Ethereum is a major cryptocurrency with broad finance, governance, and more applications. Its flexibility makes it a key player in blockchain technology.
Luno is a popular platform for buying, selling, and trading cryptocurrencies like Ethereum. It’s easy to use and offers robust security, making it a good choice for new and experienced users.
This guide will walk you through each step of selling Ethereum on Luno. We’ll make sure you understand everything clearly so you can easily complete your sale and manage your crypto with confidence.
Why Sell Ethereum on Luno?
1. User-Friendly Interface
Luno is easy to use, even for beginners. Its simple design makes selling Ethereum straightforward, whether it’s your first time or you’re handling multiple trades. The platform guides you smoothly through the process, so you don’t need to worry about complex steps.
2. Security Features
Luno takes security seriously. It uses strong encryption to protect your data and transactions. With features like two-factor authentication (2FA) and regular security checks, Luno keeps your Ethereum and personal information safe from threats.
3. Liquidity
Luno offers high liquidity, meaning many buyers and sellers are on the platform. This helps you sell your Ethereum quickly and often at reasonable rates. High liquidity reduces the chance of price changes during your sale, making Luno a reliable choice for efficient transactions.
How to Sell Ethereum on Luno
1. Sign in to Your Luno Account
Log in to your Luno account by clicking the “Login” button at the top right of the homepage. Enter your email and password, then click “Login.”
2. Select Wallets from the Menu
Once logged in, go to the “Wallets” section. This option is on the main dashboard or in the side menu. Click “Wallets” to see your crypto balances.
3. Select SELL
In the Wallets section, find and click the “SELL” button to start selling your Ethereum.
4.. Choose Ethereum
From the list of assets, select Ethereum. This will take you to the page where you can set up your sale.
5. Choose the Currency You Want to Sell For
Pick the currency you want to receive in exchange for your Ethereum. You can choose a local currency like Naira or another cryptocurrency from the dropdown menu.
6. Enter the Amount You Want to Sell and Click NEXT
Type in the amount of Ethereum you want to sell. Click “NEXT” to continue.
7. Review the Details and Click CONFIRM
Check the transaction details, including the amount, currency, and service fee. If everything is correct, click “CONFIRM” to complete the sale.
Note: If using the Luno app, you must enter your Luno PIN to finalize the transaction for added security.
Why You Should Not Sell Your Ethereum on Luno
1. Limited Payment Options
Luno has fewer payment options for withdrawing funds than other platforms. It mainly supports local bank transfers and lacks alternatives like digital wallets or international transfers. If you need more flexibility, platforms like SnappyExchange offer a more comprehensive range of payment methods.
2. Higher Fees
Luno’s fees for selling Ethereum can be higher than those on some other platforms. Their service fee might be significant, especially for large transactions. In contrast, platforms like SnappyExchange often have lower fees, which could save you money on your sales.
3. Processing Time
Luno’s transaction processing can be slower than that of other platforms. Delays might occur due to network congestion or internal processing. Platforms like SnappyExchange usually offer quicker processing times, so they might be a better option if you need your funds fast.
How to Sell Ethereum on SnappyExchange
1. Login
Start by signing in to your SnappyExchange account. Click the “Login” button at the top right of the homepage. Enter your email and password, then click “Login” to access your account.
2. Go to ‘Trade E-Currency’
After logging in, find and click on the “Trade E-Currency” section in the main menu or dashboard. This will take you to the trading area where you can sell your Ethereum.
3. Select or Search for Ethereum
In the trading section, find Ethereum by scrolling through the list or using the search function. Click on Ethereum to proceed with the sale details.
4. Fill in the Details and Click ‘Sell Now’
Enter the amount of Ethereum you want to sell and select the Ethereum network. Click “Sell Now” to start the sale process.
5. Send ETH to the Wallet Provided
Send your Ethereum to the wallet address given by SnappyExchange. You can copy the address or scan the barcode if available. Double-check the details to avoid errors.
6. Upload Payment Screenshot
After sending the Ethereum, take a screenshot of the transaction confirmation and upload it to SnappyExchange. This helps verify your payment.
7. Wait for Transaction Processing
Your payment will be processed and verified by SnappyExchange. This might take a few minutes, depending on network traffic and verification procedures.
8. Get Credited
Once the transaction is verified, you’ll see the credited amount in your SnappyExchange account. Check your balance to confirm the funds have been added.
Why SnappyExchange Is The Best Platform to Sell Your Ethereum
1. Zero Fees
SnappyExchange charges no fees, unlike other platforms, so you keep earning more. This is especially helpful for large or frequent transactions, saving you money over time.
2. Faster Processing Times
SnappyExchange is known for quick transaction processing. The platform handles transactions efficiently, so you get your funds faster. Unlike some platforms that can experience delays, SnappyExchange’s streamlined system speeds up your sales.
3. Easy-to-Use Website
SnappyExchange’s website is designed to be user-friendly. Its simple layout makes it easy to navigate and complete your transactions. Whether new to crypto or a seasoned trader, the intuitive design makes selling Ethereum straightforward and hassle-free.
Frequently Asked Questions
1. Can You Sell Ethereum for Cash?
Yes, you can sell Ethereum for cash. Platforms like SnappyExchange allow you to convert Ethereum into local currency, such as Naira. After selling, the cash equivalent is credited to your account, which you can withdraw to your bank or use as needed.
2. Is It Hard to Sell Ethereum?
Selling Ethereum is usually straightforward, especially on user-friendly platforms like SnappyExchange and Luno. Most platforms guide you through the process with easy-to-follow steps. If you understand basic trading, you’ll find it manageable. Platforms with clear interfaces and good support make the process easier for beginners.
3. Where to Sell Ethereum in Nigeria?
In Nigeria, you can sell Ethereum on platforms like SnappyExchange and Luno, which are famous for their ease of use and secure transactions. You can also check other local exchanges or peer-to-peer platforms, but choose reputable services for a smooth experience.
4. Can You Sell Ethereum Instantly?
While many platforms aim for quick transactions, the speed can vary. SnappyExchange generally processes sales quickly, but factors like network congestion and verification can affect timing. For the fastest transactions, use a platform known for its efficiency and check any specific conditions that might impact the speed.
Read Also: How to Sell Litecoin on Coinbase
Conclusion
Selling Ethereum on Luno or SnappyExchange is easy, but each has its strengths. Luno is known for its security and user-friendly design but might have higher fees and slower processing times.
SnappyExchange, however, offers lower fees, faster transactions, and various payment options, all with an easy-to-use website. If you want to save on costs and get quick processing, SnappyExchange is likely your best bet.
If security is your top priority and you don’t mind higher fees, Luno is a reliable choice. Choose the platform that best fits your needs and preferences.