General

How To Sell Dogecoin In Nigeria: A Step-By-Step Guide

Dogecoin (DOGE) is considered a cryptocurrency an imitation of Bitcoin. Touted by many crypto enthusiasts as a joke, Dogecoin was created with code from Bitcoin and other cryptocurrencies. DOGE was made to poke fun at the Bitcoin craze, but when a picture of a Shiba Inu was put on a crypto coin, it became a lot more popular.

Dogecoin is a proof-of-work (PoW) cryptocurrency that relies on miners to verify transactions because it is built on Bitcoin. Dogecoin miners are referred to as “diggers” to make light of the idea of cryptocurrency mining.

How To Sell Dogecoin In Nigeria

When selling DOGE, there are numerous things to keep in mind. Check that DOGE is listed on the platform and that your preferred fiat currency may be withdrawn to a bank account before signing up for an exchange. When comparing exchanges, look for the lowest fees for depositing, withdrawing, and trading.

Step 1: Choose Where To Sell The Dogecoin

If you’re looking to sell Dogecoin, you need to consider several variables. Aside from the network cost, depositing DOGE should be completely free on crypto exchanges. When deciding where to sell DOGE, keep in mind that there may be brokerage fees associated with the transaction.

Trading fees should fall within the range of 0% to 0.50% for each trade. When selling Dogecoin, keep in mind that there may be a cost associated with transferring the proceeds to a bank account. A flat fee may be charged by some exchanges, whilst a percentage may be charged by others.

Ideally, you’ll want to use an exchange that covers some or all of the withdrawal fees, whether that’s a flat rate or not. The best places to sell Dogecoin in Nigeria are highlighted below:

1. Prestmit

Prestmit is a reputed over-the-counter (OTC) exchange that provides the most competitive DOGE to the Nigerian naira exchange rate. Using the Prestmit wallet, you can sell your Dogecoin without the hassle of delay and fees.
Dogecoins are transferred to your wallet and automatically converted to naira at the current exchange rate.

Prestmit Advert
How To Sell Dogecoin On Prestmit In Nigeria
  • Create a Prestmit account in less than a minute
  • Get a Dogecoin address as a Prestmit user
  • Send Dogecoin to your wallet
  • Get paid immediately after three (3) successful confirmations

2. Binance

Users of the Binance app can sell their Dogecoin for the Nigerian naira, with other cryptos like USDT as trading pairs. If an investor has DOGE in their Binance wallet, they can go to the “Trade” tab on their Binance dashboard and choose the order type they want to use to sell DOGE.

How To Sell DOGE On Binance
  • Create a Binance account
  • Hold DOGE in your Binance account
  • Navigate to the “Trade” tab on the Binance dashboard
  • Sell Dogecoin via your preferred order

Step 2: Create An Account

Once a decision has been made on which crypto exchange to opt for, you can proceed to create an account with the exchange. Look for the sign-up or register button on the homepage and complete the following:

  • Enter an email address or phone number
  • Create a password
  • Verify your email address or phone number through the verification sent to it
  • Agree to terms and conditions
  • Click “sign up” or “register”

Also, you will be required to go through the Know Your Customer (KYC) process:

  • Enter your personal information
  • Upload documents (clear photo or ID, utility bill or bank statement)
  • Upload a selfie
  • Activate 2FA

Step 3: Deposit Dogecoin

This depositing your Dogecoin on your preferred crypto exchange to sell it. Here are the steps to follow to deposit Dogecoin:

  • Navigate to the balance page of the exchange
  • Click on “Dogecoin”
  • Click “Deposit”
  • Copy the address provided to you by your exchange for your DOGE deposit
  • Paste the address into your external Dogecoin wallet
  • Send the transaction
  • Wait for transaction confirmation by the exchange

Step 4: Sell Dogecoin

You can sell your Dogecoin now that it’s in your exchange account. Market orders and limit orders are two distinct ways to sell DOGE on an exchange. Dogecoin can be exchanged for fiat money or other cryptocurrency tokens and coins.

1. Market Orders

To buy DOGE at the current market price, buyers can use “market orders.” Market orders are usually filled within seconds after being placed, if not milliseconds. Due to the near-instant nature of limit orders, these trades are less hazardous than market orders.

2. Limit Orders

Investors can use limited orders to purchase DOGE at a predetermined price. The current price of DOGE is $0.23, so if you want to buy it for $0.20, you’ll have to pay $0.23 instead. At $0.20 per share, the investor would put in a limit buy order for the number of DOGE shares they want to purchase. Once the price of DOGE drops below $0.20, that order will be filled.

A limit order will never be honored if the price of a coin never rises to the level requested in the order.

The Future Of Dogecoin: Is It A Good Investment?

Because DOGE is more efficient and less expensive to use than Bitcoin, this makes Dogecoin an excellent investment. However, there are several important elements to take into account before making a final judgment on the investment merits of DOGE.

Traders that use DOGE as an inflationary asset see it as a risk. Dogecoin’s inflationary nature removes any sense of scarcity from the currency. As more Dogecoins are created, their value may diminish due to the lack of scarcity in DOGE.

Every time a block is validated, the Dogecoin network distributes 10,000 DOGE. With 10,000 DOGE being released every block, this equates to approximately 5 billion DOGE being distributed annually.

For this reason, the token’s inflationary nature should not be taken too seriously. Palmer and Markus may be implying that DOGE isn’t a good long-term investment. That being said, the community is the ultimate deciding factor when it comes to blockchain networks, as they are open source.

A new scalability and security improvement will be implemented over the next year by the DOGE community, as well. It’s hard to say whether or not these improvements will result in a reliable long-term token.

Conclusion

It is entirely up to the Nigerian investors to decide when to sell DOGE. Moreover, selling Dogecoin can be a function of different factors that arise. In most cases, people buy DOGE as a long-term investment to sell it in the future, in which case they should do their homework first.

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