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How to Buy or Sell Cryptocurrency With Luno In Nigeria

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How to Buy or Sell Cryptocurrency With Luno In Nigeria

How to Buy or Sell Cryptocurrency With Luno? Just like traditional money, you can buy bitcoin from a credible Bitcoin broker or exchange providers like, Luno, Remitano, Binance, Crypto.com or Kucoin.

Luno (formerly Bitx) allows users to buy, sell, store and learn about Bitcoin. This articles is for anyone who is interested in buying, selling and storing his/her Bitcoin on luno platform. Luno is the easiest platform to use as it has a simple interface as well as mobile app.

The exchange fully operates in the following countries: South Africa, Nigeria, Indonesia, Malaysia, Singapore.

Bitx was founded in 2013 and was renamed to luno in 2017. It is one of the oldest crypto exchanges in the world. Luno offers it customer a simple and secure way to buy, sell and store bitcoin using a built-in wallet.

The exchange support several fiat currencies such as US Dollar, Nigeria NGN, South African Rand, and British Pound Sterling.

What is Luno?

Luno is a cryptocurrency exchange that offers a simple and secure platform where you can buy, sell and store bitcoin. The exchange also support fiat currency.

Luno is focused on developing countries which have proven to be lead adopters of cryptocurrency.

How do I buy or sell cryptocurrency with luno

To buy or sell cryptocurrency with luno you would first need to open an account with luno and have your identify verified.

Next, you will need to make a deposit. Your deposit will be made to your fiat currency wallet, and once that money reflects you will be able to buy cryptocurrency with that balance. Once the cryptocurrency has been bought it will be stored securely in your cryptocurrency wallet.

How to deposit your luno account

Step 1. To deposit sign in to your luno register account

Step 2. Click on wallets

Step 3. Select your local currency

Step 4. select deposit. A dialog box will open asking you how you want to make the deposit.

Step 5. Choose your preferred payment method like bank transfer or credit card.

Step 6. Put in the amount you would like to deposit and confirm the amount. Luno will withdraw the exact amount from your local bank account and the money will reflect in your luno local currency.

Once the money reflect you can buy your preferred cryptocurrencies.

How to buy cryptocurrency with luno

First you need to signup and get your account approved to buy cryptocurrency with luno. To register an account click here.

Once you have your account register, you will have to deposit in to your luno account.

To deposit you can do that in any of the two methods

1- Through your luno mobile app

2- Through luno website

Luno mobile app

Step 1. Download the App on Google play store or Apple Store

Step 2. Enter your Email and a secure password

Step 3. Click sign up

An Email will be sent to your register address for confirmation. This is to verify you are the owner of the email and that your email account is functioning.

Step 4. Go to your email account, click on the link confirm email address

Step 5. Create a new pin. You will use the pin to perform a secure action such as to transfer fund from your luno account or make an update like change your register number.

Step 6. You will be ask to register your mobile number. This is to get alert should you make a withdrawal or deposit.

Once you have fill in your number, click next and you are done. Next, you will need to deposit in to your new register account.

Luno website

Step 1. Go to https://www.luno.com

Step 2. Click sign in or sign up to create an account if you don’t have one

Step 3. Enter your Email and a secure password

Step 4. Click sign up

Once you have sign up and confirm your identity, you can buy any cryptocurrency supported by luno.

To buy

Step 1. Go to go to https://www.luno.com on the home page choose the crypto you want to buy and click Buy or click on wallet

Step 2. Select Buy and choose the crypto you want to buy

Step 3. Choose how you want to pay. Do you want to pay with crypto or local currency.

With local currency you can top up your account if your balance is zero. Once you have top up your account

Step 4. Enter the amount you would like to buy and

Step 5. Click next. Your account will be credited with the crypto you want to buy.

How to sell your cryptocurrency with luno

Step 1. Go to https://www.luno.com

Step 2. Sign in to your luno account

Step 3. Click on Wallet

Step 4. Click on sell. A dialog box will open, choose the crypto you want to sell

Step 5. Choose the currency you would like to sell for

Step 6. Enter the amount you want to sell and click next.

Once you click next luno will immediately sell off the currency.

What is the minimum deposit for luno?

A common misconception is that you have to buy a whole Bitcoin to get started. You don’t need to buy an entire Bitcoin. You can buy a smaller amount, from as little as NGN 300.

Luno like most cryptocurrency exchanges accepts major fiat currencies such as NGN, Dollar, EUR, IDR, MYR, and ZAR. Deposits of these fiat currencies are only done through bank wire transfer or through your credit card. In addition, Luno also provides you with the option to purchase Bitcoin and Ethereum directly with your credit card.

There are two methods to buy and sell Bitcoin, Ripple, Bitcoin Cash, Litecoin or Ethereum on Luno

Minimum amounts to buy/sell on Luno

Instant Buy/Sell: Luno’s “instant buy” feature costs vary depending on your country and the amount of purchase. In Nigeria luno minimum buy/sell is 300 naira while the maximum is 1.6 million naira.

Buy and Sell through the exchange: There are no limits to the amount of Bitcoin or Ethereum you can buy or sell on Luno through the exchange

You can deposit and use small amounts of local currency to purchase Bitcoin over time. The minimum transaction amounts are:

Currency Minimum amount
EUR 1
MYR 2 – 3
ZAR 2 – 10
NGN 100 – 300
IDR 15.000

Note that this only implies to instant buy/sell not on the exchange.

How much does Luno charge?

Luno is an affordable place to buy, sell, store, and trade cryptocurrency. When you buy cryptocurrency, luno charge you with the current exchange rate which includes a service charge and varies depending on market conditions. Luno have a transparent fee structure, without hiding cost like some exchanges. The service charge is display to you before you confirm an instant buy transaction. The following are the fees luno charges.

Depositing of money

When depositing money into your fiat currency wallet, luno charge you based on the fiat payment method you selected. For instance in Nigeria, PayU Card charges 1.58%, Paystack is 1.50%, and Flutterwave NGN 300.

Withdrawing money

When you withdraw fiat currency from your luno account to your bank account, luno charge you a small fee of NGN 200. This charges is made by luno financial partners.

Sending and receiving cryptocurrency

The fee in sending Bitcoin is dynamic, luno charges you to ensure your transaction is processed quickly. It’s free to receive bitcoin, however, any bitcoin that you received that is lower than 0.0001, luno will charge an equivalent receiving fee. This is to combat dust attacks.

Buy or sell cryptocurrency

When you buy or sell cryptocurrency, a service charge will apply and Luno display the full price that you will pay for the transaction. This includes the risk of a price change between when you enter the amount you want to buy or sell and when you confirm the transaction. Luno takes this charges in cryptocurrencies, which is calculated from the amount you want to buy or sell

Is luno safe to buy or sell cryptocurrency?

Successful criminals stay ahead of law enforcement and regulation. They operate on the fringes of technological innovation and take advantage of people who are still learning. Therefore, as with any new technology, there are risks associated with cryptocurrencies. Luno is safe to buy or sell any supported cryptocurrencies. Since have been using luno have not had any issues with luno. The platform is easy and secure to use. Luno provide strong security to protect your account from scammers.

Luno make it upon themselves to keep your bitcoin safe. But only you can keep your password safe.

Beware of phishing attack. ‘Phishing’ is an attack whereby criminals use legitimate-looking fake websites to trick you into entering your password / details. They then use your password to access your account.

Conclusion

Luno allows users to buy or sell, store and learn about cryptocurrency. The exchange offers a simple and secure platform where you can buy or sell cryptocurrency. The exchange also support fiat currency.

Luno have a transparent fee structure, without hiding cost like some exchanges. When you buy cryptocurrency, luno charge you with the current exchange rate which includes a service charge and varies depending on market conditions.

The platform is easy and secure to use and Luno make it upon themselves to keep your bitcoin safe. But remember only you can keep your password safe.

How to Buy or Sell Cryptocurrency With Luno In Nigeria
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5 Best P2P Cryptocurrency Exchange Platforms for 2020

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5 Best P2P Cryptocurrency Exchange Platforms for 2020

Are you looking for a P2P cryptocurrency exchange platforms? In this article, I will show you the best P2P exchange to buy or sell cryptocurrency directly without intermediary third party.

What is P2P

P2P is a short word for peer-to-peer. Peer-to-peer (P2P) is a decentralized exchange platform whereby two individuals or group trade directly with each other, without third party. Instead, the buyer and the seller transact directly with each other via the P2P exchange platform.

How does P2P cryptocurrency exchange works?

P2P was first introduced by Napter a developer in 1999 as a file-sharing application. The cryptocurrency exchange introduce the same concept to share digital assets, currencies, and contents. When you trade on a P2P exchange, the exchange acts as an escrow to ensure safety for both parties. What that mean, is that, you want to buy bitcoin, you send the money to the seller, the exchange holds the seller bitcoin in an escrow.

The seller then confirm the payment, the exchange releases the bitcoin.

In a P2P cryptocurrency exchange, the seller usually set their price and mode of payment like Bank transfer and paypal.

What is the difference between Cryptocurrency exchange and P2P exchange?

In cryptocurrency exchange, crypto owners exchange their local currency for cryptocurrency at the market current price while In a P2P exchange, sellers set their price.

In Cryptocurrency exchange, you buy cryptos directly from an order book. You buy directly from a person who has a set price in a P2P exchange.

In a P2P exchange, you won’t pay a fee when you buy or sell on the platform. On cryptocurrency exchange, you will pay maker and taker fees.

The following are the best 5 P2P cryptocurrency exchange.

1. Binance P2P

Binance is a cryptocurrency exchange with a P2P platform. The exchange is the most traded exchange in terms of trade volume.

Binance P2P interface is simple and smooth to transact.

Binance P2P support payment mode such as Alipay, Wechat, Qiwi, and Bank transfer.

Read: 

2. Wazirx

Wazirx is an Indian based crypto exchange that was founded in 2017.

The exchange interface is nice to use. Wazirx has been acquired by the Binance exchange.

Wazirx is the world’s first “automating P2P engine”. The platform matches buyers to sellers. Instead of selecting the seller, the platform will automatically do it for you.

3. Remitano

Remitano is a P2P cryptocurrency marketplace where users can easily buy or sell cryptos directly.

It has been in business since 2015. The interface is simple to use with 24/7 customer care support.

Remitano has top-notch security that protects the buyer and seller.

4. LocalBitcoins

LocalBitcoins is a peer to peer bitcoin marketplace based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins.

LocalBitcoins is one of the most popular P2P exchanges. It was founded in 2012.

5. Paxful

Paxful is a peer-to-peer Bitcoin marketplace where buyers and sellers meet. It was founded in 2015 and it’s a recognized brand for P2P Bitcoin trading.

Paxful has one of the lowest rates and their user interface is simple to use.

The exchange provides its services throughout the world with more than 300 ways to pay for bitcoin.

You can buy bitcoin using Bank transfer, PayPal, CashU, Western Union, and various gift cards.

You can also use other P2P cryptocurrency exchanges but the above exchanges are the best and most popular and trusted exchanges.

5 Best P2P Cryptocurrency Exchange Platforms for 2020
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HOW TO TRADE BITCOIN ON BINANCE FUTURES

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HOW TO TRADE BITOIN ON BINANCE FUTURES

When it comes to cryptocurrencies, Binance is regarded as one of the biggest names in the industry. It has been offering services to users since 2017 and it became a recognized company in the crypto market. Binance is one of the most popular and largest exchanges in the market. In these articles, I will explain How to trade Bitcoin on Binance Futures.

What is Futures Trading?

A Futures Contract is an agreement to buy or sell an asset at a predetermined price and date in the future.

This is usually used by traders to hedge risk in different markets and also by companies to hedge against speculation in the markets.

Difference between Hedgers and Speculations:

  • Hedgers: A hedger participates in a futures market with the goal of wealth preservation, through eliminating unknown risk.
  • Speculations: Speculations looks to gain financial reward from capitalizing on pricing volatility. Investors and traders are an example of speculators.

Virtual currencies can also be traded through futures contracts that are provided by different parties in the market.

No matter which type of market participant one is, the bottom line of futures trading is profit and loss.

Where there is uncertainty, there is an opportunity; and where there is an opportunity, there are always individuals looking to prosper.

Binance is an exchange that gives this opportunity to users from all over the world.

How to Open a Binance Futures Account?

If you want to start trading Bitcoin futures, one of the best things you can do is to open an account on Binance. If you already have a Binance account, you will just need simple steps. You can follow our complete guide about how to open and fund Your Binance Futures account.

How to trade Bitcoin on Binance Futures

Now that you have created your Binance futures account, it’s time to place your first Bitcoin trade on the Binance futures platform.

Placing a trade is very straightforward.

  1. First, log in and deposit USDT/BTC into your Futures account as a margin
  2. Choose how much leverage to trade with. Binance futures allows up to 125x leverage.
  3. Choose what type of margin you would like to trade with. Cross Margin or Isolated Margin
  4. Choose the appropriate order type (Buy or Sell)
  5. Indicate the number of contracts you wish to own.

Following this steps you can then place a Bitcoin trade on the Binance Futures platform

With our Binance Futures referral code “simbalee” you will get a 10% discount on all your trades on the platform. This code is only valid for Binance Futures account.

Binance Futures Trading Interface

The Binance futures will offer you a chart with all the information about the price of the asset you are trading, a depth chart, an order book, and the last trade posted on the market.

Menu

On the left side of this area, you will get access to a wide variety of detailed market data, visualizations, and the futures FAQ. You can check the historical funding rates, open interest, long/short ratio, the current balance of the insurance fund, and other market data. Click on spot to go to the Binance spot exchange.

On the right side of this area is where you can access your Binance account, including your dashboard. You can easily check your wallet balances and orders across the entire Binance ecosystem by clicking on wallet and orders.

You can also check the on going Binance futures trading competitions by clicking on tournaments.

Price Chart

This is where can choose the contract, check the mark price, funding rate, and current chart, order book date and previously executed trades on the platform.

Trading Activity

This is where you monitor your own trading activity. You can switch between the tabs to check the current status of your positions and your currently open and previouly executed orders.

You can also monitor your positions in the auto-deleverage quine under ADL and also get full trading transaction history for a given period.

Margin Overview

This is where you can check your available assets, deposit, and buy more crypto, current contract information, and your positions.

Be sure to keep an eye on the margin ratios to prevent liquidations. By clicking on transfer, you can transfer funds between your futures wallet and the rest of the Binance ecosystems.

Order Entry

This is your order entry field. This is also where you can switch between Cross margin and Isolated Margin. Adjust your leverage by clicking your current leverage amount (20x by default).

What is the meaning of Mark price and Last price?

The cryptocurrencies market is a very volatile market making Bitcoin and other Altcoin currencies fluctuate a lot. This is why it is important for traders to understand what Mark price and Last price mean. Binance Futures uses Mark price and Last price.

  • Mark Price: The mark price is designed to prevent price manipulation. It’s calculated using a combination of funding data and a basket of price data from multiple spot exchanges. Your liquidation prices and unrealized PnL are calculated based on the mark price.
  • Last price: The last price is easy to uncharted. It means the last price that the contract was traded at. In other words, the last trade in the trading history defines the last price. It’s used for calculating your realized PnL (Profit and Loss).

Please note that the mark price and the last price may differ

Types of Binance futures order

There are many order types you can use on Binance futures to trade Bitcoin.

Limit Order

A limit order is an order that you place on the order book with a specific limit price. When you place a limit order, the trade will only be executed if the market price reaches your limit price (or better).

Therefore, you may use limit orders to buy at a lower price or sell at a higher price than the current price.

Market Order

A market order is an order to buy or sell at the best available current price. It is executed against the limit orders that were previously placed on the order book.

When placing a market order, you will pay fees as a market taker.

Stop-Limit-Order

A stop-limit order would allow you to place a limit order as soon as the price reaches a stop price that you previously selected.

The stop price is simply the price that triggers the limit order, the limit price is the price of the limit order that is triggered. This means that once your stop price has been reached, your limit order will be immediately placed on the order book.

Stop Market Order

Similarly to a stop-limit order, a stop market order uses a stop price as a trigger. However, when the stop price is reached, it triggers a market order instead.

Take Profit Limit Order

A take profit orders are those order that need a trigger price and a limit price.

It is use to open positions. This can be used to managed risk and lock in profits as soon as the asset reaches specific levels in the market.

Take Profit Market Order

This is similar to a take profit limit order, a take profit market order uses a stop price as a trigger. However, when the stop price is reached, it triggers a market order instead.

You can set a take profit market order under the stop market option in the order entry field.

Trailing Stop Order

A trailing stop order helps you lock in profits while limiting the potential losses on your open positions. For a Long positions, this means that the trailing stop will move up with the price if the price goes up. However, if the price moves down, the trailing stop stops moving if the price moves a specific percentage (called back rate) in the other direction, a sell order is issued. The same is true for a Short position, but the other way round.

The trailing stop moves down with the market, but stops moving if the price moves a specific percentage in the other direction, a buy order is issued.

Read Also:

The Activation price is the price that triggered the trailing stop order. If you don’t specify the Activation price, this will default to the current last price or mark price. You can set which price it should use as a trigger at the bottom of the order entry field.

The Call Back Rate is what determines the percentage amo0unt the trailing stop will “trail’ the price. So, if you set the callback rate to 3%, the trailing stop will keep following the price from a 3% distance if the trade is going in your direction. If the price moves more than 3% in the opposite direction of your trade, a buy or sell order is issued (depending on the direction of your trade).

Conclusions:

Trading with futures a lot riskier than Spot trading, since you can use very high leverages. Futures trading is mainly used by experienced traders who understand the risks. You can make profits a lot faster, but you can also get liquidated and lose all your money. Bitcoin price can go up and down really fast. when you trade with leverages it can go up and down 125x faster.

With our Binance Futures referral code: ‘simbalee’, you will get a 10% discount trade fees on all your trades. This code is only valid for Binance Futures Account users.

HOW TO TRADE BITCOIN ON BINANCE FUTURES
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HOW TO OPEN AND FUND YOUR BINANCE FUTURES ACCOUNT?

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HOW TO OPEN AND FUND BINANCE FUTURES ACCOUNT_

In Binance futures, you can participate in market movements and make a profit by going long or short on a futures contract. In this articles, you will learn how to open and fund a Binance Futures account.

What is Futures Contract?

A futures contract is an agreement between the buyer and seller at a predetermined price at a specified time in the future. The buyer is know as long and the seller is know as short, while the predetermined price the parties agreed to buy and sell the asset for is know as the forward price. The specified time in the future which is when delivery and payment occur – is know as delivery date. With crypto futures, you can go long or short to reduce risk or seek profits in volatile markets.

Binance futures provides an easy-to-use platform and allows a seamless trading experience for traders to switch from spot to futures.

How to open Binance Futures Account?

First things first, you’ll need to create a Binance account. If you have not created before. Click here. The registration process is straightforward, but it requires some identity to be verify. Once your verification process is accepted, you can fund your account.

Follow these steps:

1. Enter your email address and create a secure password you can always remember.

HOW TO OPEN AND FUND BINANCE FUTURES ACCOUNT?

For a 10% discount on spot trading fees, you can use this link.

2. Tick I am 18 years old, and click create account.

3. You will receive a verification email. Follow the instructions in the email to complete your registration.

Once you have successfully register your account.

4. Next, log in to your Binance account, on the bar at the top of the page, and click on Derivative, Futures.

HOW TO OPEN AND FUND BINANCE FUTURES ACCOUNT?

5. Click on the Open Now Button to activate your Binance futures account. And that’s it. you’re ready to trade.

Note: You don’t need a separate account for Binance futures as you can use your existing Binance account.

Related Articles:

For a 10% discount on a Binance Futures, you can use this link or type in this code: “Simbalee”.

Using t the link or code, will grant you immediate 10% off – fees for the first month on Binance futures. You will also enjoy 10% off fees for Binance Spot and Margin trading.

How to fund Binance futures account?

To fund your Futures account:

A. Spot Wallet: To start trading on Binance futures, you will need to transfer funds from the spot wallet to the futures wallet.

First, you need to open a regular account. If you don’t have one, you can get started here – Create an account.

How to transfer funds from Spot wallet to Futures wallets?

1. Enter Binance futures trading page, click {Transfer}

2. Select types of funds you want to transfer into your futures account. Fill in the amount of fund, then click in the amount of fund, then click {Confirm Transfer}

3. When the fund is successfully transferred from the spot to the futures wallet, you can check the available balance in this section.

Read more: THE 4 MOST POWERFUL CRYPTO TRADING BOTS

4. If you want to transfer the available amount in your futures account out, click on {Change} icon to change the fund transfer destination. Fill in the amount you want to transfer out and click {Confirm Transfer}

B. Borrow USDT: The second method to fund your binance Futures account is to use your funds in your spot wallet as collateral and borrow usdt for futures trading from your futures wallet balances page. You don’t have to transfer funds directly to your futures wallet. You’ll have to pay back the usdt you’ll borrowed.

Technically, the contract listed on Binance futures are “perpetual contract” – they function very similarly to futures contract, but don’t have an expiration date.

Head over to the Futures section of the exchange, go to “open futures account” section in the bottom right corner of the interface and use the “Simbalee” referral code to get a 10% discount on your trading fees.

HOW TO OPEN AND FUND YOUR BINANCE FUTURES ACCOUNT?
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Disclaimer: 9ja Informative's content is meant to be informational and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. 9ja Informative receives compensation with respect to its referrals for out-bound crypto exchanges, crypto wallet websites and affiliate links.

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