dd if=/dev/zero of=/home/user/luksvolume1 bs=1M count=512
cryptsetup -vy luksFormat /home/user/luksvolume1
You will be asked to provide a passphrase.
sudo cryptsetup luksOpen /home/user/luksvolume1 myluksvol1
This will prompt for the passphrase.
sudo mkfs.ext4 /dev/mapper/myluksvol1
sudo mount /dev/mapper/myluksvol1 /mnt
If you are using Ubuntu, you will be see a removable device icon. Without using the command line, you can alternatively use it to do one-click mount/ unmount.
sudo umount /mnt && sudo cryptsetup luksClose myluksvol1
sudo cryptsetup luksOpen /home/user/luksvolume1 myluksvol1
sudo fsck /dev/mapper/myluksvol1
Mount and etc. then close.