Cryptocurrency

4 steps for Nigerians to sell bitcoin

April 2, 2021

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4 steps for Nigerians to sell bitcoin

You most likely came across this article when you were learning ways to sell bitcoin fast and safely. Maybe you just joined cryptocurrency market. This guide will be the best choice, which focused on solving confusions for Africans especially Nigerians, who want to sell bitcoin.

What kinds of people want to sell bitcoin in Nigeria?

Perhaps you have noticed that plenty of people in Nigeria are holding bitcoin and searching for places to sell bitcoin. In fact, the inflation in Nigeria has been higher than most countries in Africa for years now, many citizens would like to hold bitcoin for keeping value. Meanwhile, they always sell gift cards worldwide and earn bitcoin. As a result, many people in Nigeria have bitcoin and want to sell bitcoin.

On the other hand, being afraid of fraud, they are cautious of choosing cryptocurrency exchange platforms.

The first step is choosing a reliable platform to sell bitcoin

Undeniable, people are trading bitcoin on various platforms. However, not all platforms are appropriate for Nigerians to trade. Choose a platform that focused on the African or Nigerian market, you would sell bitcoin to Nigerian traders for local fiat currency. Cryptocurrency platform is composed of peer-to-peer OTC market and exchange market. OTC market allows people to use their local fiat currency to buy coins, or sell coins to get fiat currency. Exchange market allows people to trade one coin for another one. For example, you can trade Bitcoin for Ethereum. In general, new users always use OTC market to sell bitcoin. So, as a Nigerian, it is necessary to choose a platform where there are many active Nigerian traders. In this way, you can sell bitcoin for Naira.

The second step is choosing an honest trader to sell bitcoin

Even though you choose an appropriate platform to sell bitcoin, you may still find lots of businessmen (called vendors) posted offers on it in order to buy bitcoin. It is confusing for newbies. To make a transaction with an honest one, you need to compare their transaction times, favorable rating, prices, etc. This information is shown on vendors’ offer introductions. According to transaction rules, traders with more transaction times and higher ratings are proved to be trustworthy.

The third step is selling bitcoin at the right time

The cryptocurrency market is trading 24/7. That means you can make transactions at any time and from any location. As the price of bitcoin fluctuates wildly, you have to try your best to sell bitcoin at the right time. Essentially, you should sell bitcoin when the price is near its peak. If you can catch a good opportunity to sell, you will obtain a higher profit.

Last but not least is property security

Bitcoin is one kind of your asset, you need to take care of it — choose a reliable and safe cryptocurrency platform to hold and sell bitcoin.

In CoinCola, you can sell gift cards and bitcoin at a higher price. And there is no extra trading fee charged when you trade with vendors.

CoinCola is a platform that enables Nigerians (even African) to trade bitcoin. It allows people around the world to buy and sell cryptocurrency here, also sell all kinds of gift cards. OTC market and exchange market are two parts of this platform that it provides for different transaction services. CoinCola has expanded the Nigerian market for several years. At present, plenty of Nigerians do business in CoinCola. They are trading coins and gift cards actively.

Conclusion in the end

As a Nigerian, if you just want to sell bitcoin, you should follow these advice.

  • Most importantly, choose a platform where there are many active Nigerian traders.
  • If you hold a gift card, choose a platform where you can sell gift cards and bitcoin. In this way, you can sell gift cards for bitcoin first. Later you can sell bitcoin for cash. Those two transactions can be made on the same platform.
  • Choose an honest trader which depends on his transaction times and favorable rating.
  • Choose the right time to sell bitcoin, try your best to sell at its near-peak price.

In addition, this article introduced how to sell bitcoin in Nigeria, it is similar to buy bitcoin and trade another coin in these steps

CoinCola supports the most popular coins here, like Bitcoin, Ethereum, Tether, and others.

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