Luno is a cryptocurrency exchange that provides cryptocurrency trading services to Nigeria and South Africa with plans to expand into Ghana and Kenya. I have been using Luno personally since 2017, for me they are my go to exchange when I want to sell Bitcoin or Ethereum.
Lets imagine you have created an account on Luno and downloaded the Luno application on your phone. Now how do you sell Ethereum on Luno and get paid directly to your bank account? Let’s take a look at the following steps:
1. Deposit ethereum: Firstly, you need to deposit ethereum or someone sends ether to your ethereum wallet on Luno.
2. Navigate to Ethereum wallet on the Luno application, click sell ethereum and enter the amount you want to sell.
3. You will be taken to a new window where you need to confirm the transaction in order to carry on.
4. In the next window you’ll be asked to enter the four digit pin you provided during your registration on Luno in order to confirm the transaction.
5. After you’ve provided the four digit pin, you’ll be taken to a new window where your sell transaction will be displayed as successful if you entered the correct four digit pin.
6. Here you have successfully sold your ethereum for Naira, you simply navigate to the Naira wallet on your Luno application to see your Naira account balance and then click on Withdraw.
7. In the next window, you’ll be asked the amount of Naira you want to withdraw to your bank account. Please note you have to add a bank account first and also provide documents for verification in order to increase your withdrawal limits.
8. On the next window you will have to confirm the transaction by providing your four digit pin.
9. Now you have successfully initiated a withdraw to your bank account and it should drop in less than an hour. Luno utilizes Paystack for their payments and due to this Luno withdrawals to bank accounts are fast. Withdrawals drop in less than an hour.
Following these nine outlined steps, you’ll be able to sell ethereum on Luno and withdraw the funds directly to your bank account.