Where does one start with cryptocurrencies? What must I do? The best place to start with cryptocurrencies is to open an account with Luno and buy some Bitcoin. We take you through this process in a step-by-step tutorial on Luno.
What is Luno?
Luno is a Bitcoin company that allows users to buy, store and perform transactions with Bitcoin. The company operates in 35 different European countries, South Africa, the United Kingdom, Malaysia, Nigeria and Indonesia. One uses fiat to buy Bitcoin and/or Ethereum. Luno has almost 2 million customers.
How to open a Luno account
First, you need to download the Luno app from the PlayStore. Click here.
- Click on Sign Up
- Enter an email address and password
- Next, select your country of residence
- Tick the “I’m not a robot” button
- Click the blue “Sign Up” button at the bottom of the page
Luno will send you an email to verify the registration on the site and to ensure you have access to the registered email address.
How to verify your identity
When you’ve created your Luno account, log into the system. The first screen will look like this:
- In order to verify your identity, click on “Verify Now”
- On the main page, click on Settings (left side of the screen)
- Fill in your personal details such as name, surname and cellphone number
- Hit the Verify button and submit the required documents so that your account can be upgraded. This basically increases your monthly/daily limit.
For the Upgrade section, you need to submit a high-quality photo of your Identity Book or passport. If the photo is blurry and the moderators cannot read all the info on the photo, it will be rejected. If accepted, you will be upgraded to level 2 which allows you to deposit or withdraw R50 000 per month.
In order to upgrade to level 3 which gives you an unlimited amount to deposit or withdraw, you need to verify your address. Supporting documents include a utility bill, mortgage statement, bank statement with your physical address on it, cellphone account etc. This document cannot be older than three months.