Beginners guide to Luno

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Luno a peer-to-peer (P2P) crypto currency platform with an escrow service to keep each trade safe and secure, it was founded by a South African fellow who goes by the name is Timothy Stranex, Luno formerly known as BitX is now a sizable trading platform and provide a wallet facility for just 2 crypto currency as at the time of writing this article, the 2 cryptos being the king of Cryptos which is Bitcoin and the 2nd is Ethereum.

To buy Bitcoin or Ethereum on Luno, you have to create a verified account with them, to create an account with them you will need a government issued I.D card, if you are in Nigeria you will need a BVN (BANK VERRIFICATION NUMBER)  for the first verification process.

After you might have successfully set up your Luno account the next thing is to start making transactions (either buying or selling), if you want to buy coins then you have to deposit cash into your Luno account, these step is really easy.

To deposit money into your Luno account, you will have two payment gateways at your disposal which are Paystack and PayU and they charge 1.5% and 1.58% respectively.

After your  deposit is successful then you can move  on to buy any coin of your choice ,  you can also transfer coins from other site that only has wallet facility to your luno account and sell it, but you got to know that to send Bitcoin or Ethereum to Luno, it will cost you some money, either you want to deposit coin or sell coin Luno will surely take their charges, hey am not trying to say it’s wrong for them to charge a fee, but you scale through it and avoid the fees if you know how to trade Bitcoin or Ethereum  on Luno like a pro.

If you keep paying this fees as small trader then you might not make good profit at the end of the day so I will advise you don’t head to Luno for trades if you don’t have more than $3,000 worth of Bitcoin, another cons for trading on Luno is that the payment is not instant, you have to wait for 24 hours, so if you need quick cash then I don’t advice you to head on to luno.

There are awesome service you can trust for quick cash when it coins to Bitcoin or gift cards deals, one of the best service I recommend to you is no other company the one I own myself, I offer an excellent service, my rate is supper dope, I pay out within 10 mines, my exchange company name is SLOO XCHNAGE, here is the website for it www.slooxchnage.com you can reach me on whatSapp for a quick deal VIA +2349013028491.

You can also read my article on how to make money through bitcoin in Nigeria, hey it’s not restricted to Nigeria alone, you can deploy the method anywhere in the world….yeah.

Personally I have been using Luno for the past 2 years, as soon as your deposit and withdrawal limit reaches #500k you will have to provide a valid I.D card to pass the level two verification, for the level 3 verification where you reach trading limit of #5m you will  have to provide your bank  account statements.

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Julius Solomon is an author, impact entrepreneur, business strategist and founder of Slooreviews. He works with entrepreneurs and investors to start up and grow businesses in Africa. His work and articles have been featured on several local and international media. He is the co-author of '101 Ways To Make Money in Africa', the widely-acclaimed book which reveals several interesting business ideas, market opportunities, and inspiring entrepreneur success stories across Africa. For the latest updates on business and entrepreneurship across Africa, follow my post.

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