Safest Crypto Platform To Trade with for South Africans

Safest Crypto Platform To Trade with for South Africans

Want to start investing in Bitcoin, Ethereum or XRP. Here are the safest platform to use – Safest Crypto Platform To Trade with for South Africans

Luno has 9 million users and growing daily. But before we dig into Luno and why it is safe lets see what currencies you can trade with.

Currencies you can trade with Luno Wallet

  • Bitcoin – Also known as BTC
  • Ethereum – Also known as ETH
  • XRP – By Ripple
  • Chainlink – Also known as LINK
  • Uniswap – Also known as UNI
  • Litecoin
  • Bitcoin Cash
  • USD Coin

Now that we know you can trade with these crypto currencies let see why Luno is one of the safest methods to trade in South Africa.

Luno is one of the few crypto platforms that you can deposit money in and withdraw to your bank in less than 48 working hours. Many crypto platforms will accept your money via debit card, credit card or bank transfers like an instant eft but you can not withdraw your funds in South Africa.

To join Luno you will need to go through a two step verification process. You will need to be 18 years and older and must have a valid I.D. document or a valid South African drivers license.

You will be required to take an image with your smartphone of your I.D. or drivers license and upload it to the Luno platform. In most cases verification takes less than 24 hours.

Once this step is completed you can deposit money into your Luno account. Deposits take roughly two working days to clear.

Once you have done so you can go to your wallet on the bottom of the screen and you need to create a wallet you want to trade with. Simply click on the wallet to create and it will do so instantly.

Your money will reflect in your SA Wallet and from there you can buy your desired crypto currency. When you sell your crypto currency your money will go back into your SA Wallet.

When you are ready to withdraw your funds simply click on your SA Wallet and click on withdraw. Your bank that you registered with will pop up and you can enter the desired amount that you would like to withdraw.

The funds will be in your bank account in less than two working days.

To start trading you can click here

You can download the Luno app from Google Play store or your Apple Store.

We will publish some tutorials so please subscribe to stay updated

Why Cryptocurrency?

The way people use and think about money is constantly evolving.

The existing financial system was built for a non-digital age, ignoring the needs of the modern individual and with many unnecessary inefficiencies and gatekeepers. The world now has access to new technologies like decentralised cryptocurrencies that is quickly making these old systems and ways of thinking redundant. Like communication evolving from landlines to mobile phones, or post to email, money is now finally catching up with other information revolutions.

Decentralized cryptocurrencies are enabling us to reimagine the financial system to upgrade the world to something better.

A Culture around Vision

We believe that decentralised cryptocurrencies like Bitcoin and Ethereum will fundamentally change how the world views and uses money. As early pioneers in this industry, we feel it’s our duty to bring this knowledge and excitement to the world as best we can.

It takes a certain breed of person, with a special system of values, to take on a challenge of such epic proportions.

About Bitcoin

Safest Crypto Platform To Trade with for South Africans

Bitcoin (BTC) is the world’s first decentralised cryptocurrency. It was created in 2009 by Satoshi Nakamoto, whose true identity is still yet to be confirmed. It follows a set of ideas first introduced in Nakamoto’s white paper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, published on October 31, 2008.

Bitcoin uses peer-to-peer technology to facilitate payments that require no central authority to operate. Individuals who contribute computing power to the Bitcoin network, also known as ‘miners’, are incentivized by rewards and transaction fees paid in Bitcoin. One Bitcoin is divisible to eight decimal places, and the smallest unit is known as a satoshi.

About Ethereum

Safest Crypto Platform To Trade with for South Africans

Launched in 2015, Ethereum is a blockchain platform designed for executing smart contracts and enables anyone to build decentralised applications (dApps) on top of it without third party involvement. Developers can also use the Ethereum blockchain to issue new cryptocurrencies, known as Ethereum tokens.

Like Bitcoin, Ethereum is an open-source project not owned or controlled by any individual or entity. This means that anyone can download the software and connect to the network. Ether (ETH) is the native cryptocurrency for the Ethereum platform that can be traded on exchanges like just like Bitcoin and also functions as the transaction fees for miners on the Ethereum network.

About XRP

Safest Crypto Platform To Trade with for South Africans

XRP is the native cryptocurrency of the XRP Ledger. XRP is a digital asset built for global payments. It facilitates cross-border payments by acting as a bridge between different currencies. It is best known for its use transferring assets on the Ripple network.

The XRP Ledger works through a unique consensus algorithm which uses a network of validating servers, rather than “proof of work” or “proof of stake”. The transaction speeds are faster. An XRP transaction confirmation takes an average of 3 – 5 seconds to complete – significantly faster than other cryptocurrencies or today’s traditional financial networks.

About LINK

Safest Crypto Platform To Trade with for South Africans

Chainlink connects real-world data sources with smart contracts, which are contracts created on the blockchain that are programmed to deliver automatically when pre-agreed conditions are met. Chainlink essentially provides a bridge between systems that run smart contracts – for example, Ethereum – and the real world. This is important if they’re going to be widely used.

Chainlink does this using ‘oracles’, which are essentially intermediaries gathering data from the outside world and translating it for the blockchain. Chainlink oracles are decentralized, to prevent there being one single point of failure. LINK is the native token of the Chainlink network. It’s used to pay for services carried out on the network by oracles.

Chainlink has gained a lot of attention because it has established partnerships and integrations with a number of notable companies, including Google, Intel, and Amazon Web Services.

About UNI

Uniswap is the world’s largest decentralized cryptocurrency exchange, facilitating more than $500 billion of trading volume last year. Rather than using an orderbook, Uniswap allows anyone with an Ethereum wallet to swap tokens directly using smart contracts. This also means Uniswap itself does not hold any assets in custody.

There are currently hundreds of tokens available on Uniswap. New tokens can take a long time to be verified and listed on large exchanges. The decentralized nature of Uniswap means it is able to offer smaller tokens the chance to build their user base. UNI is the native token of Uniswap. Anyone holding the cryptocurrency can participate in the protocol’s governance. It is an ERC-20 token that’s built on Ethereum.

About Litecoin

Litecoin is a peer-to-peer cryptocurrency based on blockchain technology that’s aiming to serve as the foundation for a global digital payment system. It was founded in October 2011 by MIT graduate and former Google employee, Charlie Lee.

Litecoin is often referred to as the ‘silver’ to Bitcoin’s ‘gold’. This is because it is based on the Bitcoin protocol, but currently works at a cheaper and faster scale, with the Litecoin network processing blocks every 2.5 minutes.

Litecoin has a maximum coin supply of 84 million. Each Litecoin is divisible by one-millionth, with the lowest unit of measurement being 0.00000001 – known as a photon.

About Bitcoin Cash

Bitcoin Cash (BCH) is a cryptocurrency that launched in August 2017 as a result of a hard fork (a community-led update to the protocol or code) of the Bitcoin blockchain. The purpose of the fork was to increase the block size so more transactions can be processed per block. Since the fork, BCH has continued to evolve its technology in new directions beyond simply offering just a ‘bigger-blocks’ alternative to Bitcoin (BTC).

The BCH community is focused on facilitating everyday transactions so that they are cheaper and faster and can be used as digital cash for everyday purposes, thus competing with payments giants like PayPal and Visa.

Join us on Facebook
Read more on News Factory Magazine

Safest Crypto Platform To Trade with for South Africans – A step by step guide to trade with the safest Crypto Platform in South Africa

Tags How to trade with Luno, is trading with crypto in South Africa safe, safe crypto trading South Africa, South African crypto trading platforms, what is the best way to trade with crypto in South Africa

Safest Crypto Platform To Trade with for South Africans

Leave a Reply

Your email address will not be published.