Most Efficient way to buy Crypto currency

W

WhyME

Senior Member
Joined
Feb 2, 2010
Messages
615
Reaction score
8
Location
Johannesburg
I have been buying through Bitx which is now Luno. My question, is it better to buy using Luno or is there more cost effective and secure way to buy? I know some people buy in dollars which I assume they register with foreign exchange company?

What are the options?

Thanks.
 
Luno is the safest for now. There is companies that accept credit cards, but it comes at a COST.

You do however pay more for your BTC, as the local prices is higher than USD price.
 
WhyME said:
I have been buying through Bitx which is now Luno. My question, is it better to buy using Luno or is there more cost effective and secure way to buy? I know some people buy in dollars which I assume they register with foreign exchange company?

What are the options?

Thanks.
Click to expand...

What crypto?

To buy bitcoin, Luno is your safest bet since you need to exchange ZAR legally. This require you to be fica'ed so try and use Luno only for essentials.

If you receive bitcoin from someone, DO NOT give them your luno wallet.
 
Thanks for the responses. @Thor187 I was referring to Bitcoin and Ethereum

If you receive bitcoin from someone, DO NOT give them your luno wallet.
Click to expand...

Does it mean I must setup another wallet ? Why do you say I must not give them my Luno wallet?
 
*** google says 31258.97 South African Rand Luno says BTC/ZAR 33,840 why such a big discrepancy ?
 
WhyME said:
Thanks for the responses. @Thor187 I was referring to Bitcoin and Ethereum



Does it mean I must setup another wallet ? Why do you say I must not give them my Luno wallet?
Click to expand...

Correct, on android mycelium is quite trusted, online Blockchain.info is also trusted.

The reason is simple. SARS. Luno reports to them, so you will be on a watchlist and when it becomes regulated guess who they come knocking on?

Also on luno you do not own your bitcoins. They do. They control the private keys.

WhyME said:
*** google says 31258.97 South African Rand Luno says BTC/ZAR 33,840 why such a big discrepancy ?
Click to expand...
Detailed here https://platinumwealth.co.za/forum/Thread-Luno-exchange-rate basically Luno's price is controlled by the market it has ie the users on its platform vs google might be using coindesk pricing which is determined by traders on their platform.
 
WhyME said:
*** google says 31258.97 South African Rand Luno says BTC/ZAR 33,840 why such a big discrepancy ?
Click to expand...

Why do people keep complaining about the price on Luno? Don't you guys realise that if you buy at a premium you sell at a premium as well?

As long as you cash out via Luno too it makes no difference what the price is, as the relative movement is pretty much the same.
 
Knyro said:
Why do people keep complaining about the price on Luno? Don't you guys realise that if you buy at a premium you sell at a premium as well?

As long as you cash out via Luno too it makes no difference what the price is, as the relative movement is pretty much the same.
Click to expand...

Because if at some point in the future there comes a more efficient way to buy coins, the premium you paid is lost.
 
SaiyanZ said:
Because if at some point in the future there comes a more efficient way to buy coins, the premium you paid is lost.
Click to expand...

If you're keeping coins for that long the premium becomes pretty much irrelevant anyway in the grander scope of things.
 
Last edited:
Thor said:
The reason is simple. SARS. Luno reports to them, so you will be on a watchlist and when it becomes regulated guess who they come knocking on?
Click to expand...
Not true. Luno doesn't report to SARS.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X