How to Sell Bitcoin on Luno in Nigeria

Selling Bitcoin on Luno in Nigeria involves a series of straightforward steps that ensure you receive the best value for your digital assets. This guide provides a detailed walkthrough of the selling process, from account setup to executing a trade. Follow these steps to effectively sell Bitcoin on Luno.

1. Create a Luno Account To start, you need to have an account on Luno. Visit the Luno website or download the Luno app from your device’s app store. Sign up by providing your email address, creating a password, and verifying your account. Luno may ask for additional personal information and identity verification to comply with regulations.

2. Verify Your Identity Luno requires users to complete a KYC (Know Your Customer) process. This involves uploading identification documents such as a government-issued ID, proof of address, and possibly a selfie for verification. This step is crucial for securing your account and ensuring compliance with Nigerian financial regulations.

3. Deposit Bitcoin into Your Luno Wallet Before selling Bitcoin, you need to deposit it into your Luno wallet. If you already have Bitcoin in another wallet, you can transfer it to your Luno wallet by copying your Luno wallet address and initiating a transfer from your external wallet.

4. Navigate to the Sell Section Once your Bitcoin is in your Luno wallet, log in to your account and go to the "Sell" section of the platform. This section allows you to choose how much Bitcoin you want to sell and at what price.

5. Set the Sale Amount Enter the amount of Bitcoin you wish to sell. You can specify the amount in Bitcoin or in Nigerian Naira (NGN), depending on your preference. Luno provides a real-time exchange rate, which helps you understand the current value of your Bitcoin.

6. Review and Confirm the Sale After entering the sale amount, review the details of the transaction, including the exchange rate and any applicable fees. Make sure everything is accurate before confirming the sale. Luno will show you a summary of the transaction, including the estimated amount of NGN you will receive after the sale.

7. Complete the Transaction Once you confirm the sale, Luno will process the transaction. The Bitcoin will be sold at the current market rate, and the proceeds will be credited to your Luno wallet in NGN. You can then choose to withdraw the funds to your Nigerian bank account.

8. Withdraw Funds To withdraw your NGN, navigate to the "Withdraw" section of the Luno app or website. Enter the amount you wish to withdraw and provide your bank account details. Luno will process the withdrawal, and the funds should appear in your bank account within a few business days.

9. Monitor and Manage Your Account After completing your sale, it’s a good idea to regularly monitor your Luno account. Keep track of your transactions, manage your balance, and stay updated with market trends. Luno provides tools and resources to help you manage your cryptocurrency assets effectively.

Tips for Selling Bitcoin on Luno:

• Check Market Rates: Bitcoin prices can fluctuate rapidly. Ensure you check the current market rate before selling to maximize your returns.
• Understand Fees: Luno may charge fees for transactions. Review the fee structure on their platform to avoid unexpected costs.
• Secure Your Account: Use strong passwords and enable two-factor authentication to protect your Luno account from unauthorized access.

By following these steps, you can efficiently sell Bitcoin on Luno in Nigeria, converting your digital assets into Nigerian Naira and managing your funds with ease.