How to Sell Bitcoin on the Luno App

Selling Bitcoin on the Luno app is a straightforward process that involves several key steps to ensure a smooth transaction. This guide will walk you through each step in detail, covering everything from setting up your account to completing a sale. Whether you are a beginner or an experienced user, this comprehensive guide will help you navigate the selling process efficiently.

1. Set Up Your Luno Account

   • Download and Install the App: Start by downloading the Luno app from your device’s app store. The app is available for both iOS and Android devices.
   • Create an Account: Open the app and sign up by providing your email address, phone number, and creating a password. You will need to verify your email and phone number to complete the registration process.
   • Verify Your Identity: To comply with regulations, Luno requires users to verify their identity. This usually involves uploading a government-issued ID and a selfie for facial recognition. Follow the on-screen instructions to complete this step.

2. Deposit Bitcoin into Your Luno Wallet

   • Open the App and Log In: Once your account is set up and verified, log in to the Luno app.
   • Go to Your Wallet: Navigate to the "Wallets" section in the app and select Bitcoin (BTC).
   • Deposit Bitcoin: To deposit Bitcoin, click on the “Receive” button to generate your Bitcoin deposit address. Copy this address and use it to transfer Bitcoin from another wallet or exchange into your Luno wallet.

3. Sell Bitcoin on Luno

   • Navigate to the Sell Section: Once your Bitcoin has been deposited, go to the "Buy/Sell" tab in the app.
   • Select Bitcoin to Sell: Choose Bitcoin as the cryptocurrency you want to sell.
   • Enter the Amount: Enter the amount of Bitcoin you wish to sell. You can choose to sell either a specific amount of Bitcoin or its equivalent value in your local currency.
   • Review the Transaction: The app will display a summary of the transaction, including the amount you will receive and any applicable fees. Review this information carefully.
   • Confirm the Sale: If everything looks correct, confirm the sale by clicking on the “Sell” button. The sale will be processed, and the funds will be credited to your Luno wallet in your local currency.

4. Withdraw Funds

   • Go to the Withdraw Section: Once the sale is complete, you may want to withdraw the funds to your bank account.
   • Select the Withdrawal Method: Choose your preferred withdrawal method. Luno supports various methods, including bank transfers and mobile money.
   • Enter Withdrawal Details: Provide the necessary details, such as your bank account information or mobile money account details.
   • Confirm and Complete the Withdrawal: Review the withdrawal details and confirm the transaction. The funds will be transferred to your bank account or mobile money account based on the method you selected.

5. Tips for Selling Bitcoin on Luno

   • Check Market Prices: Before selling, it’s a good idea to check current Bitcoin market prices to ensure you are getting a fair deal.
   • Be Aware of Fees: Luno charges fees for transactions, so be sure to review the fee structure on the app.
   • Enable Two-Factor Authentication: For added security, enable two-factor authentication (2FA) on your account.

By following these steps, you can easily sell Bitcoin on the Luno app and manage your cryptocurrency transactions with confidence.