LUNO is a bitcoin-related company headquartered in London Luno facilitates bitcoin storage and transactions such as buying, selling and paying through their bitcoin wallet services. They also operate exchanges between traditional currencies and bitcoin.
Many people believe Bitcoin to be very complicated, when in fact its a lot more simple and intuitive than what most people think. This series aims to help everyone get a grasp of the basics, and over time also present further learning opportunities for those that want to know more.
Bitcoin is often explained by comparing it to something specific people already know, but this is often what creates a lot of confusion.
How To Withdraw Bitcoin From Luno To Your Bank Account And How To Deposit On Luno
1. Sign up for Luno
2. Deposit and buy NGN 5,000 in BTC (Luno exchange not included) From your Local Bank
3. And NGN 250 free BTC, Making NGN 5,250. If you like you can withdraw yourNGN 5,250
Before attempting to withdraw or deposit on LUNO, please ensure you have VERIFIEDyour account up to your chosen level.
**Level 1: verification is with your phone number usually during registration. Limit is N200,000. Meaning, you cannot at any point have more than N200,000 in that account.
**Level 2: verification is with any of your ID card (National ID, voters card, driving license or international passport). Limit is N500,000 monthly. You cannot withdraw nor deposit more than N500k in a month. You can have any amount of Bitcoin in your Wallet.
**Level 3: verification is with any of these: Utility bill, Bank statement. Limit is N10m monthly withdrawal and deposit. You cannot withdraw or deposit more than that in a month. You can have any amount of Bitcoin in your Wallet.
To see your level of verification and to upgrade, to to Settings.
HOW TO DEPOSIT ON LUNO FROM YOUR LOCAL BANK ACCOUNT
To deposit money to your LUNO account (NGN wallet) from your bank, you need to have an ATM card that can perform online transaction. Follow the steps below to deposit:
1. Go to menu, and click on wallets.
2. Select NGN wallet
3. Click on “Debit or credit card with PayU”.
4. Enter the amount, click next.Then click continue.
5. You will be redirected to PayU website. Click on Card payment, then enter your ATM card details(Card number, holder’s name, expiration date), click on Pay.
6. Cross check the details. Safe token(OTP- one time password) will be sent to your phone number as SMS for verification. Enter the code in the space provided on the website to complete the transaction.
7. The money will be deducted from your account and your LUNO NGN wallet will be funded with the amount (minus the fee).
Note: Your money on LUNO will still be in Naira not in Bitcoin.
To convert it to Bitcoin, you have to click on wallets, click on BTC wallet.
Under it click on Buy.
Click on ” with NGN”(you can also buy with Ethereum).
Enter the amount of BTC you want to buy in naira or in btc and click continue, then confirm the transaction.
The money will be deducted from you NGN wallet and your BTC wallet will be credit with the equivalent amount in Bitcoin.
HOW TO WITHDRAW YOUR BITCOIN INTO YOUR BANK ACCOUNT
To withdraw Bitcoin into your bank account, you first need to convert the Bitcoin into Naira(from BTC wallet to NGN wallet). Follow the steps below:
1. Go to BTC wallet, under it, Click on sell.
2. Click on “for NGN”.
3. Enter the amount of Bitcoin in Naira or BTC you wish to sell. Click continue.
4. Confirm the transaction. The Bitcoin will be deducted from your BTC wallet and it’s equivalent in Naira will be credited into your NGN wallet.
5. Go to NGN wallet, click on withdraw.
6. Select your bank(you must have entered your bank details during registration). Enter the amount in Naira you wish to withdraw. Click on Withdraw.
7. Confirm the transaction.
The money will be deducted from your NGN wallet and your bank account will be credited in couple of hours.
Note, for each transaction, a certain transaction fee applies. You can also withdraw and deposit Ethereum by following the same procedures.