Luno is a cryptocurrency exchange and payment service company which was launched in the year 2013 and is now available in several countries across the globe. Luno was created to empower billions of people across the world by upgrading them to a more open, efficient, and inclusive financial system. Luno offers cryptocurrencies such as Bitcoin and Ethereum and the good thing about their service is that you can easily access it from wherever you may be. Luno operates in over 40 countries including United Kingdom, South Africa, Australia amongst other countries. With Luno, it is very easy to send, receive and spend your crypto and fiat currencies. Luno is just a platform where people use to buy and sell their cryptocurrencies, so in a way the company connects buyers to sellers. Luno offers an instant buy/sell option and in this case, they will be acting as the broker. Making a deposit into your Luno account is quite easy because this crypto exchange offers several methods of making your deposits,this article takes a look at how to make a deposit using Capitec.

The Capitec App

Capitec Bank is an authorised financial services provider in South Africa and is one of the most popular banks in South Africa. What makes Capitec so popular and successful is because its business model is built on four pillars: accessibility, simplicity, affordability and personalised service. 

Capitec Bank has a mobile App which is designed with your convenience in mind, with quick and simple navigation as well as several exciting features. The Capitec Banking App is available for Android, Huawei and iOS. The Capitec Bank app is secure and easy to use. You pay no data charges on most major SA networks when using it. The Capitec App is your bank in your pocket because it allows you to perfom various banking tasks which include the following;

Open a Capitec account simply by taking a few selfies and scanning your ID

Get your card delivered to your door at a fee, or collect it at a branch for free

Reset your forgotten Remote app PIN without visiting a branch

Buy and sell shares and save 20% on brokerage fees across all trades with EasyEquities

With Pay me, you can generate your personalised QR code to accept payments from Capitec clients

Scan to pay all the major QR codes straight from the app

Get free transaction updates with in-app Money In/Money Out messages

Keep track of how you’re spending your money

Send cash to friends and family to collect at selected retailers and Capitec ATMs

Update your card withdrawal and purchase limits

Manage contactless card transactions by turning tap to pay on and off

Update your tap to pay limit

Stop lost or stolen cards immediately

Manage your debit orders and DebiCheck mandates

Email electronically stamped statements

Pay people and accounts

Make immediate payments to other banks in SA

Pay DStv, SARS eFiling or TV licence immediately

Pay Capitec clients using only their verified cellphone numbers

Buy prepaid electricity, airtime, data and SMS bundles

Manage your Internet banking by turning it on and off

Installing the Capitec Android App?

You can easily install the Capitec android App by following the simple proceedure below;

Open Google Play.

On your phone, use the Play Store App.

Use the search features to search for ‘Capitec’

Once you locate it, tap ‘install’

Your Capitec App should succefully install if you have no issues such as memory and connectivity.

Installing the Capitec iStore App?

You can easily install the Capitec iStore App by following the simple proceedure below;

From your device’ home screen, tap on the App Store App.

To install apps, you must sign in with your Apple ID or create one.

Tap Search (at the bottom) then search for ‘Capitec’

Once you have located the Capitec App, tap on the App.

Tap ‘get’ then tap ‘Install’.

You will notice that after the Capitec App has been installed, the App will eppear on your homescreen.

Installing the Capitec Huawei App?

You can easily install the Capitec Huawei App by following the simple proceedure below;

From your device’ home screen, tap on the App Gallery App.

Tap search and input the words ‘Capitec’ in order for you to search for the App.

Once you have located the Capitec App, tap on the App and click on install.

Wait for the Capitec App to succesfully install on your device.

How to make a deposit on Luno with Capitec?

Please note that the Luno instant transfer deposit option allows you to deposit money directly into your Luno wallet easily, all you need is your existing online banking details. Once you have verified your identity, you can deposit money into your ZAR wallet by following these quick and easy steps.

Sign in to your Luno App

Navigate to Wallets and open your ZAR wallet

Select the ‘Deposit’ option

Choose Instant Transfer

On the next screen, select ‘Continue’

Select Capitec Bank from a long list of supported banks.

Sign in to your Capitec internet banking profile on the Capitec App

If prompted, enter the OTP sent to your device

Choose the bank account you want to deposit with and select confirm

Then, select ‘Add Money’ to make a deposit

To buy Bitcoin, you need to access crypto services platforms. These platforms are called Cryptocurrency Exchanges. You need to create an account, after which you deposit fiat (cash) into the exchanges to initiate a purchase. Here are the steps and factors to consider before buying Bitcoin from a crypto exchange:

Step 1. Choose where to buy bitcoin in South Africa

Cryptocurrency exchanges are the popular means of buying crypto assets. They offer other crypto-related services like storage, earning, and trading features. They all differ in fees, security measures, accessibility, and payment methods. Other factors to be considered when choosing the best exchange to buy Bitcoin include:

1. Convenience – Purchasing Bitcoin from exchanges offers comfort. You will only need a single account and password. You can also control your portfolio easily, all in a single place.
2. Trading options – This depends on what type of a Bitcoin investor you are looking to be. If you plan on active trading rather than holding for a longer time, a suitable exchange should follow. Exchanges that offer staking and loans for having Bitcoin can be an option for long-time holders. Regular traders should look for exchanges with enough information and advanced trading tools.  
3. Security – Cryptocurrencies being digital assets, are more susceptible to cyber-attacks. A crypto exchange for Bitcoin should ensure that users’ assets are kept safe with clear security procedures. Some of the security features to check are:
4. Cold Storage – Users’ crypto assets are safer in cold storage, inaccessible from the internet.     
5. Two-Factor Authentication (2FA) –  Refers to an extra layer of security used for logins and withdrawals from accounts in exchanges. They include email verifications, OTP codes, and Biometric verifications.   
6. AML and KYC – The Know Your Customer (KYC) and Anti-Money Laundering (AML) compliances. They are required to ensure fair trade and avoid upsets of asset lock-up.
7. Insurance – These are contingencies to cover the loss of user assets and breaches from cyber attacks. Exchanges that have insurance for users guarantee refunds.

5. Fees – Charges for transactions and other services the exchanges offer. Fees generally depend on the trading volume. Users should check if the hefty fees are worth it for their assets. Fees differ in different exchanges.

Step 2: Create and verify the account

Once you have picked your preferred exchange, create an account with the platform. Most exchanges have mobile apps as well as websites for desktops. Fill in your details correctly from full name, location, to email address.   

You will further need to verify your address, name, and location through KYC. It is a requirement in South Africa; hence a valid ID is required. KYC verification can take up to 3 days, after which you can purchase, sell, and trade Bitcoin.  

Step 3: Fund your account

You will need to fund your account or buy Bitcoin directly to your wallet achieved by linking your bank account. Most exchanges also accept Credit/Debit card payments and Wire Transfers. These methods are subject to different fees that your crypto exchange has set up. P2P trading is also suitable for ZAR direct deposits to your account.   

Step 4: Buy Bitcoin

Exchanges have minimum buys for Bitcoin, so you don’t have to buy the whole coin. Some of these options state from as little as 160 Rand or $10, as is the case in Binance. Bitcoin in exchanges can be purchased in instant buys directly or in Spot markets with market orders. Always check the Bitcoin to Rand price to ensure you know what you are spending.

Cryptocurrency exchanges to buy Bitcoin from in South Africa    

Here are some crypto exchanges to consider for buying your Bitcoin, both local and international.  

1. Binance

South African residents can buy through credit/debit cards and P2P trading offering direct conversion of ZAR to BTC fast with local payment methods. Users can also withdraw funds directly to bank accounts.  

Summary

• Low fees for deposits and withdrawals
• Offers staking and an NFT marketplace
• Beginner-friendly
• Advanced trading tools
• Extensive cryptocurrency listing, over 600 coins 
• P2P service

2. Luno – International exchange

Luno is a beginner-friendly multi-platform crypto exchange. It allows users in South Africa to convert ZAR to crypto-assets such as Bitcoin with ease. Withdrawals to ZAR via EFT are free. A premium of 1.40% is charged for deposits.

Summary

• Repeat buy feature
• Luno has only listed eight cryptocurrencies.
• 2% Bitcoin transcation fee
• Hefty fees
• Beginner-friendly

3. VALR – Local Exchange    

VALR is a domestic exchange in South Africa with many features that make trading through ZAR easier. Crypto prices in VALR are quoted in ZAR. Deposits supported are Wire transfers, Credit cards. Credit cards attract a 3% admin fee.

Summary

• Listings of over 60 cryptocurrencies
• ZAR support
• Fees for Bitcoin transactions at 0.75%
• Based in South Africa

4. Coinbase

Coin base is a reputable US-based exchange known for being reliable, simple, and beginner-friendly where South Africans can purchase Bitcoin from. Deposit and withdrawal fees are relatively high in comparison to other exchanges. Coinbase Pro is for advanced users, packed with trading tools and features.

Summary.

• High fees
• Beginner-friendly
• Insurance for user assets
• 1.49% Bitcoin transaction fee
• 3.99 Debit card fee
• Listing of over 60 cryptocurrencies

5. Capital.com

Capital.com is a CFD trading platform offering futures trading for over 470 crypto pairs. South African users can use this site to purchase their Bitcoin assets

The platform offers an excellent entry position to the futures markets. Leverage services are also available where you can trade ZAR against Bitcoin. Credit card deposits and wire transfers are accepted.

Summary

• Over 470 crypto markets
• 20$ minimum deposits and $250 in Wire transfers
• Long and shorting options
• Trading crypto with leverage
• Zero fees to trade Bitcoin.

6. Crypto.com

Crypto.com offer crypto services all in one place hence suitable for Bitcoin purchasers. Their services include buying and selling crypto, loans, and staking. You can spend your crypto assets with the Crypto.com Visa card.

Summary

• A 90-day zero-fee waiver for new users
• Buy Bitcoin with a Credit card for 0% fees.
• High fees for transactions
• Low minimum deposits