Are you a bitcoin trader looking for a fiat trading platform for cryptocurrencies?
Open a Luno account on your web browser or mobile phone. Buy 5,000 NGN or respectively 500 ZAR and earn a reward!
Luno has made it very easy to buy, store and learn about cryptocurrencies. Safe bitcoin storage is crucial since it is not controlled by banks but by online e-wallets like the Luno wallet.
The company also work as an online brokerage company. For developers, they offer an application interface that allows programs to access the Luno wallet for security purposes. The Luno app dashboard and wallet can access the settings, buy and sell bitcoins, and also review the account reports. Below is an extensive guide on Luno the exchange platform.
Two words before I jump straight into the Luno guide:
- Paxful is also a peer-tp-peer marketplace, very fast growing and well reputated. I recommend Paxful for (a) accepting gift card codes for payment and (b) for having a really good affiliate program.
- For cryptocurrency trading purposes you can also check out eToro.com. It's a social trading platform which was established in 2007.
What makes Luno special for African customers? Why should they choose Luno?
According to the current Luno review, Luno has launched an African regional headquarter in Johannesburg, South Africa. Having dominated in South Africa and Nigeria, the service has started expanding to other African countries as well.
African countries that have embraced Bitcoin and other cryptocurrencies can feel comfortable using Luno. This is because Luno offers timely market updates of the current Bitcoin value, and they have a multilingual support system that favours different people in Africa. Choosing Luno gives a convenient way to receive, send and store Bitcoins and Ethereum.
E.g. you can convert bitcoin to Rand with a few finger tips.
Their servers are highly secure. The Bitcoins are stored offline, and this makes sure that they are not visible to cyber theft. This exchange is protected by bank-grade security, and the trading it provides is low latency.
This company was formerly known as BitX. It was founded in 2013 by Timothy Stranex in London. They are currently in 40 different countries, including two in Africa. Their product range varies from Bitcoin exchange using peer-to-peer through the Luno wallet, to storage of the cryptocurrencies as they grow in value.
They also support Ethereum as another cryptocurrency in their network. The offices opened in Africa are mainly based in Nigeria and South Africa. This shows the vision they have to be able to grant millions of people a platform to use cryptocurrencies anywhere in the world.
By bringing teams of people together from different diverse financial sectors of companies like Amazon, Barclays among others, Luno wallet aims at upgrading the world’s financial system. This company's hard work has made it grow and be ranked number one in fastest growing tech companies in 2018.
Is Luno Wallet Trustworthy? Why?
Luno is a trustworthy exchange where you can use, sell and buy Bitcoin. They have ensured that they securely store your Bitcoin and trade it easily from one person to another. The safety is enhanced by the use of Luno login private keys. The cryptocurrencies are stored in virtual vaults that can only be accessed with fingerprint scans.
Depending on the country of residence, they do offer verifications levels once you sign up and before you log in. The higher the verifications levels, the better the limits of withdrawing and depositing per account. Through this, the company shows how it understands various places and their trading ability's making the network secure. Hence each countries level is different from others.
Which African countries is Luno Wallet Available?
This service is available in more than 40 countries worldwide. However, it is accepted mainly in South Africa where the African headquarters are located. Nigeria has also been noted to excessively use it as an online exchange platform for cryptocurrencies.
The company has invested a lot of money in its expansion in African countries. Now, any African bitcoin trader that has an Android phone can install the Luno app and use it to buy, sell or send bitcoin. Users can also use the local currency to trade on the Luno wallet app.
How to Open an Account?
Opening an account with Luno is quite simple. Follow these steps for a seamless experience:
- Visit the Google play store app
- Download and install the Luno App, and then click on sign up
- Enter a personal email address and a password with numbers and letters
- Select your country of residence
- Go to the "I'm not a robot sign" and click to complete the easy prompts
- Click the "Sign up" button
- You will need to verify your email password to complete the process
Alternatively, you can open a Luno account through the web browser by following these steps:
- Open the browser and type in Luno.com
- Press the highlighted sign-up button in blue
- The page that opens requires you to type an email address, password, country of residence, the re-Captcha sign and then finally sign up.
- You will receive an email for confirmation. Once you confirm your email address, your account will be fully activated.
At this point, the account will be ready for exchange.
Which Cryptocurrencies Are Available?
Bitcoin and Ethereum are the only available cryptocurrencies available on Luno at the moment. The Ethereum wallet can be created and exchanged to Bitcoin or vice versa. Such given, Facebook's Libra will not be available
A recent Luno review explained why they stuck with the two cryptocurrencies. The decision of not adding more altcoins was made since it would require them to review their security measures. Also, they will need to cater more for easier accessibility of current altcoins which would be affected hugely by the addition of any other altcoins.
How to Buy Cryptocurrencies
There are three simple steps to buy cryptocurrencies using the Luno wallet:
- Get the free Luno wallet online by signing up.
- Go to the Luno login page and complete the verification process. Then you can deposit money into the Luno wallet from your credit card or bank account.
- When the money reflects on your Luno wallet, you can buy the cryptocurrencies and store them safely on the wallet as you wait for it to increase in value.
Alternatively, you can sell or send it to people who want to trade the altcoins for your country's currency.
The following payment methods are available on the Luno walley:
- Debit or credit card transfers
- Cash Deposits
It is crucial to note that these different payment methods have various charges. At Luno, deposits made through credit cards are not charged. This is unlike many other exchanges where you can pay up to 4.5% in transaction fees. This benefit makes Luna a great option, especially for most African traders.
How to Sell Cryptocurrencies
Bitcoin, being an online cryptocurrency, is often traded through online exchange wallets like Luno. Selling of the coin on these wallets is a simple process that can be completed easily on an Android phone. You just need to visit the Luno app to meet potential buyers and sellers easily.
On the Luno app, there are buyers on one side, and the seller on the other. These sellers have the cryptocurrency which they exchange for the local currency.
To sell the cryptocurrency, you should follow these steps:
- Go to the Luno website and log into your account
- Then you need to create an order indicating that you are selling Bitcoin. For instance, you can state that "I am selling my 1BTC (meaning 1 Bitcoin) for KES450,000(Kenyan currency)"
- A potential buyer visiting the exchange will examine the price, and if they are comfortable with it, they will make a deposit to the exchange using the local currency. This money is what will be used to buy the bitcoin.
- The buyer can then close the deal with the current offer. Alternatively, they can place a bid and create an order of the amount of money they would rather pay.
- If the buyers choose to place bids, the forces of supply and demand of both the Bitcoin and local currency will determine the prevailing price of the cryptocurrency. Eventually, the seller will choose and agree on one of the prices of the sellers and close the market. It is worth noting that the buyers and sellers will consider the supply and demand of the local currency on the app and not in your country’s market.
How to Send Bitcoins
After buying the Bitcoins, you may want to sell it to other people after some time. Some online sites also accept payments in the form of Bitcoins, so you can consider using your funds to pay for their services. There are three methods of sending cryptocurrencies using the Luno wallet:
- Sending it to a personal email address or mobile number, whether as a direct message or on apps like WhatsApp
- Scanning the QR code
- Sending the cryptocurrency directly to their Luno wallet
For the other two methods other than the QR code the procedure is as follows:
- Go to the home page on your Luno app and click SEND.
- Select the Bitcoin cryptocurrency.
- Key in the wallet address, phone number or email to which you are sending the Bitcoins.
- Enter the amount you are sending.
- Conclude your transaction while entering your two-factor authentication code, and then click confirm.
Using the QR code has been noted to be the most convenient payment method while using a Luno app. The recipient's wallet address is not needed in this case.
The steps for sending money using a QR code are as follows:
- Visit the Luno app home page
- Go to MORE
- Go to Scan QR code
- Scan recipients QR code
- Key in the amount you want to send
- Check the details and confirm the transaction
The fee structure for sending Bitcoin on Luno is dynamic. It is dependent on the blockchain activity at the time. The charges are always displayed before you can confirm the transaction to send. Some of the fees that may apply are listed below:
- The first fee levied is through deposits from local currencies.
- Secondly, a small fee applies every time you withdraw money in local currency from Luno to your bank account.
- When sending and receiving Bitcoins on the exchange, there is also a nominal fee, regardless of the size of the transaction. This cost is determined by the blockchain traffic and is meant to process the cryptocurrencies quickly.
It is advisable to use the instant buying and selling feature on the Luno wallet or Luno App. It clearly shows the total price for the requested transaction and no extra cost will be applied for the indicated amount.
Other than the deposit, transaction and withdrawal fees, it is evident the price takers can pay up to 2% more than the makers. However, the fees vary depending on the country of residence and the amount being transacted. It is therefore important to review the purchasing details before confirming the exchange.
Are Luno Services Suitable for Poor or Unbanked People?
People who have not yet opened bank accounts can find it challenging to trade with cryptocurrencies. It is estimated that almost 3 billion people in the world have no bank accounts. Most of these adults still want to learn about the Bitcoin world that has no currency barriers. Even without bank accounts, a majority of these adults own mobile phones or tablets and can easily install the Luno app and other cryptocurrency sites.
However, depositing money to the service will be a challenge without a bank account. The cryptocurrency economy, therefore, requires you to open a bank account, and this usually costs next to nothing. From here, it will be easier to access the Luno services.
Are Luno Services Suitable for Startups?
Of course, the Luno services are suitable for startups. Being among the fast-growing tech companies in the United Kingdom, Luno has been able to experience the challenges of growing from a startup. They are, therefore, well placed to optimise their services to small businesses. Through the Amazon web services, they have been able to create services that are affordable, and infrastructure that is convenient to grow and scale any business.
Because of the expanded customer base and products provided, Luno can reach out to other to different services that can add value. For instance, the computing service that is serverless is highly convenient for processing emails and building automation into other Luno startups.
Due to the growth of internet usage in Africa, most citizens of various countries have been able to grow their knowledge in cryptocurrencies. Exchanges like Luno can be used to trade Bitcoin all around Africa.
Luno is a peer-to-peer Bitcoin exchange that has been able to adopt different currencies easily and ensure the exchange rates are fare and minimal. This guide should help you navigate the service seamlessly.
Do like my article? "Upvote" it or "Like" it by sharing with with your friends or send me a comment below!