Luno is a popular cryptocurrency exchange platform in Nigeria and other countries founded in 2013. It offers a user-friendly interface and a wide range of features that can help users make money daily. It allows users to buy, sell, and store various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The company is headquartered in London, United Kingdom, but has a global presence with operations in over 40 countries, including Nigeria, South Africa, Malaysia, Indonesia, and Europe.
Luno is regulated by various financial authorities in the countries where it operates, ensuring that it adheres to industry best practices and offers a safe and secure platform for its users. Its user-friendly interface and mobile app have made it a popular choice for beginners and experienced traders alike.
This article will explore different ways to make money on Luno.
Trading
Trading cryptocurrencies is the most common way to make money on Luno. It involves buying and selling digital currencies on the platform. To trade on Luno, you need to create an account, verify your identity, and deposit funds. Once you have funds in your account, you can start buying and selling cryptocurrencies. The key to making money from trading is to buy low and sell high. You can also use technical analysis to predict the price movements of cryptocurrencies.
Arbitrage
Arbitrage is another way to make money on Luno. This involves buying a cryptocurrency on one platform where the price is lower and selling it on Luno, where the price is higher. To do this, you need to monitor the prices of cryptocurrencies on different exchanges and take advantage of any price differences.
Mining
Mining is the process of verifying transactions on a blockchain network and earning rewards for doing so. While it is not possible to mine cryptocurrencies on Luno, you can earn rewards by staking certain cryptocurrencies. Staking involves holding a certain amount of cryptocurrency in your Luno wallet and earning rewards for supporting the network.
Referral program
Luno offers a referral program that rewards users for inviting others to join the platform. You earn a commission when someone signs up using your referral link and completes their first trade. The more people you refer, the more money you can make.
Airdrops and giveaways
From time to time, Luno may run airdrops and giveaways that reward users with free cryptocurrencies. Keep an eye on the Luno social media pages and sign up for their newsletter to be informed of any such opportunities.
HODLing
HODLing is a popular term in the cryptocurrency community that refers to holding a cryptocurrency for a long period of time. The idea is to hold the cryptocurrency until the price increases significantly, and then sell it for a profit. If you believe in the long-term potential of a cryptocurrency, you can hold it in your Luno wallet and wait for the price to rise.
To take advantage of the services Luno has to offer:
- Create a Luno account: First, create an account on Luno’s website or mobile app. Verify your identity by submitting the required documents and completing the verification process.
- Deposit funds: Once your account is verified, deposit funds into your Luno wallet using a bank transfer or credit/debit card.
- Analyze the market: Luno offers real-time market data on different cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Analyze the market to understand the price trends and market sentiment.
- Choose a trading strategy: Decide on a trading strategy that suits your risk appetite and investment goals. You can choose to trade manually or use Luno’s trading bots to execute trades automatically.
- Place a trade: Once you have decided on a trading strategy, place a trade on Luno’s trading platform. You can buy or sell cryptocurrencies using the funds in your Luno wallet.
- Monitor your trades: After placing a trade, monitor your positions and make adjustments as necessary. You can also set up stop-loss orders to limit your potential losses if the market moves against your position.
- Withdraw your profits: If your trade is profitable, withdraw your profits from your Luno wallet to an exchange platform like DartAfrica to convert it at a higher rate and withdraw to your local bank account.
How To Convert Your Profits on Luno to Fiat Using DartAfrica
As already mentioned above, DartAfrica is a very easy and highly beneficial way for you to convert your trading profits on Luno to fiat that you can withdraw to your local bank account. DartAfrica is a very new and quickly expanding cryptocurrency trading platform that aims to make it pleasant and easy for users in Ghana and Nigeria (for the time being) to sell cryptocurrencies for fiat. DartAfrica offers support for popular cryptocurrencies like USDT, USDC, ETH, and BTC and has plans to increase this selection in order to cater to a wide range of consumers with various preferences. One of the many potential benefits of using DartAfrica is the fact that there are no transaction fees, unlike other exchange platforms or traditional banking institutions.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Visit their website to register in just a few simple steps.
- Create a transaction pin by logging into your account and selecting “Security” to authorize withdrawals.
- For instructions on creating a local bank account, click “Account Details”.
- Choose the coin you want to deposit by clicking “Sell Coins.” Put the USD amount (at least $20).
- By selecting “Sell Now,” you will be given a barcode and wallet address to deposit the equivalent amount you intend to sell. After two block confirmations, the corresponding amount of fiat is transferred into your account. You may track your transaction in the “Trades” area until the deposit is complete. You can see this on your “Dashboard.”
- To withdraw money to the account you’ve previously set up in step 3, click “Withdraw funds,” then enter the desired amount. Without any additional fees, your local bank receives a quick credit.
Making money on Luno requires patience, knowledge, and discipline. Trading, arbitrage, staking, referral programs, airdrops and giveaways, and HODLing are all some of the many ways to make money on the platform. However, it is important to understand the risks involved and to do your own research before investing in any cryptocurrency. Trading cryptocurrencies on Luno involves risks and can result in losses. It’s essential to conduct thorough research and practice risk management to minimize potential losses. Additionally, making money daily on Luno is not guaranteed, as cryptocurrency prices are highly volatile and subject to sudden price movements.
