Luno Review: How to Use Luno App (2020 Updated)

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Is luno safe and legit

This is the most comprehensive guide on How to use Luno App

In this expert-written guide on Luno Apk, you’ll learn everything you need to know about Luno such as:

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  • How to open an account on Luno App
  • Is Luno safe and legit
  • How to buy and sell Bitcoin on Luno
  • How to send and receive cryptocurrency with Luno App
  • How to withdraw from luno to local bank account
  • How to trade on Luno app and lots more

So if you’re looking to learn how to completely use the Luno App, you’ll love this guide.

Let’s dive right in.

What is Luno App and How Does it Work

what is luno

Getting new into the Cryptocurrency world, one needs ultimate guidance on how to start and surf the world of cryptocurrencies.

Cryptocurrency has over the years taken over the digital world.

They’re estimated to take over banking transactions in the next 50 years because of its dominance and stress – free service pattern.

Here, I will be making use of Luno App as a means of trading cryptocurrency.

Luno is the most commonly, secured, and most convenient app for trading cryptocurrency.

Luno App has been in existence since 2013 with its headquarters based in London UK.

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Over the years, they’re known for buying, selling, and storing of cryptocurrency for its users.

Since then, Luno had traveled wide beyond the world, with over 40 registered countries worldwide, with an estimated total number of 3.5 million users.

Luno App is a place for the trading of all kinds of cryptocurrency such as:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Ripple (XRP) and
  • Litecoin (LTC)

With the Luno account, you can trade on Bitcoin, ethereum, and other cryptocurrencies listed above with ease.

Luno also offers you the opportunity to see the current prices of cryptocurrencies.

It also allows you to buy and sell cryptocurrencies faster and with ease.

If you’re finding it difficult to create or verify an account with Luno app, here’s the right place for you to be.

Here, I’ll guide you on how to create an account with Luno, get it verified and make your first deposit with ease.

How to Open/Create A Luno Account

Many people are finding it difficult to create an approved Luno app Account, here I’ll put you through all the steps required in creating a Luno account.

Download the Luno app on Google playstore, or click here to visit the luno official website, and then click on the signup button.

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After clicking the signup button, a form will pop up just like the one in the picture below.

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  • Enter a valid email address
  • Choose a very strong password and click on submit.

Luno will send a verification email to the email address you provided, open the email, and follow the instructions on it.

  • Then select your country of Origin,
  • Click the “I’m not a robot” icon,
  • Then click the sign-up button.

Congrats!!! You’ve successfully created your Luno account. After you’ve successfully created your Luno account, the next step is to verify it to start your trading.

How to Verify your Luno Account

Luno normally requires verification of account from its users before they can be able to perform transactions.

This is to ensure stricter security of your account and also to your own benefit to avoid any third party gaining access to your account.

Normally, Luno helps customers with an online bank account in supported countries to buy and sell a cryptocurrency, to use this account, one needs to verify his or her account first.

Over the years, Luno account verification has been a burden to many new users.

The steps required in verifying an account always seem difficult to some people.

But with the steps listed below, you can verify your account just within five minutes.

Steps on how to Verify Luno Account:

  • Log in to your newly created luno account.
  • Go to your profile, and click settings as seen below
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  • Click on the verification section
  • Put the required documents in other to increase your daily and monthly limits.
  • Then press the verify button and then you will see a page like the one below.
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Luno Account levels

There are different account levels which each of them determines your Transactions limit and Level Requirements

  • Level 1: Confirm your mobile number, as well as some other personal details.
  • Level 2: Submit a passport photo/Scan of government-issued Identify card, it must not be expired ID and the photo must not be a blur so that the moderators will be able to view it properly.
  • Level 3 Submit proof of your residential address, supported documents which include a bank statement, with your present address on it, utility bill, mortgage statements, cell phone account, etc, all which won’t be more than 3 months old.

After completion of each level verification, you’ve to wait for the moderators to confirm the details you provided.

How to Deposit on Luno Account

As we already know, the level of account verification you’re in determines your transaction limit.

Depositing money into your Luno wallet is very easy.

You can deposit money into your wallet by performing some simple tasks in very few easy steps.

  • Open the Luno App, or log in through the website and sign in
  • Select wallets from the main menu
  • Choose your country’s currency wallet, as you can see mine in Nigeria.
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  • Click on the NGN wallet and a page like the one below will pop up
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  • You will see two options “Deposit” and “Withdraw” since you want to deposit, click on the deposit and pay with card, but if it withdrawal, you do the same and fill in bank details where you want the money to be paid to.
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Important things to Remember

To avoid mistake, when making a deposit, make sure that you deposit from a local bank account in your own name, make a deposit from your online banking.

NB: Luno does not accept cash deposit, you’ve used the correct unique reference number (starting with BX).

Once the deposit is completed, your money will be automatically added to your NGN wallet, then you’ll be notified via email.

Some banks take at least 2 business days to process deposits transactions (longer over weekends or public holidays ), so that’s how long it’ll take for your money to show up in your local currency wallet.

After the specified period, and your money does not reflect your wallet, you will have to confront your bank for them to properly complete the transaction.

Once the transfer is completed, your money will be automatically added to your Luno Wallet.

How to Buy Bitcoin, Ethereum on Luno

Now, let assume you have deposited money in your Luno NGN Wallet because you need to deposit money before you can be able to buy anything.

Click on the Home menu. It looks like the one in the picture below.

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Then put the preferred amount you want to buy, but then it should tally with the money you have deposited in your luno NGN wallet. and then you click on BUY.

Luno will now give you several options to pay with either another cryptocurrency (like Eth), with your debit or credit or with your luno NGN wallet as you can see below.

For the fact that you have already deposited money in your Luno NGN wallet, pick that as your mode of payment.

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And then you confirm the transaction, your money in the NGN wallet will be gone and then, you will be credited with the equivalent in your Bitcoin wallet.

Note: Luno takes a 2% transaction fee for any transaction you make on Luno.

How to send & receive Bitcoin, Ethereum on Luno

Now that you have Bitcoin or any other cryptocurrency in your Luno wallets, can you send it to others and as well receive from others?.

The short answer is Yes.

  • Click the Wallet section and click on send as seen below. (Meanwhile, if you want to receive from someone instead of the pressing the send button, you press the receive button, and copy your wallet address and send to the person, and that all)
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Now, let assume you want to send Bitcoin (BTC) after a click on “wallet”, “send”. A pop up will come up showing all your active crypto wallet for you to choose from which one you want to send from.

So you click on Bitcoin wallet and you get a page like the one below.

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To send it to someone, you have to fill the form properly. For the place of receiver address, you put their own Bitcoin wallet, and then the amount of bitcoin you want to send and then you click on next and confirm the transaction.

Note: You cannot send Bitcoin to the Ethereum wallet, so ensure that you are sending either from Bitcoin to Bitcoin wallet or Ethereum to Ethereum wallet.

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How to Sell & Withdraw from Luno to Local Bank Account

In this section, we are going to look at how you can sell your coins on Luno and withdraw your money to your local bank account.

This takes less than 2 minutes and you get paid within 5 minutes or less.

First of all, you cannot withdraw your money if it is in the form of cryptocurrency (like Bitcoin) so what you do is to convert the bitcoin to naira by selling it immediately in Luno into your NGN wallet.

  • Click on the Sell button and a pop up like the one below will be displayed.
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  • Now, you pick the currency you would like to sell for (Note that you can sell bitcoin for ethereum or ripple) but since you want to withdraw you sell for NGN ( so pick NGN), and a new page will be shown to you as seen below.
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  • In this section, you then input the amount of Bitcoin you want to sell for NGN and click Next and confirm the transaction.
  • Your bitcoin will be taken away while your NGN wallet will be credited with the equivalent to the Bitcoin you sold (transaction fee applies)

Now, that you have successfully sold your bitcoin or converted it to naira. You can then withdraw to your local bank by clicking on the NGN wallet. When you do so you will see two option:

  • Deposit and
  • Withdraw
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So since you want to withdraw there is no need clicking on the “deposit”. When you click on the withdrawal button a form like the one seen in the picture below will be provided for you to fill.

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In this section, you choose the bank account you want the money to be paid to and then fill in the amount you want to withdraw and confirm the order.

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Within a few minutes, you will be credited to your local bank account. as easy as that.

Is Luno Safe and Legit

Luno is a safe platform to buy, sell, and trade cryptocurrency. Luno made it easy for Nigerians and other African countries to trade cryptocurrency with ease.

So when you create your brand new luno account endeavor to complete all their security setups (like 2FA security) and you are assured that your bitcoin is safe.

Conclusion

In this my luno review I have covered everything you need to know about Luno from the ground up.

But then, if they are an area you feel that I didn’t talk about and you want me to discuss and provide a guide on that use the comment section to let me know.

I will surely reciprocate postively.

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