How to buy cryptos with Luno
Firstly, as South Africa is relatively far behind in the crypto space, there are limited cryptos you can buy using South African exchanges.
With Luno, you can only buy and sell Bitcoin and Ethereum, for now.
So here’s how you do it from start to finish…
Step 1: Sign up at Luno
Visit the signup
page to create a Luno account.
Step 2: Verify your identity
When you sign in for the first time, you'll see the home page with the welcome card indicating your progress in the middle of the display.
Click on verify now to begin the setup process or you can click on settings in the side menu on the left.
The next step is to confirm your mobile number. Enter your mobile number (with country code) and click “send confirmation SMS”.
You will receive an SMS with a code to confirm your mobile number. If you don’t t receive the SMS, click “call me instead” and you'll receive an automated voice call with the code.
Then, you need to enter your personal details. Enter your name exactly as it appears on your identity document. You’ll also probably be asked to provide your ID number – this allows you to instantly buy and sell.
Step 3: Deposit money into your Luno wallet
Log into Luno and, in the menu, click wallets.
For your local currency wallet, click on deposit.
Then you need to make an online bank transfer from your bank account to the Luno bank account. Once Luno’s received your money, you’ll get an email notification saying you can buy Bitcoin.
Please note: To make sure your deposit is allocated quickly, you must use the correct reference number provided to you.
Step 4: Buy Bitcoin and Ethereum
With Luno, you can instantly buy Bitcoin and Ethereum. It’s really easy to do.
1. Select BUY from the top navigation on the home screen
2. Choose which digital currency you want to buy
3. Choose which currency you want to spend
4. Enter the amount
5. Review the transaction (which shows the exchange rate and the amount of Bitcoin you'll receive)
6. Click BUY, then review make sure you have entered the correct details and click confirm. That’s it.
Just note: When you sign up to Luno, you need to activate your Ethereum wallet. All you need to is click wallets. Then click add wallet and then click Ethereum wallet.
Also, there’s now a Luno app you can download for your mobile, which makes buying and selling even easier.
How to buy cryptos with Ice3x
With Ice3x, you can buy Bitcoin, Litecoin and Ethereum.
Here’s how to do it…
Step 1: Register online
In the menu at the top, you’ll see register, click on that.
Then, enter your email address and choose a strong password.
Go to your email’s inbox to find a verification email sent by Ice3x. Find and click on the activation link. (Juts note, if you can’t find the email in your inbox, then check your spam folder.
Once your email has been verified and you have logged in, then next step is to turn on “2 Factor Authentication” – this makes your account extra secure.
Viola. Your account is now active.
Just remember, to make any withdrawals from Ice3x, your account needs to be verified. So make sure to complete your details in the ID verification section.
Step two: Deposit your funds
On the trading or your account page, you’ll see “deposit” and the list of currencies you can deposit with.
Click on deposit next the currency you would like to fund, and follow the on screen instructions to receive details of the address or bank account to which you need to send your funds.
Step three: Buying cryptos
Go to the Trading Page. You’ll see below the charts, the buy order slip.
In the amount field, you can enter the amount of currency you want to buy.
Then all you need to do is, confirm the price and the total and click the blue buy button.
How to build your own crypto portfolio
As I said in part one
, all cryptos are not created equal.
Remember, you get Platform, Currency and Utility cryptos. So this is how you can allocate your capital to each type of crypto.
70% platform - These cryptos are the future. You see, many of the new cryptos coming out today are based around the creation and execution of platform crypto’s smart contracts. Smart contracts have the potential to change the way we transact with one another, because they execute automatically with no need of a third party to verify them. So the need for third parties like banks may become obsolete
20% currency - Since many people now call bitcoin “a store of value” and not a currency, it’s good to always hold some like you would with gold
10% utility – Despite their popularity, a lot of utility cryptos don’t serve a function. Many are just used by businesses as a way of getting funding, so they serve no purpose other than to say you gave its creators money. That’s why, I’d recommend only allocating a small portion of capital to these types of cryptos
You, of course, are free to allocate your own money however you choose.
Before I go, you may be wondering how to buy other cryptos besides Bitcoin, Ethereum and Litecoin. Well, in part four, I’ll show you exactly how to do this.
It’s a bit trickier as you have to use an international platform that supports other cryptos.
See you next week.
We just released a special “2018 Crypto Roadmap
” in February issue of the South African Investor detailing the five cryptos to buy and hold in 2018 and one crypto avoid. Do yourself a favour and read every word
. It could be your best chance to make life-changing money from the booming crypto market.