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Bitcoin

How to purchase bitcoin on luno?

Bitcoin is a digital currency that has gained immense popularity over the years. It is decentralized, meaning it isn’t controlled by any government or financial institution. It is a peer-to-peer system where users can send and receive bitcoins without the need for an intermediary. Luno is a cryptocurrency exchange platform that allows users to buy…

Bitcoin is a digital currency that has gained immense popularity over the years. It is decentralized, meaning it isn’t controlled by any government or financial institution. It is a peer-to-peer system where users can send and receive bitcoins without the need for an intermediary. Luno is a cryptocurrency exchange platform that allows users to buy and sell bitcoin in various countries. In this article, we will explain how to purchase bitcoin on Luno.

Step 1: Sign up for a Luno Account

To buy bitcoin on Luno, you need to sign up for an account. This process is free and straightforward. Visit the Luno website and click on “Sign Up” at the top right corner of the page. Provide your email address and a strong password. It would be best if you also chose your country of residence and accepted the terms and conditions. Luno will send a verification email to your email address. Click on the link in the email to verify your account.

Step 2: Verify Your Luno Account

To comply with regulatory requirements, Luno requires users to verify their accounts before they can buy or sell bitcoins. To verify your account, click on “Settings” and then “Verification.” Provide your personal information, including your full name, date of birth, and address. Upload a copy of your government-issued ID or passport and a selfie of yourself holding the ID. Once you have submitted the information, Luno will review and approve your account within a few hours.

Step 3: Add Funds to Your Luno Wallet

After your account is verified, you need to add funds to your Luno wallet. Luno supports various payment options, including bank transfer, credit/debit card, and instant EFT. To add funds, click on “Wallets” and then “Deposit.” Choose your preferred payment method and follow the instructions. It is essential to note that Luno charges a small fee for deposits, depending on the payment method.

Step 4: Buy Bitcoin on Luno

Once you have added funds to your Luno wallet, you can now buy bitcoin. Click on “Buy” and choose the amount of bitcoin you want to purchase. Luno will display the current market price of bitcoin, and you can choose to buy at that price or enter your preferred price. Luno charges a small fee for buying bitcoin, which is included in the total amount. Confirm the transaction and wait for the bitcoin to appear in your Luno wallet.

Step 5: Withdraw Your Bitcoin

Once you have bought bitcoin on Luno, you can withdraw it to your personal bitcoin wallet. Click on “Wallets” and then “Withdraw.” Enter your bitcoin wallet address and the amount you want to withdraw. Luno charges a small fee for withdrawals, which is deducted from the total amount. Confirm the transaction and wait for the bitcoin to appear in your personal wallet.

In conclusion, buying bitcoin on Luno is a simple and straightforward process. You need to sign up for an account, verify your account, add funds to your Luno wallet, buy bitcoin, and withdraw it to your personal wallet. It is essential to note that bitcoin is a volatile asset, and its price can fluctuate rapidly. Therefore, it is crucial to do your research and invest wisely.

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