If you want to buy bitcoin, using an EFT bank transfer to a bitcoin exchange is one of the safest ways to do so. Rand (ZAR) transfers generally show up on the corresponding exchange within a few hours, and you can begin to trade as soon as it is reflecting in your account.
Luno bitcoin exchange
Luno allows you to conveniently and securely send, receive and store your Bitcoins and ethereum. The Luno Wallet is hosted on secure servers and Bitcoins are stored offline to ensure the safety of your cryptocurrency. Luno provides low-latency trading protected by bank-grade security.
Bitcoin and Ethereum withdraws from accounts are automatic for most transactions (below a threshold limit).
Costs to deposit / withdraw / Trade on the exchange
- Website: www.luno.com
- Deposit Bitcoin: 0.0002 BTC
- Deposit Rand: Free
- Withdraw ZAR: R8.50
- Send Cryptocurrency: Dynamic fee
- Instant Buy / Sell fee: Unknown, ranges from 1% up to 5% from what we have been able to find out
- Trading fees: Either 1% or 0% will be charged depending on whether you are taking or providing liquidity. Limit orders that rest in the order book won’t incur any fees when matched while orders that match immediately will be charged at 1%
- Know Your Customer: FICA, Proof of ID / residence
- Security: 2 Factor Authentication (Google Authenticator), Secure digital certificate, email notification of trades
- Developer API: Yes
Get R10 free bitcoin from Luno! Once you have signed up for an account on Luno, login and go to the “Promotions” page, enter this promotional code: BKFEF