Trading cryptocurrency for cash in Nigeria can get a little tricky, especially when you are just starting with zero prior experience. Many lose money to fraud platforms, market trends, and fund transfers here and there because they do not have the right education on crypto trading. In this post, we have covered one of the best and easiest paths to learning how to trade cryptocurrency for cash in Nigeria.
Trading cryptocurrency is simply the process of buying and selling cryptocurrency from one person/agency/exchange to another over the blockchain network. The terms “buy” and “sell” is one of the most popular words that are thrown around in different marketplaces, especially digital markets. In the forex market, holding a “buy” position means predicting based on some indicators and analysis that the market value of an asset will go above the point where the trader enters the market. While holding a “sell” position is the exact opposite of that. If the market outcome goes as predicted, the trader profits; then loses if it goes south.
Cryptocurrencies like bitcoin, Ethereum, Ripple, Litecoin, and more are also traded like physical assets and currencies like Gold, UDS, JPY, EUR, and Silver. Traders can make a profit from the fluctuations in the prices of different assets on the forex market like so. The case is not very different in the crypto world.
The general mantra is to buy the “deep” and sell when it is on the rise in the crypto market. This simply means people buy cryptocurrencies when the prices are low due to market fluctuation or the influence of spectators and sell when the prices are relatively on the high side. Hence, swift traders tend to profit off the little movements (pips) in the prices of different currencies. It is like buying land and selling it off after some time when the value has increased due to the level of environmental development around the area.
The Ban on Cryptocurrency in Nigeria
In early 2021, the Central bank of Nigeria (CBN) placed a ban on the direct transaction of cryptocurrencies via any Nigerian commercial bank. Before then, people could trade their coins at will, make deposits to buy crypto, and get swift payment for their trades. Now that crypto exchanges can no longer transact directly with customers, they devised a new means of selling and buying bitcoin and other crypto assets. They called this new means “P2P Trading.”
What is P2P Trading?
P2P simply refers to person-to-person or peer-to-peer. This new method of trading has brought a whole new face to the idea of trading crypto in Nigeria. Instead of people transacting directly with crypto exchanges, P2P trading made it possible for persons to transact directly with other traders on the exchange platform.
How it works is that people who have crypto to sell market them on the market after being satisfied by the exchange service and confirming that they have what they claim they want to sell. Different sellers come with different prices and the amount they are willing to sell (minimum and maximum). If the buyer is happy with the price, he/she can place an order to buy a certain quantity.
The seller already has the receiving local bank account registered on the exchange. The buyer sends funds, and the seller sends cryptocurrency upon receiving the payment. If the seller refuses to send crypto after receiving the payment, the buyer can lodge a dispute with the exchange. And if there is evidential proof that the buyer sent the money, the exchange withholds the right to intervene and move crypto if the seller still refuses to comply or tender an opposing argument. Binance was one of the early adopters of this method of trading in Nigeria.
These methods work, but the issue with them is the rates and fees. The exchange app would deduct a fee to aid the transaction, and the rates are not still encouraging. It also comes with very rigorous processes and verification. Let us introduce you to easy and profitable crypto trading.
Trading cryptocurrencies for instant cash in Nigeria
DartAfrica.io lets you sell cryptocurrency at an incredible rate in Nigeria at any time of the day. Not just trading at the best rates but also getting paid instantly. If you would like to check the prevailing rate to sell your bitcoin on Dartafrica now, follow the steps below:
- Go to Dartafrica.io on any browser or get the app for android or apple on your app store
- If you’re going with the website, click the “check rates” button.
- Select your coin (e.g. BTC)
- Enter the quantity/amount of the coin
- The converted value in USD, Cedes, and Naira will display immediately.
Happy trading! You can sign up to start trading at this juicy rate or contact customer support if you have questions.