Learn how to sell bitcoins (BTC) in Nigeria easily by following the step-by-step guide, with relevant crypto trading apps you should use. Get started:

Main Takeaways:

• Where to sell Bitcoin in Nigeria
• How to choose the best site to sell bitcoin in Nigeria
• Withdrawal methods
• Good time to sell bitcoin

Where to sell Bitcoin in Nigeria

To be able to sell your Bitcoin in Nigeria, you need to register with a crypto trading app, which gives you a bitcoin wallet address that allows users to receive and store Bitcoin in Nigeria. To choose the best app to sell Bitcoin in Nigeria, you will have to compare different crypto exchanges based on withdrawal and deposit method and costs, fiat currencies supported, timing and other associated fees. Here is a list of recommended crypto trading apps you should consider when trying to sell your Bitcoin in Nigeria:

1. Breet

Breet is an OTC crypto exchange platform that enables crypto users and businesses to easily convert and withdraw their bitcoin to cash in less than five minutes without risks involved.

Breet does not use peer-to-peer exchange as a method of selling Bitcoin in Nigeria.

With Breet, you can easily convert your Bitcoin to cash and withdraw straight to your Naira bank account. Zero withdrawal fees, no third-party, no extra charges. Breet is 100% free and supports not only Bitcoin but also Ethereum, Litecoin, Dogecoins and more.

2.Binance

Binance is a global crypto exchange app that enables users to trade on an extensive range of reputable coins in this world-renowned exchange. It is popular for its high liquidity and multi-language support. Though Binance uses p2p exchange system, which may be time-consuming. In Nigeria, the deposit method is bank transfer (ACH).

3.Kraken

Kraken is a good crypto trading app to sell Bitcoin in Nigeria reputed for its variety of options to deposit funds in selling bitcoin. Transactions can be achieved in Kraken with the use of SWIFT, SEPA, bank wire and bank transfer. Kraken uses p2p trading.

It is safe to say that selling your Bitcoin in Nigeria with a peer-to-peer exchange system can be a risk to some cryptocurrency users because most users complain that P2P exchanging can be time-consuming. Waiting for hours to get the buyer to deposit money and confirmation can be tiring. At the same time, causing either or both the buyer or seller to lose interest in between. There is also a high risk of dealing with fraudulent and untrusted cryptocurrency users.

A step-by-step guide to Exchange Bitcoin For Naira

●Registration

Register with a cryptocurrency exchange platform that lists Bitcoin. Research which crypto trading app offers support for bitcoin and register an account with them. Is it not funny? 🤭 How can a crypto trading platform not have bitcoin as part of their crypto listing?

It is worthy to note that you will be required to submit your government-issued ID, as well, email address, phone number and other information associated with your identity as part of your registration process. The major reason why these credentials are needed is that most of these crypto trading apps only use peer-to-peer exchange systems as their means of selling Bitcoin in Nigeria, so they will need to verify that their users are real identities; in case any issue arises such as fraudulent activity.

Though these credentials are not required by every crypto trading platform. Breet does not require users to present their government-issued ID or secure personal identities because Breet is safe, and does not deploy a p2p exchange system as an option to sell Bitcoin in Nigeria. You can sell and withdraw your Bitcoin without a buyer.

●Deposit Bitcoin into your account

After you have registered with a crypto trading app of your choice, sign in and generate a bitcoin wallet address for your personal use. This bitcoin wallet address can be symbolised as your virtual bank account number; where the ‘wallet address’ is the account number and ‘Bitcoin’ is the bank name. Your bitcoin wallet address allows you to receive bitcoin anywhere. Paste that address in your bitcoin wallet and click send. Remember to review the address before sending or you might risk losing all your Bitcoin.

●Sell Bitcoin

Once your bitcoin has been successfully transferred to the personal bitcoin wallet address in your bitcoin trading app, if you are using a peer-to-peer exchange system, you would have to find a buyer who is willing to pay you money for your bitcoin. But if you are using Breet, you don’t have to find a buyer, Breet will automatically convert your bitcoin to the flat equivalent of how much your bitcoin is worth in naira. Then you can easily withdraw to your Naira bank account instantly.

How to choose the best app to sell Bitcoin in Nigeria

How to sell bitcoin in Nigeria depends mainly on your personal choices. You must do your research and figure out what crypto trading app works for you. Some exchanges are faster and more expensive, Some might like to use P2P trading and slow, Some are faster and cheaper. What works for Paul might not also work for Peter. Start by asking yourself some questions:

●Do you want to sell bitcoin for fiat(money) or another cryptocurrency?
●What fees and time are you comfortable with?
●What type of deposit does your bank allow?

When choosing a bitcoin trading app, be sure to consider the following:

●Price. Research which exchange applications give you the most ideal market cost for Bitcoin.

●Fees. What are the trade charges for depositing bitcoin and for withdrawing Fiat?

●Limits. Survey what the exchanging and withdrawal limits are for both Bitcoin and Naira.

●Security. What is the exchange platform’s reputation? Does it have extra security measures like two-factor authentication?

●Customer Support. This is usually ignored but it is imperative to consider their support system, when things go wrong it will be vital. Also, remember to check its operating times.

●Credibility. Check out users’ reviews and testimonials and see what others are saying about the Bitcoin trading app. It is also advised to look out for bad reviews and see how the company addresses them.

Withdrawing funds after you sell Bitcoin

Storing funds on an exchange is bad practice in terms of security. Whenever you have sold your Bitcoin for fiat cash, make sure to take a look at what choices are accessible to withdraw those assets from the trading app. These may include:

●Bank transfer
●Credit/Debit card
●PayPal

There are a few variables you want to consider while withdrawing your funds.

Charges. These can accumulate over the long run, so try to withdraw as many funds as possible at one time rather than making several smaller withdrawals.

Limits. Check if there are limits on the sum you can withdraw. Here and there, crypto trading apps will allow you to withdraw higher funds if you give extra recognizing data like your place of residence.

Handling times. It’s vital to realize how long withdrawals take. As far as bank transfers, it takes 3-5 working days. Credit and debit cards can be more costly yet can be much faster.

Is it a good time to sell Bitcoin?

Although nobody can foresee the future, the market can be analyzed closely. See what the general trends are, how Bitcoin has moved during the past weeks and months and whether any upgrades are coming soon as well as other similar factors. Educate yourself with Bitcoin news in Nigeria to get a better feel of the crypto market and help make an informed decision.