Bitcoin Volatility Index
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Despite only being able to trade Bitcoin and Ethereum on their platform, Luno has become a popular exchange in South Africa.
Low fees are their main appeal, which can go as low as 0% for market makers. If you place a buy order and wait for a seller to take it, you won't have to pay any fees. Better still, even takers pay relatively low fees from 0-1%, depending on which fiat currency you're using.
Luno also has incredibly high trading limits, all the way up to infinite with their highest level of verification. They primarily focus on South Africa, Malaysia, Indonesia, and Singapore.
Buying Bitcoin in South Africa is easy.
Visit one of the 11 Bitcoin exchanges on our list (link above), verify your identity, add your bank account and start trading!
South Africa's central bank, The South African Reserve Bank (SARB) took drastic action in December of 2019 to further regulate cryptocurrency (Source). The move was said to prevent citizens from evading currency controls via cryptocurrency.
However, despite South African government officials and banks having all but good things to say about Bitcoin, the digital asset remains popular among their population.
Following the announcement in December, Luno's trade volume surged to more than 80 million ZAR ($5.4 million) and also saw a large increase in new customers.
Despite regulations, Bitcoin is alive and well in South Africa, and it can be purchased from a centralized exchange using a South African bank account or credit card, subject to regulations by the government.
Due to the South African energy crisis, using energy for Bitcoin mining is not a good idea.
Although their average electricity cost is slightly lower than that of the United States, at approximately 2 ZAR per kWh (0.11 USD), it's still not low enough to turn a profit.
Bitcoin mining is not profitable anymore, at least in comparison to the golden age of Bitcoin mining.
Even the best mining hardware can barely turn a profit in gargantuan mining farms in countries with dirt-cheap electricity such as China and Georgia, much less South Africa.
You can use our mining profitability calculator to figure your profitability, although I recommend only mining for fun/as a hobby.
Even then, due to the shortage of power in South Africa, it's probably best to reserve energy for more pressing needs as well.
You can check the Bitcoin price in gold, by clicking here.