Did you recently become a crypto investor or trader? Or maybe you’re considering becoming one and want to start with the top crypto — Bitcoin? But you wonder how to convert your Bitcoin to cash after making a profit. Well, you’ve come to the right place, feel comfortable.
Selling Bitcoin should be done carefully, especially with the bank restrictions in Nigeria that make it challenging to perform crypto transactions. This has increased the chances of falling into the hands of fraudulent individuals and websites.
This step-by-step article is designed to guide you on going from Bitcoin in your wallet to cash in your bank account in minutes. Let’s get started!
Step-by-Step Guide on How to Sell Bitcoin for Beginners
Picking the Right Exchange
The first and most essential step to selling Bitcoin safely is choosing a reputable and reliable exchange. Newbies often make the mistake of picking scam exchanges or phishing websites that defraud them of their assets. These are some features to look out for when choosing a suitable exchange:
- Robust Security Features: Two-factor authentication (2FA) safeguards your funds using a secondary authentication method. This makes it possible that even if your password is compromised, your funds are still safe.
- Intuitive User Interface and Experience: A user-friendly interface makes it extremely easy for users of all levels to sell Bitcoin and manage their accounts.
- Strong Track Record of Security: An impeccable track record of safeguarding users’ funds against security breaches and hacks is essential when picking a suitable exchange.
For a smooth Bitcoin to Naira or Cedis trade, you’ll need the Breet app, and in the next four steps, I’ll show you how to sell your Bitcoin and have cash directly deposited in your bank account.
Step One: Sign up for a Breet Account
The very next step is to sign up for an account on Breet.
- Download the app from your Android Play Store or iOS App Store. You can also sign up on the web app.
- Click the sign-up button to create an account.
- Provide your email and create a strong password.
Step Two: Verify Your Identity on Breet
After signing up and successfully logging in, you should verify your identity on Breet. This involves the KYC (Know Your Customer) process and submitting documents for identification. The verification process is essential before moving to the next step.
Step Three: Deposit Bitcoin in Breet
Next, you’ll need to deposit your Bitcoin in the Breet app. You’ll need your Bitcoin address, which was automatically generated when you signed up. This address is unique to you and is permanent.
Copy the unique Bitcoin address and send Bitcoin from your crypto wallet to the address. The transaction should be completed in minutes, and once it is confirmed on the blockchain, it is immediately accessible to you in Naira or Cedis.
Step Four: Withdraw Bitcoin to Your Bank
Once you have received Bitcoin in your Breet wallet, it instantly reflects in Naira or Cedis. As it is your first time withdrawing on the app, you must add your bank details.
Navigate to the “Menu bar” and click “Bank Details”. Add the necessary bank information and currency type.
Now that that’s done, navigate to the “Menu bar” at the top right corner and click the “Withdrawal” button to withdraw your funds. Select your added bank and confirm the transaction.
Congratulations! You have successfully sold your Bitcoin.
Frequently Asked Questions (FAQs) About How to Sell Bitcoin
Why Sell Bitcoin?
There are different reasons why people sell Bitcoin. It could be profit-making because many people buy Bitcoin for the sole reason of making a profit. When the price of Bitcoin is higher than the price they paid for it, however significant, they may decide to sell.
Another reason for selling Bitcoin can be to diversify one’s portfolio. Bitcoin, being a cryptocurrency, is a very volatile asset. Therefore, some individuals may decide to reallocate funds to other asset types.
Another reason to sell Bitcoin may be to mitigate losses. When a Bitcoin holder has experienced losses and believes the price may decline even more, he may decide to sell his Bitcoin.
Is Bitcoin Selling Illegal?
No. Selling Bitcoin is perfectly legal.
However, in Nigeria, cryptocurrency trading is restricted to a degree. This does not let individuals have direct cryptocurrency transactions with their bank account. This is precisely why over-the-counter (OTC) exchanges like Breet are needed to facilitate Bitcoin sales.
When to Sell Bitcoin for Profit?
At any time the price of Bitcoin is higher than what you paid, you are in profit. However, to maximise profits, you must study the markets and make informed decisions advised by the proper financial and market experts.
Where Can I Buy Bitcoin?
Bitcoin can be bought in various places and through different routes. You may buy through exchanges, peer-to-peer and even, in some countries, on a Bitcoin ATM.
What is Bitcoin Selling for Today?
To get accurate information about the selling price of Bitcoin at any moment in time, visit the real-time Breet’s Bitcoin rate calculator.
Selling your Bitcoin with Breet is the best way to protect yourself while maximising profit on Bitcoin sales. As a beginner in Nigeria or Ghana, you’ll find the app (mobile and web) easy to use and your transactions completed in no time.
To experience the smoothest transaction, sell your Bitcoin on the Breet app. You’ll love it!