Follow the step-by-step tutorial to learn how to sell bitcoins (BTC) in Nigeria and which crypto trading applications you should use. To begin,

Main Points to Remember:

• In Nigeria, where can I sell Bitcoin?

• How do you find the finest bitcoin selling site in Nigeria?

• Methods of withdrawal
• A good moment to sell bitcoins.

In Nigeria, where can I sell Bitcoin?

To sell Bitcoin in Nigeria, you must first sign up for a crypto trading app, which will provide you with a bitcoin wallet address that will allow you to accept and store Bitcoin in Nigeria. You’ll have to analyze several crypto exchanges based on withdrawal and deposit methods and charges, fiat currencies supported, timeliness and other associated fees to find the best application to sell Bitcoin in Nigeria. When trying to sell Bitcoin in Nigeria, here is a list of suggested crypto trading applications to consider:

Breet

Breet is an over-the-counter (OTC) cryptocurrency trading platform that allows crypto consumers and companies to convert and withdraw bitcoin for cash in less than five minutes with no risk. Breet does not sell Bitcoin in Nigeria through a peer-to-peer exchange. You can simply convert your Bitcoin to cash and withdraw it to your Naira bank account using Breet. 

There are no withdrawal fees, no third-party fees, and no hidden costs… In Nigeria, selling bitcoin on Breet is completely free. 

Breet is not limited to just the trade of Bitcoins, you can as well trade Ethereum, Bitcoin Cash, Litecoin, Dogecoins, and more using Breet. 

Binance

Binance is a worldwide cryptocurrency exchange software that allows users to trade a wide choice of credible currencies on this well-known platform. It is well-liked because of its high liquidity and multilingual assistance. Binance employs a peer-to-peer (p2p) exchange technology, which can be time-consuming. Bank transfer is the preferred form of deposit in Nigeria (ACH).

Kraken

Kraken is a reputable crypto trading software for selling Bitcoin in Nigeria, with a wide range of deposit methods for selling bitcoin. SWIFT, SEPA, bank wire, and bank transfer are all options for transactions in Kraken. P2P trading is used by Kraken.

It is reasonable to assume that selling your Bitcoin in Nigeria using a peer-to-peer exchange system poses a danger to certain cryptocurrency users since most consumers claim that P2P exchanging takes time. It might be exhausting to wait for hours for a buyer to deposit money and confirm their purchase. At the same time, either the buyer or the seller may lose interest in the process. Dealing with dishonest and untrustworthy bitcoin users also poses a significant danger.

How to Sell Bitcoin in Nigeria: A Step-by-Step Guide

Registration

Register with a Bitcoin-listing cryptocurrency exchange platform. Find out which cryptocurrency trading software supports bitcoin and create an account with them. Isn’t it amusing? How can a crypto trading site not include bitcoin in its cryptocurrency list?

It’s worth noting that as part of the registration process, you may be asked to provide your government-issued ID, as well as your email address, phone number, and other personal information. The main reason for these credentials is because most of these crypto trading applications in Nigeria only employ peer-to-peer exchange systems to trade Bitcoin, therefore they’ll need to verify that their customers are actual people in case of any issues, such as fraudulent behaviour.

Although not all crypto trading platforms require these credentials. Breet does not need users to show government-issued identification or secure personal identities since it is secure, and it does not employ a peer-to-peer trading method to trade Bitcoin in Nigeria. Without a buyer, you can sell and withdraw your Bitcoin.

Check out our guide on how to sell Bitcoin on Breet.

Make a Bitcoin deposit into your account.

Sign in and generate a bitcoin wallet address for your own usage after you’ve enrolled with a crypto trading app of your choosing. This bitcoin wallet address may be thought of as a virtual bank account number, with ‘wallet address’ representing the account number and ‘Bitcoin’ representing the bank name. You may receive bitcoin from anywhere using your bitcoin wallet address. Copy the address and transfer it to your bitcoin wallet. Remember to double-check the address before transmitting, otherwise, you might lose your whole Bitcoin.

Selling Bitcoin

If you’re utilizing a peer-to-peer exchange system, you’ll need to locate a buyer prepared to pay you money for your bitcoin after it’s been successfully sent to your personal bitcoin wallet address in your crypto trading app. However, if you use Breet, you won’t have to look for a buyer since Breet will convert your bitcoin to the flat equal of how much it’s worth in naira. Then you may make a quick withdrawal to your Naira bank account.

How do I find the finest Bitcoin Trading App in Nigeria?

How you sell bitcoin in Nigeria is mostly determined by your personal preferences. You must conduct a study to determine which crypto trading software is best for you. Some exchanges are quicker and more expensive, while others prefer to employ P2P trading, which is slower. It’s possible that what works for Paul won’t work for Peter. Begin by asking yourself the following questions:

• Do you wish to exchange your bitcoin for fiat dollars or another cryptocurrency?

• What are your fees and time constraints?

• What kinds of deposits may you make at your bank?

Consider the following factors while selecting a bitcoin trading app:

• Price. Investigate which exchange platforms provide you with the best Bitcoin market price. 

• Fees. What are the fees for depositing bitcoin and withdrawing fiat currency? 

• Limits. Check out the Bitcoin and Naira exchange rates and withdrawal limitations. 

• Security. What is the repute of the exchange platform? Is there any additional security, such as two-factor authentication? 

• Customer service. This is often overlooked, but it is critical to consider their support system in the event that something goes wrong. Also, keep in mind the hours of operation. 
• Credibility. See what others are saying about the Bitcoin trading app by reading user reviews and feedback. It’s also a good idea to keep an eye out for negative reviews and watch how the firm responds.

After you’ve sold Bitcoin, you can withdraw your funds.

In terms of security, storing money on an exchange is a horrible idea. If you’ve sold your Bitcoin for fiat money, be sure you know what options you have for getting your money out of the trading app. These may include the following:

• Transfer of funds via bank

• Card (credit/debit)

• PayPal

While withdrawing your cash, there are a few factors to consider.

Charges. These might add up over time, so instead of making multiple smaller withdrawals, attempt to withdraw as much money as possible all at once.

Limits. Check to see if there are any restrictions on the amount you may withdraw. Crypto trading applications will occasionally enable you to withdraw more money provided you provide more identifying information, such as your address.

Handling times It’s critical to be aware of the length of withdrawals. It takes 3-5 working days for bank transfers to be completed. Credit and debit cards are more expensive than cash, but they are significantly faster.

Is now an appropriate time to sell Bitcoin?

Although no one can predict the future, the market may be attentively examined. Look at the overall trends, how Bitcoin has changed in recent weeks and months, and whether any upgrades are on the way, among other things. Follow Bitcoin news in Nigeria to have a better understanding of the cryptocurrency industry and make an informed choice.

Take-home point, it is never a good or bad time to buy or sell bitcoins. You are expected to DYOR (Do Your Own Research).