CONVERT YOUR BTC TO NAIRA: As much as the goal is to achieve financial freedom through a digitalized and decentralized currency that is as valuable as can be (and only keeps getting more valuable), once in a while as long as you currently live anywhere in Nigeria, you will need to have fiat to cover most of your daily expenses.
In this article, as the topic suggests, we will be looking at some simple, safe, and easy ways you can easily convert your $BTC and other cryptocurrencies to Nigerian fiat.
CONVERT YOUR BTC TO NAIRA
Bitcoin makes it very easy to send financial help to anyone anywhere in the world without the need for a third party, all you need most of the time is an internet connection and the person’s wallet address. You can call it a “global financial citizen”, or a “borderless currency” if you will.
It has no restrictions no matter how hard governments want to try and control it, it is the inevitable means of financial stability every economy should try and embrace if they want to achieve true growth. With that being said, unless there are local stores or vendors in your area where cryptocurrencies are accepted as a form of payment, you first need to convert it to the local currency before making any form of payment.
We are looking at some very easy ways you can get this done.
Best Platform to convert your Btc to Naira
You can easily tell from the name “dart” that it is a platform that gets straight to the point without wasting your time. All you need to do to begin with is make sure you have your account set up in a few easy steps at DartAfrica’s website. DartAfrica does not need you to deposit or hold coins on their website, that security is entirely in your control as it should be. This is because DartAfrica does instant swap – yes, you read right, instant swap.
- You proceed to the dashboard, click on sell coins, enter the amount you want to sell (minimum is $20), and you’re instantly given a wallet address to send the bitcoin to once it is completed (after two block confirmations), you proceed back to the dashboard.
- On the dashboard, you click on trades to see the status of your initialized trade and then, when it changes from created to successful, you can proceed back to the dashboard to see your credited funds.
- Click on withdraw, enter the amount you wish to withdraw directly to your local bank account, and voila, you’re credited instantly.
All these are done at mouth-watering rates with no fuss. DartAfrica is just getting its feet off the ground and already amassing users from both Nigeria and Ghana. This is a feat no other Nigerian startup in the cryptocurrency market has ever achieved in its early stages. This is a big plus.
We would be amiss without mentioning this giant centralized cryptocurrency exchange platform founded by Changpeng Zao and Yi He. They offer a lot of ways for users to perform various trades, they also have mobile and desktop applications as well as a web-based platform to handle the number of users they have on a monthly basis. Considering how massive the company has grown over the years, this comes as no surprise. We will be looking at two major ways to exchange your BTC for NGN using Binance.
The first method is through CASHLINK. This feature lets users deposit and withdraw funds directly to and from their Binance account. Cashlink deposits will be credited to your Binance Spot wallet. Users can convert these funds to other cryptocurrencies on the Spot market. Before cashlink, users could instantly sell their coins with the BTC/NGN spot trading pair and withdraw directly to their local bank account, but following regulations from the Central Bank of Nigeria, this feature has been suspended for quite some time. Cashlink comes with a fee of NGN100 per withdrawal. To use Cashlink;
- first sell your BTC for USDT using the spot trading pair BTC/USDT for 0 fees and the USDT is deposit in your spot wallet. Or use the convert option to do it instantly.
- Next, go to the trades and open a USDT/NGN trade to sell your USDT for the NGN equivalent you need. Or use the convert option to do it instantly.
- Once this is done, NGN is deposited in your spot wallet.
- On your spot wallet, click withdraw and search for NGN, click it and proceed to cashlink.
- You’ll input the amount you wish to withdraw and a cashlink merchant will credit your bank account, charged at a fee of NGN100 as mentioned earlier.
The second and final method we will look at is Binance’s P2P service. This is probably one of the most popular services of binance used by Nigerians to buy and sell cryptocurrencies.
- Log in to your binance mobile app and make sure you have completed all levels of KYC.
- Deposit the $BTC you wish you sell and move it from your spot wallet to your funding wallet and click on P2P.
- Once there, you will be on the buy page for USDT, change it to sell and also change the USDT to BTC, you will see a list of merchant ads willing to buy a specific amount of BTC from sellers like yourself. You can use the filter tool at the top right of the navigation pane, to filter the ads to show only those buying within your range. Also note that the lower you go down the list, the price decreases.
- Once you see a buyer you want, you click on sell. Verified merchants have a gold badge beside their user name. Once the person’s ad opens, you enter the crypto amount, the payment method you want (local bank) and click Sell with 0 Fee. Below that you can also see the average time it takes for a merchant to complete their trades and the terms attached to trading with them, the least is 15mins, but merchants with that time frame most times, complete trades before that time.
- Once the trade is open, you can see again the amount you will receive, and when the merchant sees the trade, they proceed to pay you and come back to the app and mark your order as paid. After you confirm payment to your local bank, you can proceed to release the coins (now in escrow as at when you opened the trade) for the merchant and also give them feedback.
There you have it, you have two (or three) very strong options to sell your BTC for Naira, without any hassle and get credited instantly to your local bank account. Although, there are a host of other methods/applications/sites we could not look at here, but we believe these two should suffice for your needs at the moment.