There are many ways to buy bitcoin in South Africa since there are several bitcoin exchange companies. But the best bitcoin exchange in South Africa is Luno. Actually I recommend Luno if you are in South Africa, Botswana, Namibia, Swaziland and Lesotho or Countries where there’s FNB or Standard Bank.
Luno headquaters is Singapore but also has offices in UK and South Africa, Nigeria, Malaysia, and Indonesia
See the picture below to see if your country is available. If it is then you can buy bitcoins in your country using Luno.
As you can see you can use SEPA Transfer to buy buy bitcoin in luno if you are in Europe, Bank Transfer if you are in Indonesia, Interbank/GIRO if for Malaysia, Bank Transfer for Nigeria, FET or Cash Deposits for South Africa.
Luno allows instant buy and it’s transaction fees are low compared to other bitcoin exchange in South Africa.
They accept Electronic Fund Transfer(EFT) and Cash Deposits for South Africans. Luno charges ZAR0.00 fee for EFT bank deposits and it charges ZAR20.00 + 5.00% cash deposits. It charges ZAR8.50 for withdrawal
So before you buy bitcoin you will need a bitcoin wallet, that’s were you will store your bitcoin. If you prefer a hardware wallet then ledger could be the perfect choice for you. Buy you can also keep your bitcoins at Luno for as long as you want.
Here’s a step by step guide on how to buy bitcoin in South Africa:
Register with Luno
If you use my like or redeem my code(V42CK) we both earn R25 from Luno if you use the link below and buy bitcoins that are worth R500.00 or more.
Click here to signup with luno.com
If you forgot to signup using the link above no stress, you can use this code V42CK when making your first purchase.
As you can see is easy to sign up with luno. All you need is to enter your email address and your strong password. Or you can sigh up using Google or Facebook.
After signing up with luno there are two things you will need to do before buying bitcoins.
Connect your bank account
The first one is to Connect your bank account to your luno account. Make sure you add you Bank Details on your bank account by clicking on Beneficiaries and enter your bank details.
The second one is to Verify Identity
To verify your identity you will need to upload your ID copy. This will allow you to get the Level 1 Status, which means you can buy bitcoins of up to ZAR15 000 if you are in South Africa.
And you can deposit and buy up to NGN200 000 if you are in Nigeria. You can gain the level 2 Status if you also upload your proof of residents, that will allow to buy or withdraw up to ZAR50 000
Here are the verification levels and limits for different countries:
After verifying your account you can deposit money into your luno account. Click on the Buy button below the bitcoin sign.
You will then be taken to the next page. The screen below will be shown on your screen. Then click on the Deposit Money button.
The next step is to choose a bank or deposit method. In you can you might shown different banks.
Choose a Deposit Method
As you will see below I’m shown three Deposit Methods which are Standard Bank, FNB/RMB and Other Bank. Choose the type of bank you use or choose Bank Transfer with Other Bank
Enter amount you want to deposit
The following page will prompt you to enter the amount you want to deposit. As you can see on the example below I entered R1000. Remember you can deposit any amount you want. Then click on the Next button and go to the next page.
Copy your reference Number
On the next page you will be show a Reference Code that you need to make the payment. Copy the reference code and go to your bank account to Deposit the funds.
Please DO NOT use the Reference code you see on this picture because this is my reference code, you will get a different one from luno, use that one.
After making a deposit click on I’v Made The Deposit Button
It should take a few minutes if you used the same bank as Luno. Example if you deposited funds in to FNB luno account then it should take less than an hour for your funds to reflect in your luno account.
Is time to buy bitcoin in luno
Once your funds reflect in your bank account then that’s when you will buy bitcoin.
You will see the amount you deposited in to your luno account, something similar to the picture below.
To buy bitcoins with the money you deposited click on the Buy button, then you will see this Instant buy/sell like in the picture below.
Then enter the amount you want to buy with on the ZAR field below the Amount to spend in ZAR text. Click on the Buy Button to go to the confirmation page.
Confirm your purchase by clicking on the Confirm button. After that you will see the amounts of bitcoins you have bought. It will be displayed just like in the screen below.
Now you have bought your bitcoins you can use them anywhere to buy something or make payments.
If you have not sign up with luno click here to signup with luno and buy bitcoin
Those are all the steps to buy bitcoin in South Africa, hopefully you managed to get all of them right without a hustle.
You might also like to know how to buy bitcoin with PayPal.