How To Use Luno In Nigeria

How to Use Luno in Nigeria

Cryptocurrency has become a popular method of investment and transaction in Nigeria. Individuals and businesses alike are embracing the use of digital currencies like Bitcoin, Ethereum, and Litecoin as a means of payment. One of the platforms that provide easy access to these digital currencies is Luno. In this article, we will guide you through the process of using Luno in Nigeria.

What is Luno?

Luno is a digital currency exchange platform that enables users to buy and sell cryptocurrencies. It was founded in 2013 in South Africa and has since expanded to over 40 countries, including Nigeria. Luno offers a safe, secure, and user-friendly interface for users to trade cryptocurrencies.

Signing up for Luno

The first step to using Luno is signing up. To sign up for Luno, follow these easy steps:

  1. Visit the Luno website at www.luno.com
  2. Click on the "Sign Up" button on the top right corner of the page
  3. Enter your email address and create a strong password
  4. Verify your email address by clicking on the link sent to your email
  5. Provide your name and phone number
  6. Verify your phone number by entering the code sent to your phone
  7. Accept the terms and conditions

Once you have completed these steps, you are now ready to start using Luno.

Verifying your account

Before you can start buying and selling cryptocurrencies on Luno, you need to verify your account. This is done to ensure that Luno complies with relevant regulations aimed at preventing money laundering and terrorist financing. To verify your account, follow these steps:

  1. Log in to your Luno account
  2. Click on "Settings" on the top right corner of the page
  3. Click on "Verification"
  4. Provide your personal information, including your full name, date of birth, and residential address
  5. Upload a copy of your government-issued ID, such as a passport or driver's license
  6. Take a selfie with your ID document
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Once you have completed these steps, Luno will review your documents and verify your account. This process usually takes between 24 to 48 hours.

Funding your Luno account

To start trading on Luno, you need to fund your account. Luno offers several methods for funding your account:

  1. Bank transfer: You can transfer money from your bank account to your Luno account using the details provided on the "Deposit" page.
  2. Credit/debit card: You can link your credit or debit card to your Luno account and make instant deposits.
  3. Instant EFT: You can use the instant EFT option to transfer funds from your bank account to your Luno account instantly.

Once you have funded your account, you can start buying and selling cryptocurrencies.

Buying and selling cryptocurrencies on Luno

To buy cryptocurrencies on Luno, follow these steps:

  1. Log in to your Luno account
  2. Click on the "Buy" button on the top left corner of the page
  3. Select the cryptocurrency you want to buy
  4. Enter the amount you want to buy or the amount you want to spend
  5. Choose your payment method
  6. Confirm the transaction

To sell cryptocurrencies on Luno, follow these steps:

  1. Log in to your Luno account
  2. Click on the "Sell" button on the top left corner of the page
  3. Select the cryptocurrency you want to sell
  4. Enter the amount you want to sell or the amount you want to receive
  5. Choose your payment method
  6. Confirm the transaction

Storing your cryptocurrencies on Luno

Luno provides a safe and secure wallet to store your cryptocurrencies. To store your cryptocurrencies on Luno, follow these steps:

  1. Log in to your Luno account
  2. Click on the "Wallet" button on the top left corner of the page
  3. Select the cryptocurrency you want to store
  4. Click on the "Receive" button
  5. Copy your wallet address
  6. Send your cryptocurrencies to your Luno wallet address
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Conclusion

Luno provides a safe and secure platform for buying, selling, and storing cryptocurrencies in Nigeria. With its user-friendly interface and multiple payment options, Luno is an excellent choice for individuals and businesses looking to invest in digital currencies.

FAQs

  1. Is Luno available in Nigeria?
    Yes, Luno is available in Nigeria and over 40 other countries.
  2. Is Luno safe?
    Yes, Luno is safe and secure. It uses industry-standard security protocols to protect users' funds and information.
  3. What cryptocurrencies can I buy on Luno?
    Luno supports several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
  4. How long does it take to verify my Luno account?
    It usually takes between 24 to 48 hours to verify your Luno account.
  5. Can I withdraw my cryptocurrencies from Luno to my bank account?
    Yes, you can withdraw your cryptocurrencies from Luno to your bank account. Simply click on the "Withdraw" button on the "Wallet" page and follow the instructions.