Last updated on August 6th, 2023 at 07:35 am
There are several ways bitcoin, ethereum and other cryptocurrencies can be converted to fiat currency including the Naira (NGN) most especially at a time countries around the world are coming up with anti-crypto policies.
Nigeria, for instance, in February 2021 warned financial institutions to stop facilitating crypto-related transactions. It was a blow for hundreds of crypto community in Africa’s most populated country.
Below are the three major ways to convert your cryptocurrency into naira without running into the CBN’s troubles.
- Selling via Direct trade,
- Exchange trade,
- Selling one-on-one
Selling Bitcoin Online Via Direct Trade
Selling bitcoin online is the commonest way of trading your bitcoin: fast and secured, though you may be charged a small amount by the trading platform you used.
There are bitcoin exchanges in Nigeria where you can safely sell your cryptocurrency, particularly Peer-to-Peer platforms like Remiatno, Paxful, LocalBitcoins, and Quidax.
Open a trade and you will be contacted by potential buyers who want to want coin in exchange.
You have to register as a seller or buyer on these websites to use their services. Registration is simple and fast: you’d have to verify your identity, below you’ll find how to buy or sell bitcoin on localbitcoins.com.
Once you have registered, you can then post an offer, indicating that you want to sell, and the website will alert you when a buyer wants to trade with you.
From there, your interaction is with the buyer, but you use the website to complete your trade.
Selling Bitcoin Online using Exchange firms
Another method is to register with an online exchange. Exchanges act as an intermediary who holds everyone’s funds.
You place a ‘sell order’ (just as you would place a buy order), stating the volume (amount) and type of currency you wish to sell (e.g bitcoin), and the price per unit you wish to sell for.
As soon as someone places a matching buy order, the exchange will complete the transaction. The currency will then be credited to your account.
Selling Bitcoin In Person
Another way of trading in bitcoin is for buyers and sellers to meet one-on-one. This can simply be done by scanning a QR code on another person’s phone and accepting cash-in-hand.
When using this method, do your exchange in a safe place; make sure you check the price for some seconds before carrying out the transaction. The price of bitcoin isn’t stable.
More ways to convert your bitcoin to naira will continue to evolve.
The most important thing is to ensure to use a safe platform and observe security tips offered by some of the exchange firms when trading cryptocurrency.
If trading crypto is your option, please trade cautiously and safely.