This post will show you how to get started with Luno. Also, I will reveal the countries where Luno is available and the cryptocurrencies that you can trade on Luno.
Luno is a cryptocurrency exchange platform for buying, selling, or storing cryptocurrencies using credit cards, or electronic bank transfer. Cryptocurrencies bought on the Luno platforms are held in Luno’s built-in digital wallet
Luno was established in 2013 with headquarters in London, UK. Presently, it has spread to 40 countries, including third-world countries.
What Cryptocurrencies Are Traded On Luno?
These are the cryptocurrencies you can buy, sell or hodl in Luno wallets.
- Bitcoin Cash
How To Get Started With Luno
The steps below will guide you through the process of trading cryptocurrencies on Luno.
1. Sign up for a free Luno Wallet
- Sign up with a valid email address
- Activate your account through the link sent to your email
- Set-up a two-step verification using Google authenticator, or 2FA using your mobile phone number
2. Get Verified
Luno has a three-level verification.
- Level 1 Verification: Luno verifies your phone number and email address during the signing up process. Luno places a cap on the volumes of fiat currency and cryptocurrencies you can trade based on your country of residence. Therefore, if you want to trade beyond this cap, you need to pass Luno’s Level 2 verification.
Hint: to avoid getting your account blocked or suspended, do not deposit beyond your all-time cap or receive cryptocurrencies that will shoot past your all-time cap or transaction limit.
- Level 2 verification: to fight against money laundering, Luno requires that you upload any of the following valid documents: Driver’s license, International passport, National ID, or Voter’s card (in countries where applicable) and a selfie picture. Level 2 verification places a cap on the monthly volume of fiat currency and cryptocurrencies you can trade.
Hint: for a successful Level 2 verification, upload a clear identity document with a clear, identifiable picture of yourself with clear details, and all corners of the document captured.
- Level 3 Verification: Level 3 verification requires that you supply Luno with your residential address, occupation type, and sources of money. A successful level 3 verification means that there is no limit to the amount of cryptocurrency you can trade daily, or monthly.
Hint: Supply truthful information only
3. Depositing Money
You can deposit fiat money into your Luno wallet using Credit cards, or electronic bank transfers.
4. Buying Your Preferred Cryptocurrencies
By clicking or tapping on the ‘Wallet’ tab, you can choose to buy, send, or receive any of the cryptocurrencies listed on Luno’s exchange platform using your deposited fiat currency.
5. Selling Cryptocurrencies on Luno
Luno allows you to sell a chosen cryptocurrency for fiat currency or other cryptocurrencies. To do so, tap or click on the ‘Sell’ option for the selected cryptocurrency. You can choose to withdraw your fiat currency from your Luno wallet to your local bank by tapping on the ‘Withdraw’ option for fiat currencies.
Countries Where Luno Is Available
- Czech Republic
- Isle of Man
- San Marino
- United Kingdom
Additionally, Luno is available in the following developing countries
- South Africa
Luno makes it easy to trade cryptocurrencies as a novice. However, note that you incur charges as fees or commissions for every successful transaction.
Hope you can now get started with Luno?
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