How to Sell Bitcoin on Luno

Selling Bitcoin on Luno is a straightforward process that allows users to convert their cryptocurrency into local currency or another digital asset. This guide will walk you through the steps to sell Bitcoin effectively on the Luno platform.

1. Create a Luno Account
Before you can sell Bitcoin on Luno, you need to have a Luno account. If you don't have one, download the Luno app from your device's app store or visit their website. Follow the instructions to sign up, which includes verifying your email and completing KYC (Know Your Customer) requirements to ensure a secure trading environment.

2. Deposit Bitcoin into Your Luno Wallet
Once your account is set up, you'll need to deposit Bitcoin into your Luno wallet. Go to the "Wallets" section of the Luno app, select Bitcoin, and click on "Receive". You will be given a Bitcoin address. Use this address to transfer Bitcoin from your external wallet or another exchange into your Luno account.

3. Check the Current Bitcoin Price
Before selling, it's essential to check the current market price of Bitcoin. Luno provides real-time price updates on its platform. Navigate to the "Markets" section to view the latest price and make informed decisions.

4. Choose the Selling Method
Luno offers different selling methods depending on your preference and needs:

• Sell Directly: This method allows you to sell Bitcoin directly for local currency. Go to the "Sell" section, enter the amount of Bitcoin you want to sell, and review the estimated amount of local currency you will receive. Confirm the transaction to complete the sale.

• Sell for Other Cryptocurrencies: If you prefer to trade Bitcoin for another cryptocurrency, such as Ethereum, navigate to the "Trade" section. Select Bitcoin and the cryptocurrency you want to receive, then enter the amount you wish to sell. Confirm the trade to complete the transaction.

5. Review and Confirm the Transaction
After selecting your selling method, review the details of your transaction. Make sure the amount of Bitcoin you're selling and the corresponding amount of currency or cryptocurrency you're receiving are correct. Confirm the transaction and wait for it to be processed.

6. Withdraw Your Funds
Once your Bitcoin is sold, you can withdraw your funds to your bank account or another wallet. Go to the "Withdraw" section, select the type of currency you want to withdraw, and enter the required details. Follow the prompts to complete the withdrawal process.

7. Monitor Your Transaction
After selling your Bitcoin, it's a good practice to monitor your transaction until it's fully completed. Luno provides status updates on your transactions, so you can check the progress and ensure everything is processed correctly.

Tips for Selling Bitcoin on Luno

• Check Fees: Be aware of any fees associated with selling Bitcoin on Luno. These fees can vary depending on the method of sale and market conditions.
• Market Timing: Bitcoin prices can be volatile. Monitor the market and choose a favorable time to sell to maximize your returns.
• Security: Ensure your Luno account is secured with strong passwords and two-factor authentication to protect your funds.

Conclusion
Selling Bitcoin on Luno is a user-friendly process that allows you to convert your cryptocurrency into local currency or other digital assets with ease. By following these steps, you can complete your transactions efficiently and securely.