Luno is a renowned global cryptocurrency trading platform that was founded in 2013. Essentially, the company provides a trading platform for cryptocurrency users. The company’s trade services are provided in over 40 countries, including Nigeria. This post will teach you how to use Luno Nigeria for crypto trading.
Luno in a nutshell Nigeria
Luno Nigeria was founded in 2016 and started operations in 2019. Essentially, the company’s virtual wallet enables Nigerians to acquire virtual currencies on its site. Furthermore, the goal of the digital platform is to empower individuals all around the world by making the financial system more accessible and efficient.
On Luno Nigeria, you can learn how to acquire Bitcoin and other cryptocurrencies.
Luno Nigeria is the country’s most popular cryptocurrency exchange. To buy Bitcoin, simply follow the steps below:
- Install the app and create an account.
- Complete all required fields and confirm your account.
- Additionally, begin loading Naira into your wallet.
- You can now buy Bitcoin directly from the Luno app after that.
Other digital currencies can be purchased on the app in the meanwhile. They are as follows:
- Ripple (XRP)
- Litecoin (LTE)
- Bitcoin cash (BCH)
- USD coin (USDC)
Bitcoin, on the other hand, is the most expensive of them all. Here’s where you can learn more about bitcoin investment techniques.
What are the criteria for using Luno Nigeria to trade cryptocurrency?
To be qualified to trade cryptocurrencies on Luno Nigeria, you must meet the following requirements:
- You must be at least 18 years old.
- You must create a Luno account using only your real name and other personal information.
- Nobody is allowed to have more than one account.
- You must protect transactions that are made through your Luno account. Essentially, you can secure transactions by ensuring that you have enough local money (Naira) in your account before proceeding.
- There is no history of you utilising your Luno account for illicit purposes.
- You must not transfer any Nigerian Naira from your Luno wallet to a third-party bank account.
What are the cryptocurrency send limits and restrictions on Luno Nigeria?
Depending on your verification level, your transmit limit amount may vary. This safeguard was put in place by the company to combat the significant danger of fraud. However, by increasing your verification level, you can boost your send limit.
How to Improve Your Luno Verification Level
Before upgrading your account to the next level, Luno Nigeria requires that you meet specific criteria. They are as follows:
All you have to do for Level 1 is validate your personal information and mobile number.
You must submit a photo or scan of your government-issued identification card to graduate to level two. Within 24 hours, you must submit your ID along with a selfie shot.
Finally, you must disclose your home address, employment status, source of income, and occupation on the company’s platform to graduate to level three.
What is the Bitcoin interest rate on Luno Nigeria?
As of 2021, the interest rate on Bitcoin on Luno Nigeria is 4 percent each year. By investing in Bitcoin and allowing it to grow over time, you can profit from its interest rate. Following that, they deposit your earnings and interest into your Bitcoin savings wallet at the start of each new month.
Luno Nigeria has developed a simple and convenient solution for cryptocurrency users to exchange. All you have to do is download the Luno app, read the terms and conditions thoroughly, and then sign up and trade.