How to Sell Bitcoin on Luno Wallet

Selling Bitcoin on the Luno wallet is a straightforward process that involves a few key steps. Whether you're new to cryptocurrency or have some experience, this guide will walk you through the necessary actions to convert your Bitcoin into your local currency using Luno.

1. Log In to Your Luno Account

First, you'll need to log in to your Luno account. Open the Luno app on your mobile device or visit the Luno website. Enter your email and password to access your account. If you haven’t registered yet, you’ll need to sign up and complete the verification process.

2. Verify Your Identity

Luno is a regulated exchange, which means you must complete identity verification before you can sell Bitcoin. If you haven't done this yet, you'll need to provide some personal information and documentation. This typically includes a government-issued ID and proof of address. Follow the on-screen instructions to upload these documents.

3. Deposit Bitcoin into Your Luno Wallet

To sell Bitcoin, you first need to have Bitcoin in your Luno wallet. If you already hold Bitcoin in another wallet, you’ll need to transfer it to your Luno wallet. Go to the "Receive" section in the Luno app or website to find your Bitcoin wallet address. Use this address to send your Bitcoin from your external wallet to Luno. Make sure to double-check the address before confirming the transfer.

4. Navigate to the Sell Section

Once your Bitcoin is in your Luno wallet, you’re ready to sell. Go to the "Sell" section in the Luno app or website. You’ll be presented with options to sell your Bitcoin for either your local currency or another cryptocurrency. Select the option that suits you best.

5. Enter the Amount to Sell

In the "Sell" section, enter the amount of Bitcoin you wish to sell. You can either enter the amount in Bitcoin or in your local currency, depending on the interface you are using. Luno will display the estimated amount of local currency you will receive based on the current exchange rate.

6. Review the Transaction Details

Before finalizing the sale, review all transaction details carefully. This includes the amount of Bitcoin you are selling, the estimated amount of local currency you will receive, and any fees that may apply. Luno will typically display these details so you can make an informed decision.

7. Confirm and Complete the Sale

Once you are satisfied with the transaction details, confirm the sale. You may be asked to enter your password or complete a two-factor authentication (2FA) process to ensure security. After confirmation, Luno will process the sale and the local currency will be credited to your account.

8. Withdraw Funds to Your Bank Account

After selling Bitcoin, you may want to withdraw the local currency to your bank account. Go to the "Withdraw" section in the Luno app or website. Choose your preferred withdrawal method, enter the amount you wish to withdraw, and provide your bank account details. Luno will then process the withdrawal, which may take a few business days to complete.

Additional Tips:

• Monitor Market Conditions: Bitcoin prices can be volatile, so it’s wise to monitor market conditions and choose a good time to sell. Luno often provides tools and charts to help you track market trends.
• Understand Fees: Be aware of the fees associated with selling Bitcoin on Luno. These fees can vary depending on the transaction size and market conditions.
• Secure Your Account: Always use strong passwords and enable two-factor authentication to protect your Luno account from unauthorized access.

Common Issues and Troubleshooting

• Transaction Delays: If you experience delays in receiving funds after selling Bitcoin, check the transaction status in the Luno app or website. Contact Luno support if the issue persists.
• Verification Issues: If you encounter problems with identity verification, ensure that you have provided clear and accurate documentation. Reach out to Luno support for assistance if needed.

By following these steps, you should be able to successfully sell Bitcoin on Luno and manage your funds efficiently. Always ensure that you are following the latest guidelines provided by Luno, as procedures and policies may be updated from time to time.

Summary

Selling Bitcoin on Luno involves logging into your account, verifying your identity, depositing Bitcoin into your Luno wallet, navigating to the sell section, entering the amount to sell, reviewing transaction details, confirming the sale, and withdrawing funds to your bank account. Always keep an eye on market conditions, understand the fees involved, and secure your account to ensure a smooth transaction process.