How To Sell Bitcoin In Nigeria At Best Rates in 2023

Bitcoin is one of the most popular and traded cryptocurrencies in Nigeria, despite the government's financial limitations. 

While this poses some hindrances, most of the age group that buys and sells bitcoin in the country are the youths in Nigeria who are keen on crypto adoption. 

This article reveals how, when, and where you can easily sell your bitcoin in Nigeria at the best market rates.

Bitcoin Trading: Buying And Selling Bitcoin In Nigeria 

According to Statista, Nigeria ranked third in the world in terms of bitcoin trading volume using only domestic currencies in 2020. 

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.

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, which is why many people are adopting bitcoin. 

So those who do not know how to trade bitcoin need to learn how to buy and sell bitcoin easily in Nigeria today.

Approved Method Of Selling Bitcoin In Nigeria

Learning how to trade crypto legitimately in Nigeria is just as important as knowing how to sell your bitcoin in Nigeria. Here are 2 major ways and methods you can use as a Nigerian to trade and sell your bitcoin with others. 

Crypto Exchanges

This is the first option if you want a place to sell your bitcoin in Nigeria. 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.

Peer-to-Peer Trading

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.

Factors of a Good Crypto Exchange To Sell Bitcoin in Nigeria

Adequate Liquidity: 

It is important to choose a crypto exchange with enough buy and sell demand for crypto assets so you don't find buying or exiting a trade difficult. 

Trading Limits: 

It is also key to check for deposit limits, trading limits and even deposit limits that might affect your trading experience. 

Social Media Presence:

Another thing to look out for when choosing a platform to sell bitcoin is its social media presence. A crypto platform should connect with its users on different social media platforms. Follow Yellow Card on all social media platforms (Twitter, Instagram, and LinkedIn). 

Convenient And Easy:

One of the most remarkable features of the Yellow Card platform is its ease of use. Even beginner traders find it easy to buy, sell, and place cash withdrawals on the platform.

Better Rates and Fees:

Most existing fintech companies in Africa have higher exchange rates and trading fees, making trading costly. You can use the Yellow Card to deposit and trade cryptocurrency for free. 

Security Of Funds:

A good exchange like Yellow Card protects your funds from scams through two-factor authentication and the KYC (Know Your Customer) procedure. The platform has the most advanced security features to protect your crypto money.

Great Customer Support:

We also offer a 24/7 customer support experience, so we can assist you along the way.

How to Sell Bitcoin for Naira On Yellow Card

Because of our incredible rates, many people have turned to Yellow Card to buy and sell bitcoin. Finally, selling your bitcoin is now fast and easy with Yellow Card. All you have to do is,

1. Sign in to your Yellow Card account
2. From your dashboard, select “ bitcoin”, and your bitcoin holdings will be displayed.
3. Click on “Trade” and select “Sell bitcoin for cash.”
4. Indicate how much bitcoin you want to sell and click “continue.”
5. Confirm the transaction
6. Confirm by clicking Sell 
7. You have successfully sold your bitcoin to Yellow Card
8. The amount would instantly reflect in your Naira wallet

How to Withdraw your funds after selling Bitcoin

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 confirming the transaction. 

Yellow Card ensures that Nigerians enjoy a more accessible alternative for buying and selling bitcoin. With Yellow Card,  you will have access to a simple, quick, and secure way to buy and sell bitcoin at the best rate.

When to Sell Bitcoin In Nigeria

When you don't know how to trade bitcoin in Nigeria with great trading strategies, one of the mistakes you'll be making is selling them at the wrong time. 

Knowing when to sell your crypto is very important because if you 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 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 that you sell off at that price and then repurchase the bitcoin when the price goes down to $20,000 or less. 

Also, remember that you don't have to sell off all your portfolio at once. It is often best practice to use dollar cost averaging as you monitor price changes.

Get Started Selling Bitcoin

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. 

Yellow Card has offered an amazing opportunity for many to enjoy the benefits of bitcoin and will continue to do more.

Sell Bitcoin with Naira Now