How To Get The Best Value When Selling Bitcoin For Naira
Nigerians have been on the frontline regarding cryptocurrency adoption in Africa. It’s no secret that more and more people are investing in this digital currency, especially given the economic instability in the country. But here’s the thing – selling Bitcoin for Naira isn’t always a walk in the park. You want to ensure you get […]
Nigerians have been on the frontline regarding cryptocurrency adoption in Africa. It’s no secret that more and more people are investing in this digital currency, especially given the economic instability in the country. But here’s the thing – selling Bitcoin for Naira isn’t always a walk in the park. You want to ensure you get the best value for your Bitcoin to maximise your profits, right? That’s why I’ve put together this article to help guide you through the process.
In this article, you’ll discover all the crucial factors to consider when selling Bitcoin for Naira, the step-by-step instructions on using the popular crypto trading app, Breet, to sell your Bitcoin, and even some tips for maximising your profits along the way. Trust me; you won’t want to miss this. So, let’s get started on the path to getting the most out of your Bitcoin!
Factors To Consider When Selling Bitcoin For Naira
1. Market rates and liquidity:
The market rates for Bitcoin change frequently, and it’s vital to sell your Bitcoin when the rates are high to maximise your profits. Monitor the market trends and price movements to determine the best time to sell. Additionally, you want to ensure that there is enough liquidity in the market to sell your Bitcoin quickly and easily without experiencing significant price slippage.
2. Exchange fees and transaction costs:
Different exchanges have different fees and transaction costs, which can add up and significantly reduce your profits. Therefore, you want to choose an exchange with low fees and transaction costs so that you can keep more of your earnings. It’s also important to consider the payment methods accepted by the exchange, as some may incur additional fees.
3. Payment methods and processing time:
Payment methods are another important consideration when selling Bitcoin for Naira. You want to choose an exchange offering payment methods that suit your needs. For example, some exchanges may only accept bank transfers, while others may accept credit cards or mobile money transfers. It’s also important to consider the processing time for the payment method, as some methods may take longer to process than others.
4. Security and reputation:
Security and reputation are crucial factors when choosing an exchange to sell your Bitcoin. You want to ensure that your exchange platform is trustworthy and has a good reputation to avoid the risk of fraud or losing your Bitcoin due to a security breach. You can research the exchange’s reputation by reading reviews from other users, checking their social media presence, and ensuring they have proper security measures in place.
Tips For Maximising Your Profits When Selling Bitcoin For Naira
1. Monitor the exchange rates:
If you want to get the best value for your Bitcoin, keeping an eye on the exchange rates is crucial. Doing so lets you choose the best time to sell your Bitcoin and make a profit. Many price tracking tools can help you monitor market rates and identify patterns and trends. Keeping an eye on these trends can help you make informed decisions on when to sell your Bitcoin.
2. Consider trading strategies:
You can use several trading strategies when selling your Bitcoin, such as dollar-cost averaging or limit orders. Dollar-cost averaging involves selling your Bitcoin at regular intervals, which can help you minimise the effects of market volatility. On the other hand, limit orders allow you to sell your Bitcoin at a specific price point. Using crypto trading strategies can help you sell your Bitcoin at the best price and maximise your profits.
3. Keep your Bitcoin safe:
Before selling your Bitcoin, store it in a safe and secure wallet. Consider using hardware wallets or cold storage to keep your Bitcoin safe from hacks and theft. By ensuring the safety of your Bitcoin, you can avoid the risk of losing your investment due to security breaches or theft.
4. Avoid emotional trading:
When selling Bitcoin, it’s important not to let your emotions drive your trading decisions. Selling Bitcoin can be a volatile process, and it’s important to make rational decisions based on market data and analysis rather than fear or greed. Stick to your trading plan and avoid making impulsive decisions. By doing so, you can increase your chances of maximising your profits and minimising your losses.
The Best Crypto Trading Platform To Sell Bitcoin For Naira- Breet
If you’re looking for a user-friendly and secure platform to convert your Bitcoin to Naira, we recommend using Breet. Breet is an OTC crypto trading app that offers crypto-to-fiat currency conversion.
With no fees, fast transactions, and payout to local bank accounts, Breet has become the number one choice for Nigerians.
Breet also boasts of its super easy transaction process and easy-to-navigate mobile app, which makes it easy for crypto newbies to get in on the action and get the fiat equivalent of their crypto assets.
So, basically, with the Breet OTC system, you can skip all the boring stuff about crypto and get straight to receiving payments. It’s as easy as sharing your crypto wallet details (kinda like sharing your bank account info), clicking a few buttons, and voila! You’ll automatically get the equivalent amount in your fiat currency using preset OTC rates. There’s no need to do anything else or interact with anyone – it’s that simple.
Breet is easy to use and offers high security, so you can be confident that your Bitcoin is safe. Start your trading journey with the Breet family today by downloading the Breet app from either Google Play Store or Apple App Store and experience effortless trading with no additional fees.
How To Convert Bitcoin To Naira on Breet
Below is the step-by-step process on how to sell your Bitcoin for Naira on the crypto trading app, Breet.
- First things first, generate a Bitcoin wallet address on Breet. To do this, go to the home page and click “BITCOIN,” then select “GENERATE BITCOIN WALLET.” This wallet address will be yours permanently.
- Next, it’s time to share your wallet address. Breet offers several options, including copying it to your clipboard, using the share button, or using a scannable QR code.
- Once you’ve shared your wallet address, it’s time to send your desired amount of BTC (in USD) through your external wallet to your Breet Bitcoin wallet. Keep in mind that the amount you receive depends on the market trading rate at the time of the transaction. You can check the rate using the rate calculator available on the Breet app or your Bitcoin trade page on the Breet app. There are different rates for different ranges of crypto (in USD) received in your Breet crypto wallet.
- Finally, after an adequate amount of confirmations from the blockchain network, the transaction will be tagged as successful, and the naira value of your Bitcoin will be added to your Breet Naira wallet balance.
That’s it – you’re all set! You can now manually withdraw your funds to your local bank account. If your automatic settlement feature is turned on, it’s automatically sent to your Naira bank account after the completed transaction.
Conclusion
Selling Bitcoin for Naira can be a great way to make some extra money, but ensuring you get the best value for your Bitcoin is essential. By considering the factors we’ve discussed, using a reliable platform like Breet, and following our tips for maximising your profits, you can sell your Bitcoin confidently and get the best value. As always, staying informed and vigilant is crucial when dealing with cryptocurrency.