Trading on Luno like a pro is no new thing, very straight forward but following this footstep you will be able to dodge some charges while trading on Luno that might affect your earnings as a trader with small capital, so I think this write-up might come in handy at this point in time.
I am sure if you’re reading this article you should have had some prior knowledge on how Luno operate, if you don’t then you should be reading a different article that’s based on the basics of trading on Luno, to be able to break the law you must first study the law very well so you can break it perfectly and go unpunished, don’t even try thinking am a kind of guy that breaks the law, I’m very law abiding but when it comes to issues as excess charges and there is a way out then it is best to deploys such formula to maximize one’s earnings.
Okay, let me just give it to you straight and stop prolonging things, trading in any business deals with buying and selling so trading on luno isn’t any different, when you buy or sell Bitcoin on Luno there will be charges, to avoid this charges you must know how to set your buy and sell order.
If you are in haste to make a quick transactions then I’m sorry Luno isn’t the best place for you, to avoid charges while trading on Luno you must not sell directly, what does this mean? For example if the rate at which Bitcoin is being sold is #350/$ and bitcoin is currently worth $9,700 then the Naira value will be $9,700 x 350 = #3,395,000.
Trading on Luno is carried out in Bitcoin and not naira so you must do your calculation well and queue at the appropriate place. At this point we need picture to make things easier , from the image below the left digit in read are those that want to sell their Bitcoins , the highest amount the first queue want to sell their coin is the rate of #4,189,598 so if you want to buy then you must reduce your asking price, #1 is enough, but if you mistakenly click on the queue and buy from the queue then Luno will take their charges since you jump queue for a fast trade. So if you want to buy now you can set your asking price to be #4,189,590 and that is #8 difference.
Same thing applies when you want to sell your Bitcoin or ethereum, the basic rule is not to sell directly, those digit in Green are the ones who want to buy coin, when you want to buy coin you don’t go for the best price for those that want to buy (those that queued in red) if the highest bidder want to pay 5,000,000 you must not sell directly as this will incur charges, so the best you can do is to add 1 naira to the #5m and wait for Bitcoin grow a bit so your order can sell out.
One disadvantage of this method is that you might queue for lesser or higher amount depending on what you want to do (either buying and selling) when you queue to avoid charges, Bitcoin can take the opposite direction and you might have to wait till Bitcoin reaches the amount you want to sell or buy it. So for a quick transaction you need a physical buyer you can trust, this is the point where I come in handy Sloo Xchange got you covered , don’t hesitate to contact me if you need a quick transaction/Naira.
There are many ways people source for Bitcoin for their daily transactions , Bitcoin has made life easier, you can read on how to make money from Bitcoin in Nigeria One of the purpolar places to source for bitcoin is buy trading gift cards on paxful or Localbitcoins but if you happens to be a Paxful trader then it is very important to setup a 2FA on your account, learn how to setup 2FA on your Paxful account and stay safe.