The best part of learning Cryptocurrency investment is to know how to sell your cryptocurrency when it’s profitable, especially when you live in Nigeria, where a silent crypto ban is in enforce.
You need to have options to convert your crypto into cash and receive it into your bank account. You should also apply caution due to the some government regulation when cashing out in country with crypto ban.
But this won’t even beginning to happen until you start making money from your crypto investment and you want to take some profit.
When that time comes, you need to know what you have to do. I strongly advice that you start making such preparations now. The reason being that centralized exchanges require you to do KYC.
This process might take a while to verify and give you proper access to the platform. KYC is required before you can move your crypto earnings to your bank account.
✅ Crypto Lessons Table of Content
Before we continue, if you missed any of the lessons go back and go through it first. Here is the table of content to help you navigate through the entire course from any part of this lesson.
- ️INTRODUCTION – Learn Cryptocurrency Investment
- Lesson 1: How Cryptocurrency Investment Work
- Lesson 2: How to Setup Token Wallet Address
- Lesson 3: How to Claim Free Cryptocurrency
- Lesson 4: How to Trade Cryptocurrency
- Lesson 5: How to Pick Cryptocurrencies to Buy
- Lesson 6 How to Farm Cryptocurrency
- Lesson 7: How to Sell Your Cryptocurrency
So, this lesson and the other lessons will focus on teaching you WHAT TO DO. So much theory will be overlooked and the focus would be on practical.
✅ How Selling Your Cryptocurrency Works
To sell your Cryptocurrency you have to first identify the following:
- Which exchanges works in your country
- What’s the preferred transaction method
- What’s the mode of payment
- What’s the right currency of exchange
Once you can identify the crypto exchanges that works in your country, you go ahead and register with them. It’s best to register with multiple exchanges. You might need them at different times.
Some of these exchanges have services they maybe more better in, or provides cheaper and prompt services than their competitors. If you have these options it would help you switch exchanges when you have to.
Also, if you live in countries like Nigeria, where government is always dabbling with Cryptocurrency transactions for their selfish ambition, the method of transaction for each of the exchanges should be important to you.
A peer to peer (P2P) transaction may be ideal in such situation, protecting you from government prying eyes and sanctions.
✅ Understanding Crypto Exchanges
The first step on how to sell your Cryptocurrency for fiat currency is to signup for an exchange account. These exchanges acts like your normal banks – for your crypto assets.
They provide you with services to enable you buy, sell and exchange Cryptocurrency with fiat currency or transfer fiat currency into your regular bank account.
Here I’m going to make some recommendation for crypto investors in Nigeria:
- The best exchanges to cash out your crypto money
- The exchange that works best by my experience
- How to easily cash out your money
Let’s do this after I have explained the basic KYC requirements. You will need to register first on these exchanges before you can proceed to withdrawal. And KYC is the go-between process that must be completed.
✅ Basic KYC Requirements
KYC (Know Your Customer) is just a legal requirement compelling some crypto exchanges to collect information to help identify customers operating on their platforms.
Although, KYC helps to prevent against fraud and scams, the main reason is government monitoring. However, you need to complete KYC to use any CEX (Centralized Exchange) around the world.
Here are the basic requires to complete a KYC application:
- Personal (non-confidential) details
- Residential or location address
- Picture or/and video recording
- Personal identification document
- Utility bill with proof of address
The process of KYC is to ensure you are really who you claim to be, and you do not have a previous account or plan to have another account with the same exchange.
Contrary to what some Exchanges may tell you, it’s not for the security of your crypto assets. And this process is not always smooth or that simple. Sometimes it can take months before you get a verified KYC application.
✅ How to Cashout With Binance
The first exchange I’m recommending is Binance. It’s the biggest exchange with presence in many countries around the world, including Nigeria.
It also provides P2P services for countries with government regulations against crypto transaction.
Also, most of the tokens are built on its Smart Chain (BSC) Network. You will also find it’s coin BNB as a widely means of exchange for most tokens.
You need to have a verified Binance account to cash out your crypto profit. Follow basic KYC requirement above to verify your Binance exchange account.
If you have a verified Binance account here’s how to proceed:
- Swap the tokens you want to cash out into BNB smart chain or BUSD or USDT preferably.
- You need the correct wallet address copied from Binance for the coin you want to transfer.
- Follow Trustwallet transfer process to move coin from Trustwallet to Binance Exchange.
- Note that you will need BNB Smart chain coin to pay network transfer fees.
- After receiving the transferred coin into your Binance wallet, you can swap it for fiat currency or sell it through P2P marketplace (depending on what works in your country)
✅ How to Cashout With Remitano
Remitano is not also different Binance in the way you can cashout your tokens. However, the exchange is limited to some target markets in Africa, South America and Asia.
Just like Binance it also has P2P marketplace to help customers in challenged markets like Nigeria to cashout their crypto earnings without flaunting government ban.
From my experience, Remitano P2P service is much faster and user friendly than Binance. But you will get less money for your cashout than you would get cashing out on Binance.
If you already have a verified Remitano account here’s how to proceed:
- Swap the tokens you want to cash out into either of BNB smart chain or USDT preferably.
- Copy the correct wallet address from Remitano for the coin you want to transfer.
- Follow Trustwallet transfer process to move coin from Trustwallet to other wallets.
- You will also need BNB Smart chain coin to pay network transfer fees on transactions on Trustwallet.
- After receiving the transferred coin into your Remitano wallet, you can swap it for fiat currency or sell it through P2P marketplace (depending on what works in your country).
The examples I used for cash out are not the only exchanges you can use. You can find others options suitable for you in your country of residence. These two options worked best for countries like Nigeria where there are government restrictions on crypto transactions.