How to Sell Bitcoin on Luno
Log In to Your Account: Open the Luno app or website and log in with your credentials. If you don’t have an account, you’ll need to sign up and complete the verification process.
Navigate to the Sell Section: Once logged in, go to the “Sell” section of the platform. This is usually found in the main menu or dashboard.
Select Bitcoin: Choose Bitcoin (BTC) from the list of cryptocurrencies available for sale. Luno supports various cryptocurrencies, so make sure you select the correct one.
Enter the Amount: Enter the amount of Bitcoin you want to sell. You can specify this amount in either Bitcoin or your local currency. Luno will display the equivalent value in your chosen currency.
Review the Transaction: Luno will show a summary of the transaction, including the amount of Bitcoin you’re selling and the total value in your local currency. Make sure to review these details carefully.
Confirm the Sale: If everything looks correct, confirm the transaction. Luno may ask you to enter a code or password to verify your identity before proceeding.
Complete the Sale: Once you’ve confirmed, the sale will be processed. The funds from the sale will be credited to your Luno wallet in the form of your local currency.
Withdraw Funds (Optional): If you want to withdraw the funds to your bank account or another external account, go to the “Withdraw” section. Follow the instructions to transfer the funds to your desired account.
Additional Tips:
Check Fees: Be aware of any fees associated with selling Bitcoin on Luno. These fees can vary depending on the transaction amount and the currency used.
Market Orders vs. Limit Orders: Luno may offer different types of orders. Market orders sell Bitcoin at the current market price, while limit orders let you specify a price at which you want to sell. Choose the option that best suits your needs.
Verify Your Identity: Ensure that your account is fully verified to avoid any issues with the transaction.
Monitor Market Conditions: Bitcoin prices can be volatile. It’s a good idea to keep an eye on the market conditions to sell at a favorable price.
Table: Example of Bitcoin Sale
| Amount of Bitcoin Sold | Price per Bitcoin | Total Value | Fees | Amount Received |
|---|---|---|---|---|
| 0.01 BTC | $30,000 | $300 | $3 | $297 |
| 0.05 BTC | $30,000 | $1,500 | $15 | $1,485 |
| 0.1 BTC | $30,000 | $3,000 | $30 | $2,970 |
In summary, selling Bitcoin on Luno involves logging into your account, navigating to the sell section, selecting Bitcoin, entering the amount you want to sell, reviewing and confirming the transaction, and optionally withdrawing the funds. By following these steps and keeping an eye on fees and market conditions, you can effectively manage your Bitcoin sales on Luno.
Top Comments
No Comments Yet