You must add your bank details if you haven’t done that before. According to Statista, Nigeria ranked third in the world in terms of bitcoin trading volume using only domestic currencies in 2020. Unfortunately, our bank currently does not process payouts during holidays and weekends.

• The material is for general information purposes only, and does not take into account your personal circumstances or objectives.
• 78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
• However, the services each exchange supports will vary, and you’ll still have to link your PayPal account, or an equivalent, before you begin.
• For small amounts of Bitcoin, you can simply sell it on an exchange or to a person you know who is also interested in cryptocurrency.

A Bitcoin wallet helps you protect and control your private key. Ledger hardware wallet, combined with our application Ledger Live, is the most popular way to secure your funds while giving you the freedom to manage everything on your own. You can send, receive, buy, sell your Bitcoins without compromising their security.

Bitcoin ATM

Or, you use a how to sell btc-to-peer transaction to sell your bitcoin. This is a faster and more anonymous method, as you sell your bitcoin directly to another person. If you know someone who wants to sell bitcoin, you can buy directly from that person.

In the past, the only method available for converting cryptocurrency to cash or vice versa was through internet cryptocurrency exchanges. Due to the industry’s youth, there were numerous shortcomings, including the absence of stable currencies and the inability to interface with a banking account. Paxful has been running since 2015, and it allows you to find buyers that trade with various payment methods including cash. This means Paxful can locate cash buyers in your area. You’ll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase.

Instead, you take a position on whether bitcoin’s price will rise or fall, and your profit or loss is dependent on if you are correct or not. Peer-to-peer platforms also allow you to stay anonymous. You can use a VPN to secure your connection and choose payment methods such as web money or gift vouchers. Peer-to-peer selling is safe if you know what you’re doing. It may be useful to use a peer-to-peer platform that allows you to keep your bitcoins locked until you confirm the payment has been received from the buyer. Bitcoin ATMs and Bitcoin Debit Cards function in the same way as third-party brokers.

Selling bitcoin with the Bitcoin.com Wallet

Moving bitcoin to a bank account is like exchanging currency. But because bitcoin is devoid of government control, the exchange process occurs privately. The ultimate idea is that bitcoin will replace traditional currencies. People are currently investing in bitcoin because they view it as a commodity that will grow in value BTC over time.

Then, peer-to-peer exchange negotiations between digital asset buyers and sellers follow. 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. There are two main avenues to convert bitcoin to cash and ultimately move it to a bank account. These third parties will exchange your bitcoins for cash at a given rate.

Automated Bitcoin Trading App in Nigeria

Then NEAR send your cryptocurrency to your corresponding LiteBit wallet. You can receive bitcoin from anywhere in the world and from any wallet. I sent litecoin to the address provided and I was waiting, before I knew it, I already got the alert in my bank account. I was so happy because I didn’t expect it to be that fast.

Let us know your thoughts in the comments section below. There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. If you’ve set everything up, bought a few coins, waited for the price to rise and now want to sell your bitcoin, the first hurdle is how you sell it. There are several ways to sell bitcoin, each with benefits and drawbacks, so you should consider which is the right one for you before continuing.

This is an additional security step to prove ownership of your user account. You will receive a message from Kriptomat which will contain a confirmation link. Clicking on it confirms that you actually have access to this email. We will look at the different cashout methods in the chapters below.

Bitcoin

In the example above, we sold Bitcoin while considering that we already have them on Kriptomat’s digital wallet. If you have Bitcoin on your private wallet, then you will first need to transfer them to your Kriptomat wallet. You can find your wallet address by following the guide below. Depending on your payment method it can take anywhere from 2 seconds to several days.

But this compensation does not influence the information we publish, or the https://www.beaxy.com/s that you see on this site. We do not include the universe of companies or financial offers that may be available to you. When selling bitcoin peer-to-peer, it’s also important to consider the laws in your region. In many regions, if you sell above a defined daily and/or yearly limit, you may find yourself on the wrong side of the law.

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. 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. Learning how to trade crypto legitimately in Nigeria is just as important as knowing how to sell your bitcoin in Nigeria.

Sellers have the ability to set their own rates and can choose from more than 300 payment options, such as cash, gift cards or other digital currencies. Clients can sell directly to over 3 million users worldwide, according to the platform’s website. Fees for selling bitcoin depend on the payment method and platform/venue used.

Once you enter the withdrawal amount, you will be able to request an SMS message that will notify you of the finished transaction process. We advise you to select this option and enter your phone number. At Ledger, we integrated the possibility to sell Bitcoin in our application Ledger Live via our partner Coinify. You can keep your crypto secure in your hardware wallet while buying, selling and managing your Bitcoins. Get access to Europe’s easiest cryptocurrency platform in a couple of clicks. If you are a European resident, you will be able to easily trade your Bitcoin on our platform.

Sign and return that note if you wish to accept the loan offer. Submit the required documentation and provide your best possible application. Use the marketplace to find buyers, and send a trade request. The issue of data security is especially painful for the users who have concerns about the security of trusting their data to an online service. With CEX.IO, you can be certain that your data on the operations intended to buy or sell Bitcoin for USD are protected by the reliable mechanisms.

Wire transfers usually take longer since the money has to go through several intermediary banks until it reaches your account. In this post, I tried to focus on the main methods for selling Bitcoins. However, there are numerous other methods you can use to sell your Bitcoins.

So take your time and shop around before you decide which one to use. Also, do not neglect security measures, and try to keep your crypto wallet information under control. You should also make sure you understand the tax implications of cashing out crypto. In some cases, you may be subject to capital gains taxes. So again, do your own research and talk to a tax professional before you proceed. By taking these precautions, you ensure that you get the most out of your crypto holdings.

Sending bitcoin is as easy as choosing the amount to send and deciding where it goes. Either create a listing for the amount of bitcoin you’d like to sell or browse through the listings of people looking to buy. However, no amount of trading knowledge can save you from the losses cybercrime can cause. That’s why you should always use a reliable antivirus to keep your computer safe and the best VPN for crypto trading to keep you safe online. By default, you’ll be in the “buy” tab, so select the “sell” tab along the top. A good exchange is fine, but if you want to avoid any prying eyes, then cash is the way to go.

In both cases, you create an account that allows you to sell bitcoins and withdraw physical cash. At CEX.IO, we understand that working with the financial data is very serious and a single mistake can mean much to the customers. As a result, for you to be able to sell Bitcoins without concerns, we have obtained the internationally recognized security certificates, Level 2 PCI DSS among them. Compliance to these standards means that all the card data of users are thoroughly protected, which eliminates the risk of illegal activities.

When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time. Revisit our ‘how to short bitcoin’ section to review a simplified version of how to do so. Spread betting and CFD trading are both types of leveraged trading, meaning you are only required to lay a small deposit to gain exposure to the full trade value. However, as your exposure is based on your full trade value and not your deposit, your profit and losses are amplified in accordance with the full exposure.

• Many exchanges support the shorting of bitcoin such as Kraken, Bitfinex and Bitmex.
• Such businesses must comply with Know Your Customer and Anti-Money Laundering regulations.
• With CEX.IO, you can be certain that your data on the operations intended to buy or sell Bitcoin for USD are protected by the reliable mechanisms.
• Nonetheless, you should consider them as a second payout option.
• There is no physical bitcoin, merely digital data stored in blockchain.

has had a tumultuous past and undoubtedly has a very interesting future. Thus it is useful to understand the basics because — despite its growing popularity — many people still don’t know what is Bitcoin, how Bitcoin works, or where to sell Bitcoin. When you buy crypto online, on an exchange for instance, you are not in control of this key, the exchange is.