Luno exchange is one of the cryptocurrency exchange out there that allow you to buy and sell digital currencies.
You can create your own digital wallet for crypto coins such as bitcoin, ethereum and bitcoin cash. In this post i am going to walk you through on how to use luno exchange and also a quick review so you know more about the exchange.
Luno exchange formally known as BitX was founded in 2013. Luno has its offices in three major cities of the world London, Cape Town and Singapore.
It offers different types of services for its users including a cryptocurrency trading platform, a brokerage service and also a mobile app.
Luno has over 2 million active users from over 42 countries worldwide. luno is a UK based company and has made a good name for itself. In its ability to provide a good and secure platform for its traders.
And its easy to navigate dashboard which gives you access to different sections such as the instant buying and selling of crypto coins, your account reports,and many more.
luno supported countries
luno is supported in over 42 countries. below are the list of countries that can use luno.
In Europe -Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
Africa– Nigeria, South Africa
For Asia-Indonesia, Malaysia
luno terms and conditions
Just like every other legal platform a terms and condition in essential. So before doing anything or trading on luno i will advise you study the luno terms and condition you can see that here – luno term of use
how to Sign up on Luno
It is pretty easy to Sign up on Luno first you go to luno.com. Please for your safety always make sure you are going to the correct address check you browser and make sure you are using the https version of the site.
After going to the address click on the sign up button input you email address password and country and click sign up.
After this an email will be sent to you to verify you email after the verification it is time for you to sign into your account. Next step is to verify your identity.
luno verification level
Luno has a 3 level verification process your account deposit and withdrawal limits depends on your account verification level
Level 0 : this this the level immediately after your sign up. where you are asked to verify your email address. in this level you can’t deposit or withdraw money in your account at all.
The Level 1 : this is where you verify your phone number which will let you deposit or withdraw up to 1000 Euros if you local currency is set to euros this can vary for some countries depending on your local currency.
Level 2 : this is where you verify your ID to increase your limits.
Finally Level 3 : this is the last step where you submit your proof of residence to deposit or exceed the limits set in the second verification level
how to verify your identity on luno
Sign in to your account on the right side click on settings, Verification then upgrade.
Luno has three verification levels the first is to verify you bank account. After this you can now add money to you account to buy crypto coins but you will have a lemit. To exceed this lemit you will have to verify you acount again with ether you international passport or you drivers licence. Which will increase your deposit and withdrawals limit the third verification level is to Take a photo of your proof of residential address. after this account is as good to go.
how to deposit money in luno
After you verification you can now add funds to your wallet . So go to your luno dashboard. Click on wallets luno automatically opens up a wallet for you in you local currency after verifying you bank account. So go to you local currency wallet and click on deposit. Depending on you country you can deposit by bank transfer or buy credit card .
how to buy bitcoin/ethereum on Luno exchange
there are two way you can buy bitcoin/ethereum on luno the first is the
Instant buy or sell
This is pretty much easy to use and easy to understand, just follow this steps.
in your dashboard on the top corner select BUY from the top navigation.
Select which cryptocurrency you will like to buy
- Enter the amount you want to spend in your local currency. For example, lets say you want to buy Bitcoin worth 100 EUR . All you need to do is add 100 EUR as the amount you want to spend.
Go through your transaction which will show you the exchange rate and the amount of Bitcoin you’ll receive.
Click BUY or NEXT depending on your device, review the details and confirm
After you have finished with your buy order , you can now go to TRANSACTIONS from the MENU for your transaction details .
This is another way to buy cryptocurrency on luno.
This exchange order is currently only available for Bitcoin and traders in Nigeria, South Africa, Malaysia and Indonesia. The exchange order feature is for more advanced users.
A limit buy order makes you able to select a price at which you want to buy your Bitcoin. This order stays pending until a Bitcoin seller is willing to sell his or her bitcoin at your price.
To learn more about Luno Exchange order and how it works, click here.
Luno has the following fees associated with its services:
Deposit fees (for certain payment methods)
Transaction fees (only for takers)
Disclaimer: This data mustn’t be understood as associate endorsement of cryptocurrency or any specific supplier, service or providing. it’s not a recommendation to trade. Cryptocurrencies ar speculative, advanced and involve vital risks – they’re extremely volatile and sensitive to secondary activity. Performance is unpredictable and past performance isn’t any guarantee of future performance. contemplate your own circumstances, and procure your own recommendation, before looking forward to this data. you must conjointly verify the character of any product or service (including its position and relevant restrictive requirements) and consult the relevant Regulators’ websites before creating any call. Finder, or the author, could have holdings within the cryptocurrencies mentioned.
Also take you time to read this