There are so many ways to buy Bitcoin and alternative coins (alt coins). However, the best wallet for the job will depend on which fiat currency you want to make use of to buy cryptos. For those with South African Rands (ZAR), the Luno wallet is highly recommended. We take a look at how you can buy Bitcoin with ZAR on Luno and deposit it into an exchange to start trading.
Open a Luno account
Go to www.luno.com and click on the Sign Up tab in the right-hand corner. Enter an email address and password to create your account.
Next, you have to verify your identity.
Click on the Verify Your Identity tab to get started. The system will ask you to verify your mobile number. You will receive an SMS to complete this step.
To complete your personal details, fill in your full names and ID number. This will allow Luno to verify your identity and grant you a limit with which you can buy and sell Bitcoin.
If you wish to increase the limit and be verified on level 2, you have to submit documents. Level 2 verification requires a scanned copy of your ID. Level 3 verification asks for your proof of address.
Verifying your identity is crucial as you will not be allowed to buy or sell Bitcoin without it. So now that you have verified your identity, let’s buy some Bitcoin with ZAR.
Log onto your Luno account and select ‘Wallets’ on the menu. You will have two wallets – BTC wallet and ZAR wallet.
If you wish to buy Bitcoin with ZAR, click on ‘Deposit’ on the ZAR wallet.
Next, you will be given detailed instructions on how to deposit ZAR from your bank account into Luno’s bank account. Be sure to use your specific reference number when making a deposit. Luno will send you an email to confirm that the funds have been received and allocated to your ZAR wallet.
Now that you have money in the bank, it’s time to buy some Bitcoin.
Buy Bitcoin and alternative coins on Luno
Go to Luno’s home screen and click on ‘Buy’. Now pick if you want to buy Bitcoin or perhaps Ethereum. If you deposited ZAR into your Luno account, you will buy the Bitcoin with the funds in your ZAR wallet.
Review the transaction to make sure you are buying the preferred cryptocurrency. Click on ‘Buy’ and voila!
Double check your BTC by going to the Luno home page. The amount of BTC and ZAR will reflect at the top of the screen. Luno charges a small fee for this service. For more information, click here.
Trading on Binance
Now that you have bought some BTC, its time to start trading with it on Binance. Transferring BTC from Luno to Binance is really easy. Follow these simple steps:
On Luno’s home page, click on ‘Send’.
Be sure to select BTC. If you choose another currency, the funds may get lost as the addresses are not the same.
Enter your Binance BTC wallet address to transfer the funds. If you have an account with Binance, you will find your BTC wallet address on the ‘Funds’ tab on the main menu.
Click on ‘Deposits Withdrawals’.
Look for BTC from the list and click on ‘Deposit’.
Next, you will be given a unique BTC wallet address. Copy this address into your Luno account. Before you transfer, be sure to double check the address. We don’t want no BTC disappearing into thin air.
On Binance, if you want to check how far the deposit process is, click on ‘Funds’, ‘History’ for a live update. You will receive confirmation that your deposit has been successful. Once you have BTC on Binance, you can buy alt coins with it.
Trading on Bittrex
Both Binance and Bittrex are very popular sites for crypto traders. They have outstanding security and a large volume of popular coins.
If you wish to trade on Bittrex, these are the steps to follow when withdrawing BTC from Luno:
Log on to your Bittrex account and select ‘Wallet’ in the top right corner.
Click on the green icon that shows a circle with an arrow pointing downwards. This is the deposit button. The red version is for withdrawals.
Click on the ‘New Address’ button so that Bittrex can generate a BTC wallet address for you.
Copy this address into your Luno account and once again, make sure the address is 100% correct. If there is a number missing from the address, your funds may be lost.
If you wish to monitor the progress of your transfer, simply scroll down the Wallet page to Pending Deposits. Transferring funds require some verification from an exchange’s blockchain. Hence the period of time it takes to transfer cryptos.
Once the funds have been received, Bittrex will allocate the BTC on your account.
In conclusion, it is the first steps that may be the scariest. But only once you take these steps, it will become more familiar. Happy trading!