First announced as a beta feature back in January with limited countries, digital currency platform Luno notified users today of the full availability for all users to purchase bitcoin using credit and debit cards. Now officially out of beta, the feature is open to all countries except the US.
To buy bitcoin with your credit card, all you need to do is enter your credit card details and the amount you wish to purchase in USD and in a few minutes, the transaction will be processed. A minimum of $50 USD can be bought at a time and it can take up to 12 hours to receive bitcoin. Due to security checks, the first time using a card can take up to 24 hours for the transaction to clear.
Noteworthy is if you purchase bitcoin with your credit card, you can store, spend or send it elsewhere without issues. However, Luno and Simplex do not yet support the selling of bitcoin bought with a card through Luno. The company says they are currently working on solutions to allow users to sell bitcoin acquired by card through the exchange as soon as possible.
Luno also mentioned they have seen some credit cards being rejected while going through the process. This is usually due to the bank not approving the payment. In such cases, Luno urges clients to try another credit card if possible and to make sure it is a valid international credit card, with internet purchases activated.
Offering exchange, wallet and API services, back in January BitX formally changed its name to Luno “to better reflect who we are and where we’re heading” says the company. Luno means ‘moon’ and represents the shared sense of excitement the company and its customers have about bitcoin.