Luno exchange is the platform that links a prospective cryptocurrency buyer with a seller which is very much similar to other exchanges.
This platform isn’t responsible for setting the exchange rates as well as buying and selling cryptocurrencies, they simply are the intermediary between buyers and sellers only.
Luno ensures credibility in the trades as they leave demand and supply to determine transactions.
Luno, regarded as one of the best platforms to be considered for cryptocurrency trading, its set up was in 2013 and initially known as BITX however, having one of the largest markets in Nigeria.
One of the reasons you should consider trading with this exchange is that they provide security because the same way cryptocurrency is enticing to an average cryptocurrency trader is the same reason it is to fraudsters.
These are some basic things that make up the platform:
- Your recent trades
- Set of currency
- Your trade summary and open orders
- Ticket order spot
- Order book
This platform, however, possesses a firm user face, flexible support, and permits makers to trade with zero fees.
With this platform, you can make instant deposits and withdrawals even in Nigeria
The three easy steps to buying cryptocurrency are:
- Sign up
- Deposit money through your most preferred method of payment like a credit card, bank transfer
- Store it in your wallet then transact as you with; you can buy any cryptocurrency of your choice
How to open a Luno account
- Click ‘sign up
- Enter your email address
- Choose and enter a password
- Enter Nigeria as country of residence
- Verify by clicking the box ‘I am not a robot’
- Then, click on the ‘sign up button
- Click ‘verify now’
- Then go to the settings on the following page
- Enter your full name
- Enter your phone number
- Click on verify
Following this first stage is a verification link sent to your email, however in order to complete your identification verification do this.
There are three main types of orders in Luno:
Limit orders
This is an order put on the Luno exchange for buying and selling cryptocurrencies by which the user specifies the price and amount that he or she wishes to trade.
These particular orders are grouped into BUY ORDER and SELL ORDER.
Stop-limit orders
This particular order becomes active the moment the trade reaches the preset trigger price set by the user.
This order is very similar to the market limit order. It has two price points known as;
Limit price
Stop price
Market orders
in this order, you only specify the amount you desire to trade, these orders are filled or executed immediately at the best available price.
Here are some quick steps on how to use market order:
- Log into your Luno account
- Click on ‘place order’
- Select your preferred market
- Click on ‘BUY’ OR ‘SELL’
- Enter most preferred amount and price
- Select ‘BUY OR ‘SELL’ for order placement
- Ensure to confirm and select the order
NB: It is safer to download the exchange app than using a browser when trading or opening an account.
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