How to Sell Bitcoin on Luno South Africa

Selling Bitcoin on Luno in South Africa is a straightforward process that allows you to convert your cryptocurrency into South African Rand (ZAR). Follow these steps to complete the transaction smoothly:

1. Sign Up or Log In to Luno: Begin by creating an account on Luno if you don’t already have one. Visit the Luno website or download the Luno app from your app store. Complete the registration process by providing your personal details and verifying your identity.

2. Complete KYC Verification: Luno requires Know Your Customer (KYC) verification for security and regulatory compliance. Upload the necessary documents, such as your ID and proof of address, and wait for approval. This step is crucial for ensuring the safety of your transactions.

3. Deposit Bitcoin into Your Luno Wallet: Once your account is set up, you need to deposit Bitcoin into your Luno wallet. To do this, go to the “Wallets” section, select Bitcoin, and click on “Receive”. Copy the Bitcoin address provided and transfer your Bitcoin from your external wallet to this address. Ensure that the transaction is confirmed on the blockchain.

4. Convert Bitcoin to ZAR: After your Bitcoin is deposited into your Luno wallet, you can convert it to South African Rand. Go to the “Buy/Sell” section of the Luno app or website. Select Bitcoin as the asset you want to sell and choose “Sell” from the available options.

5. Set the Selling Amount: Enter the amount of Bitcoin you want to sell. You can either sell a specific amount of Bitcoin or use the slider to select the percentage of your Bitcoin holdings you wish to convert to ZAR. Review the current exchange rate and any applicable fees before proceeding.

6. Confirm the Transaction: After setting the amount, review the transaction details carefully. Confirm the selling price, the amount of ZAR you will receive, and any associated fees. Once everything looks good, complete the transaction by clicking “Sell” or “Confirm”.

7. Withdraw Funds to Your Bank Account: With your Bitcoin successfully sold for ZAR, you can now withdraw the funds to your South African bank account. Go to the “Withdraw” section, select ZAR, and enter your bank account details. Choose the amount you wish to withdraw and confirm the transaction. Luno will process the withdrawal, and you should see the funds in your bank account within a few business days.

8. Check Your Transaction History: It’s always a good practice to check your transaction history to ensure everything was processed correctly. You can view your transaction history in the “Activity” or “Transaction History” section of the Luno app or website.

Tips for Selling Bitcoin on Luno:

• Monitor Market Conditions: Cryptocurrency prices can be highly volatile. Keep an eye on market trends and price fluctuations to choose the best time to sell.
• Be Aware of Fees: Luno charges fees for transactions, so make sure you understand the fee structure. Fees can vary depending on the type of transaction and the amount being sold.
• Secure Your Account: Ensure that your Luno account is secure by enabling two-factor authentication (2FA) and using a strong password.

By following these steps, you can sell Bitcoin on Luno in South Africa efficiently and convert your cryptocurrency into ZAR with ease. Whether you’re cashing out for personal use or reallocating your investments, Luno provides a user-friendly platform for managing your Bitcoin transactions.