This has been the most searched topic for people leaving in South Africa; so today I will be giving you step by step guide on how to buy and sell bitcoin in South Africa using luno.
You might ask what is luno ? LUNO (formerly BitX) is a bitcoin-related company headquartered in London.
Luno facilitates bitcoin storage and transactions such as buying, selling and paying through their bitcoin wallet services. They also operate exchanges between traditional currencies and bitcoin.
With this basic understanding of Luno we will move to the main topic of this article of buying and selling of bitcoin using luno in south Africa
Now that you have opened a Luno wallet and verified your identity, its time to buy some Bitcoin! This is a guide that shows you how to buy and sell Bitcoin on Luno.
Deposit money into your Luno wallet When logging into the Luno app, go to Menu and select “Wallets”
Now you can select your deposit method. Luno gives users the option of doing a bank transfer with FNB/RMB, Standard Bank or any other bank.
Be sure to follow the deposit instructions carefully and be sure to use the right reference number when making the EFT.
Once Luno received the EFT, you will be notified via email. The funds will show on your Luno app immediately.
How to buy and sell Bitcoin on Luno
At this stage, Luno only features two cryptocurrencies – Bitcoin and Ethereum. If you want to buy Ripple, Neo or other alternative coins, you can get these from an exchange. Luno doesn’t have them.
If you want to buy Bitcoin on Luno, go to the top bar on your app and select “Buy”
Pick if you want to buy Bitcoin and select your choice
If you deposited South African Rands into your Luno wallet, you can use them to buy your Bitcoin
Select the amount you wish to spend on Bitcoin
Review the transaction carefully before proceeding. Click “Next” or “Buy”.
If you want to sell your Bitcoin , simply go to the same top bar where the “Buy” button is and click on “More”
The second option from the top is “Sell”, click on it.
Next, review the transactions details and click on “Confirm” at the bottom of the page
You can check your Luno balance by tapping on the Luno logo on the home page from left to right.
With this guideline illustrated with picture you can easily buy and sell bitcoin using luno in South Africa
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