How To Sell Bitcoin In Nigeria
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September, 15 2022
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Looking to sell your bitcoin legitimately and at the best rates in Nigeria? Continue reading this article to learn why and how to sell bitcoin in Nigeria.
Bitcoin is one of the most popular and traded cryptocurrencies in Nigeria despite the government financial institutions' limitations.
While this poses some hindrances, most of the age group that buys and sells bitcoin in the country are the youths, and the numbers are growing daily. Many others who don't know how to sell bitcoin in Nigeria may find it hard to exchange their crypto for cash or stablecoin such as USDT.
If you want to learn how, when and where you can buy and sell your bitcoin in Nigeria, then continue reading to find out.
Overview Of Bitcoin In Nigeria
After the current limitations on banks, how to sell bitcoin in Nigeria is one of the things that many Nigerians are searching for; this is because they use and depend on bitcoin and other cryptocurrencies for various forms of transactions countrywide.
According to Statista, in 2020, Nigeria was the 3rd country in the whole world with the most bitcoin trading volume using only domestic currencies.
This figure shows that Nigeria is a country that is heavily involved in the use and trade of cryptocurrencies. With over 400.8 million US dollars being traded in bitcoin, Nigeria trades twice the bitcoin sold and bought in the United Kingdom as of 2020.
The people who sell and buy bitcoin in Nigeria are not just a small category of persons, according to Statista, as more than 32 per cent of the people living in Nigeria use cryptocurrencies as of 2020. So those who do not know how to trade bitcoin need to learn how to sell bitcoin in Nigeria today.
Bitcoin Trading: Buy And Sell Bitcoin Profitably In Nigeria
Many people make tons of money trading bitcoin in Nigeria, and the process involved is not as complex as it may seem.
Bitcoin is pioneering crypto, and unlike the Naira in the Central Bank of Nigeria, it is not controlled by any central authority or government. Anyone can trade it, irrespective of tribe, geographical location, age or status in Nigeria; this is why many people are adopting bitcoin.
On how to sell bitcoin in Nigeria, trading bitcoin is just as simple as when you exchange the Naira for goods and services. However, in this case, you must sell your bitcoin from crypto exchanges or wallets through peer-to-peer trading or any other means. In the case of a country like Nigeria, where crypto trading is limited, peer-to-peer or P2P trading seems to be one of the most popular ways of selling crypto.
One of the reasons to learn how to sell bitcoin in Nigeria is that crypto trading is not yet taxable in the country because of a lack of a proper legal and regulatory framework. So you can easily trade and sell thousands of bitcoin in the country without worrying about tax being deducted from your profit.
When to Sell Bitcoin In Nigeria
When you don't know how to buy and sell bitcoin in Nigeria with practical strategies, one of the mistakes you would be making is selling them at the wrong time.
Knowing when to sell your crypto is very important because if you should sell your bitcoin at the wrong time, it can lead to a loss of profit and sometimes even your capital.
One of the fundamental rules while trading your crypto, including bitcoin, is to sell off high and then buy back when it is low. However, sometimes, the Fear of missing out (FOMO) makes some crypto investors sell their bitcoin when they are supposed to hold on and then buy when it is high.
Let's say that the price of bitcoin is at $20,000, and then it increases to about $25,000; it is advisable you sell off at that price and then repurchase the bitcoin when the price goes down to $20,000 or less.
Remember that you don't have to sell off all your portfolio containing your bitcoin at once, as the market can continue its bull or bear market, whichever the case may be. So it is best to engage in Dollar Cost Averaging.
Where to Sell Bitcoin In Nigeria
Learning where to trade crypto legitimately in Nigeria is just as important as knowing how and how to sell your bitcoin in Nigeria. Here are some ways and methods you can use as a Nigerian to trade and sell your bitcoin with others.
This is the first option if you are looking for a place to sell your bitcoin in Nigeria and some of the exchanges are very easy to use. One of the reasons it is very much recommended while trading your bitcoin is because it serves as an escrow, thereby protecting your funds and crypto simultaneously.
As a Nigerian looking to buy and sell crypto legitimately in Nigeria, Yellow Card is the most trusted solution tailor-made for Africans. With a presence in over 16 African countries, Yellow Card is breaking financial boundaries and bringing financial inclusion to Africans.
Online peer-to-peer bitcoin trading sites in Nigeria are one of the most used methods of selling bitcoin and other cryptocurrencies in Nigeria. Sometimes they are dedicated platforms such as crypto exchanges where these peer-to-peer transactions occur, while some can even take place using social media platforms.
However, while trading your bitcoin through peer-to-peer, make sure that you are using a trusted and secured platform and that you trust the buyer to send your money. This is why Yellow Card remains the best place to buy and sell crypto in Nigeria, as the platform has the best peer-to-peer bitcoin trading sites in Nigeria.
How to Sell Bitcoin for Naira On Yellow Card
Because of their incredible rates, many people have turned to Yellow Card to buy and sell bitcoin, which has solved the problems that Nigerians face when looking for buyers or sellers. Selling your bitcoin is fast and easy with Yellow Card. All you have to do is,
- Sign in to your Yellow Card account
- From your dashboard, select “ bitcoin”, and your bitcoin holdings will be displayed.
- Click on “Trade” and select “Sell bitcoin for cash.”
- Indicate how much bitcoin you want to sell and click “continue.”
- Confirm the transaction
- Confirm by clicking Sell
- You have successfully sold your bitcoin to Yellow Card
- The amount would instantly reflect in your Naira wallet
How to Withdraw your funds from your Yellow Card account
Withdrawing your funds from your Yellow Card is easy and quick to complete. To withdraw your funds from Yellow Card:
- Log into your Yellow Card account
- Click on Withdraw
- Indicate the amount you would like to withdraw and select “continue.”
- Select the bank you would like to send your money. You must add your bank details if you haven’t done that before.
- Enter your transaction pin and click “find a match.”
- The funds will be reflected in your bank account after the transaction is confirmed.
Yellow Card ensures that Nigerians enjoy a more accessible alternative for buying and selling bitcoin. With Yellow Card, you will access a simple, quick, and secure way to buy and sell bitcoin at the best rate.
Way Forward: Sell Bitcoin Seamlessly
Bitcoin is one of the most used and popular cryptocurrencies used by Nigerians, despite the limitation the federal government has placed on the crypto industry.
However, learning how to sell bitcoin, when to sell and where to sell bitcoin in Nigeria legitimately is very important if you want to make a profit trading these digital assets.