Luno is a digital currency exchange facility that offers clients a technology platform to buy, sell and store digital currencies as well as pay for products and services using a cryptocurrency wallet.
Digital currency is also known as a cryptocurrency and the two most famous examples are Bitcoin and Ether, the latter being the digital currency used to power Ethereum.
How to open a Luno account
- First, download the Luno app from the PlayStore.
- Tap on Sign Up
- Type in your email address and password
- Next, select your country of residence
- Tick the “I’m not a robot” button
- Tap on the blue “Sign Up” button at the bottom of the page
- Finally, luno will send you an email to verify the registration on the site and to ensure you have access to the registered email address.
How to verify your identity
After creating Luno account, the next thing to do is to verify your identity
- Click on “Verify Now”
- Click on Settings found at left side of the screen
- Fill in your personal details such as name, surname and cellphone number
- Click on the Verify button and submit the required documents so that your account can be upgraded. This basically increases your monthly/daily limit.
For the Upgrade section, you need to submit a high-quality photo of your Identity Book or passport. If the photo is blurry and the moderators cannot read all the info on the photo, it will be rejected. If accepted, you will be upgraded to level 2 which allows you to deposit or withdraw R50 000 per month.
In order to upgrade to level 3 which gives you an unlimited amount to deposit or withdraw, you need to verify your address. Supporting documents include a utility bill, mortgage statement, bank statement with your physical address on it, cellphone account etc. This document cannot be older than three months.
How to Login Luno Bitcoin Wallet
To log into your Luno Bitcoin Wallet, you need a:
- wallet ID
- unique password
- 2-factor authentication (2FA)
- A wallet ID is a string of random letters and numbers that acts as a username. It looks similar to your Bitcoin address but it is not the same; you cannot buy or send digital currency with a wallet ID. Find your Wallet ID in the General section of your Settings menu.
Think of the private key as being the credit card and the password is the PIN number. To set up a log-in password for your Bitcoin wallet; select ‘Settings’ and ‘Encrypt wallet’. You’ll be prompted to enter a unique password. Keep your password secret and written down and kept in a safe place. If you forget your wallet password, you can’t log into your Bitcoin wallet. Its is the most recommended wallet in South Africa – The Luno Bitcoin Wallet
Two-factor authentication means simply setting up your Bitcoin wallet to check two forms of identity instead of one. There are 3 ways to authenticate yourself with 2FA;
- with something you know like a password or PIN
- with something you have or own like a USB key or debit card number
- with something you are like a fingerprint, retinal scan or personal signature
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