How to Sell Bitcoin Quickly Using Over-the-Counter Method

Did your search for a smooth and quick way to sell your Bitcoin lead you here? Great! You can now relax as you’ll get what you bargained for and even extra.

As a Nigerian or Ghanaian-based crypto enthusiast, the Over-The-Counter (OTC) method is your best bet for selling your Bitcoin seamlessly, securely, and at the best exchange rate.

I know what you’re thinking: You know of crypto exchanges, and you’ve also heard of peer-to-peer trading, but this OTC method sounds foreign. I get it — that’s why you should stick around to discover the next best thing in the crypto world since Satoshi released that whitepaper in 2008. Let’s touch on what the OTC method is first.

What is the over-the-counter (OTC) method of selling Bitcoin?

This is how to sell your Bitcoin for cash without a centralised exchange. The OTC method is a direct exchange between the buyer and seller — unlike the P2P or crypto exchange method, where a third party or an escrow is involved.

In OTC transactions, the buyer is called a broker, and they’re beneficial and more convenient when selling large amounts of Bitcoin. Seasoned OTCs like Breet offer more privacy and security and process Bitcoin transactions faster than other Bitcoin-selling methods.

How to sell Bitcoin quickly using the Breet OTC platform.

Breet is an OTC platform that serves crypto enthusiasts in Nigeria and Ghana. In addition to offering high exchange rates in a fast and secure app, the Breet app can automatically send your Bitcoin’s value in cash to your Nigerian or Ghanaian bank account.

Let’s look at the simple steps to take you from Bitcoin to money using the Breet app.

Step one: Download the Breet app from your Google Play Store or iOS app store. You can also sign up directly on the web app.

Step two: Sign up with essential details (email, username, and password). Upon sign-up, you get your permanent Bitcoin wallet address.

Step three: Verify your identity by submitting government-issued documents (IDs and licenses).

Step four: Fill in your bank account details and select a local currency (Naira or Cedis).

Step five: Copy your BTC wallet address or get the sender to scan your QR code to receive BTC in your wallet.

Step six: After the blockchain confirmation time is up, your BTC has been successfully sold, and you can now send your money to your bank account.

Note: To ease this process, toggle on the “Automatic Settlement”p feature for automatic Naira or Cedis deposit in your bank account.

Why would you want to use the OTC method to sell Bitcoin?

1. Faster trades: This is a significant advantage of the OTC method over the others. Due to the transaction being contained between just two parties (buyer and seller), it moves faster. With other methods, your time might be wasted due to awaiting confirmation from several parties before your transaction is approved.

2. Better exchange rate: Your OTC trader is more likely to give you a better deal on your BTC than other methods. Why? This is because brokers tend to purchase more significant amounts of crypto, offering them better prices than others who process smaller transactions.

3. Privacy: While crypto is more private than traditional currencies, using the OTC method offers even more privacy. This is because your order is not placed in a public order book. So, if you’re about extra privacy, Breet will be your cup of tea.

Who should use the OTC method to sell Bitcoin?

1. High-volume traders: The use of OTC for a large amount of BTC is not limited to crypto, as it is also the preferred method for large trades in traditional investments. High-volume traders find this more favourable and tailored than other methods.

2. Institutional investors: Large institutions with crypto investments prioritise privacy and security, so it’s a no-brainer to go the OTC route when selling their crypto.

3. Businesses: One major crypto turn-off for businesses is its volatility. However, because prices are fixed with the OTC method, businesses now adopt crypto.

4. Individuals: Regular folks would also enjoy using OTC for their day-to-day BTC-to-cash transactions. They’ll also enjoy high exchange rates, faster trades, and extra privacy.

 

How to pick the right OTC platform to sell Bitcoin

1. Reputation: Before using an OTC platform, you should check out reviews from existing users. If it’s an app, you can read up on reviews on the Google Play Store or the iOS app store. Take it up a notch by seeing what users say on social media.

2. Security: This goes without saying. Your safety is paramount, so ensure that all measures are in place to keep you safe.

3. Transaction fees: Ensure that the OTC platform you’re going with has transparent fees revealed outrightly.

4. Liquidity: The whole point of an OTC platform is to enhance your crypto transactions — and speed plays a huge role. Your chosen platform must have sufficient liquidity so that you can sell off your Bitcoin quickly.

Frequently Asked Questions (FAQs) About How to Sell Bitcoin Quickly Using the OTC Method

How can I sell my BTC in Nigeria?

Due to the restrictive crypto regulations in Nigeria, the best way to sell your BTC is via over-the-counter (OTC) platforms. These platforms involve you and the broker so that you can be sure of speed, safety, and great exchange rates.

The best OTC platform you can use in Nigeria is the Breet app, as it is user-friendly, fast, and offers the juiciest exchange rate.

What is the best way to sell my Bitcoin?

The best way to sell your Bitcoin is through over-the-counter (OTC) platforms. They can process transactions faster than other methods like centralised crypto exchanges, offering better privacy and rates. One such platform is the Breet app, available to users in Nigeria and Ghana.

Can you buy Bitcoin through OTC?

Yes, you can purchase Bitcoin through OTC. OTC platforms are faster than centralised crypto exchanges, P2P trading, and other Bitcoin trading platforms.

What is an example of an OTC trade in crypto?

An example of an OTC trade in crypto is when you sell Bitcoin for cash using brokers like the Breet app. With this app, you can easily convert your Bitcoin to money (Naira or Cedis) in record time at a high exchange rate.

Where is OTC used?

OTC is an abbreviation of over-the-counter and is used in various ways in the financial market. Traditional investments like stocks, bonds, derivatives, etc., use OTC. OTC is also used in trading commodities like oil and gas.

The most widespread use of OTC is in cryptocurrency, and it allows the buying and selling of coins like BTC between two parties to enhance transaction speed, offer more privacy, reduce volatility, and provide an excellent exchange rate.