If you have always wanted to know how to sell Litecoins in Nigeria, then follow these simple steps to find out how:
Topics:
– How to trade Litecoin in Nigeria
– Choosing Exchange Platform
– How to withdraw
– Important factors
– Alternatives
How to trade Litecoin in Nigeria
If you are in Nigeria, one of the easiest ways to trade your Litecoins is through a cryptocurrency exchange. If you already have your savings there, skip to step 4. And if not, crypto should be deposited to such an exchange to be traded.
The following steps will help you to find out how to sell your Litecoin crypto quickly:
1st Step: Choosing Litecoin Exchange Platform
Deciding where your Litecoin crypto will be traded should be based on essential factors. It would help if you looked for an exchange with minimal or no fees. Here are some of the best apps to use in Nigeria.
Breet is an over-the-counter (OTC) cryptocurrency trading platform that allows crypto consumers and companies to convert and withdraw litecoins for cash in less than five minutes with no risk. Breet does not sell litecoins in Nigeria through a peer-to-peer exchange. You can simply convert your Litecoin to cash and withdraw it to your Naira bank account using Breet.
There are no withdrawal fees, no third-party fees, and no hidden costs… In Nigeria, selling Litecoin on Breet is completely free.
Breet is not limited to just the trade of litecoins, you can as well trade Ethereum, Bitcoin Cash, Bitcoin, Dogecoins, and more using Breet.
- Remitano
Remitano is a popular P2P crypto exchange, which makes trading easier. The app is easy to use for buying and selling your crypto savings. Also, it uses, prevalent in Nigeria, a safety system – escrow.
- Binance
Binance is one of the most popular cryptocurrency exchanges every trader has heard of. It has low withdrawal fees, competitive rates, and is easy to use. As well, the app is friendly for those who are just starting their way into the crypto world.
2nd Step: Making an account
After choosing a crypto exchange platform, you need to make an account there.
After clicking to register, follow the steps:
- Type in your email or phone number
- Make up a secure password
- Verify one of the options in the 1st step
- Click that you agree with the terms of the platform
- And click to register
The next step will be going through the KYC, where you will have to verify your personality.
- Fill in information about yourself.
All the necessary info like your name, surname, country, ID should be filled in. Also, all crypto exchange platforms require uploading photos of your IDs.
- Upload ID
A scan of your documents is obligatory. As well, an upload of your bank statement may be needed.
- Upload a selfie
Not all platforms require it. But if they do, this step is a must. It will help make your account more secure and activate another layer or authentication.
3rd Step: Deposit
Here, you will have to deposit Litecoin to sell it in the future. Here is what you should do:
- Search for your balance page on the exchange platform.
- Click Litecoin
- Then “To deposit.”
- Save the address for your Litecoin deposit
- Fill your address to your LTC wallet
- Make a transaction
- Wait for it to be confirmed by the platform
After the steps are followed, you can safely sell your LTC
4th Step: Trading LTC
After LTC is in your account, you can trade it however you want. And there are a few ways to do it: instant sell, market order, or a limit order. For those, who are willing to sell their LTC, let’s take a look at the first option.
Withdrawing your funds:
If you want to withdraw your funds, check what withdrawal methods does your platform support. The most popular options usually are:
– Bank transfer
– Debit card
– Internet banking
Also, it is essential to consider these factors when you decide to withdraw your funds:
Fees. These can add up over time. It means that instead of making multiple smaller withdrawals, try to withdraw as much money as possible at once.
Restrictions. Look for limits that the platform has for your withdrawals. Most of the crypto trading apps will occasionally allow you to withdraw more money provided if you will provide additional identifying information, such as your home address.
Processing time. Each of the transactions may take up to several days or even weeks. So it’s crucial to bear in mind how long your bank transactions are. Withdrawals straight up to your credit and debit cards may be more costly, though they are the fastest ones.
Points to consider if you are selling LTC in Nigeria.
Price. What are the differences between the exchange rates offered by various platforms and the one you have chosen?
Trading and withdrawal limits. Check what limits does your platform has for withdrawal of LTC. Every forum has a fixed amount of money that you can withdraw from.
Security. Check if there are any security features in place to assist secure your payments and personal information, such as two-factor authentication or a buyer-seller reputation system.
Customer support. It’s one of the most critical steps to consider. Because in case of any emergency connected to your funds, customer support will be the first to help you with the problem.
Alternatives of how you can sell LTC in Nigeria
One of the most popular alternative ways to sell Litecoin is peer-to-peer or P2P marketplaces. You may browse through buyers and see offers for each sort of accepted payment method on P2P exchanges without verifying your identity. They also don’t need you to hand over control of your money.
Take-home point, it is never a good or bad time to buy or sell litecoins. You are expected to DYOR (Do Your Own Research). Follow crypto news in Nigeria to have a better understanding of the cryptocurrency industry and make an informed choice.
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