5 min read · Mar 20, 2024
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Launched in 2013, Luno is a popular cryptocurrency exchange that functions in more than 44 countries, including Africa. Previously known as BitX, the exchange achieved a rebranding and got its final name Luno in 2017.
With more than 3 million people using this exchange, Luno has never compromised with its services. Additionally, it is famous for its user-friendly operations and good customer service, making the exchange worth every trade risk.
This article will discuss Luno South Africa in detail. Does Luno work in South Africa, and is Luno legal in the country? Dig in to find answers to these burning questions.
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 own a cryptocurrency, proving its popularity. Moreover, thanks to exchanges such as Luno South Africa, safety regarding trading isn’t an issue anymore.
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:
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.
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 the permission to access any client wallet. In case of assistance, only the customer is allowed to get hold of their storage.
Luno South Africa makes sure that their client’s funds are safe in their hands. This gives you the confidence required to be a part of the Luno family.
Luno South Africa is famous for its efficient services. Besides, the platform offers many cryptocurrencies for traders interested in trading. Below we have curated a table highlighting some general information on this platform.
Luno South Africa Pros:
- This exchange is a safe and secure platform for traders living in South Africa.
- Luno offers a quick Bitcoin transaction process, courtesy the hot wallets.
- The fee structure of this exchange is affordable for the citizens of South Africa.
- Luno South Africa offers many cryptocurrencies for trading.
- The exchange supports both credit cards and bank transfers.
- If you are a beginner, Luno South Africa is a convenient exchange to start your cryptocurrency trading journey.
Luno South Africa Cons:
- Since Luno doesn’t offer high liquidity, it might not be considered suitable for everyone.
- Unfortunately, the platform doesn’t offer any referral programs.
Luno South Africa is an excellent opportunity for traders to explore different types of currencies. This platform supports eight different coins.
So, whether you want to trade Ripple or deal with Bitcoin, the exchange offers you an excellent opportunity to experience the best of cryptocurrencies available in the market. Below is the list of coins that this exchange supports.
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Chainlink (LINK)
- Uniswap (UNI)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- USD Coin (USDC)
One of the best things about Luno South Africa is that the exchange isn’t biased. The value of every currency presented is authentic, ensuring that every trader gets to taste the actual value of each coin.
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.
