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Best place to buy BTC?


RudyBekker

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Hey gents, I'm looking for the most effective platform to buy BTC with Rands. I have played with bitcoins in the past in AUS, but want to know where the best place to acquire them for investment purposes from SA. Any other tips and info would be greatly appreciated ::)

 

Have a great day!

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Hello Rudy, welcome to Platinum Wealth.

 

Buying Bitcoin in South Africa will be very similar to how it works in Australia perhaps you have used or heard of acx.io which is one of Australia’s trusted exchanges.

 

How to buy Bitcoin

 

In South Africa, the easiest way to buy bitcoin is to use an Exchange as well. The most trusted exchange in South Africa is Luno.com.

 

2017-08-09_14-40-21.thumb.jpg.2f1ca25a1be69155e8c0be8806793dc8.jpg

 

You will need to register on Luno – Feel free to use our affiliate link: https://www.luno.com/invite/QMVSZ alternatively use our code: QMVSZ (We get R10 if you spend R500).

 

Once you are logged in, you will need to verify your account, this means submitting your ID and proof of residence. This will remove the limits on your account. Here is a link explaining each level’s limits https://www.luno.com/en/countries#levels

 

At level 1 you are allowed to deposit a maximum of R15 000 and you are allowed to withdraw a maximum of R15 000.

At level 2 you are allowed to deposit R50 000 per month and withdraw up to R50 000 per month.

At level 3 there are no limits and you are free to move as much money as you want.

 

2017-08-09_14-49-36.jpg.7811c6af412ba68e541c2e4d1f87eb73.jpg

 

A very big note of caution to keep in mind with Luno, they report to SARS, due to the fact that ZAR is involved so whatever bitcoins you buy they know about and when you sell Bitcoin for rands then you must declare it, otherwise you will open yourself up for a world of hurt.

 

Once you have submitted your documents and you are verified, you can now add your Bank Account and use that to fund your ZAR wallet on the exchange with what you will purchase Bitcoin.

 

2017-08-09_14-51-42.jpg.11c700f7635f38d15bb3563df70a623b.jpg

 

Now that you have funds in your ZAR wallet you can proceed to buy Bitcoin, keep in mind that on Luno you can use the “Quick Buy” method (not recommended) or you can use the Luno exchange and put in a buy order. I always use the buy order, that way I let the price come to me.

 

Click on this link to enter the Exchange https://www.luno.com/trade/XBTZAR and proceed to place your buy order.

 

I hope this answers your questions if you have additional questions feel free to ask, we are always happy to help. Alternatively, you can PM the luno guys directly -> @Werner

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  • 2 weeks later...

I will be testing via an international exchange this week. Registered and validated an account on Kraken, and will be transferring USD to buy bitcoin there. i believe i will be able to get it cheaper.

 

Swift transfers has minimum transaction fee's though, so this probably only becomes cheaper on amounts over ~10,000

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I will be testing via an international exchange this week. Registered and validated an account on Kraken, and will be transferring USD to buy bitcoin there. i believe i will be able to get it cheaper.

 

Swift transfers has minimum transaction fee's though, so this probably only becomes cheaper on amounts over ~10,000

 

Keep us posted with a cost breakdown if you can. It will be quite valuable to know. I am sure @Werner will be interested too.

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Keep us posted with a cost breakdown if you can. It will be quite valuable to know. I am sure @Werner will be interested too.

 

Ok - did the swift transfer today :

 

Start with R120,000  

Pay R750 fee (think that will be subtracted from my Cheque account separately)

FNB gives me $9104.5  (FNB rate 13.1803 vs google rate of 13.03)  ~1.15% cut for them

I believe a further 10USD will be charged before i receive it in my kraken account.

 

kraken spot rate : $4614.24

Luno spot rate : R64 013

 

thus Kraken via swift should give me 1.97096 BTC for the 9094.5 USD after fee's

Luno will give 1.88633 BTC  for 120750

 

 

break even is roughly R10,000 (possibly less as i think Swift transfer fee's varies between R250 and R750), but after that Kraken is kicking Luno but.

 

Will give a final summary once i buy BTC on kraken - swift transfer according to uncle google can take up to a week.

 

obviously if you can register with a popular exchange that sells BTC even cheaper than Kraken, even better.

 

*update*

 

Kraken confirmed the deposit roughly 30 hours after sending it. 

Spot rate for buying it last night was $4877 - was a bit of a bubble and dropped to $4699 today.

 

so basically - if you believe bitcoin value will not jump 5% in the next 48 hours, and you have more than 10k to send - then swift transfer bypassing luno might be your cheapest bet,

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  • 1 month later...

Just a note on this: 

 

 

 

 

A very big note of caution to keep in mind with Luno, they report to SARS, due to the fact that ZAR is involved so whatever bitcoins you buy they know about and when you sell Bitcoin for rands then you must declare it, otherwise you will open yourself up for a world of hurt.

 

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 :-)

--Head of Growth at LunoSomething-something Bitcoin, blockchain & crypto-currencies

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  • 3 years later...
On 8/9/2017 at 3:02 PM, Platinum Wealth said:

Hello Rudy, welcome to Platinum Wealth.

 

Buying Bitcoin in South Africa will be very similar to how it works in Australia perhaps you have used or heard of acx.io which is one of Australia’s trusted exchanges.

 

How to buy Bitcoin

 

In South Africa, the easiest way to buy bitcoin is to use an Exchange as well. The most trusted exchange in South Africa is Luno.com.

 

2017-08-09_14-40-21.thumb.jpg.2f1ca25a1be69155e8c0be8806793dc8.jpg

 

You will need to register on Luno – Feel free to use our affiliate link: https://www.luno.com/invite/QMVSZ alternatively use our code: QMVSZ (We get R10 if you spend R500).

 

Once you are logged in, you will need to verify your account, this means submitting your ID and proof of residence. This will remove the limits on your account. Here is a link explaining each level’s limits https://www.luno.com/en/countries#levels

 

At level 1 you are allowed to deposit a maximum of R15 000 and you are allowed to withdraw a maximum of R15 000.

At level 2 you are allowed to deposit R50 000 per month and withdraw up to R50 000 per month.

At level 3 there are no limits and you are free to move as much money as you want.

 

2017-08-09_14-49-36.jpg.7811c6af412ba68e541c2e4d1f87eb73.jpg

 

A very big note of caution to keep in mind with Luno, they report to SARS, due to the fact that ZAR is involved so whatever bitcoins you buy they know about and when you sell Bitcoin for rands then you must declare it, otherwise you will open yourself up for a world of hurt.

 

Once you have submitted your documents and you are verified, you can now add your Bank Account and use that to fund your ZAR wallet on the exchange with what you will purchase Bitcoin.

 

2017-08-09_14-51-42.jpg.11c700f7635f38d15bb3563df70a623b.jpg

 

Now that you have funds in your ZAR wallet you can proceed to buy Bitcoin, keep in mind that on Luno you can use the “Quick Buy” method (not recommended) or you can use the Luno exchange and put in a buy order. I always use the buy order, that way I let the price come to me.

 

Click on this link to enter the Exchange https://www.luno.com/trade/XBTZAR and proceed to place your buy order.

 

I hope this answers your questions if you have additional questions feel free to ask, we are always happy to help. Alternatively, you can PM the luno guys directly -> @Werner

R25 on its way to you 🙂

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