Luno was set up in 2013 under the name BitX. It was built by a South Africans Timothy Sranex and Marcus Swanepoel.
Currently, the cryptocurrency exchange is one of the most used in emerging markets. Luno is available in about 40 countries and claims to have over 3 million users.
Here is a tutorial on how to use Luno in South Africa:
Create An Account On Luno
To get started with Luno, you will have to sign up or create an account. You will need to provide your email, password, and select your country of residence. Also, you can sign up with your Facebook and Google accounts.
After providing these details, you will then need to verify your email. Luno sends an email to you immediately upon sign up that provides a link for you to confirm your email.
Click on “Confirm Email Address” in the email to complete your sign up process.
Verify Your Identity
Luno, like most exchanges, require you to verify your identity. To do this, you will have to provide identification documents. Without verification, you will be unable to use Luno in South Africa fully.
First, you have to verify your phone number. You will have to provide a phone number and enter a four-digit code sent to it to confirm ownership.
The second step requires a valid national identification document like passport and South African smart identity card. To submit the ID digitally, you can take a picture of it and upload the image as an attachment when filing your KYC details.
At this point, you can deposit and withdraw up to 50,000 ZAR. If you wish to increase this limit, you will have to provide a document to confirm your location.
Here are the various levels of verification on Luno and the deposit and withdrawal limits.
- Level 0 – email verification: no deposits and withdrawals.
- Level 1 – phone verification: ZAR 15,000.
- Level 2 – ID verification: – ZAR 50,000.
- Level 3 – proof of residence: ZAR not specified.
Getting verified on Luno in South Africa does not take so much time and should be a smooth process when you have all the required documents.
Deposit Funds on Luno
Before you finally buy bitcoin, you have to deposit funds into your Luno wallet. Luno allows you to deposit cash in South Africa via multiple methods:
- Bank transfer
- EFT (ZAR)
- Cash deposit penalty (ZAR)
The cash transfer will show on in your balance immediately, provided it is not a holiday or weekend.
Buy Cryptocurrency on Luno
You can now buy cryptocurrency on Luno in South Africa. Luno allows you to buy bitcoin, ripple, bitcoin cash, and litecoin.
There are two ways to buy cryptocurrency on Luno. Via the Instant Buy feature or through the regular exchange.
The instant buy feature is a more simple way of buying cryptocurrencies without technical know-how. To use the instant buy feature, go to the homepage and click the ZAR amounts available to make an order based on predefined numbers, or select “Own Amount” to enter an amount of your choice.
Click on “Buy” to instantly receive your bitcoin based on the average market price at that time.
On the other hand, purchasing on the trading platform is a little complex but gives you more control. 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 these steps, you have successfully learned how to use Luno in South Africa. Join our Telegram group to keep up to date with the latest updates and offers in Africa.