- Cryptocurrency
- By Ousman Salam
How to Sell Bitcoin in Nigeria: A Complete Guide to Converting BTC to Naira
Bitcoin has become a popular digital asset for investors and traders in Nigeria, offering an exciting opportunity to diversify and grow wealth. With increasing interest in cryptocurrencies, many Nigerians are looking for ways to convert their Bitcoin (BTC) into Naira (NGN). If you’re wondering how to sell Bitcoin in Nigeria, you’re in the right place. This guide will walk you through the process of selling Bitcoin to Naira and converting your BTC into your local currency.
Why Sell Bitcoin to Naira in Nigeria?
Bitcoin’s volatility and its potential for high returns make it an attractive investment. However, there are times when you may want to cash out and convert your BTC to Naira. Whether you’re looking to profit from your investment or need funds for daily expenses, understanding how to sell Bitcoin in Nigeria efficiently is key.
Selling Bitcoin to Naira also offers a way to diversify your financial assets, gain more control over your funds, and take advantage of the Nigerian Naira’s value in the local economy.
Step-by-Step Guide on How to Sell Bitcoin to Naira in Nigeria
If you’re ready to sell Bitcoin in Nigeria, here are the steps to guide you:
1. Choose a Trusted Exchange or Platform
The first step to selling Bitcoin in Nigeria is to choose a reliable platform or exchange where you can convert BTC to Naira. Many cryptocurrency exchanges support Nigerian users and offer easy ways to sell Bitcoin directly to Naira.
Here are a few popular options to sell Bitcoin to Naira: Luno, Cubex, Bybit, NairaEx, Dtunes etc .
Cubex is one of the most trusted cryptocurrency exchanges in Nigeria. It allows you to sell Bitcoin to Naira instantly and withdraw the funds to your bank account. You need to download the Cubex app from the Google Play Store or the App store to use it.
2. Create an Account and Complete KYC
Once you’ve chosen an exchange, you’ll need to create an account. Most exchanges require you to complete a Know Your Customer (KYC) process to verify your identity and ensure compliance with local regulations. This may involve uploading identification documents like your national ID, passport, or driver’s license.
Make sure you link a secure payment method, such as your Nigerian bank account, to receive the Naira after selling your Bitcoin.
3. Deposit Your Bitcoin into the Exchange Wallet
Before you can sell Bitcoin to Naira, you need to deposit your BTC into the exchange wallet. To do this:
- Log into your account on the exchange.
- Find the “Deposit” section and select Bitcoin (BTC) as the deposit method.
- You’ll be provided with a unique BTC wallet address.
- Open your personal wallet (such as Trust Wallet, Coinomi, or any other Bitcoin wallet) and send the Bitcoin to the exchange address provided.
- Wait for the transaction to be confirmed on the blockchain. The process can take a few minutes, depending on network conditions.
4. Place a Sell Order
Once your Bitcoin has been deposited into your exchange account, it’s time to sell BTC to Naira. Depending on the exchange, you’ll typically have two options:
- Market Order: A market order allows you to sell your Bitcoin immediately at the current market price. This is the quickest way to convert BTC to Naira, though the price may vary slightly depending on market fluctuations.
- Limit Order: If you want to sell your Bitcoin at a specific price, you can place a limit order. This order will only execute when the price reaches your desired level. Keep in mind that limit orders may take longer to complete.
Select the option that works best for you. If you need the Naira quickly, a market order is recommended.
5. Confirm the Transaction and Receive Naira
Once your sell order is completed, the Naira equivalent of your Bitcoin will be credited to your exchange account. You can then initiate a withdrawal to your linked bank account.
- Go to the “Withdraw” section of the exchange platform.
- Select Naira (NGN) as the withdrawal currency.
- Choose your bank account details and enter the amount you wish to withdraw.
- Confirm the withdrawal request. Most exchanges will process your withdrawal within a few hours, but some may take up to a day.
6. Consider Peer-to-Peer (P2P) Options for Better Rates
Some crypto exchanges offer Peer-to-Peer (P2P) trading, where you can sell Bitcoin directly to buyers at a rate of your choosing. P2P trading can sometimes provide better exchange rates and offer faster transactions.
To sell Bitcoin P2P:
- Choose a buyer based on their reputation and the price they are offering.
- Agree on the terms of the transaction.
- Once the buyer sends the Naira to your bank account, you release the Bitcoin to them. Always ensure you’ve received the payment before releasing your Bitcoin to avoid scams.
7. Withdraw Your Funds to Your Bank Account
After your Bitcoin is successfully sold, and the Naira has been credited to your exchange account, you can withdraw the funds to your Nigerian bank account. Most platforms support Naira withdrawals via bank transfer, which typically takes a few hours.
Make sure to double-check the withdrawal details to avoid any errors.
Important Tips When Selling Bitcoin to Naira
- Security: Always enable two-factor authentication (2FA) on your exchange account to secure your assets.
- Check Fees: Some platforms charge withdrawal fees or transaction fees when selling Bitcoin. Be sure to factor these into your decision-making.
- Stay Updated: Cryptocurrency regulations in Nigeria are evolving, so it’s important to stay updated on any new laws or restrictions that may affect your ability to sell Bitcoin.
- Avoid Scams: Be cautious when using Peer-to-Peer (P2P) platforms. Always deal with verified and trusted users to avoid falling victim to scams.
How To Sell Bitcoin with CubEx
Selling Bitcoin doesn’t have to be a complicated process. With CubEx, it becomes a straightforward process that can be completed in just a few steps. Here’s how you can get started:
Step 1: Download the CubEx app
First, Visit Google Play Store or App Store on your phone and search for the CubEx app. It’s available for both iOS and Android devices. Download and install the app to begin your crypto trading journey.
Step 2: Create a CubEx account
Once you’ve downloaded the app, open it, and create a new account. You’ll need to enter some basic information to get started.
Step 3: Verify your identity and connect your bank account
To ensure secure transactions, you’ll need to verify your identity. Follow the instructions on the app to upload the necessary documents. After verification, connect your bank account to enable you to receive your funds once your Bitcoin is sold.
Step 4: Choose the amount of Bitcoin you wish to sell
Now, it’s time to sell your Bitcoin. Enter the amount you want to sell in the app. The interface makes it easy to see the current exchange rate and how much you’ll receive.
Step 5: Enter the specified Bitcoin address you wish to send to
Next, you’ll need to enter the Bitcoin address where the Bitcoin will be sent. Double-check this address to ensure it is correct, as crypto transactions cannot be reversed once completed.
Step 6: Confirm the transaction
Finally, review all the details of your transaction. Once you’re sure everything is correct, confirm the transaction. CubEx will process your request. And in few minutes, your funds will be sent to your bank account.
Conclusion
Selling Bitcoin in Nigeria is a straightforward process, and there are multiple platforms where you can convert BTC to Naira seamlessly. By following the steps outlined in this guide, you’ll be able to sell Bitcoin to Naira quickly and efficiently. Whether you use an exchange or P2P platform, always prioritize security and check for the best rates to maximize your returns.
Now that you know how to sell Bitcoin in Nigeria, you can confidently manage your cryptocurrency holdings and convert BTC to Naira whenever necessary on Cubex.
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