So I finally tried them out. Used BTC but the interest in this exchange is the ETH trading they'll be activating soon.
1.) Registration and verification
Took about 30 minutes total. All that was needed was ID, Proof of Adress and Bank Statement
2.) Deposit funds
The screens are not that intuitive. When you click on "Deposit/Withdraw" button it takes you to your account page. Maybe I'm having an off day but it took me a while to notice the "Deposit / Withdraw" links in the table under the Control column. They could've styled it like buttons to make it more obvious in my opinion.
In the ZAR row, I click on deposit and could choose whether or not I want to fund it via their FNB or Standard Bank account. Chose FNB, obviously, since I'm an FNB client. The only tricky part was the beneficiary/reference number to use. They present you with this piece of text but what you are looking for is the TXR number. It will look something like TXR0000123. This makes monthly auto payments to the account impossible from what I can see.
Anyway, made the payment and it reflected within 25 minutes which included me opening a ticket asking for clarification on the reference number confusion (at the time of writing they had a bug in the email template) and that ticket being answered and closed. So big +1 on their support.
I noticed though that the deposit was resolved on the hour so I'm assuming there is an hourly batch job or something. And obviously, if you pay from say an ABSA account to their FNB account you'll probably wait for an extra day because of Bankserv.
3.) Buying Bitcoin
Was quick. Filled in two fields, click buy and got my coins. Not that this should or could be more difficult.
4.) Withdrawal
I went back to the account screen, went straight to the table and click "Withdraw" on the BTC row (see, easy once you've seen the damn links), entered the amount to withdraw and the BTC wallet address (in this case Luno). Before you can confirm there is a "Send' button which generates a hash key and emails it to you. Once you receive it you copy paste it back into the withdrawal form and click confirm.
And that's it. I just bought BTC at R37500, sent it to Luno where it is trading at R39600....and did nothing. But I could've sold it and made a quick buck. Not that I think that is a sustainable way of trading but who knows - one of you with more time on their hands might prove me wrong
The transfer to Luno btw cost something like 0.0002 BTC
Now bring on ETH trading!