There are many sites to sell bitcoin in Nigeria. As a matter of fact, you will find buyers almost immediately on the internet and social media platforms when selling bitcoin. However, even trusted buyers are not easy to come by. As such, you need to be careful when choosing a site to sell your bitcoin because there are many scammers looking for an opportunity to rip you off.
Is Cryptocurrency Legal in Nigeria?
- Bitcoin and other cryptocurrencies are not regulated in Nigeria. On February 2021, the Central Bank of Nigeria (CBN) put a ban on cryptocurrencies and instructed all banks and financial institutions to close down accounts of crypto users and all entities operating crypto exchanges. However, being a digital, borderless currency, many Nigerians buy, sell and hold bitcoin. The platforms we have listed here allow you sell bitcoin in Nigeria after ban. Nigeria is one of the leading countries in the world in bitcoin transactions.
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Adoption of Bitcoin and Crypto in Nigeria
Despite the government crackdown on cryptocurrency in Nigeria, there is a growing adoption of Bitcoin and cryptocurrencies in the country. More cryptocurrency exchanges and platforms are coming up to meet the growing demand. The growing number of smartphone users in the country is also making bitcoin adoption easier since people can trade straight from their smartphones. According to Chainanalysis 2021 global crypto adoption index, Nigeria came sixth globally. Nigeria has a high cryptocurrency activity and volume of peer-to-peer trading. According to another report from Statista aiming to find out how common cryptocurrencies are in selected countries, Nigeria came first at 32%.
Why People Sell Bitcoin
Some of the most common reasons for people to sell Bitcoin include the following:
- You can sell Bitcoin if you want to cash it out into fiat currency like the Naira
- You can sell your Bitcoin to exchange it for other cryptocurrencies
- After holding your cryptocurrency long enough for it to become tax free
- If your investment goal is achieved and you want to access your profits, you can sell your bitcoin
How to Find the Best Site to Sell Bitcoin in Nigeria
Before choosing the best site for selling bitcoin in Nigeria, it is best to conduct research to determine which bitcoin trading site in Nigeria is best for you. Some of the things to consider include the following:
- Credibility. It is best to read user reviews to see what people are saying about the trading site so you can make a decision based on the reviews.
- Price. Research to know the bitcoin selling sites that provide you with the best Bitcoin market prices.
- Security. Find out the security measures the site is using to ensure safety of customers’ assets.
- Fees. You need to know fees charged by different platforms. These include fees for depositing bitcoin and fees for withdrawing fiat currency.
- Customer Service. A good site to sell your bitcoin should have exceptional customer support. If something goes wrong or in case of any inquiry, a support agent should be readily available to help you out.
Best Sites to Sell Bitcoin in Nigeria
To sell bitcoin in Nigeria, you will first need to sign up to a crypto trading site. Considering the above factors, you will be in a position to choose the best site to sell bitcoin in Nigeria. Some of the best sites include the following:
Yellow Card
Yellow Card is one of the leading Africa cryptocurrency exchanges at the moment. The exchange operates in 16 African countries. Unlike many other international cryptocurrency exchanges, Yellow Card has offices in Nigeria. The crypto exchange is available on the web and mobile app in Nigeria. It offers multiple payment options to sell bitcoin in Nigeria and withdraw naira directly to your bank account.
LocalBtcoins
LocalBitcoins discontinued its service on February 9, 2023. Existing LocalBitcoins customers will only be able to log-in to withdraw their bitcoin for the next 12 months.
LocalBitcoins is a peer-to-peer exchange platform that allows Nigerians to sell bitcoin among themselves. You can choose to trade directly with another person, sell, and get paid instantly. The platform offers escrow protection for every trade to ensure all transactions are safe. LocalBitcoins allows a wide range of payment methods and purchase options.
Blockvila
Blockvila is is one of the top-ranked Nigerian cryptocurrency exchanges to buy and sell bitcoin in Nigeria. Blockvila has a peer-to-peer exchange platform that allows you to sell bitcoin via an escrow system. The P2P trading system is one of the ways to bypass the Central Bank of Nigeria (CBN) crypto ban. The platform has an improved user interface, increased security, instant funding and withdrawals, and an excellent customer support. Its most common payment methods are cash deposits and ATM transfers. For every deposit made on the platform, you pay 50 Naira. Blockvila also charges a trading fee of 0.6%.
Kraken
Kraken is a cryptocurrency platform whose mobile app is used to sell bitcoin in Nigeria. However, the Kraken app is a bit limited because it lacks a local presence. Kraken charges low transaction fees and offers competitive rates for withdrawals. Deposits are free. It is also safe to store your bitcoin on Kraken.
Breet
Breet is an over-the-counter (OTC) bitcoin trading platform that allows sellers to convert and withdraw bitcoin for cash. It does not use the P2P exchange method but instead has an automated OTC system where transactions are automated. On Breet, you can exchange bitcoin within 5 minutes and be paid instantly in naira. Breet has no withdrawal fees and no third-party fees. Selling bitcoin on Breet in Nigeria is completely free.
Remitano
Remitano is a peer-to-peer crypto trading platform that ensures fast and safe transactions. With Remitano, you can choose to complete transactions through bank transfer or Remitano’s NGN fiat wallet. Remitano also has a friendly customer support (available 24/7), reliable escrow service, and it charges low fees. Remitano fees vary with payment method. However, the fees are displayed in the advertisement already includes the trading fee (the trading fee is calculated as 1% of the price set on the advertisement) and there are no additional fees.
Sell Bitcoin with Telegram Online in Nigeria
- It is now possible to sell cryptocurrency in Nigeria as well as receive, exchange and send to other wallets for free using the instant messaging app, Telegram.
- To use the feature, open the Telegram messenger and search for “wallet”. Open the Telegram’s official wallet bot, click “/start” and select the options showing depending on whether you want to buy, send, receive or deposit cryptocurrency. You should also add it to the menu (for easy access).
Quidax
Quidax is an African-focused cryptocurrency exchange that makes it easy to store and sell bitcoin in Nigeria. The platform offers secure bitcoin wallets and it has its own API that supports third-party integration for automated trading. Quidax has a 0% Maker trading fee and provides instant withdrawals. Its long-term goal is to power the next generation of remittances.
Binance
Binance is one of the best bitcoin exchange sites in Nigeria that employs a peer-to-peer trading system (following the ban on crypto in Nigeria). Transaction methods include SEPA, SWIFT, and bank transfers. It is a popular site because of its low charges, high liquidity and multilingual support. The platform makes it easier to sell bitcoin because it gives you an overview of the recent market price of all cryptocurrencies it supports using a technical analysis chart. The chart shows the price movement of bitcoin either in seconds, minutes, days, weeks, and even months. Binance supports the Nigerian Naira as a fiat currency on its mobile apps.
NairaEx
NairaEX is a Nigerian-based cryptocurrency exchange through which crypto users can sell bitcoin in Nigeria. To get their market price, NairaEX calculates the average market price from multiple exchange sites for USD and then multiplies it by the Naira/USD exchange rate. The platform accepts bank transfers as a deposit method.
Luno
Luno is among the most popular sites to sell bitcoin in Nigeria. It is registered with the Nigerian Financial Intelligence Unit (NFIU) and its app has an easy-to-use interface for Bitcoin and crypto trading. With Central Bank of Nigeria’s new ban on cryptocurrencies in Nigeria, Luno’s policy does not support Nigeria. However, there are ways you can still use Luno in Nigeria. You can continue with your cryptocurrency activity with Luno but do not withdraw your funds until CBN lifts the ban on crypto. You can also fund your Luno wallet from another external wallet and withdraw by transferring your coins to an external wallet. Luno offers free deposits and low withdrawal fees.
Coindirect
Coindirect is a legitimate site to sell your bitcoin in Nigeria. The platform has the best conversion rates, a reliable customer service, and multiple payment options. Coindirect does not charge any fees for selling bitcoin on their P2P platform. However, Coindirect charges a fee for placing a sell order on their exchange as a market taker (0.2% for crypto-to-crypto orders and 0.8% for fiat to crypto orders).
How to Sell Bitcoin in Nigeria
It is advisable that you sell your Bitcoin when few people are selling. The following is how to sell bitcoin in Nigeria.
Register for an Account with a Bitcoin Exchange
Before you can sell in any cryptocurrency in Nigeria, you must sign up for an account with a cryptocurrency exchange platform. You may be asked to provide your email address, phone number, government-issued ID, and any other relevant personal information. However not all platforms will ask for these details.
Deposit the Bitcoin in Your Digital Wallet
When you sign up for an account, you will be able to generate a bitcoin wallet with which you can deposit the bitcoin you want to sell. The actual steps for this vary from exchange to exchange.
Place a Sell Order
After depositing your bitcoin in your wallet, state the amount of bitcoin you want to sell and find a buyer for your bitcoin (if you are using a peer-to-peer platform). If you are using an automated trading system like Breet’s, the platform will convert your bitcoin to its cash equivalent.
Withdraw to Your Funds
After making a sell, you will need to withdraw the funds. The withdraw method will depend on the exchange you are using. Some of popular withdraw methods are bank transfer, mobile money and cash.
Final Thoughts on the Best Site to Sell Bitcoin in Nigeria
The volume of bitcoin transactions in Nigeria has been growing steadily giving rise to cryptocurrency exchange platforms to meet the growing demand. However, it is important to do some research on the available sites before you settle on the best.
