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Cryptocurrency

How to sell bitcoin in Nigeria using P2P trading

Bitcoin trading is considered to be booming in Nigeria, it is observed to serve as a substitute to naira, the country’s national currency that is considered to have depreciated over the years. Investing in Bitcoin however seems complex, but it is very straightforward once you break it down into steps. Buying Bitcoin is getting easy by the day and the legality of trading and wallets is also growing. One of the steps is going to be discussed below. In this article, we will be considering the ways to trade Bitcoin using P2P trading.

How to sell bitcoin in Nigeria using P2P trading

While considering investing in bitcoin. There are things every bitcoin trader needs. These are cryptocurrency exchange account, personal documents, Know Your Customer (KYC) platform, a secure internet connection, and payment pattern. Accepted methods of payment include bank accounts, debit and credit cards. Information Guides Nigeria

Read Also: How to Start Cryptocurrency Trading In Nigeria

UNDERSTANDING P2P

P2P markets are important to trading bitcoin and cryptocurrencies throughout in the world. Massive growth is evident in what is often called frontier markets. P2P (Peer-to-Peer exchanges or trading involve 2 persons; the vendor and the customer). The vendor exchanges the crypto for a country currency paid by the customer on exchange that provides P2P services.

From the beginning of the first bitcoin trade, the Peer to ascertain (P2P) market has been significant to the liquidity of bitcoin and other cryptocurrencies. The P2P market is typically set off on platforms where individuals post advertisements to buy  and sell cryptocurrencies then implement the trades bilaterally, occasionally with escrow services provided by the platforms. It is of interest to note that over the years the P2P market has seen growing competition. Large centralized trades have emerged, and therefore the old physical way of exchange in the market has been abandoned. Lately, Defi-exchanges, operating on platforms like Ethereum has also grown largely coming to limelight with thousands of traders. However, the P2P market continues going strong, with Paxful and LocalBitcoins because they are the 2 largest trading platforms, and with a slew of smaller and periodically local players serving different nooks. sell bitcoin

HOW TO SELL BITCOIN USING P2P TRADING

The best way to sell Bitcoins is Binance P2P because you can choose among many buyers and there is no withdrawal limit on P2P. Remember as illustrated earlier in this article,  you need to first and foremost complete your account verification, then follow the next 3 easy steps to sell your Bitcoins. Each steps will be explained below.

Read Also: How to Trade Bitcoin in Nigeria – Buy and Sell Bitcoin for Profit

Step 1: Launch

  •  Download the Binance App
  • Open the Binance App. Click on Buy with Cash then go to P2P
  • Select the Sell tab and the BTC Then select the filter icon at the top-right part of your screen
  • Select the Bank payment mode and the (NGN) currency to sell crypto. Then, tap on Confirm.

Step 2: Start Trading

  • Select the offer that is favorable to you and click on Sell
  • Enter the amount you want to sell, select a payment mode, and click on Sell BTC.
  • Wait to get the confirmation of  payment in NGN in your Bank account. N.B you can communicate the buyer through the chat box.  10 Best Whitening Cream in Nigeria and their prices

Step 3: Confirm Payment in Naira

  • After you validate the receipt of money from the buyer, tap on Release BTC
  • Click on Confirm option to release the crypto to the buyer’s account.

TOP P2P TRADING PLATFORMS IN NIGERIA

1. Remitano

Remitano, a product of Babylon Solutions Limited, is the most often utilized  peer-to- peer exchange in Nigeria. It provides an escrowed P2P platform that links buyers and sellers so they can negotiate on a price. The company has a customer base of over 1.5M which supports the following cryptocurrencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Tether (USDT). #BBNaija: Maria was the life of BBNaija house, Sad Pere Cries out

2. Binance

Binance (originated from Binary and Finance) is the world’s top exchange platform  in terms of liquidity. It was launched in 2017 by Changpeng Zhao as a trading platform for over 500 cryptocurrencies. Binance P2P was first launched on the Mobile app in 2019 and on the Web platform in 2020. Bank  transfer, ChipperCash, PayPal, and over a hundred payment options are supported on Binance P2P. The endorsed currencies are USDT, BTC, BUSD, BNB, ETH, and DAI. The favorable aspect is that there is zero fee policy for posting offers or transacting on Binance P2P. Npower recruitment

Read Also: 10 Best Sites to Buy Bitcoin in Nigeria | Best bitcoin wallet in Nigeria

3. Paxful

This company is based in the United States of America, founded in 2015.  It supports up to 300 methods of payments and serves about 2 million users.

Paxful benefits only Bitcoin and has these fees:

  • Buying Bitcoin – 0%.
  • Selling Bitcoin – Paxful bill users that     sell  Bitcoin some  percentage for its services
  • The fees differ depending on the mode of payment the seller accepts for payment as follows:
  • Bank Transfers – 0.1%
  • Credit/Debit Cards – 1%
  • Digital Currencies –  1%
  • Online Transfers – 1%
  • Cash Deposits – 1%

The escrow percentage is deducted from your Paxful wallet at the beginning of the trade and is received upon the successful completion of the trade. But if the trade is not completed, bitcoin is released from escrow back to the bitcoin seller, and Paxful takes no fees. dollar to naira rate

4. OKEx

OKEx is a privately owned company that was launchedshed by Star Xu in 2014. It is headquartered in Malta and offers a vast array of services including Spot and Futures trading, Perpetual Swap, P2P, etc.

On its P2P platform, Nigerian users can buy BTC, ETH, and USDT for NGN via the bank Transfer payment option. As in Binance P2P, no fee is charged by the platform for using its P2P feature. You only buy at the price fixed by the seller you chose. WAEC result

5. Blockvila

This exchange was launched in 2016 as a broker exchange. In 2020, it began its mining services and by Jan. 2021, it started up its P2P exchange. Blockvila is headquartered in Port Harcourt, Nigeria and its services include P2P exchange, swapping, wallet, cashback services, etc. It allows its users to initiate payment via Bank Transfer, Paytm, and UPI and provides support for the following coins: BTC, ETH, USDT, VILA

Its rates are as follows:

  • Makers fee  0%
  • Takers fees 0.6%
  • Swapping fees   0.5%

Read Also: How To Start Bitcoin Business In Nigeria

6. Redeem

Redeem is the safest P2P exchange to sell and buy over 30 gift cards for Bitcoin at the best rate. It is a P2P platform but does not allow direct interaction between buyers and sellers to ensure maximum safety and anonymity. In the year 2018, Kyle Hill and Mike Townsend from Los Angeles California founded the Redeem trading platform. Its services include Gift cards and P2P and for payments, it accepts only the supported cryptos and gift cards. JAMB Result

The supported coins are Bitcoin, Bitcoin Cash, Litecoin, Dai, Dash, Dogecoin, EOS, Ether Classic, Ether, NEO, Sai, STEEM, Tron, Monero, and ZCash.

Its charges are as follows:

  • Deposit fees: Free (no fee is charged for making a deposit) Buy/Sell Card fees
  • Buy Card – 3% Sell Card – 4%
  • Withdrawal:

Urgent: 29 satoshi/byte~$0.64

Normal: 29 satoshi/byte~$0.64

Economy: 13 satoshi/byte~$0.29

7. LocalBitcoins

This exchange, which was launched in 2012, was the first Peer-to-Peer exchange. LocalBitcoins allows its users to post advertisements stating the exchange rate and payment methods for buying and selling Bitcoin. For your advertisement to be exhibited, you need to have up to 0.04BTC or more in your wallet. This applies to both adverts with online payment methods and local adverts (cash). The 0.04BTC is the lowest requirement, it is not a fee so it is still yours. It supports up to 30 payment methods. All the fees on LocalBitcoins platfrom are displayed on the Fees Page. JAMB form

Read Also: Forex Trading in Nigeria – Top 5 FAQs

8. Coincola

Coincola is an exchange based in Hong Kong but was intoduced into the Nigerian market in 2019. There are about 14 methods of payment, gift card exchange for Bitcoin, and the following cryptocurrencies:

Bitcoin (BTC), Ethereal(ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Tether (USDT), Ripple (XRP), Gemini dollar (GUSD), EOS (EOS). The exchange offers BTC and USDT as base currencies and supports crypto-to-crypto pairs with Ethereum, Bitcoin Cash, and Litecoin.

Check and Confirm: How much is Dollar to Naira today.

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Julius Ogedengbe

Julius is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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