This is a simple guide for South Africans wanting to buy their first Bitcoin using Luno. There are, of course, other ways to buy Bitcoin but I believe that Luno is the simplest and cheapest way for a beginner to get started.
1. Sign up with Luno
Luno is an industry leader as one of the first brokers in South Africa. Established in 2013, they now have customers in 40 countries and have processed cryptocurrency valued at over $8 billion.
Their team consists of experts from around the world who really know their stuff. The Luno platform is user-friendly and constantly updated, whether you’re using it from a desktop, Apple or Android device.
Finally, Luno is considered to be one of the best places to store your bitcoin. They have spent a considerable amount of time building security systems and have never been hacked.
2. Deposit Money
The next step is adding money to your Luno account. You can do so either using Instant EFT from PayU, where you will be asked to input your bank details. Or you can make a deposit directly to Luno using a reference number they provide you with.
3. Buy Bitcoin
Once your money has been received by Luno you will receive a notification that you are ready to buy Bitcoin. Additionally, you can buy other cryptocurrencies like Ethereum, Bitcoin Cash or XRP.