If you're a South African researching about whether you can invest ZAR100 in crypto on the Luno app, then you're in the right article. The simple and straightforward answer to your question is yes, you can invest R100 in Luno—but there are a few things you should keep in mind. This article will break down how to invest your R100 in Luno in South Africa.
The minimum deposit of Luno in South Africa is ZAR10. In other words, Luno allows you to deposit as little as R10 via EFT or Instant EFT, so R100 is more than enough to get started. It's also important to note that Luno charges small fees for buying and selling crypto, so your R100 might slightly decrease after fees.
How to Invest R100 in Luno
Investing R100 in Luno can be done in different ways. We've compiled all the strategies of investing crypto in Luno in a comprehensive article, which it is advisable you read before you invest in Luno. Here's the detailed article.
In the article, we talked about all the trading methods on Luno, and we talked about seven different strategies to make profit trading cryptocurrencies on the Luno app. So, the article is a must-read for you if you're really interested in investing your R100 in Luno.
With that being said, let's dive into the primary reason for this article. To invest R100 in Luno, you'll need a smartphone or laptop, a Luno account, and a means of depositing the R100. Once all these requirements are in place, follow these steps to invest or trade R100 on Luno.
1. Register a Luno account
If you already have a Luno account, just skip this step and proceed to the next step. To create a Luno account, you'll need to download the Luno mobile app from either the Google Play Store or the Apple App Store, depending on the device you're using.
Once the crypto app is downloaded, install it, and open it to register an account. Once you're done registering an account using your email address and phone number, then complete your KYC requirements.
Luno is regulated in South Africa, so you must verify your identity simply by:
- Uploading a copy of your ID (SA ID, passport, or driver's license).
- Taking a selfie for facial verification (usually part of the process).
- And providing basic personal info such as name, address, and phone number.
Once you pass the verification threshold, your Luno account is set to receive deposits and get involved in any investment and trading.
2. Deposit the R100 into your Luno Wallet
To deposit R100, you’ll need a South African bank account (for EFT or Instant EFT) or use Ozow (instant bank payments via Luno) instead. To deposit, go to Wallets > ZAR > Deposit. Choose Instant EFT (Ozow) for quick deposit or Manual EFT.
Next, follow the onscreen instructions to deposit the R100. Once the R100 you deposited reflects, then proceed to invest it in crypto. Follow the guide in the next step to invest your R100.
3. Invest the R100
There are more than 10 ways of investing or trading crypto in the Luno app. We've talked about it in the article I provided the link to above. However, I'll use the simple buy and sell trading to explain the investment in this step.
Once the R100 you deposited reflects, go to “Buy” on the Luno app and choose a cryptocurrency like Bitcoin or Ethereum you'll love to hold. Enter the amount (R100), and confirm the transaction with your Luno PIN.
The crypto will be deposited into your Luno-designated crypto wallet instantly.
FAQs
If I invest R100 in Bitcoin, how much will I get?
If you invest R100 in BTC on Luno, the amount you'll get depends on the current market price. You should understand that the crypto market is volatile and the price fluctuates. So, it's wise to check the amount of crypto you'll get at the point where you want to buy the coins.
What is Luno's minimum deposit?
Luno's minimum deposit in South Africa is R10. You can deposit via two methods in SA: pay directly from your bank via Ozow, or deposit money manually from your bank to Luno’s bank account. However, it's important to note that Luno does not support cash deposits, ATM deposits, card payments, or eWallet services like FNB eWallet or Capitec Send Cash.
How many countries does Luno operate in?
Luno is currently operating in over 40 countries around the world. But in Africa, the crypto platform is currently operating in 5 countries, including Nigeria, South Africa, Kenya, Zambia, and Uganda.
