Bitcoin continues to be a highly traded digital asset, which has made it the most popular and most expensive cryptocurrency. An increase in Bitcoin trading can be owed to its potential for moonshot – corroborating the fact that crypto trading is one of the best ways to make money online. So, while you trade this asset for maximum gains, you may need to know the fastest ways to cashout Bitcoin to a Nigerian bank account.
It is common knowledge that Bitcoin, like other crypto assets, has a real-time value that underpins its trade and investment. So when you buy BTC at a low price and decide to sell it after holding for some time, especially when its price goes bullish, this will beg the question of how quickly to get cash in naira from your coin.
1. Over The Counter (OTC)
Over-the-counter (OTC) platforms are becoming popular due to their speed and ease of use. As such, Bitcoin traders can convert their coins to cash without using exchanges. There are many OTC platforms in Nigeria today, but Prestmit leads the cart due to its innovative features.
Therefore, you can sell Bitcoin for naira on Prestmit as the platform offers the best rates, fast Bitcoin-to-naira conversion, advanced security, and a user-friendly interface.
How To Sell Bitcoin For Cash On Prestmit
- Visit the official website of Prestmit or download the Prestmit app on the Google Play Store or Apple Store.
- Create a Prestmit account and log in.
- Click “Buy & Sell Cryptocurrency” and choose “Sell Cryptocurrency.”
- Choose “Sell Bitcoin.”
- Generate BTC wallet address and follow the prompts to sell your Bitcoin.
- You will receive payment immediately in your Nigerian bank account.
2. Cryptocurrency Exchange
You can sell your Bitcoin for cash on popular crypto exchanges like Binance, KuCoin, Kraken, and Coinbase. This is a centralized way to cashout Bitcoin to the Nigerian bank account as it offers convenience but at higher fees and longer processes.
The step to converting BTC to cash here is to choose your preferred exchange and the amount of Bitcoin that you want to sell. You can then withdraw the cash to your bank after the conversion to fiat.
Therefore, it is essential to research and select an exchange that meets your requirements regarding features like fees and security.
3. Peer-to-Peer Exchanges
Peer-to-peer (P2P) exchanges involve a direct approach in which crypto buyers and sellers meet on a platform. This marketplace enables you to set your prices and negotiate transactions. You can sell your Bitcoin on P2P platforms on which you request the buyer to pay directly into your Nigerian bank account.
While P2P platforms uphold privacy and flexibility during trades, it is important to ensure the credibility and reliability of the individuals with whom you are having transactions. But, some platforms offer escrow services to ensure the safety of transactions.
4. Bitcoin ATM
Bitcoin ATMs enable you to sell BTC and receive cash in return. This does not dispense some money like your regular ATM connected to your bank account. Instead, it works with the internet to initiate Bitcoin transactions.
This ATM works by scanning your wallet QR code to sell Bitcoin for cash. Bitcoin ATMs are not widely available in Nigeria, as there are two (2) ATMs in Lagos. It also charges higher fees, so consider associated costs and other factors before selling your BTC.
5. Crypto Brokerage
You can use a broker to sell your Bitcoin for cash. This a middleman between you and the crypto market, such that you can cashout quickly on the platform. Brokers like HF Markets and AvaTrade allow you to cashout on your coin in Nigeria. The fund will be available in your account upon the completion of the trade, which you can also use to trade again.
Frequently Asked Questions (FAQs)
What Is The Fastest Way To Cashout Bitcoin In Nigeria?
OTC platforms like Prestmit are the fastest and best way to cashout Bitcoin to your Nigerian bank account. It is safe, fast, simple, and cheap to use this platform for your Bitcoin transactions.
How Long Does It Take To Sell Bitcoin For Cash?
The time taken to sell Bitcoin for cash depends on your platform. While selling BTC on P2P exchanges can take hours, you can sell your Bitcoin quickly on Prestmit – which takes about five (5) minutes to trade on the platform.
How Much Is Bitcoin Selling In Nigeria?
The price of Bitcoin is not fixed as the coin is largely volatile due to factors like demand for Bitcoin and the crypto market. But you can know the current price of BTC using the Prestmit Bitcoin rate calculator.
How Much Bitcoin Can I Sell At A Time?
There is a maximum selling limit to every cashout method. Nonetheless, Prestmit offers the best Bitcoin rate, irrespective of how much BTC you sell.
The process of selling Bitcoin for cash can be simple and easy when you use Prestmit, which is an OTC platform that offers the best rates and fastest cashout you can imagine. Prestmit is for you if you want to trade on a platform that provides you with all innovative features that make your transactions seamless.