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 or Ethereum and select your choice
- If you deposited South African Rands into your Luno wallet, you can use them to buy your Bitcoin or Ethereum
- Select the amount you wish to spend on Bitcoin or Ethereum
- Review the transaction carefully before proceeding. Click “Next” or “Buy”.
If you want to sell your Bitcoin or Ethereum, 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.
Put in the amount of BTC you wish to sell
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.
Let’s say you want to spend some of your hard-earned cryptocurrency money, how do you cash out of Luno? It’s easy to withdraw funds from your Luno wallet directly into your bank account.
- Go to the main menu and select “Wallets” from the menu. Select which wallet you wish to withdraw from.
- Select the amount you wish to withdraw, add your bank details and voila!
Next time this will be easier since the app remembers your bank account. It can take up to two working days for the money to reflect in your bank account. If there are no hassles, the money may even be available a couple of hours after you withdrew it.