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werner

Company Representative
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Everything posted by werner

  1. I'll add to our Feature Request list the ability to download more lines :-) For now, please send an email to [email protected] if you want your complete account history and they'll send you the complete CSV files.
  2. Yes. Sign in, select Transactions in the side menu (you might have to toggle the menu on a tablet/mobile). For more detailed breakdown: Menu > Wallets > ZAR wallet / BTC Wallet / ETH Wallet etc. Scroll down to the bottom and you can export your wallet's history in CSV/Excel format.
  3. Yes. Limits apply to local currency amounts (so ZAR deposits and withdrawals), not to trading, buying, selling or sending/receiving digital currency. https://www.luno.com/en/countries#levels
  4. Just a note on this: Luno does not share information with third parties (including Sars). Think of Luno like you would for a platform like Gumtree/OLX and Bitcoin like...used Toyota Corollas :-) The platform doesn't set the price of Corollas --supply and demand do The platform doesn't have a responsibility to report your transactions to the authorities like the vehicle registration department and Sars --you do The platform doesn't give advice as to if your buying, selling or trading results in income tax, capital gains tax or if any exceptions or deductions on primary vehicles apply --you need to do your research (each individual's tax matters is technically unique) or consult with your tax advisor This doesn't mean you should even try to use a platform like Luno (or Gumtree) to launder money, scam people or do other dodgy things. We have local laws (and internal compliance measures) in place to monitor and prevent those :-)
  5. Hey guys, Werner from Luno here. There's a lot of noise and confusion around the upcoming fork. Some people and websites seem to think/claim that the list of companies in that list will entirely drop support for Bitcoin (in its current form today) and only support the SegWit2X chain (and call that new chain "Bitcoin") and they're getting called out for that misinterpretation. We steer away from politics and will simply provide access to our customers to new tokens, as outlined in this blog post: https://www.luno.com/blog/en/post/luno-bitcoin-forks As with Bitcoin Cash, if a new token is secure, has value/demand and is adopted by the market, we'll give our customers access to those tokens. We want to ensure that customers don’t lose value associated with their funds, so if we didn't give access to BCH tokens, our customers would have lost value. The same applies to upcoming forks. Hope this gives some clarity.
  6. Nice one, I'm really happy to hear that :-) As for some (unsolicited) buying advice: I think it's generally best to ignore the short term noise (and to never spend more than you can afford to lose) and break your purchases up and "dollar-cost average": spend a set amount of rand each week, month or quarter to smooth out the crazy volatility. Set a recurring Google alert to remind you or, alternatively, set a recurring weekly payment from your bank to Luno. You'll receive an email from Luno each time your new deposit arrives (and you can manually buy or set a limit order for your preferred price on the exchange). My colleague wrote a good piece about DCA here: https://www.luno.com/blog/en/post/dollar-cost-averaging-bitcoin
  7. Hey Purply, No problem, happy to explain that one too :-) If if the market is very liquid (lots of supply and demand), then yes, just 1% will be charged on the buy and 1% on the sell (or you can place your order as a limit order and 0% will be charged, but you'll have to wait for someone else to close your order --buy your Bitcoin or your rand you placed in that order). But what you're getting at is still about the supply and demand (which isn't unlimited): If you head over to the Luno Exchange (https://www.luno.com/trade/XBTZAR) you can toggle the "depth" view to see what the supply and demand look like in real time (or scroll through the order book on the left). This shows you all of the buyers (with ZAR) and sellers (with BTC) and how much they are interested in buying/selling. If you look at the price of any financial instrument, say MTN shares, you also won't have an unlimited supply thereof. If you wanted to buy R10,000 of MTN stock, fine, there would be enough available at the market price. If you then immediately sold the R10,000 worth of MTN stocks for ZAR again, you would pretty much get the R10k back (minus some trading fees). But, if someone came with a crazy amount like R500b ZAR, there simply won't be R500b worth of stock available at that price. So, the (crazy) buyer will eventually pay a higher and higher price on their stash of MTN shares until their money is used up. After their R500b is depleted, they could try to sell all those MTN shares in one dump, but again, there won't be enough of a market of buyers interested in buying it ALL at a single price and they'll lose a lot of money in the process. Since Bitcoin is new (and really small, compared to, say, stock or forex markets) it means that with as little as R100,000 you could momentarily move the exchange rate. In my MTN-example above, what hedge funds do is to buy large amounts of shares over the counter (from a single seller at an agreed-upon price) or they stagger their purchases. I suggest that you always look at the depth chart (or the order book) on the Luno exchange before buying large amounts of Bitcoin in one go and to also stagger your purchases over a few minutes, hours or even days, depending on the volume. More info on using our Exchange, here: https://www.luno.com/help/en/folders/11000004959 For the vast majority of customers, who just want to buy smaller amounts of Bitcoin, this obviously won't be a problem. Also, trading volumes and market depths just keep getting better as more and more people use the platform.
  8. Hey Purply, that's a common misconception, allow me to explain: Luno doesn't set the price of Bitcoin. The market (of buyers and sellers; demand and supply) sets it. Luno is just the platform that allows buyers and sellers to transact. We do make money when you convert ZAR to BTC (and vice versa), but it ranges between 0% and 1%, depending on the type of transaction you make. Here's an article I wrote to clarify in more detail: https://www.luno.com/blog/en/post/bitcoin-price-different-different-countries So, when the price is above the "Google price" (of what Bitcoin appears to be in USD), it might seem that there's a positive premium. If you want to buy Bitcoin on a different/offshore exchange, you can do so and sell it on Luno and pocket the difference, but as explained in that blog post, you'll soon see that the actual rate (and time exposure) of buying on a foreign exchange is quite higher than that Google price. Hope this clarifies it!
  9. Hey James & Quintus, thanks for starting the thread :-) I'll be sure to get some more Luno Community Team members to subscribe here (and to other Bitcoin threads). In the meanwhile, if there are any Luno-specific questions, I'd be happy to help out!
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