Most Nigerian crypto traders can’t hesitate to convert their bitcoin to naira after they have made a profit from it. But due, to the Nigerian ban on cryptocurrency, it has become harder to do so.
However, it isn’t impossible, but it is riskier now, as you have to apply great caution in doing so.
Here, I will be explaining to you several ways to convert bitcoin to naira as a Nigerian crypto trader.
Where Can I Convert My Bitcoin To Naira
- Crypto Exchanges: Binance, Kucoin, Coinbase, Bidesk, etc
- West African or Nigerian crypto wallets: Bundle, Patricia, Busha, Roqqu, etc.
- Peer to peer
Let’s look at them one after the another.
How to convert Bitcoin to Naira on Binance
Binance is the largest and most secured crypto exchange in the world. And the good thing about Binance is that it supports over 200 crypto coins and over a thousand tokens, bigger than any other exchange support.
So, how can I convert my bitcoin to naira on Binance? Due to the CBN ban on cryptocurrency, the option for NGN deposit or withdrawal has been disabled.
But not to worry, there is another way to go about it but you have to be careful. It is the peer to peer payment option on Binance.
Let’s see how the process goes.
- Open your Binance Application and go to market.
- Search for the currency pair, “BTC/USDT”
- Tap on the currency pair and you will be redirected to where you will open a trade on spots.
- Create a sell order for the pair, BTC/USDT. This simply means you are selling BTC for USDT. And if you must know, USDT stands for United States tether. It is a stable cryptocurrency.
- Create the market order: The amount of BTC you indicted will be sold and its equivalent USDT will appear in your USDT wallet.
- Now you must find a buyer who to whom you will sell your USDT in exchange for Naira. There are two ways to go about this. You can either look for a buyer who wants USDT or you use the peer to peer option.
- Going with the first option. After you have gotten a crypto buyer; you check the USDT equivalent in naira. Add some little profit and tell the person.
- If the person agrees to buy it. Don’t transfer your USDT until the person made payment and you have confirmed it.
- Going with the second option. You go to peer to peer and indicate the amount of USDT you want to sell and its naira equivalent.
- After some while, you can get a notification that someone has indicated to buy your USDT. Like the first option, the person makes payment to the designated account number you indicted and after confirmation, you can release the USDT.
So this how you can use Binance to convert Bitcoin to naira.
Let’s look at the second point.
How to convert Bitcoin to Naira on West African or Nigerian Wallets
Major Western African wallets like Roqque, Bundle and Patricia allows you to directly convert your Bitcoin to Naira without following a complex process.
Let’s take Bundle for example. In Bundle, if you want to sell off your Bitcoin profit. You will be given options to choose, to either convert it to naira or USDT or BUSD. If you click on NGN. Within a minute it will be sold, and its equivalent will appear in your NGN in your bundle account.
To transfer the money to your account. Click on “NGN,” then click on “cash-out”. You will be asked to input your account number. After that, you will be taken go to a new page, where you will choose how you want to be funded. Either through “Cashlink, Peer to Peer or buying of gifts card”.
But I will advise you to choose “Cashlink”. Within minutes you will be paired with a partner and you will be given 15 minutes to complete the transactions. After you have received the money, you can then go and confirm, and the NGN will be deducted automatically.
How To Convert Bitcoin To Naira Using Peer to Peer?
Peer to peer trading involves selling cryptocurrencies to someone else in exchange for naira.
Peer to peer takes place in different ways and different exchanges. The only thing is that this P2P can very dangerous at times as you can be likely scammed. This is because there is no one regulating the transactions.
However, Escrow was introduced to help curb and limit the issues associated with P2P. Escrow serves as an intermediary to ensure that the seller has been paid and confirmed before the coins can be released to be the buyer.
Even with the introduction of Escrow, buyers are still scammed. So you have to apply caution and intelligence when converting Bitcoin to naira using this procedure.
The above-mentioned procedures are the best procedures available that you can use to convert bitcoin to naira. Before you go with any of the procedure, make sure you understand them first.