To convert Binance Coin BNB to South African Rand ZAR on Luno, you’ll first need to understand that Luno does not directly support BNB. This means you cannot send BNB directly to your Luno wallet for conversion. The process involves an intermediary step where you convert your BNB into a cryptocurrency that Luno does support, such as Bitcoin BTC, Ethereum ETH, Ripple XRP, or USD Coin USDC, and then transfer that supported crypto to Luno for ZAR conversion. Here are the detailed steps:

Transfer BNB to an intermediary exchange: Send your BNB from Binance or any other exchange where you hold it to an exchange that supports both BNB and a cryptocurrency Luno accepts. Popular choices include Binance.com if you’re not already there, KuCoin, or Gate.io.
Convert BNB to a Luno-supported cryptocurrency: On the intermediary exchange, trade your BNB for BTC, ETH, XRP, or USDC. For example, navigate to the trading pair like BNB/BTC or BNB/USDT then USDT/BTC if you want BTC.
Withdraw the Luno-supported cryptocurrency: Once you have BTC, ETH, XRP, or USDC, go to your Luno account and find the deposit address for that specific cryptocurrency.
- Luno Deposit Address: Log in to Luno, go to ‘Wallets’, select the cryptocurrency e.g., ‘Bitcoin’, and click ‘Receive’ to generate your unique deposit address. Double-check the network compatibility e.g., ERC-20 for ETH/USDC, BTC network for Bitcoin, XRP network for Ripple with tag.
Send from intermediary exchange to Luno: On your intermediary exchange, initiate a withdrawal of the chosen cryptocurrency to your Luno deposit address. Be extremely careful to input the correct address and select the correct network. A small test transaction is always advisable for larger amounts.
Sell the cryptocurrency on Luno for ZAR: Once the funds arrive in your Luno wallet this can take minutes to hours depending on the blockchain network congestion and number of confirmations required by Luno, go to the ‘Wallets’ section on Luno, select the cryptocurrency you just deposited e.g., Bitcoin, and choose the ‘Sell’ option.
Withdraw ZAR to your bank account: After selling your crypto for ZAR, the funds will reflect in your Luno ZAR wallet. You can then select ‘Withdraw’ from your ZAR wallet, enter your South African bank account details if not already linked, and complete the withdrawal process.

Table of Contents

Understanding Cryptocurrency Transactions and Islamic Perspectives

When engaging with cryptocurrencies, especially those that are widely traded like BNB, it’s crucial to align your activities with Islamic financial principles.

The underlying technology of blockchain is generally considered permissible, as it involves transparent record-keeping and exchange of assets.

However, the speculative nature often associated with short-term trading can raise concerns.

It’s important to differentiate between holding digital assets for long-term utility or as a store of value, and engaging in highly volatile day-trading purely for quick profits, which can sometimes resemble gambling due to its high risk and lack of tangible value in some cases.

0.0

0.0 out of 5 stars (based on 0 reviews)

Excellent0%

Very good0%

Average0%

Poor0%

Terrible0%

There are no reviews yet. Be the first one to write one.

Amazon.com: Check Amazon for How to convert
Latest Discussions & Reviews:

Always ensure that the crypto assets you deal with are not linked to prohibited activities, such as Riba interest, gambling platforms, or immoral content.

Focus on legitimate digital assets and ethical transactions.

Key Considerations Before Conversion

Before you initiate any transfer, always ensure:

Network Compatibility: This is paramount. Sending funds on the wrong network will result in permanent loss. For example, sending BNB on the Binance Smart Chain BSC to an Ethereum ERC-20 address will lead to loss. Luno primarily supports native chains e.g., Bitcoin’s network for BTC, Ethereum’s ERC-20 for ETH/USDC, Ripple’s network for XRP. BNB exists on both Binance Chain BEP2 and Binance Smart Chain BEP20.
Fees: Be aware of withdrawal fees on the intermediary exchange and potential network transaction fees gas fees. Luno also has trading fees when you sell crypto for ZAR and withdrawal fees for ZAR.
Verification: Ensure your accounts on both the intermediary exchange and Luno are fully verified to avoid withdrawal limits or delays.

Navigating the Crypto Landscape: A Muslim’s Guide to Ethical Conversions

Engaging with the world of cryptocurrency requires a discerning eye, especially for a Muslim professional aiming to ensure their financial dealings align with Islamic principles. While the technology behind blockchain and digital assets can offer innovation and decentralization, the application and use cases of specific cryptocurrencies, as well as the speculative nature of trading, demand careful consideration. Our goal here isn’t just to tell you how to convert BNB to ZAR, but to empower you with the knowledge to do so ethically, focusing on principles of honest transaction, avoiding Riba interest, and steering clear of activities akin to gambling.

Why Direct BNB to Luno Conversion Isn’t Possible Yet

Luno, a prominent cryptocurrency exchange in South Africa, has a curated list of supported cryptocurrencies.

As of now, Binance Coin BNB, the native token of the Binance ecosystem, is not directly listed on Luno.

This is a common scenario in the crypto world, as exchanges often prioritize certain assets based on liquidity, regulatory compliance, and user demand. How to convert pyusd to Binance Coin on paypal

Luno’s Supported Cryptocurrencies

Luno typically supports mainstream and high-liquidity cryptocurrencies. At present, these include:

Bitcoin BTC: The pioneer cryptocurrency, widely accepted.
Ethereum ETH: The backbone of decentralized applications and smart contracts.
Ripple XRP: Focused on facilitating fast and low-cost international payments.
USD Coin USDC: A stablecoin pegged to the US Dollar, offering stability.
Litecoin LTC: Often seen as the “silver to Bitcoin’s gold,” offering faster transaction times.
Bitcoin Cash BCH: A fork of Bitcoin, designed for faster and cheaper transactions.

The absence of BNB means any conversion process must involve an intermediary step, where you convert BNB into one of these supported assets before transferring to Luno.

This extra step introduces additional considerations regarding fees, transaction times, and network compatibility.

The Intermediary Exchange: Your Bridge to Luno

Since Luno doesn’t directly support BNB, you’ll need an intermediary exchange.

Binance.com is often the most logical choice, given that BNB is its native token. How to transfer Binance Coin to trust wallet

However, other global exchanges like KuCoin or Gate.io also offer extensive trading pairs. When choosing an intermediary, consider:

Reputation and Security: Opt for exchanges with a strong track record of security and customer service.
Trading Pairs: Ensure the exchange offers a trading pair for BNB to your chosen Luno-supported crypto e.g., BNB/BTC, BNB/ETH, BNB/USDC.
Withdrawal Fees and Limits: Be aware of the fees associated with withdrawing crypto from the intermediary exchange to Luno.
Jurisdiction: Ensure the exchange operates legally in your region and offers services to South African users.

Step-by-Step Guide: Moving BNB to Luno via Intermediary

The process, while not direct, is straightforward once you understand the necessary steps.

It’s akin to exchanging one currency for another at a bureau de change before you can use it in a different country’s ATM.

1. Preparing Your Wallets and Accounts

Before you touch any crypto, ensure your accounts are set up and verified.

Binance Account or equivalent: Your BNB likely resides here. Ensure your account is fully verified KYC – Know Your Customer to enable withdrawals.
Luno Account: Similarly, ensure your Luno account is verified to at least Level 2 or 3, which typically allows for higher deposit and withdrawal limits in ZAR. You’ll need to link your South African bank account for ZAR withdrawals.

2. Selecting Your Intermediate Crypto Asset

This is a critical decision. You need to pick a cryptocurrency that both your intermediary exchange supports and Luno supports. How to convert pi coin to Binance Coin

Bitcoin BTC: The most liquid option. Transfers can be slow during network congestion, and fees can be higher.
Ethereum ETH: Also highly liquid, but gas fees transaction fees can be substantial, especially during peak network usage. Ensure you’re sending on the ERC-20 network.
Ripple XRP: Often lauded for its speed and low transaction fees. Crucially, XRP transfers often require a “Destination Tag” or “Memo” in addition to the wallet address. Failing to include this can result in lost funds.
USD Coin USDC: A stablecoin, meaning its value is pegged to the US Dollar. This minimizes price volatility during transfer. Like ETH, it operates on the ERC-20 network.

Consider the current network fees, transaction speed, and your risk tolerance for price fluctuations during the transfer when making your choice.

For instance, if you’re transferring a large sum and want to minimize volatility, USDC might be a good choice, despite potential ERC-20 fees.

If speed and low cost are paramount for smaller amounts, XRP could be preferred, provided you handle the destination tag correctly.

3. Converting BNB on the Intermediary Exchange

Let’s assume you’re using Binance.com.

Log in to Binance: Access your account where your BNB is held.
Navigate to Trade: Go to the ‘Trade’ section, typically ‘Spot Trading’.
Find the Trading Pair: Search for the relevant trading pair, e.g., BNB/BTC, BNB/ETH, BNB/USDC, or BNB/XRP. If your desired pair isn’t direct e.g., no BNB/XRP, you might need an intermediate step: sell BNB for USDT Tether, then sell USDT for your desired crypto e.g., USDT/XRP.
Place Your Order:
- Market Order: Fastest. You sell your BNB at the current market price. This might incur slippage receiving slightly less than expected for large orders.
- Limit Order: You set a specific price at which you want to sell your BNB. This offers more control but might take time to execute if the market price doesn’t hit your limit.
Confirm the Sale: Once your order executes, your BNB will be converted into your chosen Luno-supported cryptocurrency.

4. Obtaining Your Luno Deposit Address

This step requires extreme precision. How to convert Binance Coins to kenyan shillings

A single mistake in the address or network selection can lead to irreversible loss of funds.

Log in to Luno: Access your Luno account.
Go to ‘Wallets’: On the Luno app or website, find the ‘Wallets’ or ‘Receive’ section.
Select the Correct Crypto: Choose the cryptocurrency you converted your BNB into e.g., Bitcoin, Ethereum, Ripple, USD Coin.
Click ‘Receive’ or ‘Deposit’: Luno will generate a unique deposit address for your wallet.
Network Check: Crucially, Luno will often specify the network. For example, for ETH or USDC, it will say “ERC-20 Network.” For XRP, it will show the address and a “Destination Tag/Memo.” Copy this information accurately. It’s advisable to copy-paste the address and manually double-check the first few and last few characters.

5. Withdrawing from the Intermediary Exchange to Luno

Now you’ll send your converted crypto from the intermediary exchange to your Luno wallet.

Go to ‘Withdraw’ on Intermediary Exchange: On Binance or your chosen exchange, navigate to your ‘Wallet’ or ‘Spot Wallet’ and select ‘Withdraw’.
Select the Correct Crypto: Choose the crypto you wish to withdraw e.g., BTC, ETH, XRP, USDC.
Paste Luno Address: Paste the exact deposit address you obtained from Luno into the withdrawal address field.
Select Network: This is the most critical step. Ensure you select the exact same network that Luno specifies for that coin e.g., ‘ERC20’ for ETH/USDC, ‘XRP Network’ for XRP, ‘BTC Network’ for BTC. Sending on the wrong network e.g., sending ERC-20 ETH to a Binance Smart Chain wallet will result in permanent loss.
Enter Amount: Input the amount you wish to withdraw. Be mindful of minimum withdrawal limits and withdrawal fees.
Add Memo/Tag if applicable: If you are withdrawing XRP, you must enter the Destination Tag/Memo provided by Luno. Without it, your funds will likely be lost.
Review and Confirm: Double-check all details: crypto type, address, network, amount, and any tags. Confirm the withdrawal. You will likely need to complete 2FA Two-Factor Authentication and email/SMS confirmations.

6. Selling on Luno for ZAR

Once the funds arrive in your Luno wallet you’ll receive a notification, and it will reflect in your balance:

Go to ‘Wallets’ on Luno.
Select the Crypto you deposited.
Click ‘Sell’: You’ll see an option to sell your crypto for ZAR.
Enter Amount: Specify how much you want to sell.
Review and Confirm: Luno will show you the current exchange rate and the ZAR amount you will receive. Confirm the transaction. The ZAR will then appear in your Luno ZAR wallet.

7. Withdrawing ZAR to Your Bank Account

The final step is to get the ZAR into your local bank.

Go to your ‘ZAR Wallet’ on Luno.
Click ‘Withdraw’.
Select Bank Account: If you haven’t already, you’ll need to add and verify your South African bank account details. Luno supports most major South African banks.
Enter Amount: Specify the ZAR amount you wish to withdraw.
Confirm: Review the details and confirm the withdrawal. Luno typically processes ZAR withdrawals within 1-2 business days, depending on bank processing times.

Considerations for a Muslim Investor: Ethical Crypto Engagement

While the technical steps are straightforward, a Muslim investor must critically evaluate the ethical implications of crypto engagement. How to convert money to Binance Coin on paypal

The core principles of Islamic finance emphasize avoiding Riba interest, Gharar excessive uncertainty/ambiguity, Maysir gambling, and dealing in Haram forbidden goods or services.

Avoiding Maysir Gambling in Crypto Trading

The volatile nature of cryptocurrencies, especially short-term trading, can sometimes resemble gambling.

While the underlying assets are not inherently forbidden, excessive speculation purely for quick, unearned gains, without proper analysis or tangible value, can raise concerns.

Ethical Approach: Focus on understanding the technology, the utility of the coin, and its long-term potential. Invest in projects that offer real-world solutions and adhere to ethical standards. Avoid impulsive, high-frequency trading driven by FOMO Fear Of Missing Out or short-term market noise.
Better Alternatives: Consider investing in halal-certified companies, ethical real estate, or commodity-backed assets. For digital assets, research projects that have a clear, permissible utility and are not merely speculative.

Riba Interest and Lending Protocols

Many decentralized finance DeFi platforms offer lending and borrowing opportunities that involve interest Riba. This is unequivocally forbidden in Islam.

Ethical Approach: Steer clear of DeFi protocols that involve earning or paying fixed or variable interest on deposited crypto. Avoid staking mechanisms that function as interest-bearing accounts.
Better Alternatives: Explore halal-compliant lending solutions or asset-backed financing that operates on profit-loss sharing principles rather than interest.

Transparency and Gharar Uncertainty

Blockchain technology inherently offers transparency, which is a positive. How to convert your Binance Coin

However, some nascent crypto projects might lack sufficient information, leading to Gharar.

Ethical Approach: Always conduct thorough due diligence DYOR – Do Your Own Research before investing in any cryptocurrency. Understand its whitepaper, team, technology, and use case. Avoid projects with opaque structures or unrealistic promises.

Utility and Permissibility of BNB

Binance Coin BNB itself serves several utilities within the Binance ecosystem:

Trading Fee Reductions: Users pay lower trading fees on Binance by using BNB.
Launchpad Allocations: Access to new token sales on Binance Launchpad.
Payment for Services: Used on Binance Smart Chain for gas fees and for various services within the Binance ecosystem e.g., travel bookings, online purchases.
Token Burns: Binance periodically burns BNB, reducing supply and potentially increasing value.

From an Islamic perspective, the utility of BNB for paying fees or accessing services is generally permissible, provided the underlying services themselves are halal.

The concern arises more from its speculative trading and its connection to activities that might be questionable, such as margin trading or futures, which involve leverage and can amplify risk akin to gambling.

The Importance of Zakat on Crypto Assets

For a Muslim, if your crypto assets meet the Nisab minimum threshold and a Hawl one lunar year has passed while they are in your possession, Zakat becomes obligatory. How to convert Binance Coin to ethereum on trust wallet

The calculation should be based on their market value at the time Zakat is due.

This applies to any crypto you hold that is considered a tradable asset.

Security Best Practices for Crypto Transactions

Given the irreversible nature of crypto transactions, security cannot be overemphasized.

Two-Factor Authentication 2FA: Always enable 2FA on all your exchange accounts Binance, Luno, etc.. Use an authenticator app e.g., Google Authenticator, Authy rather than SMS-based 2FA, which is more vulnerable to SIM-swap attacks.
Strong, Unique Passwords: Use complex, unique passwords for each exchange account and store them securely, ideally in a password manager.
Whitelisting Withdrawal Addresses: Most exchanges allow you to whitelist trusted withdrawal addresses. This adds an extra layer of security, preventing funds from being sent to unauthorized addresses even if your account is compromised.
Small Test Transactions: For first-time transfers or large amounts, send a very small test amount first to confirm the address and network are correct before sending the bulk of your funds.
Phishing Awareness: Be vigilant against phishing attempts. Always double-check the URL of the exchange website. Never click on suspicious links in emails or messages. Exchanges will rarely ask for your password or private keys via email.
Keep Software Updated: Ensure your operating system, browser, and antivirus software are up to date.
Secure Internet Connection: Avoid public Wi-Fi networks for financial transactions. Use a secure, private network.
Hardware Wallets for Large Holdings: For significant crypto holdings that you don’t intend to trade frequently, consider transferring them to a hardware wallet e.g., Ledger, Trezor. This provides the highest level of security as your private keys are stored offline.

Understanding Fees and Exchange Rates

Every step in the conversion process involves fees.

Being aware of these will help you calculate the total cost and make informed decisions. How to convert Binance Coin to cash on coinbase

Intermediary Exchange Fees

Trading Fees: When you convert BNB to BTC/ETH/USDC/XRP, the exchange will charge a trading fee e.g., 0.1% of the trade value on Binance Spot.
Withdrawal Fees: When you send your converted crypto from the intermediary exchange to Luno, there will be a fixed withdrawal fee, which varies by cryptocurrency and network congestion. For example, withdrawing ETH on the ERC-20 network can be significantly more expensive than withdrawing XRP.

Luno Fees

Deposit Fees: Luno typically does not charge fees for crypto deposits, but check their latest fee schedule.
Selling Fees: When you sell your crypto for ZAR on Luno, they charge a trading fee, which varies based on the volume and market conditions. Luno’s fee structure is generally competitive for spot trading.
ZAR Withdrawal Fees: Luno charges a small fee for withdrawing ZAR to your bank account. This is usually a fixed amount, e.g., R8.00 – R12.00, but can vary.

Exchange Rates and Slippage

Volatility: Cryptocurrency prices are highly volatile. The exchange rate you see when you initiate a trade might differ slightly by the time the order executes, especially with market orders. This is known as slippage.
Price Discrepancy: The price of a crypto asset can vary slightly between different exchanges. While usually minor for major assets, it’s worth noting if you’re comparing rates.
Timing: Try to execute your trades when there is sufficient liquidity in the market to ensure your order fills quickly and at a fair price.

Taxation on Crypto in South Africa

As a resident of South Africa, you are subject to capital gains tax CGT on any profits derived from cryptocurrency transactions.

The South African Revenue Service SARS views cryptocurrency as an intangible asset.

Capital Gains Tax: If you hold cryptocurrency as an investment and sell it for a profit, that profit may be subject to CGT. The inclusion rate for individuals is generally 40%, meaning 40% of your net capital gain is added to your taxable income.
Income Tax: If you are actively trading cryptocurrencies as a business or on a regular basis, SARS may view your activities as taxable income rather than capital gains, potentially resulting in a higher tax rate.
Record Keeping: It is crucial to maintain detailed records of all your cryptocurrency transactions, including dates, amounts, prices, and fees, to accurately calculate your gains or losses for tax purposes.
Disclaimer: This is not tax advice. It is highly recommended to consult with a tax professional who specializes in cryptocurrency taxation in South Africa to ensure full compliance with SARS regulations.

Conclusion: Ethical Prudence in a Dynamic Market

Converting Binance Coin to ZAR on Luno, while involving a multi-step process due to direct listing limitations, is certainly achievable.

The crucial aspect for a Muslim professional is to navigate this process with ethical prudence.

This means understanding the underlying principles of Islamic finance, avoiding transactions that involve Riba or Maysir, and prioritizing transparency and real utility in your crypto engagements. How to convert cash to Binance Coin

By focusing on legitimate assets, securing your transactions, and adhering to tax regulations, you can participate in the digital economy responsibly and in alignment with your values.

Remember, the journey of financial success isn’t just about accumulating wealth, but about doing so through means that are blessed and permissible.

Frequently Asked Questions

How do I convert BNB to ZAR on Luno directly?

You cannot convert BNB to ZAR directly on Luno.

Luno does not support Binance Coin BNB. You must first convert your BNB into a cryptocurrency that Luno supports like BTC, ETH, XRP, or USDC on an intermediary exchange, then transfer that supported crypto to Luno, and finally sell it for ZAR on Luno.

How to change Binance Coin to real money

Which cryptocurrencies does Luno support for deposits?

Luno typically supports Bitcoin BTC, Ethereum ETH, Ripple XRP, USD Coin USDC, Litecoin LTC, and Bitcoin Cash BCH. Always check Luno’s official website or app for the most current list of supported cryptocurrencies.

What is an intermediary exchange when converting BNB to ZAR?

An intermediary exchange is a cryptocurrency platform like Binance.com, KuCoin, or Gate.io where you can trade your Binance Coin BNB for another cryptocurrency that is supported by Luno, such as Bitcoin BTC or Ethereum ETH, before you transfer it to Luno.

Are there fees for converting BNB on an intermediary exchange?

Yes, when you convert BNB to another cryptocurrency on an intermediary exchange, you will incur trading fees.

Additionally, there will be withdrawal fees when you send the converted crypto from that exchange to Luno. These fees vary by exchange and by cryptocurrency.

What is a Destination Tag/Memo for XRP deposits on Luno?

A Destination Tag or Memo is a unique number required for XRP Ripple deposits on exchanges like Luno. It helps the exchange identify which specific user account the incoming XRP transaction belongs to. Failing to include the correct Destination Tag when sending XRP will result in the permanent loss of your funds. How to convert your Binance Coin to usdt on bybit

How long does it take for crypto to arrive on Luno after withdrawal from another exchange?

The time it takes for crypto to arrive on Luno depends on the cryptocurrency’s blockchain network congestion and the number of confirmations Luno requires.

Bitcoin transactions can take anywhere from 10 minutes to a few hours, while XRP can be almost instant.

Ethereum ETH and USD Coin USDC can also vary depending on network traffic.

What are the security best practices when transferring crypto between exchanges?

Always enable Two-Factor Authentication 2FA on all your accounts, use strong and unique passwords, whitelist withdrawal addresses where possible, and always double-check the destination address and selected network before confirming a transaction. Consider a small test transaction for larger amounts.

Do I have to pay taxes on crypto gains in South Africa?

Yes, the South African Revenue Service SARS views cryptocurrency as an intangible asset, and any profits derived from selling crypto are subject to Capital Gains Tax CGT for individuals or income tax for active traders. How to convert Binance Coin to my bank account

It’s crucial to keep detailed records of all transactions.

Is crypto trading permissible in Islam?

The permissibility of cryptocurrency in Islam is a nuanced topic.

While the underlying blockchain technology is generally seen as permissible, the speculative nature of short-term trading and involvement in interest-bearing Riba protocols are concerning.

Focus on legitimate digital assets with tangible utility and avoid gambling-like speculation.

What is Riba interest in the context of crypto, and how do I avoid it?

Riba refers to interest or usury, which is forbidden in Islam. How to convert Binance Coin to real money

In crypto, this often appears in DeFi Decentralized Finance protocols offering fixed or variable interest rates on crypto deposits lending platforms. To avoid Riba, steer clear of such lending/borrowing protocols and any financial product that generates profit through interest.

Can I withdraw ZAR directly to my South African bank account from Luno?

Yes, once you have sold your cryptocurrency for ZAR on Luno, the funds will reflect in your ZAR wallet.

You can then initiate a withdrawal directly to your linked South African bank account.

Luno typically processes these withdrawals within 1-2 business days.

What if I send BNB to a Luno address by mistake?

If you send BNB directly to a Luno deposit address e.g., a Bitcoin or Ethereum address on Luno, it is highly likely that your funds will be permanently lost. How to convert your Binance Coin to naira

Luno does not support BNB, and therefore, they do not have the infrastructure to recover BNB sent to non-BNB addresses.

Always ensure you are sending the correct cryptocurrency to the correct address and network.

How do I link my bank account to Luno for ZAR withdrawals?

To link your bank account, log in to your Luno account, go to your ‘ZAR Wallet’, and select ‘Withdraw’. You will be prompted to add your bank account details bank name, account number, branch code, etc.. Luno may require verification of your bank account, which could involve a small deposit or a statement upload.

What are the average Luno trading fees for selling crypto to ZAR?

Luno’s trading fees vary based on the specific cryptocurrency and your 30-day trading volume.

They are generally competitive, often ranging from 0.1% to 1.0% or more for instant buy/sell features. How to exchange Binance Coin to zar

It’s best to check Luno’s official fee schedule for the most up-to-date information.

What is the difference between BEP2 and BEP20 BNB?

BNB exists on two main Binance chains:

BEP2: The native token standard of the Binance Chain often used for cross-chain transfers between Binance Chain and other networks.
BEP20: The token standard of the Binance Smart Chain BSC, compatible with Ethereum’s ERC-20 and widely used for DeFi and dApps on BSC.
Luno does not support either of these networks for BNB deposits. You must convert BNB to a Luno-supported coin on a different network e.g., BTC, ETH ERC-20 before sending to Luno.

Can I use a stablecoin like USDC to transfer funds to Luno?

Yes, USD Coin USDC is supported by Luno. If you convert your BNB to USDC on an intermediary exchange, you can then withdraw the USDC to your Luno USDC wallet. Ensure you select the ERC-20 network for USDC as Luno supports it on that network.

What is the minimum withdrawal amount for crypto on Luno?

Each cryptocurrency on Luno has a minimum deposit and withdrawal limit.

These limits are subject to change, so always check the specific coin’s wallet section on Luno to see the current minimums before attempting a transfer.

What should I do if my crypto transfer to Luno is delayed?

First, check the transaction status on the blockchain explorer using the transaction ID TxID provided by the sending exchange.

If the transaction is confirmed on the blockchain but not showing in Luno after a reasonable time, contact Luno support with your TxID and details of the transaction.

Is it safer to use Bitcoin or XRP for faster and cheaper transfers to Luno?

XRP generally offers faster transaction times and lower fees compared to Bitcoin BTC. However, XRP transfers require an additional “Destination Tag/Memo,” which, if omitted or incorrect, can lead to permanent loss of funds.

Bitcoin transactions are simpler but can be slower and more expensive, especially during network congestion.

What are the risks of holding crypto for long-term investment from an Islamic perspective?

From an Islamic perspective, holding crypto for long-term investment is generally considered permissible if the underlying asset has real utility and is not associated with prohibited activities.

The risks primarily relate to market volatility and security.

As long as it avoids Riba, Maysir, and Haram elements, it can be viewed as an asset similar to commodities or stocks.

However, due diligence and understanding the asset’s real-world value are crucial.

How to convert Binance Coin to zar on luno