Here is the step-by-step guide to “How to Convert Bitcoins to Naira” for those who are just beginning their crypto journey. Cryptocurrency is a fast-growing industry in Nigeria, and this has sparked interest. As a new crypto trader, it is important you know how to trade your coins. So, what happens when you want to exchange your crypto for cash? This article will provide details on how to sell Bitcoin in Nigeria.
Main points:
- Where to convert BTC to cash in Nigeria
- How to choose a platform
- Withdrawal methods
- When it’s the best time to sell BTC
Where To Convert BTC To Cash In Nigeria
It is important you first locate a reliable site or trading app to buy and sell BTC before you can begin trading. Compare a few of them based on their fees, withdrawal options, and charges before choosing the best app to sell Bitcoin in Nigeria. Let’s look at a few of them as they all have varying costs and trading times.
1. Breet
One of the most well-known cryptocurrency exchanges in Nigeria is Breet. Breet does not, however, employ a P2P exchange technique. Breet is an OTC-powered automatic crypto-to-fiat trading platform.
Cash out in BTC and deposit the money immediately into your bank account. With Breet, you can also trade other cryptocurrencies like Litecoin, Ethereum, Bitcoin Cash, Dogecoins, and more. Breet is incredibly fast, you can complete a transaction in five minutes or less. Breet is arguably the best crypto trading platform to convert Bitcoin to Naira or Cedis (if in Ghana).
What is extraordinary about Breet is that there are no fees and no additional charges.
2. Binance
Nobody who trades cryptocurrencies hasn’t heard of Binance because it operates as one of the best cryptocurrency exchanges in the world. You may quickly and cheaply make P2P withdrawals here.
3. Kraken
Kraken is another great world-known trading app where you can sell your BTC. Your transactions can be easily made with SWIFT, SEPA, and bank transfer methods.
How To Easily Exchange Bitcoin In Nigeria
– Sign-up
Choose the cryptocurrency platform that is right for you, then start registering. There are no restrictions on your selections because Bitcoin is available on all of the aforementioned sites. To learn more about Breet, you should check out Breet Help Centre.
Upon registration, some platforms might demand a verification procedure. You’ll need to confirm that you’re a real person because the majority of sites demand that you complete all of these stages.
– Deposit BTC to your account
Go to your account and create your BTC wallet address once you’ve decided on the platform that’s right for you. You own the wallet in question. It stays the same for the most part. Bitcoins can be received or stored. You may access your BTC from anywhere with the aid of our wallet.
– Selling BTC
If you’re using P2P to exchange BTC, you need to find someone to buy it since you have purchased it and have it in your BTC wallet. The procedure is automated when utilizing an OTC trading system, such as Breet, and no personal interaction is necessary. Personally, Breet should your top choice. It averts the chances of fraud or dealing with a total stranger, assuring peace of mind.
How To Choose the Best Platform for BTC Trading?
Only based on individual tastes and interests should one trade Bitcoin. You should examine what each platform offers in order to select one that makes trading easier. Certain platforms are quicker. The costs will be higher, though. Some platforms use P2P exclusively, which can be sluggish. You might not like what works well for someone else. Take into account the following queries to make encryption simpler.
– Do you want to sell BTC or exchange it for another crypto?
– How fast do you want your transactions to be?
– What deposits are allowed in your bank?
After you have moved to choose a platform, consider these steps.
- Price. Look for a crypto platform with the best market cost for your budget.
- Fees. Consider the fees that every platform has. Look at which prices each of the platforms has for withdrawing fiat.
- Limits. Look for withdrawal limits that each of the crypto platforms has.
- Security. The most important part is to make sure that the platform you are willing to use is secure.
- Customer support. The majority of individuals don’t consider it while selecting a platform. However, given that customer support assists with funds and transactions in an emergency, this may be one of the crucial steps.
- Credibility. Remember to read the reviews for each site to see what users have to say about BTC transactions. Additionally, the best way to identify each platform’s weak points is through negative reviews.
Withdrawing Funds Aftering Trading Your Bitcoins
It might not be the greatest idea to use a crypto platform as the main location for holding crypto assets. If you intend to hold Bitcoin for a long time, I advise you to use a cold wallet. There are several ways to withdraw your BTC to Naira. Some methods are:
– Bank transfer
– Debit card
– Internet banking
And here are a few factors to consider in terms of withdrawal:
– Charges: It may be little, but it adds up over time. What are the charges attached to withdrawal?
– Limits: Look for the limits of funds that you can withdraw. Some of the crypto platforms may allow you to withdraw more funds if you have extra verification.
– Speed: It’s essential to understand how long your withdrawal will take.
Is Now a Good Time To Sell BTC?
Since the cryptocurrency market is so unpredictable, no one can make future predictions. Analysis of the crypto market is still possible. To observe how the price of BTC has changed over the previous several weeks and months and whether you can notice any uptrends, you should keep up with the most recent Bitcoin news and trends.
In conclusion, there is no optimal moment to sell Bitcoin. It is best you do your own research (DYOR) at all times. And again, be intentional with the platform you use. Breet is a solid option. Breet app is available on all Android and iPhone devices. There is also the web version on the official site. You should check it out!