How to Sell USDT for Naira on Binance
The Nigerian naira is one of the fiat currencies to exchange USDT for on Binance.
Binance, the largest crypto exchange has made it possible to convert USDT to a wide range of currencies including the Nigerian naira (NGN).
There are several buyers on the Binance exchange to sell your USDT to via its peer-to-peer platform. The crypto exchange is no doubt one of the most secure platforms for your crypto trading.
This post is a guide on how to sell Tether (USDT) for naira on Binance. Before then, let’s see a brief about USDT.
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What is Tether (USDT)?
USDT is the largest stablecoin and the third-largest crypto today. USDT is launched in 2014 by the Tether company.
Tether (USDT) is tied to the US dollar on a 1:1 ratio. This makes its price unchanged despite the volatility in price of other cryptocurrencies. As of this writing, the price of USDT is $1 with a total market cap of $65,883,159,561.
USDT claims to have cash reserves and equivalents to back every USDT available in the market. Although this has been debated, the company has backed up its claims.
Asides USDT, the Tether company have also created tokens pegged to other fiat currencies such as GBP, Mexican Pesa, and so on.
Why Choose Binance to Sell USDT to Naira?
The exchange to use when involved in cryptocurrency is very important in crypto investment. Binance is a safe and secure platform to buy and sell cryptocurrencies.
There is a long list of cryptocurrencies to trade on Binance which has made it the largest based on volume. Users of the platform can easily buy crypto assets using a wide range of payment options. This include bank transfer, credit or debit card, and cash
Binance also accepts a wide range of currencies and makes it easy for you to buy crypto. The list of fiat currencies USD, EUR, CNY, AUD, INR, RUB, NGN, & so on.
How to Sell USDT to Naira on Binance
To sell your USDT to the Nigerian Naira on Binance, you need to open & register your Binance account.
To sell your USDT on Binance, follow the steps below:
1. Go to spot then P2P (peer-to-peer).
2. You will then see an option to sell. You will get a selection of people you can sell to on the Binance platform.
3. Select the buyer who have the range of amount you are selling on the platform. For e.g if you’re selling above #100,000 , you’ll have to select a buyer who has over #100,000 in its range.
4. Click on sell after choosing the amount.
5. Fill in the details of the amount you want to sell in USDT or in Nigerian Naira (NGN).
6. Then click sell USDT. You’ll get your funds in the bank account you’ve provided.
Where to Sell USDT in Nigeria
USDT is available on several peer to peer trading platforms in Nigeria. Prestmit is however the most secure and profitable platform for selling USDT in the country.
To sell USDT on Prestmit, you have to create an account on the platform for you to be able to log in.
Once you create an account you will be given a free USDT wallet. When you send the amount of USDT you want to change to your wallet, wait for 3 confirmations.
After the confirmation, you can now withdraw your money in Naira. For more clarity on this process, you should check out how to sell USDT for Naira on the best platform that trades at high rates.
Selling USDT on Binance, one of the world’s leading crypto exchange is as easy as ABC. If you have any reason to sell your USDT for the Nigerian Naira, you need to open an account with the platform and register to trade.