Are you wondering how to convert Bitcoin (BTC) to Nigerian currency (NGN)? It is not a complicated task anymore. Nigeria is said to be a leader in the cryptocurrency world. There are various options to go with. You can either choose an online cryptocurrency BTC to NGN Converter or a P2P platform for turning Bitcoin to Naira at the current exchange rate. Moreover, BATM is also an option for Nigerians to buy and sell bitcoins instantly. Each method has its advantages and disadvantages depending on various factors. Therefore, you should look into all possibilities before making a decision. If you're a crypto beginner in Nigeria, you must consider various factors before getting around to exchange Bitcoin. These factors may include the transaction fee, processing time, rules and regulations, type of payment method, and steps required to complete a transaction. This post will show you the best working methods to trade bitcoins with Naira in Nigeria without running across any difficulty.
Convert Bitcoin to Naira through exchanges
One of the most common ways to convert BTC to NGN is using a third-party exchange like btc-to-usd-converter.com, bitcoinscashout.com, Kraken, coin base, and Luno.com. These platforms allow you to buy and sell Bitcoin with any of your local fiat currency including Naira. However, they may differ in transaction pricing. Some platforms charge a huge sum of trading and hidden fee while others offer free-of-cost conversions. For instance, when trading at Binance, you'll have to pay 3.5% transaction charges. It also requires you to complete the KYC (Know Your Customer) process that may take several days to get verified.
The majority of exchanges have a live BTC to NGN conversion calculator to help users to know the worth of 1Bitcoin to Naira in real-time. This makes sure that you're selling Bitcoin to Naira at the best selling price. Besides, you should also be wary of various scams in the name of the 'instant exchange'. However, there are exchanges where you can convert Bitcoin to Naira and withdraw to a bank account without ID required.
Best BTC to NGN Converter Exchange
Frankly speaking, there is no such thing as 'Best Crypto Exchange' in the world of cryptocurrencies. However, you may find a platform more promising and fulfilling your needs than any other. Putting it simply, if you want to cash out Bitcoin in Nigeria without any hidden cost then btc-to-usd-converter.com is a popular choice among Nigerians. Following are the main features of this platform.
Withdrawal Options: You're able to sell Bitcoin for NGN and withdraw through a wide range of payment methods including bank transfer, PayPal, Direct cash deposit, Bank Wire Transfer, and much more.
Fees: It is a free trading platform with no transaction and hidden charges.
User Interface: The design is simple and intuitive for both newbies and seasoned traders.
Registration Process: The best thing about it is that you can start a Bitcoin trade with a simple email address. In other words, transactions can be made anonymously.
Global Acceptance: The service is available in more than 150 countries including Nigeria.
Now let's get to the process of converting Bitcoin to Nigerian Naira here.
- Go to the home page of btc-to-usd-converter.com
- Click on the exchange button
- Send Bitcoin from your wallet
- Link your bank account
- Confirm the transaction and withdraw funds in Naira
However, if you want to sell Bitcoin directly to a person around you, then a P2P platform can be a good option to get started.
How to sell Bitcoin for Cash in Nigeria via P2P
If you don't want to wait for days with exchanges and sell Bitcoin for Nigerian Naira in-person, peer-to-peer platforms allow users to find and exchange Bitcoin traders worldwide. It gives sellers the freedom to ask buyers to choose any of their desired methods to be paid. For instance, you can ask the buyer to transfer payments to your bank account once bitcoins are sold. However, the main challenge of using such platforms is to find a trustworthy buyer for your bitcoins. You have to check the feedback, reviews, and reputation of a buyer to initiate a trade. P2P selling is secure if you know what you’re doing and aware of fraudsters. A few P2P platforms put extra safety with escrow service. It keeps Bitcoin locked until you confirm that payment has been received. Local Bitcoins and Paxful are examples of P2P platforms where you can find a person based in Nigeria and withdraw BTC to NGN through a bank transfer. What if you're able to locate a Bitcoin ATM nearby you?
How to cash out Bitcoin in Nigeria with Bitcoin ATM
Bitcoin ATM is gaining popularity for its simplicity and speed. As per reports, over 26,000 Bitcoin ATMs are installed all around the world. If you're able to find the closest ATM near you, then using BATM is a quick and convenient way to sell a small amount of Bitcoin for Naira. These machines allow users to buy and sell Bitcoin with fiat currencies such as NGN, USD, EURO, JPY, etc. According to reports, more than 40% of installed ATMs can support two-directional operations (Buying and selling of Bitcoin). As Nigeria is an emerging cryptocurrency marketplace, therefore a tech company, BlockStale has installed the first operation Bitcoin ATM in Nigeria. The number may be on a rise in the coming days following the massive adoption of Blockchain technology by Nigerians. You can find Bitcoin ATM locations with services like coinatmradar.com.
Overall the process of selling Bitcoin with Bitcoin ATM is simple and involves the following steps.
- Visit a nearby ATM
- Choose your withdrawal method and currency
- Send your Bitcoin to the given address or QR code using your Bitcoin wallet.
- Collect cash in Nigerian currency
How to buy Bitcoin in Nigeria instantly and securely
Buying Bitcoin in Nigeria instantly is easy and involves a similar process to selling Bitcoin for NGN. You have to find a reliable crypto exchange that supports fiat deposits in Nigerian Naira. There are multiple ways to own bitcoins in Nigeria. You can use your credit or debit card on a platform and receive a fraction of 1 Bitcoin in your wallet. Remember that, you don't need to buy a whole 1 Bitcoin. Each bitcoin is divided into a unit of cryptocurrency known as Satoshis. Since 1 Bitcoin is equal to some 23347552.58 Nigerian Naira which is a huge amount of money. Therefore it is a good idea to acquire micro bitcoin and flow with the wind. There are certain things like liquidity, transaction fee, upper and lower limits, and processing time that should be kept in mind while buying bitcoins.
But, first thing first. Before buying Bitcoin in Nigeria, you'll have to get a crypto wallet first.
Best Bitcoin Wallet to Store Bitcoin in Nigeria
A Bitcoin wallet can be anything that contains the public and private keys of your address. You can get an online wallet or an offline wallet. Some websites render both services i.e. as an exchange and a wallet. When you create an account on an exchange you'll get a wallet. However, hot wallets are not safe as compared to cold storage (hardware and paper wallets). A bitcoin paper wallet is one of the most secure and cheap crypto wallets. All you need to do is visit a service that creates paper wallets with QR codes and generate one for free.
If you need a bitcoin wallet to securely store it, you can download one by walking through the following steps.
- Go to a generator like btc-paper-wallet.com
- Hit on the create wallet button
- Generate random keys and QR codes
- Connect the printer with your system
- Print the keys and QR codes on a piece of paper
- Keep it in a safe place
Well, you've just seen that there are a variety of options to buy and sell Bitcoin in Nigeria. Online exchanges are a more common way to get into the world of cryptocurrencies while offline trading using BATM and direct selling is another option to go with. Your requirements make an option best suited for you. If you know of any other popular method or Bitcoin exchange that accepts Naira payment that I might have forgotten to mention in the above guide, please let me know by posting a comment below.
How to convert Bitcoin to Naira at the current market rate?
The exchange rate is an important factor while trading Bitcoin because it fluctuates quite often. You will need to choose a crypto exchange such as btc-to-usd-converter.com that offers the latest market price for your bitcoins.
Can I withdraw Bitcoin to a Nigerian bank account?
You can sell bitcoin and withdraw funds through a local bank account. All you need to do is choose a platform that accepts SEPA bank transfer as a withdrawal option. Normally, it may take 2-4 working days.
How does the BTN to NGN converter work?
The above-mentioned converter uses a real-time currency converter tool that is based on a cutting-edge algorithm. It fetches data from open markets and determines the current value of 1 Bitcoin in Nigerian Naira.
What is the cost of buying and selling Bitcoin with a credit card?
Using a credit card to trade cryptocurrency Bitcoin is the fastest method ever. But, the convenience comes with a high cost. You'll incur a transaction charge on the platform as well as a service fee on the part of the card issuer. However, you can sell bitcoin with a credit card on certain instant payout services like bitcoinscashout.com for free of cost.