How do I buy into BTC without going through Luno?

Drifter

Drifter

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Hi Guys, I am thinking of pumping a few Rands into BTC every month, but I don't know what approach to take. Everybody I know that does invest in BTC, suggest Luno, as that is what they use.

It seems that Luno is not safe at all, and that your money is at very high risk of just disappearing with no recourse. Also, their support seems non existent.

Please point me in the right direction.

Thanks.
 
Has anybody sold their BTC and received their payouts in their bank account

Was there any tax deducted or how do you handle that aspect of the transaction or doe we just keep quite, but I guess with the FICA docs you cant really just keep quite can you?
 
The_David said:
How do you get ZAR into cex.io directly? Link your credit card?
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Yes.
I find the fees a bit too much tho.

SYNERGY said:
Do you get to keep your key?
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No.

Drifter said:
Hi Guys, I am thinking of pumping a few Rands into BTC every month, but I don't know what approach to take. Everybody I know that does invest in BTC, suggest Luno, as that is what they use.
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I still think they're ok if you buy on the exchange rather than rely on instant buy, then transfer your bitcoin out to a wallet you have full control over.
 
saor said:
Yes.
I find the fees a bit too much tho.

No.

I still think they're ok if you buy on the exchange rather than rely on instant buy, then transfer your bitcoin out to a wallet you have full control over.
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Thanks.
I'm hearing horror stories like Nicehash etc?

What would be the safest way to purchase and store bitcoin?
 
saor said:
Yes.
I find the fees a bit too much tho.

No.

I still think they're ok if you buy on the exchange rather than rely on instant buy, then transfer your bitcoin out to a wallet you have full control over.
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+1
 
SYNERGY said:
Thanks.
I'm hearing horror stories like Nicehash etc?

What would be the safest way to purchase and store bitcoin?
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I'd say keep a small amount of bitcoin on Luno for trading and store your other bitcoin on an hardware wallet, like Ledger or Trezor. Safer that way and you have full control of your wallet.
 
Drifter said:
It seems that Luno is not safe at all, and that your money is at very high risk of just disappearing with no recourse. Also, their support seems non existent.
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I'm not sure about this. By the looks of things, the people who had issues didn't have 2FA enabled, and had the API enabled. I'm sure you're safe if you use 2FA and don't have the API enabled, and if you do need it, limit the rights.

Acid0 said:
Has anybody sold their BTC and received their payouts in their bank account

Was there any tax deducted or how do you handle that aspect of the transaction or doe we just keep quite, but I guess with the FICA docs you cant really just keep quite can you?
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I think you'd have to declare what you're made with SARS when you do your income tax. I don't think they (Luno or whoever pays you out) deduct for you.
 
Is it possible to buy from cex.io via banktransfer?
 
I think when Luno pays our BTG everybody will move to altcointrader.co.za
 
Acid0 said:
Has anybody sold their BTC and received their payouts in their bank account

Was there any tax deducted or how do you handle that aspect of the transaction or doe we just keep quite, but I guess with the FICA docs you cant really just keep quite can you?
Click to expand...

I have yes, no tax deducted. It's up to you to report your capital gains to SARS and pay tax on it.
 
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