Luno bitcoin exchange to convert Bitcoin to cash in South Africa

Luno bitcoin exchange to convert Bitcoin to cash in South Africa

Luno Bitcoin exchange makes it easy for South Africans to convert their cryptocurreny to cash.

Trading bitcoin through a bitcoin exchange like the Luno Bitcoin Exchange is one thing, but what about spending it? While you can purchase an increasing number of goods online with bitcoin, you can’t buy everything, and you can’t walk into a shop in South Africa and buy goods with bitcoin or any other cryptocurrency. So, what’s the use? That’s a question many people in emerging markets might ask. South Africans need to be able to convert their bitcoin to cash quickly and easily, until the day comes that you can use bitcoin the same way you use Rands.

Luckily converting bitcoin to cash in South Africa has never been easier. Luno bitcoin exchange is geared toward the operational and customer needs of emerging markets such as South Africa, and the Luno Bitcoin Wallet – used to trade bitcoin, save bitcoin and also cash bitcoin into any currency, into your bank account – makes it as simple as any other currency transaction. Once your cryptocurrency has been transferred it is up to the individual to declare the tax on any transactions.

When you buy bitcoin through the Luno Exchange, it gets stored in your Luno bitcoin wallet as Bitcoin Cash (BHC) – a new blockchain that stores the same value of ‘coins’: 10 000 BTC = 10 000 BHC with the same exchange value with the Rand. This BHC can then be withdrawn into your bank account and converted to Rands instantly.
When you sign up with Luno, you will be set up with the right apps for you and your device(s). One of the steps will be linking your bank account with your local currency wallet in your ‘Luno Bitcoin Wallet’.

You can then use your Luno wallet to buy bitcoin through the Luno Exchange, and when you wish to withdraw, you’ll use the Luno Exchange Currency Wallet in Rands (ZAR) – one of the currency wallets in your Luno Bitcoin Wallet page, in your Luno app.

Luno Bitcoin Wallet and Exchange

Luno Bitcoin Wallet and Exchange

Luno makes it safe and easy to buy and store cryptocurrencies like Bitcoin and Ethereum in South Africa. Luno allows users to buy and sell Bitcoin through bank Transfer, SEPA transfer, Interbank GIRO/IBFT and EFT. Before you can buy Bitcoin on Luno, you need to deposit money into your Luno wallet. You can buy small amounts of bitcoin from as little as R25.

Luno is a trusted and have been around since 2013 with customers in over 40 countries. It is easy to use, with local payment methods and a simple interface. They have some sophisticated systems in place so you know that your crypto currency is safe.

Safety of Luno
Their main priority is keeping their customers’ cryptocurrency safe, that is why they currently only support Bitcoin and Ethereum. Luno has a strict way of verifying accounts, which ensures that each account is safe. You need to submit your government issued ID, and also take a selfy with your ID to prove the authenticity. Along with your ID, you are also required to send in a proof of residency. Once your account has been verified you will face 2FA (two factor authentication) to use your account.

Ease of Use
Registering for a new account on Luno is easy and happens in minutes. No complex instructions and ten page documents to read ensuring the process is easy to follow. Verification on the other hand requires documents as stated above, but is worth it for the added protection it gives you. Once you have opened an account you will find the interface of their exchange and wallet easy to understand and simple to use. Note:You don’t need to verify your account if you don’t plan to buy any Bitcoin, unverified accounts can still receive, store and send cryptocurrency.

Privacy Policy
The team at Luno has been trained to protect your privacy according to AML and KYC regulations, so local data protection laws are adhered to at all times. Your information is only shared with third parties when they have permission or are required to do so by law. Luno does promise due diligence when it comes to your privacy and security.

Luno is definitely the place to be if you are just getting into the complexities of the cryptocurrency market. They are a fairly young Company with great potential and keep a close eye on all new developments in the cryptocurrency world.

 

Binance Exchange supporting a variety of coins.

Binance Exchange supporting a variety of coins.

Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT.

Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more.

Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.

Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.

While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community.