Selling bitcoin in Nigeria isn’t so straightforward anymore since the central bank’s regulatory restrictions on cryptocurrency companies possessing business bank accounts, causing numerous crypto-to-naira platforms to cease operations.
Fortunately, there’s an easy way to sell your bitcoin and receive your cash directly in your Nigerian bank, thanks to Cryptofully.
In this guide, you will learn how to easily sell your bitcoin for naira using Cryptofully.
Selling Bitcoin in Nigeria Using Cryptofully
Cryptofully is a digital platform – operating on the web and mobile – that allows you to easily sell your bitcoin and receive naira in your bank account within minutes.
The service is not limited by the Nigerian central bank’s regulation because it uses a local peer-to-peer network that enables the company to send naira to any Nigerian bank account. However, you don’t need to find a peer yourself. Cryptofully matches you with a trusted peer.
The process only requires you to send bitcoin to a wallet address, and you receive the cash equivalent in your bank account near-instantly.
The onboarding system is as simple as signing up with an email, adding a BVN, and a bank account to start using the platform to transact.
Read on for a step-by-step guide on how you can sell bitcoin using the Cryptofully website and mobile app.
How to Sell your Bitcoin for Naira
If you already own bitcoin, Cryptofully makes it easy to cash out bitcoin in Nigeria using either the mobile app or the web-based platform.
Sell Bitcoin on the Cryptofully Mobile App
Step 1: Create your account with just an email
2. Create your account with an email address. Then set up a username, password, and security code to secure your account.
3. Verify your email address to ensure you didn’t make a mistake with typing your email address.
4. To start the identity verification process, click on ‘Add Bank’ and input your name, BVN, date of birth, and phone number. Right after, you can add a bank account.
Step 2: Sell your bitcoin for naira
1. Type the BTC equivalent in naira or US dollars that you want to sell. Alternatively, you could type the number of bitcoin you intend to sell. The naira equivalent will then appear.
2. A pop-up telling you to choose between Bitcoin and Dash will appear. Choose to send via Bitcoin.
3. Thereafter, you will see a Bitcoin wallet address. The page shows the amount to be delivered to your account and the BTC equivalent you need to deposit. Copy the wallet address and transfer bitcoin to the address.
4. Once you have sent the bitcoin, a peer is matched to you that sends the money. In a few minutes, your cash will appear in your naira bank account.
Sell Bitcoin on the Cryptofully Website
The web-based version of Cryptofully works seamlessly and doesn’t require you to sign up or log in.
1. Access https://www.cryptofully.com. On the landing page, you can start your transaction.
2. Enter the amount of BTC you want to sell. You can toggle between the different currencies in the “You Send” box and input your amount.
You can choose between a floating rate, which means the exchange rate would be determined by market conditions, while a fixed rate means you can lock in an exchange rate.
3. You will also see the amount to receive in your bank account based on the current exchange rate.
4. If you are comfortable with the equivalent amount, click on ‘Send Now’ to continue.
5. On the next page, you can input the account details you want to collect your cash.
6. Right after, you would see a Bitcoin wallet address. Transfer your bitcoin to that wallet address.
7. In a few minutes, you are matched to a peer who sends the money to your naira bank account.