How to Buy and Sell Bitcoin on Luno

Buying and selling Bitcoin on Luno is a straightforward process. Luno, a popular cryptocurrency exchange platform, allows users to trade Bitcoin easily. Here’s a detailed guide to help you navigate buying and selling Bitcoin on Luno:

Creating an Account

To start buying or selling Bitcoin on Luno, you first need to create an account:

1. Visit the Luno Website: Go to Luno's official website or download the Luno app from your app store.
2. Sign Up: Click on the "Sign Up" button. You will need to provide your email address and create a password. Make sure your password is strong and unique.
3. Verify Your Email: Check your email inbox for a verification link from Luno. Click on the link to verify your email address.
4. Complete KYC (Know Your Customer) Verification: Luno requires users to verify their identity. This involves submitting a valid ID and a proof of address. Follow the instructions to upload the necessary documents.
5. Secure Your Account: Enable two-factor authentication (2FA) for added security. This will help protect your account from unauthorized access.

Depositing Funds

Once your account is set up, you need to deposit funds to start trading:

1. Log In to Your Account: Use your email and password to log in to your Luno account.
2. Go to the Wallet Section: Navigate to the “Wallet” section in your account dashboard.
3. Select Deposit: Choose the currency you want to deposit. Luno supports various fiat currencies depending on your location.
4. Choose a Payment Method: Luno offers multiple payment methods including bank transfers, debit/credit cards, and others. Select the one that suits you best.
5. Follow the Instructions: Complete the deposit process by following the on-screen instructions. Once the deposit is processed, the funds will appear in your Luno wallet.

Buying Bitcoin

With your account funded, you can now buy Bitcoin:

1. Access the Buy/Sell Section: Go to the "Buy" section on your Luno dashboard.
2. Select Bitcoin: Choose Bitcoin from the list of available cryptocurrencies.
3. Enter Amount: Specify the amount of Bitcoin you wish to purchase. You can enter this in terms of the amount of Bitcoin or the amount of your local currency you want to spend.
4. Review Your Order: Check the details of your purchase, including the current price and fees.
5. Confirm Purchase: Click the “Buy” button to complete the transaction. Luno will execute the order, and the Bitcoin will be added to your wallet.

Selling Bitcoin

When you're ready to sell Bitcoin, follow these steps:

1. Navigate to the Buy/Sell Section: Go to the "Sell" section of your dashboard.
2. Select Bitcoin: Choose Bitcoin from your list of holdings.
3. Enter Amount: Specify how much Bitcoin you want to sell. You can also choose to sell for a certain amount of your local currency.
4. Review Sale Details: Ensure all the details are correct, including the current sale price and any fees.
5. Confirm Sale: Click the “Sell” button to finalize the transaction. The sale proceeds will be credited to your Luno wallet in your chosen currency.

Withdrawing Funds

To withdraw funds from your Luno account:

1. Go to Wallet: Access the “Wallet” section of your account.
2. Select Withdraw: Choose the currency you want to withdraw.
3. Choose Withdrawal Method: Luno offers several withdrawal options such as bank transfers or other payment methods.
4. Enter Details: Provide the necessary details for the withdrawal, including your bank account information if applicable.
5. Confirm Withdrawal: Review the details and confirm the withdrawal. The funds will be transferred according to the chosen method.

Security Tips

To ensure your Bitcoin trading experience on Luno is safe, consider these security tips:

• Use Strong Passwords: Create complex passwords and change them regularly.
• Enable 2FA: Two-factor authentication adds an extra layer of security.
• Monitor Account Activity: Regularly check your account for any suspicious activity.
• Be Wary of Phishing Scams: Avoid clicking on suspicious links and always verify the authenticity of communication.

By following these steps, you can effectively buy and sell Bitcoin on Luno with confidence. Enjoy your cryptocurrency trading experience!