Ways to Convert Bitcoin to Naira
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Recommendation: Changelly – reliable website to buy and exchange crypto-coins instantly, while Ledger Nano X – secure wallet for safely storing crypto investment(s) in offline.
Nigerians can easily convert any amount of Bitcoin to Naira without hassles.
However, you need to understand the process required to have your BTC converted to Naira safely, and even get to your bank account for withdrawal.
If you are a Nigerian going into Bitcoin business, you should bookmark this page as a go-to resource, whenever you need to cash out Bitcoin in Naira.
So with all that has been said so far, let’s begin with the guide…
Shall we?
Best Bitcoin to Naira exchange
There are numerous ways to convert your Bitcoin into Nigerian Naira, but we’ll focus totally on these trusted crypto exchanges.
I have personally used these exchange platforms to convert Bitcoin to Naira cash in Nigeria.
1. Binance (Recommended)
Binance P2P is relatively a new section on the largest centralized cryptocurrency exchange in the world.
If you are still new to this cryptocurrency exchange, you can read my detailed review on the Binance cryptocurrency platform.
The platform recently launched a peer-to-peer section called, Binance P2P to enable easier access to the Binance ecosystem.
It’s live in Nigeria, Kenya, and South Africa with target to support more countries, with support for over 60+ payment methods, including bank transfer, Mpesa, and Chipper Cash etc.
It also allows you to trade Bitcoin (BTC), Binance coin (BNB), Binance USD (BUSD), Ethereum (ETH), Tether USD (USDT), EOS (EOS).
Furthermore, Binance P2P exchange requires identity verification for every user.
Pros
- 60+ payment methods
- Supports BTC, BNB, BUSD, ETH, USDT, and EOS
- Zero transaction fees
- Highly secured.
Cons
- KYC verification is required
- Not global.
If you use the link button below to sign up on Binance, you will get a up-to 20% discount on all trades on the exchange platform.
2. LocalBitcoins
LocalBitcoins is a popular P2P Bitcoin marketplace that serves as Escrow, while connecting buyers and sellers together for transactions.
It gives vendors the ability to create offers in all conventional and traditional currencies with Nigeria is included.
You can read my comprehensive review on Local Bitcoins marketplace.
Pros
- Available in every country of the world
- A diverse selection of buyers and sellers
- Supports many payment methods
- Buyers get their bitcoins fast
- Privacy
Cons
- Lack of cryptocurrency diversity
- Both sellers and buyers have a chance of being scammed.
3. LocalCryptos
LocalCryptos launched in 2015 as LocalEthereum, which was rebranded along the line.
It was initially a P2P platform for buying Ethereum (ETH) only, but later added some other established crypto-coins.
Note: It now supports Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and Dash coin.
LC is a non-custodial peer-to-peer exchange, which means you don’t have to deposit your crypto directly on the platform.
Also, you are not required to verify your identity to use this P2P exchange platform..
Compared to Paxful, LocalCryptos has fewer payment methods, even though it continues to expand aggressively.
Sellers pay a 0.25% trading fee while buyers pay a 0.75% trading fee.
Pros
- 60+ payment methods
- Trade BTC, ETH, and LTC
- No KYC verification
- Lower exchange fee
- High security than other P2Ps
Cons
- Few supported cryptocurrencies
- Vendors can be scammed.
4. Paxful
Paxful is a new person-to-person marketplace that supports over 300 payment methods – unlike the predecessor, LocalBitcoins.
It also gives vendors the ability to create offers in all currencies available on the platform.
Once you create a sell order, you can sell your BTC, with money being transferred directly into your bank account.
Pros
- Escrow system
- Security
- Diverse payment methods
- Simple user interface (UI)
- Wide variety of sellers
Cons
- Buyers and sellers are at risk of easily being scammed
5. NairaEx
NairaEx is a Bitcoin broker, where you can buy and sell Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Perfect Money with Naira at best rate.
This platform is strictly designed and targeted at the Nigerian Bitcoin market community only.
If you are not operating a Nigerian bank account, I wouldn’t advice you to use this cryptocurrency platform.
Maybe you should simply use other options, because they accept some other countries aside Nigeria.
Pros
- Easy for Nigerians
- Security
- Simple user interface (UI)
Cons
- Takes time for confirmation sometimes
- Less active customer support.
6. Remitano
Remitano is said to be a refined version of LocalBitcoins. It supports 30+ countries with a key focus on the South African and Nigerian markets.
The exchange built-in 2016 by Babylon Solutions is based in Seychelles. For more on this platform, check out my Remitano review.
User can sell and buy over 15 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), tether (USDT), Litecoin (LTC), and Binance coin (BNB).
Remitano charges a 1% transfer fee with no additional charge on the cryptocurrency asset’s price. And, the platform has strict KYC and security policies to prevent escrow fraud.
Pros
- Multiple payment methods
- Supports BTC, BNB, BCH ETH, USDT etc
Cons
- KYC verification is required
- Supports few countries
- 1% transaction fee.
How to exchange Bitcoin to Naira
To make everything simple and clear for you, am going to summarize the steps involved in selling BTC to Naira.
- Choose your desired exchange
- Select amount of BTC to sell
- Open trade order on the platform
- Confirm receipt of payment
- Release cryptocurrency to the buyer.
You have successfully exchanged your Bitcoin to Nigeria Naira currency… congratulations!
Frequently Asked Questions
Sell Bitcoin to Naira cash
I believe that at this point, you now know how to exchange Bitcoin to Naira on your own terms.
As you can see, it’s easy to convert BTC to Naira, but choosing a reliable Bitcoin exchange is the hard part.
Based on my experience, I would suggest you only use LocalBitcoins to convert your crypto-coins to traditional currency in Nigeria.
Do not forget that it’s necessary to hide your footprints using VPNs (Virtual Private Networks), while transacting cryptocurrency to avoid traces.
