Luno is the latest cryptocurrency exchange in Uganda that enables you to buy bitcoin (BTC). In this guide, you will learn how to buy bitcoin on Luno in Uganda.
The South African owned exchange platform was set up in 2013 and is one of the most popular cryptocurrency exchanges in developing markets. Luno recently extended its services to Uganda, making it possible for users to buy bitcoin in Uganda.
To buy bitcoin on Luno in Uganda you will have to follow these steps
1. Create an account
2. Verify your identity
3. Deposit funds
4. Buy bitcoin
Create A Luno Account
First, you are required to create an account on the Luno exchange. You have to visit luno.com and click on the pink button that reads “Get Started”. The site will now load a new page where you can sign up directly.
To do this, you have to submit your email address, password, and country (in this case, Uganda). Remember to read and agree to the terms and conditions. What’s more, you can opt to sign up with your Facebook and Google accounts.
After you sign up, you will receive a confirmation email, Visit your email inbox to confirm your email. Click on “Confirm Email Address” to complete your sign up process, and click on Continue to move to the next step.
Verify Your Identity
Secondly, you have to verify your identity to be able to buy bitcoin on Luno in Uganda. This step is required by several exchanges as part of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations of various states.
KYC Verifications Steps
- Phone number verification
- ID verification
- Proof of residence
The initial verification step comes with verifying your mobile number. The mobile number you provide will be used in sending you security notifications from your account. After you enter your mobile number, click “Next” to receive a 4 digit code required to confirm your ownership of the number.
Enter the code and click “Confirm”.
You will now have to provide a national ID as proof of your identity. In Uganda, you can use your National Identity Card or Ugandan Passport. To submit this digital, you can take a picture of it and upload the image as an attachment when filing your KYC details.
What’s more, you will have to take a selfie with your desktop or mobile phone to complete this level of verification. Luno will now review the details you provided and confirm your identity before you can trade bitcoin.
If you get cleared at this stage, you can deposit up to 10,000,000 UGX to buy bitcoin. If you intend to buy more than that, you will have to add your proof of your residential address. You can do this by uploading a bank statement or any other payment document that mentions your residential address.
Verification Levels and Deposit Limits
Level 0 – email verification : 0 UGX
Level 1 – phone verification : 0 UGX
Level 2 – ID verification : 10,000,000 UGX
Level 3 – Proof of residence : 100,000,000 UGX
Deposit Funds
Before you finally buy bitcoin, you have to deposit Ugandan Shillings into your Luno account. To do this, proceed to the “Wallets” section of your account to deposit your UGX.
You can send money from your bank account to your Luno account. Select the bank of your choice and follow the prompts to deposit money into your account. Luno will always provide a unique reference number which you should check before making any payments.
The transfer will show on in your balance immediately, provided it is not a holiday or weekend.
Buy Bitcoin
Finally, you can now buy your bitcoin. There are two methods to buy bitcoin on Luno in Uganda. You can buy immediately through the instant buy feature or use the more technical trading platform.
To use the instant buy feature, proceed to the homepage and click the UGX amounts available to make an order based on predefined amounts, or select “Own Amount” to enter an amount of your choice.
Click on “Buy” to instantly receive your bitcoin based on the general market price at the time you make your purchase.
On the other hand, the trading platform allows you to set limits and dictate the price at which you want to buy bitcoin. Proceed to your trading dashboard and place an order which will remain open until the market conditions fit your limits for the order.
If you followed all the steps and just purchased bitcoin, Congrats!
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