Exploring the world of Bitcoin can be a bit overwhelming when all you want to do is transact with Bitcoin easily — with no fuss and stress. So, when it comes to selling Bitcoin, selecting the best platform impacts your trading experience, security, and profit.
In this guide, I’ll help you navigate the web of Bitcoin-selling platforms with the ten important questions you must ask before you pick a suitable platform; here’s a quick look at them.
- Is it regulated and licensed?
- Are there security measures in place?
- What are the fees?
- How easy is it to navigate?
- What are the cash-out options?
- Does it offer mobile trading?
- What do people say about the platform?
- How fast are withdrawals?
- Are there educational resources?
- What coins are supported?
Let’s take a deeper look at each question, shall we?
10 Important Questions to Ask When Choosing a Bitcoin Selling Platform
1. Is it Regulated and Licensed?
Just like you’d want to check for the authenticity of a product, you also need to do thorough research on the platform you wish to use. When a Bitcoin platform is regulated and licenced, it follows government regulations and provides more security and legal protection for your assets. So, you must research the platform’s regulatory status and licensing in your country.
2. Are there Security Measures in place?
Security is vital when it comes to cryptocurrency. Because of its volatile nature, you must ensure that the platform you’re considering implements top-tier security methods such as two-factor authentication (2FA) and multi-signature wallets.
Some platforms even provide theft or hacker insurance. Understand the security features and evaluate their effectiveness.
3. What Are the Fees?
It’s important to carefully examine the fees and look for trading fees, withdrawal charges, and hidden prices to avoid getting caught off guard. In addition, look for platforms that offer discounts when trading large amounts.
4. How Easy Is It to Navigate?
Nothing beats simplicity, especially in an app that handles sensitive information like your Bitcoin. So, you must look for a Bitcoin platform with an easy-to-use user interface, especially as a newbie in the crypto space.
Look for features like live chat support or customer service options for assistance. Opt for a platform with a user-friendly interface like Breet to make your crypto journey smoother.
5. What Are the Cash-out Options?
Selling your Bitcoin and receiving funds in your local currency can be tricky, especially if you’re a Nigerian-based crypto enthusiast. Some exchanges may not perform direct Bitcoin-to-fiat transactions, so you must first convert to stablecoins like USDT.
However, this would take too much time, and you may even lose money while at it due to transaction fees and the market’s rapid volatility. This is why you must choose a platform that offers direct Bitcoin-to-fiat transactions.
6. Does It Offer Mobile Trading?
At this age and time, mobile trading is a game-changer. You should be able to access your investment in your palm, literally. See if the platform has a mobile app that allows you to trade on the go.
7. What do People Say about the Platform?
Reputation is critical, and what people say about a platform is essential. Don’t ignore any red flags. Do a proper scrutinisation, check for user reviews, visit online forums, and review commentary on social media sites to learn about the platform’s reputation. Unresolved customer complaints or security breaches should not be ignored.
8. How Fast Are Withdrawals?
Quick access to your funds is crucial, and you don’t want any needless delays regarding your money. Examine the withdrawal processing times and policies of the platform. Some platforms charge a fee for quicker withdrawals. Ensure that you access your funds without any unnecessary delays.
9. Are there Educational Resources?
Just as education is vital, education is the basis of smart investing, especially for those new to Bitcoin. Whether you’re a newbie or an old dog, look for platforms that provide diverse educational resources. Articles, Tutorials, webinars and demo accounts may be included to help you learn how Bitcoin and the cryptocurrency market works.
10. What Coins Are Supported?
Aside from Bitcoin, there’s a wide range of other coins. Check for platforms that accept a range of coins. This allows you to broaden your investment portfolio beyond Bitcoin.
Frequently Asked Questions (FAQs) About Questions to Ask When Choosing a Bitcoin Selling Platform
What Is the Best Bitcoin-selling platform for Newbies?
Well, the answer is simple: Breet! Among several Bitcoin-selling platforms, Breet stands out as a reliable and user-centric choice. With a strong emphasis on security and a seamless user interface, Breet ensures a satisfying experience for newbies and experienced traders. Breet also offers competitive exchange rates catering to Nigerian and Ghanaian users.
What Is the Best Time of the Day to Sell Bitcoin?
Cryptocurrency markets are open 24 hours a day and seven days a week. Confirm whether the platform permits trading at all times or has trading windows.
Is Bitcoin Safe for Beginners?
Bitcoin is an attractive investment option, but just as you would research thoroughly before trying anything new, you need to do thorough research before investing. Doing this research helps you make informed decisions.
Can I start investing in Bitcoin with a small amount?
You don’t have to wait until you have a large amount before investing. So, yes, you can start investing with a small amount of Bitcoin. Little drops of water, remember?
What Is the Safest Way to Sell Bitcoin?
The safest way to sell Bitcoin in Nigeria and Ghana is through an over-the-counter method using platforms like Breet. This is because you can buy and sell directly without third-party interference.
Selling your Bitcoin through reputable OTC platforms with strict security measures and verified accounts is the most secure way to sell your Bitcoin. Also, make sure to turn on 2FA and keep your wallets protected.
There you have it, guys! Crossing your t’s and dotting your i’s are important, especially when selling Bitcoin. The crypto market is volatile, and making informed decisions about where to sell your Bitcoin is vital to success.
And you don’t have to look far for the best Bitcoin-selling platform that meets all these requirements. The Breet app offers the best exchange rate in Nigeria and Ghana in a secure and simple app that lets you go from Bitcoin to cash seamlessly.
Have a good one selling some Bitcoin!