In this article, we’ll be looking at the best crypto OTC trading platform in Nigeria, but we cannot talk about this without first explaining what crypto OTC is, how it works and why it is a preferable choice.
In the crypto industry, there are different methods used to trade crypto, and part of them are OTC trading and peer-to-peer trading. But in this article, we’ll focus on OTC trading and also the best crypto OTC trading platform in Nigeria and, as a bonus, Ghana.
Let us get started with the basics.
What is Crypto OTC Trading?
According to an article by CNBC TV 18, over-the-counter (OTC) trading refers to trading via agencies or people that carry out transactions for you, isolated from regular exchanges. Suppose you want to avoid purchasing, trading or selling crypto via mainstream, severely regulated exchanges. In that case, you can opt for OTC trading, which provides privacy, higher transaction limits and a getaway from market fluctuations.
Especially within the crypto market, over-the-counter trading is a private trading market for buying or selling cryptocurrencies. The transaction process involved with OTC trades is not regular, as there are sizable alternatives at various levels depending on the actors of the exchange and the market forces of each period. This increases privacy for both the buyers and sellers, making OTC highly intimate and individual.
Over the counter, trading is best for people who want to purchase or sell large amounts of cryptocurrencies, but that does not mean you cannot trade whatever amount you wish.
How Does Crypto OTC Trading Work?
In simple terms, over-the-counter crypto trading platforms allow stress-free buying and selling of crypto between the two parties, that is, the buyer and seller. This process is usually speedy and does not include an intermediary or a third party. Instead, funds are wired straight from a bank account to the seller.
The main contrast between the over-the-counter method and other methods of crypto trading is that it involves straight trading of fiat and crypto in large amounts between the two parties (buyer and seller).
Now that we have explained the basics extensively, you know what OTC crypto trading is and how it works. Let me tell you all about the best OTC platform to trade your crypto in Africa, specifically Nigeria, Breet.
Best Crypto OTC Trading Platform In Nigeria- Breet App
Breet is one of the leading crypto trading platforms in Africa, where its users can receive crypto, sell, convert it to cash and withdraw straight to their local bank account provided, within seconds.
This platform uses the over-the-counter method and ensures users have a stress-free trading experience from the start till the end.
Unlike the peer-to-peer trading method, Breet is only involved with the sellers and gives them the privacy they deserve to quickly liquidate their crypto.
Various features of this platform make it the best OTC trading app in Nigeria, but one of the best things is you do not need to have a vast knowledge of cryptocurrency to use it. Anybody from newbies to Whales can use the app.
You know all those confusing graph lines you usually see when you open platforms like Coinmarketcap? Well, Breet takes care of all the complicated stuff for you and makes it super easy to sell your crypto.
With its easy-to-navigate application and super fast payout, the whole transaction process from start to finish is so convenient and seamless.
Supported Cryptocurrencies on Breet
The cryptos supported on Breet are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether USDT (It comes with three USDT networks; ERC20, MATIC and TRC20)
- Dogecoin (DOGE)
- Bitcoin Cash (BCH)
Who Can Use Breet?
To be honest, anybody can use Breet. As long as you have cryptocurrencies, you are ready to liquidate to cash. But let me tell you about three categories of people Breet is best for.
1. For Businesses:
Jump into the crypto buzz and start accepting crypto payments for your business. Stand out among others, modernize your business and reach a larger market worldwide by accepting cryptocurrencies as a payment alternative for your goods and services.
There are various benefits, but check out this article on why businesses should start accepting crypto payments.
2. For Developers:
The Breet API is designed as an easy starting point for developers working on apps that allow cryptos as an alternative payment method. Breet handles the payment flow from checkout to settlement, allowing businesses to use this innovative payment method without deep technical knowledge and risks related to exchange rate fluctuations. The API is suitable for applications from basic projects to medium-level integration.
The Breet dashboard is straightforward to use once it’s been integrated, and there are no technical requirements.
3. For You:
As mentioned earlier, Breet can be used by anybody, and that includes YOU. Do you have crypto that you wish you sell for cash and have it sent directly to your local bank account with no extra charges? Breet is for you.
Everybody is welcome to use Breet, from people who just managed to get a hold of some crypto, even though they have no idea how it works, and even the big whales who wish to liquidate a large amount of crypto. Breet is for everybody.
Well, not for people who want to buy crypto; you’re in the wrong place, buddy.
How To Sell Crypto on Breet
We cannot overemphasize how the trading process is so easy on Breet, but take a look for yourself. Below is a step-by-step process for selling your crypto on Breet, but let us use Bitcoin, for example.
Let’s look at how to sell your Bitcoin on Breet.
- Log in to your account.
- On the dashboard, click BITCOIN, which opens up the Bitcoin trade page.
- Rates are displayed on the Trade Page, and there are different rates for different ranges of Bitcoin in (USD) received in your wallet.
- Generate your unique Breet wallet address if you haven’t done that previously.
- Send your wallet address to the sender. It works just like a regular bank account number.
- Once Bitcoin has been sent to the wallet address, you have to wait for a minimum of three confirmations from the blockchain.
- After three confirmations, the Naira or Cedis value is added to your balance.
- Withdraw to your local bank account, and you will receive it in less than five minutes!
While trading on Breet, you don’t really need to do anything; just send your wallet address, wait for 3 confirmations from the blockchain, and enjoy your funds!
Breet is an OTC crypto trading platform in Africa where users can sell their crypto and withdraw straight to their local bank account instantly. With its user-centric interface, the app is easy to navigate and use.
Breet is currently available in Nigeria and Ghana, so users can withdraw to their Nigerian or Ghanaian account in Naira or Cedis, respectively.
As mentioned, even people without prior knowledge of crypto can use the platform. But if you wish to learn more about crypto NFTs, Web3, DeFi and so on, make sure you register and watch out for their weekly newsletters, where they share knowledge about the crypto industry, from juicy crypto gists to crypto headlines.