Bitcoin is beginning to play an important role in Nigerian business lives.
Many people believe that recent financial innovations has the capabilities to enhance the world financial system in the nearest future.
Everyone who is into Bitcoin business knows how important it is to use secure crypto wallet to avoid investment scam and theft.
If I must say, there are great number of cryptocurrency wallets in the market due to obvious competition, so you need be very careful while selecting wallets.
Before we start, there are list of things you will need before learning how and where to sell Bitcoin for cash in Nigeria.
See the list below;
- You need No-Log VPN to hide transaction footprints
- Secure crypto wallet (Recommending Hardware wallet)
- Reliable Bitcoin exchange or broker in Nigeria
- Bank account (Maybe a digital bank account like Kuda)
Without much ado, let head straight into discussing how to sell Bitcoin for cash already.
Shall we..?
How to sell Bitcoin on Luno
There are many Bitcoin exchanges and brokers you can sell your Bitcoin in Nigeria, but for the sake of this guide, I will guide you with Luno exchange platform.
First of all, if you don’t have an account already, then you should create account on Luno.
If you make use of the link I just gave you for registration on Luno exchange, both of us will get N200 worth added to our accounts on the platform.
So it’s a win-win offer.
While creating the account, you will need to pass KYC (Know Your Customer) requirement by uploading your BVN (Bank Verification Number), Government Issued Documents etc.
As soon as that is done, your account will be verified and your transaction limits will be increased as well.
Moving to the next step, let’s say you are to receive your Bitcoin from an offline wallet into your Luno wallet, you will need to create a Bitcoin wallet by going to the wallet tab.
See the steps below;
- Copy the Bitcoin wallet address
- Paste the recipient wallet address on the wallet
- Once the transaction passes all confirmation, you will receive your BTC.
So now, am going to show you the rest of the guide on how to sell your Bitcoin for cash with a video below…
[youtube url=”https://youtu.be/K7QBBTyHhKQ”]
If you follow all these steps perfectly, you will definitely get an alert in your bank app, or from your bank account through SMS.
Where to sell Bitcoin in Nigeria
I have compiled a list of the best Bitcoin brokers and exchanges available in Nigeria, both locally-operated exchanges to worldwide market leaders with especially good offerings for Nigerians.
1. Binance (Most Recommended)
The Binance exchange is an exchange founded in 2017 with a strong focus on exchanging Bitcoin cryptocurrency against Altcoins. This exchange offers nearly all cryptocurrency pairs between different cryptocurrencies.
Note: Recently, it now does offer some fiat currency withdrawals, but most of the pairs are between cryptocurrencies.
Pros
- Lower fees exchange among other commonly used platforms
- Large variety of different cryptocurrencies
- It is one of the most trusted exchange worldwide.
Cons
- Geared for more advanced users
2. Luno (Popular)
Luno is a Bitcoin exchange that does not just have a presence in Nigeria alone, but most other countries like; South Africa, Singapore, Malaysia and Indonesia.
It offers maximum of 1% fees for market takers, meaning you can avoid fees if you place a sell order then wait for a buyer to take it.
Luno also offers an instant sell feature.
Pros
- One of the most trusted exchanges in Nigeria
- Free deposits and low withdrawal fees
- Low fees; 0% for market makers and only 0% – 1% for market takers (depending on fiat currency)
- High to infinite limits for exchange (depending on verification level).
Cons
- Only supports Bitcoin and Ethereum.
3. LocalBitcoins
LocalBitcoins is an escrow service, which also helps to match buyers and sellers. And users may advertise trades for whichever payment method they choose.
Buying BTC via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy Bitcoins in Nigeria and many more countries.
Pros
- Can be private, fast and easy
- In-person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit.
Cons
- Users risks the possibility of being scammed
- Harder to buy large amounts of Bitcoins compared to other exchanges
- Slightly higher prices than regular exchanges; premium for higher privacy.
To learn more about how this Person-to-Person Bitcoin marketplace works, you should read my LocalBitcoins comprehensive review.
4. NairaEx
NairaEx is the largest Bitcoin broker in Nigeria. Its customers can purchase Bitcoins with Perfect Money, bank transfer or with cash via bank deposit.
This platform is exclusive designed and targeted at Nigerians only.
Pros
- Long-running Nigerian exchange
- Popularly used payment methods in Nigeria.
Cons
- Identity verification offers less privacy than other purchase methods in Nigeria.
I recommend you read my NairaEx review to understand how this Nigerian Bitcoin broker operates.
5. Bitcoin ATMs
Bitcoin ATMs are machines that accept Bitcoins to spew out cash. Though, not all ATMs in Nigeria allow Bitcoin transactions.
These Bitcoin ATMs have a restricted limit on how much you can withdraw, but for a small amount this may be a good option making cash withdrawals.
You can find Bitcoin ATM using a specific map designed to locate Bitcoin machines. Bitcoin ATM is quick and easy way to buy BTC and they’re also private.
That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
Pros
- Our map makes it super easy to find a Bitcoin ATM near you.
Cons
- Bitcoin ATMs often have 5-10% fees per purchase.
Over to you
I believe that with this guide, you now know how and where exactly to sell your Bitcoin cryptocurrency for cash in Nigeria, without loss of investment to theft or scammers.
Meanwhile, I will recommend you make use of either Binance or Luno exchange, whenever you want to sell BTC. On the contrary, LBC (LocalBitcoins) is yet another good platform.
There’s no shortage of methods you can use when it comes to selling Bitcoins, but keep in mind that most Bitcoin transactions are very much irreversible and you need to be very careful.
