Cryptocurrency has become one of the best ways to make money online in Nigeria, and a lot of young adults have hopped on this moving train.

In this article, I’ll be sharing with you the best ways to sell your crypto for cash in Nigeria.

There are two major methods to sell crypto for fiat currency:

1. Over-the-Counter
2. Peer-to-peer

Over-the-Counter: There are several over the counter exchanges for crypto in Nigeria, but not all are credible. Below are some of the best crypto exchanges.

KWIQ: Is a reputable over-the-counter crypto exchange platform in Nigeria that is available for web and mobile users, both on Android and IOS. Known for always giving users the highest rate in the market, KWIQ allows you to easily convert crypto to cash instantly and withdraw into your bank account. All payments are automated on KWIQ immediately your transaction is completed. Different from P2P, the withdrawal process is easy and unbelievably fast.

Unlike other exchanges, you can trade the popular Bitcoin, USDT, Ethereum and up to 12 other crypto assets supported on KWIQ with zero transaction fees.

Coinbase: Currently one of the leading cryptocurrency trading and investing platforms, with well over 200 cryptocurrencies supported on this platform. Trading on Coinbase is beginner friendly and easy to use for anyone with basic computer skills. 0ne of the lows of trading on Coinbase is the relatively high transaction fees, compared to other exchanges. Also, they don’t have a feature to pay out naira to Nigerian traders.

Patricia: Patricia enables crypto traders to buy and sell cryptocurrency with ease. With over 100k registered users and a daily estimate of about 1k transactions. Patricia has proven to be one of the leading exchanges in Nigeria. Users can purchase gift cards, pay bills, and purchase airtime globally with cryptocurrency on the app. Despite the large number of daily transactions, it is good to note that there are only 5 cryptocurrencies supported on this app. One of the downsides with trading on Patricia is their rates are generally low.

Quidax: Quidax is a Nigerian based exchange platform that was launched in 2018 as a crypto exchange that allows is users buy and sell crypto assets with naira. There are about 20 crypto supported on the app, and asides trading, Quidax allows direct exchange between buyers and sellers which makes the platform reliable. Users can get point rewards through QDX token. All you have to do is stake your tokens in the Quidax vault for crypto rewards for free.

PEER-TO- PEER (P2P): Is an online market place that connects buyers and sellers of cryptocurrencies like Bitcoin. This enables both parties to conduct direct business with no third party or intermediary. You can access to a global market place with multiple payment options on P2P exchanges. As most things, P2P has its pros and cons.

Advantages of P2P:
1. Global market place: Some p2p exchanges are accessible in hundreds of countries, this allows you to buy and sell Crypto from different people around the world.

2. Secure transaction via escrow: When using a secure transaction by escrow, funds are held by the exchange and released only when the terms of transaction are met by both parties. For example, if you are selling Bitcoin for fiat currency, the exchange will escrow your BTC. Once you received payment and confirm, the BTC would be released into the buyer’s wallet.

3. Multiple payment options: because of its vast networking, P2P offers multiple payment options for you to choose which is most suitable for you. Binance p2p has over 700 payment options including in-person cash payment for people who prefer face to face transaction.

4. Personalized transaction: buyers put up the price and payment method most preferred to them and sellers also select the rates and payment options favorable to them.

5. No trading fees: exchangers on the platform do not charge for the transaction.

Disadvantages of P2P
1. Slower trading speed: A P2P transaction can be conducted almost instantly when both parties are available, but some reasons like too much price haggling and non-responsive traders can slow down the speed of trades.
2. Limited amount of Crypto supported: Most P2P exchanges don’t support all crypto. For example, Paxful supports only 3 assets (Bitcoin, Ethereum and USDT)
3. Sellers are sometimes paid with funds stolen from poeples accounts. This can bring a lot of problems to you on the long run.

Things to consider before choosing an OTC exchange:
a. Credibility: A good reputation always precedes itself. Before you choose an exchange, you should be sure to have done your homework to know how credible the platform is. Check and be sure that they have thousands of users and have accorded thousands of successful trades. Compare all desired platforms until you find one that suits your purpose.

b. Rates: The better the rate, the more profit you are going to make out of it. Not all exchanges offer you the best rate, not even the biggest names. You may think that you can’t get it any better, but that’s because you haven’t done proper research. KWIQ offers incredibly juicy rates on all crypto supported. Cross-check the rate offers on other exchange platforms before you start trading. Every extra penny profit you make from good rates should keep you smiling.

c. Transaction fees: Some exchanges hide their transaction fees, so as to trap you into first trading. You should check and be sure, some fees are small and they don’t really affect the profit. Here is better news. There are exchanges that charge zero transaction fee. That means no fees at all.

KWIQ charges no fees for all transaction. Why trade with small fees, when you can trade with no fees at all. The app is available on App store and Google play store for both android and IOS users; or you can trade on the web by just signing in.

d. Payment method: You should not puzzle yourself with how to get your money after trading. Automated payments are the best because there are no errors and little or no delays. Look out for exchanges that pay instantly with a secure automated system.

e. Transparency: Due to the volatility of crypto, the value tends to change. A good exchange should have its rates published and updated regularly in accordance to the current market value. It is aways good to know the rate with which you trade your crypto so as not to get cheated.

f. Number of supported Crypto: Not every exchange gives the luxury of supporting a good number of assets. The question is what if the crypto you want to trade is unavailable on the exchange you want to use?
KWIQ supports the highest number of crypto amongst others.

There are up to 12 cryptocurrencies available on KWIQ; Bitcoin (BTC), Ethereum (ETH), Dogecoin, Litecoin (LTC), Ripple (XRP), Tether (USDT), Dash, Tron (TRX), Bitcoin cash (BCH), Binance (BNB), USDC, Solana (SOL).

g. Customer support: Be sure that the brand has an excellent customer support available to attend to your needs. A good trick is to call or chat with the customer support and ask a few questions before you start a trade. What you should look out for is a prompt and competent response. If the support doesn’t sound adequately convincing, then you should look for a better brand with good support.

In conclusion, the best place to sell crypto to Naira is KWIQ.

With over 200k users and six years experience in the exchange market, KWIQ has maintained its credibility to all its users. After sign up, every user is provided with a personalized wallet with which you can trade the different crypto you want.

Other features like bill payment, airtime/ data purchase is available to users on the app. The sign-up process is fast and you would be on a ride to great trade experiences.

To enjoy all the benefits of trading with the best download the KWIQ app now and start trading.