.

Luno offers multiple core features to deliver a seamless experience for new and seasoned investors alike, offering access to popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) and USD Coin (USDC).

Other than a $0 direct deposit, instant buy and sell fee has been reduced from 1% to 0.75% per transaction while maker and taker fees start from 0% to 0.1% respectively.

Users looking to automate their ‘dollar-cost averaging’ investment strategy will be happy to know that Luno allows users to execute scheduled orders at predetermined intervals easily on their app.

For those looking to securely store their digital assets, Luno offers a Savings Wallet to earn competitive interest rates for the storage of their cryptocurrency. Users can earn up to 4% per annum with no fixed terms, no hidden fees and unlimited deposits and withdrawals on Bitcoin and Ethereum.

To help users stay ahead of the market, Luno’s Learning Portal offers over 50 articles across 4 languages that outline the basics of cryptocurrencies, the nature of the digital asset and how to start trading their first coin.

Additionally, Luno’s official YouTube channel, LunoTV, hosts over 200 educational videos, offering users bite-sized resources on the latest market updates and industry insights relating to digital assets to help them kickstart their first crypto purchase.

Luno also implements bank-grade security measures to protect the privacy and security of both digital assets and customers’ personal data. Measures such as deep-freeze storage, multiple-signature hot wallet, 2FA authentication and password encryption to prevent unauthorised access to Luno and our users’ wallets.

All personal data and financial information are only stored and processed in cloud services that meet strict security requirements. Employees also must pass through stringent background checks to reduce risk in the human security chain.

Luno is available on both Apple App Store and Google Play, allowing users the freedom to deposit, trade and withdraw 24/7 on the move.

Visit here to start investing.