Earlier in March this year, the Nigerian government tightened crypto regulations, resulting in the removal of P2P trading and Binance. They aimed to crack down on illegal activities, like money laundering and terrorism, which they believe are linked to cryptocurrency.
Despite this, the crypto industry in Nigeria still faces major challenges. With so many uncertainties, how do you navigate these changes and make the best decision for your bitcoin today?
Key Factors to Consider When Selling Bitcoin
When selling Bitcoin, several key factors can impact your experience and profitability:
- Security and Trustworthiness: Always choose platforms known for their strong security measures and solid reputation. Protecting your assets and personal information should be your top priority.
- Exchange Rates: Different platforms offer varying exchange rates. Compare rates to ensure you get the most value for your Bitcoin.
- Transaction Fees: Watch out for fees that can eat into your profits. Some platforms charge higher fees, so find one that offers competitive rates.
- Payment Methods: Consider how you’ll receive your money. Opt for platforms that provide naira payment options.
- Customer Support: Good customer support is crucial, especially if you encounter issues during the transaction process. Choose a platform that offers responsive and helpful assistance.
- Speed of Transaction: Time is money. Select a platform that processes transactions quickly, ensuring you receive your funds without unnecessary delays.
Best Place to Sell Bitcoin in Nigeria
Selling Bitcoin in Nigeria requires careful consideration of the platform you choose. With so many options available, it’s essential to find one that suits your needs for security, convenience, and profitability. Here’s a look at some of the top platforms you can consider:
Overview of Popular Platforms
- Jackocoins: If you’re looking for a platform tailored specifically for the Nigerian market, Jackocoins is an excellent choice. It offers strong security, competitive rates, and fast transactions, giving you a smooth experience from start to finish.
- Luno: Luno is known for its user-friendly interface, allowing direct withdrawals to Nigerian bank accounts. However, you should know that its fees can be higher than other platforms, which might affect your overall returns.
- Paxful: Paxful provides numerous payment options, including gift cards, giving you flexibility. However, it’s currently unavailable in Nigeria, and might not be the right option. You will need to be cautious about the reliability of your trading partners to avoid scams.
Each platform has unique benefits and drawbacks, so it’s important to weigh your options carefully before deciding.
Step-by-Step Guide to Sell Bitcoin using Jackocoins
Before you start selling, create a Jackocoins Account if you don’t have one, and if you do, skip this step and sign in. To sign up on the app, check out the steps below.
- Go to Jackocoins website: To register an account with the Jackocoins exchange platform, simply go to the Jackocoins website.
- Sign Up: Click on the ‘Sign Up’ button and fill in your details, including your email address, password, and any other required information.
- Set up your password: Once you’ve signed up, head over to your profile, go to ‘Register Biometric’, and password.
To sell on Jackocoins use the “Sell” icon on your dashboard where you sell directly to the exchange or go directly to your “Wallet”.
If you are using the “Sell” option, go to your dashboard and click on Sell. You will see the list of supported cryptocurrencies, select Tether USD(USDT)..
After doing that, you will be directed to a page where you copy the address of the coin you are selling. Currently, you are trying to sell Bitcoin, click on that and you will see “Copy Bitcoin Address” on the page and you are expected to copy the address and deposit the USDT you want to sell.
Note that when sending to the Bitcoin address, ensure that you send only Bitcoin to this deposit address. Sending any other coin to this address will result in the permanent loss of your deposit. In addition, a minimum USDT Jackocoin payout is $100. If you send less than $100 worth of Bitcoin, your deposits will be accumulated and paid once it reaches $100.
This process is fast and easy, and you will get your funds sent directly to your bank account after selling the coin.
Common Traps to Avoid When Selling Bitcoin
When selling Bitcoin, it’s easy to make mistakes that can cost you money or lead to a frustrating experience. Here are some common pitfalls to watch out for:
- Falling for Scams: Always be cautious of offers that seem too good to be true. Scammers often prey on inexperienced traders. Verify the platform’s reputation and read reviews before proceeding with any transactions.
- Ignoring Fees and Hidden Costs: Different platforms have varying fee structures. Don’t overlook transaction fees, withdrawal fees, and any other costs that can eat into your profits. Always read the fine print and calculate the total fees before selling.
- Rushing Transactions: It’s crucial to take your time when selling Bitcoin. Rushing can lead to poor decisions, such as accepting unfavorable rates or using untrustworthy platforms. Take the time to research and choose the best option for your needs.
Final Note
Selling Bitcoin can be profitable if you approach it with caution and knowledge. By avoiding common problems, you can enhance your experience and maximize your returns. Also, don’t forget to:
- Always verify the security and reputation of the platform you choose.
- Compare exchange rates and fees across different platforms.
- Read reviews and seek advice from experienced traders.
- Take your time to ensure you make informed decisions.
By following these guidelines, you can easily hasten the Bitcoin selling process smoothly and confidently.
Frequently Asked Questions (FAQs)
How do I cash out my bitcoins in Nigeria?
To cash out your Bitcoins in Nigeria, use JackoCoins, which was specifically made for Nigerian traders. You can enter your local bank account details on the platform to receive your money in naira. Simply create an account, sell your Bitcoins, and withdraw your funds directly to your bank account.
Is it hard to sell Bitcoin in Nigeria?
Selling Bitcoin in Nigeria is relatively easy, especially with the right platforms. Many exchanges provide a simple process for traders to convert their Bitcoin into cash, like Jackocoins exchange.
How much is Bitcoin now?
Bitcoin (BTC) is approximately $64288.50, reflecting a 2.28% increase over the past 24 hours(CoinDesk ABP Live). The cryptocurrency market overall is experiencing some upward momentum, with Bitcoin’s price stabilizing around the $60,000 mark following recent fluctuations(ABP Live).
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