Nope not ZAR withdrawal, but yes, I did forget about the miner fees. It's still the case that you're taking a steamy dump to the chest by buying locally and moving the coin to an exchange with more variety so that you can deal in other coins.
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The Bitcoin Thread
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Nope not ZAR withdrawal, but yes, I did forget about the miner fees. It's still the case that you're taking a steamy dump to the chest by buying locally and moving the coin to an exchange with more variety so that you can deal in other coins.
MrGray
Honorary Master
Oh, I think you're referring to the Bitcoin transaction fee? That's got nothing to do with Luno. That goes to the miners and is variable.
Archer
Honorary Master
Does this 10% magically disappear when you want to sell BTC on Luno...? The premium is almost always there, so what are you upset about?
Yea sorry, didn't mean to imply that it's their cost but more that you're taking a large knock if you want to trade in other coins and can't buy your BTC on an overseas exchange, where you wouldn't have to suffer the premium and miner fee (assuming you stick to dealing on that exchange).
I said earlier that if you buy and sell on Luno then you're sorted, but if you take your BTC elsewhere, you're getting shafted.
etienne_marais
Honorary Master
I don't think they are taking advantage of it, they are simply just not flexible and dynamic enough for a certain type of user. I think many people are simply buying bitcoin there and holding it until it appreciates which possibly forms their target market.
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Spot on.
Luno are charging me 10% if I want set a sell order at 40 000 (ZAR/BTC) as a stop loss :-(
It has been suggested here that one should buy on Luno, but sell on another exchange - how does one get your BTC and BCH from Luno to another exchange ? by simply scanning QR codes once you have opened the account on the other exchange ?
MrGray
Honorary Master
Yeah, you will get a wallet address on your exchange account that you can just send to from Luno.
TBH, I'm a long term hodler so I only see Luno as the necessary evil that you have to go through initially to buy BTC with Rands, after that it's straight out.
satanboy
Psychonaut seven
Why do people use this "term"?
Tman*
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Nemus
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It was a typo on another forum, which went viral. Now it's "Hold On for Dear Life".
Hodl!
Which international exchange(s) do you suggest ?
etienne_marais
Honorary Master
Is that 'stop loss' a simple sell order or is there a mechanism for a stop loss ?
no AFAIK there is no mechanism for a stop loss, so I tried a simple sell order - for one thing Luno gave me the error message that 40000 (ZAR/BTC) is too far below the current selling range of 63000 so it would not create a sell order.
etienne_marais
Honorary Master
Was the 10% related to that low level as well, I do buys/sells all the time and would have been bankrupt had I lost 10% on each sell...
I'm guessing it is on a sliding scale and gets much lower the closer you get to the current market price ?
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