How to Sell Bitcoin in Nigeria: Ways to Cash Out Your BTC

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sell Bitcoin in Nigeria

Bitcoin is one of the most commonly used and traded digital currencies in Nigeria, even though the government has strict rules about money.

Most of the people who buy and sell Bitcoin in Nigeria are young and interested in using cryptocurrency, even though there are some obstacles. This article tells you the best ways to sell your bitcoin in Nigeria and get a good price.

Peer-to-peer Transfers

People in Nigeria often use online trading websites to sell bitcoin and other cryptocurrencies to their peers. Sometimes, people use special websites like crypto exchanges to trade directly with each other, but they can also do it on social media.

  • Such P2P transfer services are many over the internet or through mobile applications where one can simply list his Bitcoin for sale and start negotiations with interested parties for a sure and safe deal.
  • First, to engage a P2P transfer service creates an account on the platform of one’s preference then trades through their instructions on listing your offer or searching the buyer.
  • Therefore, one should be cautious when entering into transactions with online strangers and ensure they have used secure payment methods, such as escrow services from trusted third parties.

Bitcoin ATMs

You can also sell Bitcoin in Nigeria using BTM (Bitcoin ATM). BTM is a machine that enables you to trade money, either cash or card, with Bitcoin. Most BTMs across Nigeria accept naira to purchase Bitcoin and other cryptocurrencies. Some leading examples of BTMs in Nigeria are mentioned below:

  • CoinATMRadar: This shows where all BTMs in the world take naira as payment to buy bitcoin and other cryptos and also tells you their status. You can review their cost and fee rates before going to them.
  • CoinDCX: This is an e-cryptocurrency exchange company with numerous BTMs scattered all over Nigeria, which uses naira to purchase bitcoin or any other cryptocurrency. More so, after purchasing with CoinDCX, one can trade their naira for crypto.

Online Cryptocurrency Exchanges

Another way to sell Bitcoin in Nigeria is through an online cryptocurrency exchange (OCE). OCE is a platform that allows one to transact and trade different types of cryptocurrency, either through buying or selling, via various money transfer methods such as bank transfers, debit cards, credit cards, and electronic wallets.

Conclusion

The sale of Bitcoin in Nigeria could be done through five methods. Bitcoin ATMs in Nigeria through CoinATMRadar and CoinDCX only accept naira payments and significant cryptocurrencies as payment and withdrawal mediums. The user needs to check and find one near them.

Online cryptocurrency exchanges will allow users to buy or sell by twelve methods using six new ICOs and various cryptocurrencies. Using secure payment methods and being cautious when dealing with strangers online is essential.

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