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.
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.