You have probably heard about Bitcoin, the number one digital currency that everyone is jostling to get in at the moment. The simple reason for that is because the prices of Bitcoin keeps gaining momentum from time to time. The cryptocurrency has been in existence since around 2009 and to date, many entrepreneurs have thrived in trading (buying and selling) bitcoin.
Cryptocurrency trading investment has caught the attention of lots of Nigerians. Due to this, a lot of people have gained an interest in trading virtual currencies. Many people would love to know how to sell Bitcoin in Nigeria, but they don’t know how to go about it.
Bitcoin trading is lucrative and profitable. A lot of Nigerians are trading digital currencies such as Bitcoin and making a profit from it. In this article, we can look at how you can make money by selling BTC in Nigeria.
Bitcoin is a cryptocurrency that can be used online to pay for goods and services. It is not like the physical or fiat currencies that hand can touch. Bitcoin is decentralized, that is, its price and supply isn’t affected, maneuvered or controlled by any individual, government, organization, or financial institution.
Although some countries have banned her citizens from using Bitcoin. However, there are no laws, rules, and regulations that have banned or restricting Nigerians from using Bitcoin. Therefore, trading Bitcoin in Nigeria is a legal online business and not a fraudulent one.
Steps to Sell Bitcoins In Nigeria
Before or if you are contemplating selling Bitcoins for money in Nigeria, you should take note of the following guidelines.
Have A Bitcoin Wallet
No one can buy or store Bitcoins without a wallet. You can purchase or get your Bitcoin wallet from websites such as Blockchain.info. Alternatively, if you use a mobile phone, you can download the Blockchain Bitcoin Wallet for iOS and Bitcoin Wallet for Android on your smartphone. We have written a detailed guide where we recommend some of the best wallets for Ethereum and Bitcoin.
Load Your Wallet With Bitcoins
If you have gotten a Bitcoin wallet, the next step is to purchase Bitcoins. You can purchase Bitcoins on several online platforms including social media networks.
You should note that you will only make a profit if you sell your Bitcoins at a price bigger than what you had purchased.
Look For Buyers
If you have Bitcoins to sell, what you need to do is to look for buyers to purchase them. Looking for buyers is not a Herculean task, all thanks to the internet. You can get buyers on online forums, social media and on crypto exchange platforms.
Some of the cryptocurrency exchanges for selling Bitcoins at a good price are LocalBitcoins, Kraken, NairaEx, Binance, Bittrex, and Remitano. Some of these platforms have an escrow service to secure both parties (the buyer and the seller) and this has helped to reduce cryptocurrency scams.
Make Research & Read Reviews
As new cryptocurrency exchanges spring up every day, people are getting to know about cryptocurrency trading. Before trading or selling your Bitcoins on any platform, make sure you read reviews about the platform and also verify the site to know if it is legit or not.
Furthermore, do not be in a rush to sell your Bitcoins to prospective buyers. Before selling your Bitcoin to any buyer, check the username, reputation score and the price the buyer intends to purchase them. If your requirements is met, then you can sell.
We hope that this BTC trading guide has helped you in knowing how to sell your Bitcoin in Nigeria. Apart from Bitcoin, you are advised to look out for other profitable cryptocurrencies to invest.
Best Sites To Sell Bitcoin In Nigeria
One of the challenges faced by cryptocurrency investors is selling their crypto tokens. Looking for buyers for your virtual currencies should no more be a problem for you. There are several platforms and sites online where you can sell your cryptocurrencies easier, faster and safer.
Bitcoin is one of the popular and commonly used cryptocurrencies in the world. Bitcoin has appreciated in value and its demand has grown over the years. A lot of Nigerians own Bitcoins and are looking for ways to sell their Bitcoins and make a profit.
In this article, you will be looking at the best sites to sell Bitcoin in Nigeria. If you want to sell your Bitcoins faster, you should probably try out the following platforms.
NairaEx is the biggest Bitcoin exchange platform in Nigeria. It is a trusted and safe place to sell Bitcoins in Nigeria. Before you can sell your Bitcoins on this site, you must have a Bitcoin wallet.
NairaEx accepts various methods of payments including Perfect Money, Bank Transfer, Bank deposit. Customers send and receive money directly to the company to mitigate the risk of being scammed.
LocalBitcoins is one of the reliable crypto exchanges in the globe. The company is based in Helsinki, Finland and they have been in operations since 2012.
LocalBitcoins is a place where buyers and sellers can trade Bitcoins online. The platform doesn’t restrict Nigerians, you can find Nigerians transacting their crypto assets on the website.
LocalBitcoins uses an escrow service to protect both the buyer and seller and ensure that both parties are not scammed or defrauded in the transaction process. They provide several payment methods including payment via bank deposit.
Luno is a trusted site to sell bitcoin in Nigeria. This Bitcoin company is based in London, United Kingdom and they accept crypto traders from Nigeria.
Since November 2017, Luno has been processing Bitcoin transactions. Thousands of people are on the site daily buying, selling and trading using their Bitcoin wallet services.
Apart from Bitcoin, Nigerian can sell other cryptocurrencies on Luno. The reason why lots of Nigerians use Luno to sell their Bitcoins is that Luno has several payment methods including bank deposit, Paystack, GTBank transfer, online payment etc. They also allow Nigerians to purchase Bitcoins using the Nigerian Naira.
Quidax is an African-oriented cryptocurrency exchange company that allows you to buy, store, and sell Bitcoins easily. Apart from Bitcoin, you can trade and store Ethereum, Litecoin, Ripple’s XRP Litecoin and many other cryptocurrencies on the website. Quidax has launched its mobile app, which makes it easy for people to trade cryptocurrencies from their smartphone,
You can withdraw the earnings on your Quidax wallet to your local bank account. The withdrawal limit is ₦5,000,000 daily.
BuyCoins.Africa (Formerly Bitkoin.Africa)
Buycoins.Africa (now is a cryptocurrency trading platform where people can trade Bitcoins. This company is headquartered in Lagos, Nigeria and their services are open to Nigerians who are interested in cryptocurrency trading.
The company is on a mission to build a crypto platform for people to store, buy and sell Bitcoins in a convenient and safe manner. Furthermore, the peer-to-peer trading transactions made on the platform are completely free of charge.
Another site to trade your Bitcoin for cash in Nigeria is Remitano. Remitano is a peer-to-peer (p2p) platform where you can visit to sell your Bitcoins. You can exchange your Bitcoin and trade it for Naira and you can also use your Naira to purchase Bitcoins on the site.
Remitano uses an escrow-type of payment to avoid the traders from being scammed and defrauded. Remitano has a good customer support and their services are open for traders in many countries including Nigeria, China, United States, Malaysia, Vietnam, Australia.