What’s better than crypto coins? Actual Cash!
Every Nigerian crypto trader, at one point or another, has asked the million-dollar question, “How do I convert my coins to Nigerian Naira?”. And here’s why:
Despite the widespread adoption of cryptocurrency regulations and procedures, very few physical changes have been implemented to accommodate the crypto manifesto. Unfortunately, one of the downsides of cryptocurrency is that it mostly operates in cyberspace, which makes it difficult for traders to easily access their coins in their respective fiat currencies. But wait, avoiding cash transactions in our day-to-day activities is practically impossible, so what do we do?
Today, we’ve curated 5 sure ways to convert your crypto coins to Naira. So whether you’ve been searching for answers or are simply interested in learning how it works, this guide has something for you.
Top 5 Methods to Convert Your Crypto Coins to Naira
As we stated earlier, cash transactions are inevitable. Therefore, if you want to sell crypto for fiat and then withdraw the money to your bank account or debit/credit card, you need to find a service that facilitates these conversions and provides a crypto-to-fiat offramp. Some of these methods include:
- Centralized exchanges
- Crypto ATMs
- Payment & remittance systems
- Swap services
- Peer-to-peer (p2p) marketplaces
Now, let’s explore these options individually.
1. Leverage Centralised Exchange (CEX):
CEX is a beginner-friendly way traders can cash their money, and it is also the most user-friendly option for fiat conversions. Popular CEXs like Coinbase offer simple “buy/sell” features. Just choose the crypto you want to sell, enter the amount, and watch it automatically convert to cash in your account balance. From there, you can easily transfer the money to your bank account without stress. While CEXs are convenient entry points, it’s important to understand that you’re entrusting your assets to a third party. Always research the reputation and security measures of a CEX before depositing your funds.
Also, note that Coinbase may be a good example, but it’s better to use the exchange where your crypto is already held.
2. Bitcoin ATMs
The process of buying Bitcoin via an ATM is relatively simple. You may manually enter your Bitcoin address or use a QR code that the machine reads off on your phone’s screen. Then you insert the money into the ATM, and the machine sends the coins to your address. Something is unlikely to go wrong here because you are left with nothing.
However, the process of cashing your bitcoin is open to unnerving failure. To receive fiat, you need to send your coins to a specified address first, and you won’t be able to cash in until your transaction has been confirmed. Thus, you may end up with neither fiat nor crypto.
3. Payment & remittance systems
While PayPal stands out as a leading payment system globally, it doesn’t include the Nigerian Naira among its supported fiat currencies for cryptocurrency conversions. This limitation prompts individuals to seek alternative platforms, such as BitPesa, a remittance service originating from Kenya.
BitPesa offers a solution by facilitating transactions in various African currencies, including the Naira, using cryptocurrencies for cross-border cash transfers between supported countries. Users can deposit Bitcoin into their BitPesa accounts, convert it into Naira, and subsequently receive the funds in their bank accounts or mobile wallets like M-Pesa.
4. Swap services
If your goal is a quick crypto swap, this is for you. Swap services often go through exchanges, especially when they are standalone platforms or part of a bigger service such as a P2P marketplace.
A few popular swap services in Nigeria are NairaEx and Yellow Card.
On NairaEx, the service supports major payment methods available to Nigerians, such as bank transfers or card-to-card payments. In addition to Naira, you can also withdraw to Perfect Money.
Yellow Card is active in Nigeria, Zambia, Kenya, and South Africa. With this service, you can sell your Bitcoin (Ethereum and USDT) for Naira and other African currencies.
Another popular swap service is Jackocoins. With Instant Swap, you can sell 4 cryptocurrencies for Naira: Bitcoin, Ethereum, USDT, and BUSDT, at the latest coin rates and in minutes.
5. Peer-to-peer (P2P) Marketplaces
A typical p2p marketplace follows a decentralized model whereby cryptocurrency buyers interact directly with sellers, with the marketplace ensuring the smooth execution of the trades by providing escrow services.
So how does it work?
Basically, the platform holds your crypto until payment is confirmed, ensuring a safe transaction between the buyer and the seller. They don’t need to open accounts in local banks to enable Naira trading and thus don’t come into the crosshairs of the Central Bank of Nigeria.
Jackocoins also provides a P2P trading service that securely connects you to a verified trader. This trading platform comes with a free crypto wallet and helps cryptocurrency buyers and sellers across the world find each other and make a trade to exchange crypto for fiat.
The Jackocoins Advantage
Before parting with your hard-earned coins, it’s vital to research and compare factors like fees, security measures, supported payment methods, and user reviews across these apps. However, one app that stands out proudly is the Jackocoins app. Since 2020, Jackocoins has been on the front lines, providing quality service including Instant Swap, P2P trades, and more. Our services also come with an advanced security cold wallet that stores your coins and crypto transactions.
And that’s just the tip of the iceberg.
Trade with over 4 top crypto coins at the highest market rates and get your payments in minutes.
Believe me, crypto trading can’t get any better. All you need to do is create your account, sign up, and start trading today!
Frequently Asked Questions (FAQ)
Can I convert my BTC to Nigerian Naira?
Yes, with Jackocoins, you can trade up to 4 top coins for Naira: Bitcoin, Ethereum, USDT, and BUSDT.
What do I do once I download the app?
Once the app is downloaded, simply create an account profile, log in after verification, and click on any service feature you want.
How long will it take to get my cash?
With the Jackocoins app, payment typically takes between 30 minutes to 1 hour. This is due to verification processes and security requirements.
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