Luno is a cryptocurrency exchange that provides users with the platform to buy, sell and trade different cryptocurrencies such as; Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.
The exchange started with the name: “BitX”, but was rebranded to Luno (which means “to the moon”) in 2017. This move was a direct reflection of their goal which is to upgrade the world to a better financial system.
Luno is a platform that matches buyers of cryptocurrency with sellers, and it is one of the most popular platforms that offer this service. Navigating through the Luno platform may be quite difficult for some people who have little knowledge of how cryptocurrency works. The purpose of this article is to give you an overview of how to use the Luno exchange to transact cryptocurrencies.
Signing Up on Luno
Before you can make use of this platform, you will need to create an account. Luno exchange allows anyone to sign up with the exchange, on the condition that such an individual has attained the age of 18 and is not a national or resident of the United States of America.
Signing up only requires an email address and password. You will need to verify that you are not a robot and then, by signing up, you agree to Luno’s term of use. Luno reserves the right to restrict, suspend or terminate your Luno Account if any of the terms is breached.
After filling the required fields, complete the captcha and click “sign up” and a confirmation link will be sent to your email address. Once you verify your account through the link that will be sent to email, your Luno account will be ready for use.
How to Deposit Funds on Luno
Once your account is activated and ready, the next thing to do is to fund your account for you to explore other features on the platform such as the buying and selling of cryptocurrencies.
Luno offers a platform where an individual can purchase cryptocurrencies with his or her local currency. To fund your account, once you are logged in, select “Wallet” from the menu and choose your local currency wallet and select “Deposit”
Deposit through bank transfer
Once you have selected Deposit, you will see the option to deposit through bank transfer. Select this option. It will open a dialog box for you to fill in the amount of money you would like to deposit. When the required details are filled in, click “Next”.
The amount you have selected to deposit, alongside the transaction fee will be displayed to you. If you are okay with it, click “Continue to Paystack”. The Paystack here is a third-party firm Luno works with in Nigeria for easy local currency transactions.
In any country that Luno supports deposit through bank transfer, there is always a third-party firm they partner with. The next is to link your bank by providing your account number and verifying it with an OTP from your bank.
Deposit with Debit or Credit Card
Another method one can use to deposit to Luno is through the use of debit or credit card. Once you have selected “Deposit”, click “Debit or Credit card”. Fill the amount you want to deposit and click “Next”. The amount you want to deposit and the transaction fee will be displayed. If you are good with it, click “Continue”.
Fill in your credit or debit card details and click “Pay”. Your bank will send you an OTP for confirmation of the transaction. Once you confirm your transaction, expect your cash to reflect within an hour.
How to deposit Cryptocurrency on Luno
Depositing digital assets on Luno is very easy and straightforward. Go to “wallet” and then choose any of the digital assets you want to deposit. It is either Bitcoin (BTC) or Ethereum (ETH). Once you have chosen the digital asset option, click “Receive”.
If that would be the first time you would be opting to receive that asset on your Luno account, it will ask you to create a receiving address for the asset you chose. Click “create new account”, and fill in the name you want the address to bear. After this, click “create” and your receiving address will be created.
How to buy and sell on Luno
There are two methods of trading on Luno. You can either use instant buy/sell or make use of Luno exchange where you can place a limit order.
This method is preferred if you wish to either buy or sell on Luno instantly, without waiting in the queue. The transaction fee charged here is much higher than what is charged when you make use of Luno exchange where you can place a limit order.
To use this method, go to “Wallet” and choose any of the assets you want to trade— either BTC or ETH. If you want to buy, click “buy”, if you want to sell, click “sell”. Fill in the amount of the asset you want to buy or sell and click “Next”. It will display the quantity of the asset you will get and the fee for the transaction. If you are satisfied with that, go ahead to buy and it will instantly be converted to the asset you chose.
Placing a Limit Trade on Luno Exchange
Many people are unaware that Luno has an exchange where one can place a limit order. To access this, once you are logged in, click “Exchange” then you will see where to choose which asset pair you want to trade on the top left hand of the page.
Choose any of the pairs from the drop-down menu. On this page, you will see the trade chart, order book, and trade history. Then fill in the price you wish to buy or sell and the amount you are buying or selling and click “Place order”. Your order will enter the order book, and execution would be pending. There is a provision to make use of stop-limit order on Luno Exchange.
How to Withdraw Local Currency
To withdraw your local currency, go to “Wallet”, then choose your local currency. Click “withdraw”. If it is your first time of using this service on Luno, you will be asked to add your local bank details. Click “Add Bank Details” and fill in the required fields, and add. To withdraw, just choose the bank you added, fill in the amount of money you wish to withdraw, and withdraw the sum.
How to Withdraw Cryptocurrency
Withdrawing a digital asset from Luno is as simple as depositing the same on Luno. Go to “Wallet”, choose the digital asset you want to withdraw. Click “Send” and then fill in the receiving address and the amount of the assets you wish to withdraw.
Then, click “Next”. The amount of the assets you are withdrawing, the receiving address, and the transaction fee will be displayed. If the details are accurate, you can go ahead and hit the send button.
All the images on this article were gotten from Luno Exchange.