What happens when you buy Bitcoin on Luno?

A taker order allows the buyer to acquire BTC immediately, without waiting for a new seller to place an order. However, it comes at a cost, as taker orders typically incur a fee for consuming the exchange's liquidity pool.

The buying process on Luno Exchange begins with the buyer depositing local currency, which serves as the fund for purchasing BTC. This step is crucial as it ensures that the buyer has the necessary funds to proceed with the transaction.

Following the deposit, the buyer has two options to execute their purchase. The first option is to match an existing order on the exchange, where they would pay 215,000 ZAR for 1 BTC. This action is referred to as a taker order, as it directly removes liquidity from the Luno Exchange by fulfilling an outstanding buy or sell request.

BTCC, as a leading cryptocurrency exchange, offers a comprehensive range of services that cater to various needs in the digital asset market. These services include spot trading, futures trading, and wallet services, among others.

Spot trading on BTCC allows users to buy and sell cryptocurrencies at the current market price. This feature is ideal for investors looking to capitalize on short-term price movements or for those seeking to diversify their portfolios.