Bitcoin continues attracting many people to crypto trading, which has become one of the best ways to make money online. This is due to realising how far you can make a fortune when trading Bitcoin. You must know the tips to sell Bitcoin online like a pro there.
Since its launch in 2009, Bitcoin is not only the oldest crypto asset but also the most expensive cryptocurrency hitherto.
There have even been some instances when Bitcoin toppled conventional assets like gold and silver – in terms of value. This alludes to the significant trajectory this asset has gathered over the years.
Bitcoin is volatile in nature, just like other crypto assets, whose prices are largely determined by market swings.
This has made the price of Bitcoin skyrocket and tank towards bullish and bearish runs, respectively.
However, irrespective of the highs and lows that Bitcoin has had, it still shows potential as a viable investment outlook.
This is evident in how crypto traders continue to buy and sell Bitcoin to make a profit – hence, the upward trend in its trading volume.
When writing this article, the price of Bitcoin is about $25,400 at a market cap of over $498 billion. The metrics give the asset a crypto market dominance of over 47% of over 20,000 cryptocurrencies.
As a sequel to how Bitcoin thrives in the crypto market, new traders continue to emerge to buy and sell this asset for huge returns. It is important to know these tips to sell Bitcoin online like a pro.
1. Research Bitcoin Market
You must stay atop news and trends that border on Bitcoin to inform you how Bitcoin is thriving in the market.
This involves factors like Bitcoin price (which is determined by demand and supply), regulatory policies, and other crypto assets’ performances.
A good knowledge of these factors would give you an idea of when and how best to sell your Bitcoin.
For instance, you may need to sell your Bitcoin when its price is rallying high – which is a positive market window.
Also, a certain regulatory policy could hamper the investment margin of Bitcoin – which can also signal you to sell your Bitcoin before its price falls.
Therefore, you must understand these Bitcoin market factors before selling your BTC.
2. Research Different Crypto Trading Platforms
The rising popularity of Bitcoin has given rise to various crypto trading platforms. They can be through exchanges, peer-to-peer (P2P) platforms, and over-the-counter (OTC).
Depending on your preference, you can trade your Bitcoin on any of these platforms.
But you must do the due diligence to study across different trading platforms by considering factors like security, user interface, payment options, and other trading tools.
Some features may be available on one platform and absent on the other. You must study these before deducing the best place to sell your Bitcoin.
In this light, Prestmit is one of the top apps to sell Bitcoin in Nigeria. This is owed to its features like multiple payment options on which you can sell your Bitcoin for fiat, crypto, or gift cards on the platform.
The platform also employs sophisticated security and sleek features that make trading safe and seamless.
3. Choose A Platform With Low Trading Fees
It should be noted that selling your Bitcoin attracts trading fees across various platforms. But these fees are variable.
This means that you must study the trading fees of these platforms to sell your BTC at a place that charges a lower trading fee.
The trading fee for selling your Bitcoin on Binance is 0.1%, while the instant Buy/Sell fee is 0.50%. But the trading fee on Coinbase is between 0.05% and 0.60%.
Therefore, you can do more to know which platform to sell your Bitcoin.
However, Prestmit offers even relatively lower trading fees that enable you to make huge profits when selling your Bitcoin on the platform.
4. Adopt Risk Management And Strategy
It would help to put your emotions in check when selling your Bitcoin online.
This is by avoiding the Fear Of Missing Out (FOMO), an impulsive trigger that could make you sell your Bitcoin when you ought not to.
Bitcoin traders must be aware that it is normal for them to miss out on some profitable opportunities. This would enable them to make the best decision when it is time to sell their BTC.
In most instances, you can use the Crypto Fear and Greed Index to measure Bitcoin’s market sentiment and decide when to sell it.
Therefore, you must grow a thick skin of risk management to avoid falling victim to FOMO.
5. Sell Your Bitcoin Fractionally
Let’s reiterate that the crypto market is largely volatile. Hence, the need to sell your BTC in fractions rather than wholly.
This is to forestall the event of missing out on future opportunities that may arise from the price of Bitcoin having a moonshot.
For instance, you can start by selling 5-10% of your holdings or sell your Bitcoin if you have gained about 30% since you bought the coin.
Meanwhile, you can save the stress of mulling over the platform to sell your Bitcoin by simply selling on Prestmit. You have all the tools to make your trade seamless on our platform.
From a user-friendly interface to multiple payment options and advanced security features, selling Bitcoin on Prestmit is easy. You need to create a Prestmit account and a Bitcoin wallet to enable you with this transaction.
Frequently Asked Questions (FAQs)
Where Can I Sell My Bitcoin Online In Nigeria?
Prestmit is recommended as the place to sell your Bitcoin in Nigeria and even Ghana. It has excellent features that can give you a better trading experience. You can download the Prestmit app on the Google Play Store or Apple Store to start selling your BTC on the platform.
Trading fees on our platforms are relatively low without hidden fees. You can sell anytime and from anywhere on this platform without a glitch.
How Quickly Can I Sell My Bitcoin?
You can sell your Bitcoin within 5 minutes on a credible OTC platform like Prestmit.
All you need to do is create a Prestmit account and have a Bitcoin wallet to start selling your BTC.
What Is The Best Way To Sell My Bitcoin?
The best way to sell your Bitcoin if you prefernnnn speed is one OTC platform. But you can also sell your BTC on P2P exchanges like Binance and Coinbase. It is important to consider the tips highlighted above to inform your selling decision.
How Much Of My Bitcoin Should I Sell?
You can sell between 20 to 50% of your Bitcoin if you are a fear-driven trader. But you can sell a lower fraction of your BTC if your resolve is high and you are willing to leverage future opportunities.
How Much Is 1BTC Valued At?
At the time of my writing, 1BTC trades at over $25,600. This is the current price, which may increase or decrease anytime. This is due to the volatile nature of cryptocurrencies.
We cannot overemphasize the role of Bitcoin in crypto trading, as its price often affects the prices of other crypto assets. That is why people continue to throng the Bitcoin market to buy and sell the asset.
But traders must know how to maximize gains from Bitcoin – hence the reason you must the tips to sell Bitcoin like a pro.
If you are contemplating how to sell your Bitcoin, you can start trading on Prestmit. Selling your BTC on our platform is simple, safe, and fast.