Cryptocurrency, in most places, including Nigeria, is not used every day at any significant scale. What this simply means is that anybody holding Bitcoin would at some time need to convert it to the local fiat currency to pay for daily expenses and bills. Due to the volatility of the crypto market, this can process can be in a way complicated with varying prices between exchanges and geographical locations.
One major advantage of Bitcoin for Nigerians is the ease of online payment. People doing online jobs including freelancers can now easily get paid in Bitcoin for their services because payment platforms like Paypal and Stripe have restricted operations in Nigeria.
The best way to get the maximum value of exchange when converting Bitcoin to Nigeria is peer-to-peer trading, in which Remitano operates. This is considered the perfect option as you have absolute control over the conversion of Bitcoin to Naira, although it can be slow.
In Nigeria, Remitano fully supports the conversion of Bitcoin to Naira and has a high trading volume in this trading pair. Also, the crypto platform has an integrated web wallet that supports the Naira. With a large pool of users outside Nigeria, Remitano operates in more than 50 countries.
One major benefit of Remitano is that it supports the Nigerian banking system, hence profit made from trading can be deposited directly into your local bank account. However, buying and selling Bitcoin on Remitano comes with ease compared to other platforms.
All you need to do is to register with your email address and pass the Know Your Customer (KYC). The KYC process works to ensure that Remitano remains a safe place to buy and sell bitcoin and other listed cryptocurrencies.
How To Buy Bitcoin With Naira On Remitano
1. Create a Remitano account. Once logged in, you will find lots of available sellers. Each seller has a display of his ratings, sale limit, and the preferred bank.
For additional information on a particular seller, click on the seller’s name. Once the seller’s trades and reputation meet your satisfaction, click on the ‘Buy’ button on the seller’s tab.
2. Enter the amount of Bitcoin you want to buy. Click on ‘Buy BTC’ to open the trade, since you will be depositing on your Remitano wallet.
3. Copy the payment details of the seller from the trade page. After this, you can access your mobile banking and pay the seller through instant transfer.
4. Click on ‘I have paid seller’ and wait for the seller’s confirmation.
Once the seller confirms, your Bitcoin would be instantly deposited into your Remitano Bitcoin wallet.
How To Sell Bitcoin On Remitano
1. Create a Remitano account. Once logged in, you will see available buyers. Each buyer has a display of his ratings, buy limit, and the preferred bank.
Additionally, click on the buyer’s name. Click on ‘Sell’ if you are satisfied with the buyer’s reputation.
2. Enter the amount of Bitcoin you want to sell and click on ‘Sell BTC’.
3. Fill in your preferred bank account details and click on ‘Continue’ to open trade.
4. Wait for the buyer to transfer money into your account. When you receive money, click on ‘I have received payment’ to send Bitcoin to the buyer.
Trading Bitcoin in Nigeria appears to no longer be as difficult as it used to be, but every Bitcoin seller needs to confirm payment before sending Bitcoin because trades cannot be reversed after completion.