To buy Bitcoin with Luno you need to have done two things:
Luno provides two ways to buy Bitcoin:
Instant buy or sell (easy to understand, simple to use)
Exchange order (more complex, more control)
This feature allows you to instantly buy bitcoin at the current exchange rate.
Select “Buy” or “Sell” from the top navigation on the home screen. You may have to click on the MORE button to see these options.
You will then see the Instant buy or sell page:
Make sure the BUY button is selected
Choose the currency (your local currency or BTC)
Enter the amount (in this demo, we are buying 0.01 BTC, which cost ZAR 114.95)
Review the transaction (which shows the exchange rate and the amount of Bitcoin you'll receive)
Choosing the currency:
If you choose BTC, you enter the amount of Bitcoin you want to buy and we'll tell you what it costs
If you choose your local currency, for example ZAR, you enter the amount of ZAR you want to spend and we'll tell you how much Bitcoin you can get for that amount
You'll notice a timer running down. Luno provides the current exchange rate for the transaction and it remains valid for one minute - as long as the timer bar takes to run out.
After your trade order has executed, you will see the Bitcoin reflects in your wallet. You can click on the transaction for more information:
This feature is for more advanced users.
A limit buy order allows you to select a price at which you want to buy your Bitcoin. This order stays pending until the market (a Bitcoin seller in this case) reaches your price. Limit orders are done from the Luno exchange page.
To learn more about the Luno Exchange and how such a system works, click here.