In 2016 , when I started blogging about bitcoin and other crypto currencies , Luno.com was still in its infant stages of development and was called Bitx.com at the time .
In my previous blog post about Bitx.com we looked at registering an account and buying Bitcoin through the exchange. You are more than welcome to read the previous article "How to get started with Bitcoin" to see just how much Luno.com changed since the name change and platform upgrade.
Since then allot of new features and security upgrades on the site happened and made it one of Southern Africa 's most popular and secure exchanges to buy and sell Bitcoin and Ethereum which was also added . I felt that it's about time that we take another look at Luno.com and other South African exchanges.
So lets get down to business. In this article we will take a look at setting up your account and depositing money to be able to Buy Bitcoin .
Registering a account
The first thing you will need to do is to register an account by clicking on the "SIGN UP" button and completing the information required . After completing the fields , click on the "SIGN UP" button . The page will re-direct to the main page and you will be asked to click on a link sent to your e-mail address to verify your e-mail address .
You will now be able to "LOG IN" to the account . The first thing you will want to do is to setup your two-factor authentication. This is very important to keep your wallet safe from hacking attempts and i would suggest completing this step first before depositing money into your luno.com account .
What is two-factor authentication?
Two-factor authentication keeps your account more secure by requiring both your password and your phone to login and make transactions.
When you log in with two-factor authentication enabled, you will need to enter your password and a unique code generated on your mobile. This provides a second layer of protection on your account. Even if someone steals or guesses your password, they won't be able to access your account without also having your phone.
To find out more about two-factor authentication and how to download the necessary Google authenticator app onto your phone , visit the help page on luno .
Visit the "SETTINGS" Tab and click on "TWO-FACTOR AUTHENTICATION" to setup.
Now the you have setup up your two-factor authentication you will need to verify your account before you will be able to buy/sell your bitcoins . You will need to verify your phone number and KYC in order to activate the buying and selling features on the site .
Go to <SETTINGS> and click on "Verification" Limit . Verify your phone number and repeat the process to upload your KYC documents . KYC documents are your I.D document and Proof-of-Residence .
This is required by all financial institutions all over the World . Even your bank requires your KYC when you open up a account . After that is done , you will now be able to link your bank account so that you will be able to buy/sell bitcoins on the exchange by adding your bank as beneficiary on the site.
Now that your account is setup and verified , "LOG OUT" and log back in to see if your two-factor authentication is functioning correctly and that you are able to access your account before making a deposit.
Funding your account and buying BTC
Okay , so your account is setup and you are ready to fund your account to buy bitcoin .
You will have 2 accounts in your back office . One account which is your Bitcoin Wallet and the other thats your ZAR ( South African Rand ) Wallet .
To Buy bitcoin you will need ZAR ( South African Rand ) in your account that you will be able to exchange for BTC or ETH . To sell Bitcoin you will exchange them for ZAR ( South African Rand ) which you will be able to withdraw into your bank account .
Click on the "MORE" Tab that will open a pop up at the bottom of the screen and select the "DEPOSIT MONEY" option . You will be taken to the next to where you will have to select the bank from which the deposit will come.
If you are making a deposit form Namibia or another country , select the "Bank Transfer with another bank " option .
Now enter the amount that you would like to deposit and press the "NEXT" button that will take you to a page with the deposit details on them to be able to deposit the money .
Open up your Banking app and make the deposit to the details provided . Make sure that you use the correct Reference code when making a deposit so that the funds can be allocated to your luno.com account quickly without any delays.
If you are having any problems feel free to visit Luno.com s Help Center with detailed instructions .
Buying Bitcoin on Luno
If you are making a deposit from a First National Bank within South Africa your deposit can show up on your luno.com account within a hours minutes.
However , if you are using another bank or outside of South Africa , the deposits can take up to 2 - 3 working days . I have noticed that the best time to fund your account is throughout the week and not on weekends which could also delay your deposits and withdrawals .
As soon as your account has been credited , you will get notifications through e-mail and the mobile app if you have it installed on your phone . Checkout the Luno App on Play Store.
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