What is Luno?
Luno is a leading global cryptocurrency company with over 2 million customers in 40 countries and a team of over 250. Headquartered in London, Luno operates across Africa, South East Asia, and Europe.
Its products and services make it safe and easy to buy, store and learn about cryptocurrencies like Bitcoin and Ethereum. Luno’s vision is to
upgrade the world to a better financial system.
How To Use Luno In South Africa
Can Luno be used in South Africa?
South Africa’s largest crypto app, Luno, has made it possible to instantly buy crypto on its platform in rands. Instead of needing to deposit rands into their Luno wallets, users can now pay instantly with bank cards.
How to Withdraw From Luno South Africa
If you wonder how to withdraw from Luno South Africa, this section will help you find an answer. The good news is that you can easily withdraw the South African currency, ZAR, from this exchange.
Here is the process that you will have to follow:
- Enter the Wallets screen and select the wallet with your local currency.
- Once done, choose the option of Withdraw.
- Now enter the amount you want to withdraw.
- Now tick on the check box before clicking on Next.
- Select Confirm after a confirmation message appears.
- End the process by adding your Luno pin and finalizing your withdrawal procedure.
That said, there is a limitation on the amount of funds you can withdraw. For every withdrawal, the maximum amount is R5 million.
This is an express withdrawal procedure for Luno South Africa’s client. The amount you take out through a standard process takes at least two days to appear in your bank account.
However, your funds can appear in less than two days with the express method. However, before you follow the above steps, make sure your bank account is linked with the exchange for a smooth withdrawal process.
Is Luno Available in South Africa?
Is it Legit?
Yes, Luno is available in South Africa and is very much legit. According to the exchange’s official website, Luno is registered with the Financial Intelligence Center. The official body helps detect crimes and identify money laundering and terrorism finance issues. In a nutshell, the institution protects and maintains the integrity of the financial system in South Africa.
Besides, Luno South Africa works with regulators within the country to establish effective regulations for cryptocurrency trading. In addition, the exchange follows strong AML (anti-money laundering) and KYC (know your customer) compliance to ensure a smooth practice of this trading.
Unfortunately, there are no common laws that govern the trading of cryptocurrencies in South Africa. In 2014, the South African Reserve Bank did issue a paper stating that cryptocurrencies are not legal tender in the country.
Nevertheless, according to stats, 7.1% of the entire South African population owns a cryptocurrency, proving its popularity. Moreover, thanks to exchanges such as Luno South Africa, safety regarding trading isn’t an issue anymore.
Is Luno South Africa Safe?
Yes, Luno South Africa is a safe exchange, and we have strong reasons to prove that. The platform offers excellent security, ensuring that you don’t hesitate while using it for trading.
For starters, here are some essential security rules that Luno South Africa follows:
Deep Freeze Storage
Luno stores your currency in deep freeze storage with tight security. The storage wallets have multi-signature security, and the keys to the wallet are stored both offline and online.
What’s more, Bitgo Custody looks after the storage of the keys. This company is popularly known for its high-security practices.
Hot Wallet
If you want to make convenient Bitcoin transactions, Luno South Africa is a great option. The exchange offers every customer a hot wallet, ensuring quick processing of cryptocurrency. Additionally, a third-party security company secures the keys to these hot wallets.
There are other ways to keep your currency safe in Luno, South Africa.
- Two-factor authentication: With an added layer of protection, it becomes pretty difficult for anyone other than the owner to access a wallet. Two-factor authentication ensures that a significant percentage reduces the chances of theft.
- Passwords: Luno South Africa makes sure that every client who joins them applies a solid password for their wallet, limiting unnecessary access.
- Staff: No staff member at Luno South Africa has permission to access any client wallet. In case of assistance, only the customer is allowed to get hold of their storage.
Can I trust Luno South Africa?
Yes, you can. With high-security regulations, the exchange makes sure that your funds are safe at all times. Besides, since the platform has millions of customers globally, you can trust it for excellent customer service.
Can you lose money with Luno?
No, you can’t until you aren’t careful. Scammers often portray themselves as Luno traders, agents, or partners, requesting you to send them your money. As a result, they get all the control over your account.
To avoid this, do not trust anyone other than Luno’s official agents with your transactions.
Is Luno South Africa affordable?
Yes, it is a cheap exchange. However, you will be charged an amount for your deposits, which isn’t too substantial.
Is Luno a safe exchange for Bitcoin in South Africa?
When it comes to Bitcoin, Luno South Africa is the most trusted exchange. You can easily start trading on your digital account and earn good profits.