Bitcoin has now become a household name all over the world. However, the challenge many face, even for those who trade Bitcoin for a living, is how to locate a secure platform they can use to sell their Bitcoin asset and convert it to cash without any hassles.
In this piece, we’d be considering top platforms to sell Bitcoin for cash without stress. Before we dive in further, let’s look at some factors to consider before choosing a platform to sell Bitcoin.
Factors to Consider Before Choosing a Platform to Sell Bitcoin
Before deciding to make use of a platform to sell your Bitcoin, here are a few factors you should pay attention to to ensure having a seamless trading experience.
- KYC Requirement
Before using a platform for selling Bitcoin, do well to check their KYC requirements. For some platforms, you can transact a particular amount without KYC, while some may require full KYC to transact Bitcoin on their platform. It is important to check this so as not to be stuck on any platform.
- Supported Fiat Currency
Platforms vary in their support of fiat currencies. While some platforms support a few, others support more. It is important to be aware that the platform you intend to use supports the fiat currency you want to convert or sell your Bitcoin asset for.
- Availability
Most platforms are location-specific and may not be licensed to operate everywhere. It is important to check for this before proceeding to use a platform to sell Bitcoin for cash.
- Fees
Platforms have varying fees, and it is important to consider that before trying to sell Bitcoin for cash on such platforms, as the fees involved in the transaction may go a long way in impacting your overall Bitcoin balance.
Top 5 Platforms to Sell Bitcoin for Cash
1. Breet
Breet is a reputable crypto platform operational in Nigeria and Ghana that allows traders to sell Bitcoin for cash. It supports both Naira and Cedis, and users within these regions can enjoy a seamless experience transacting on Breet.
It has a simple user interface that makes it welcoming for both beginners and advanced traders, with zero transaction fees. They make transfers directly to users’ bank accounts when users sell Bitcoin for cash on the platform.
Pros:
- 24/7 Customer Service: Breet has 24/7 customer service support and over 250,000 verified users.
- Beginner-friendly interface: The app is easy to use, even for people new to crypto.
- Zero transaction fees: You can sell Bitcoin without paying any extra charges.
2. Paxful
Paxful is a P2P marketplace that allows users to sell Bitcoin for cash. Users also have the option of getting payment on this platform to their PayPal account and also in gift cards.
Paxful is notable for having an escrow service that allows for additional security of users’ assets, and they also have 24/7 customer service support.
Cons:
- High scam risk: As a P2P platform, sellers face a high chance of fake payment proofs or disputes from dishonest buyers.
- Slow dispute resolution: Resolving issues can take time, especially if evidence is unclear or customer support delays response.
3. Yellow Card
Yellow Card is another crypto platform that allows users to sell Bitcoin for cash with fast cash withdrawal for many fiat currencies, including the naira.
Yellow Card is notable for their instant deposits and withdrawals and a mobile app that comes with a simple UI that traders can easily navigate to sell Bitcoin for cash.
Cons:
- Less competitive rates: Selling BTC often yields lower exchange rates compared to P2P alternatives.
- Limited cash-out options: Cashing out via mobile money or bank can sometimes be delayed, especially during peak hours.
4. Busha
Busha is another crypto platform based in Nigeria, where traders can get to sell Bitcoin for cash. Users can buy, sell, receive, and send Bitcoin on the platform. It was designed for beginners, but it also caters to experienced traders.
Busha boasts of a simple UI that makes it easy for navigation, live price alerts, and two-factor authentication for additional security.
Cons:
- Transaction limits: Daily or monthly selling limits can restrict large Bitcoin sales.
- Delays in withdrawals: Users have reported occasional delays when withdrawing funds to bank accounts.
5. Bitget
Bitget is a centralized exchange where users can sell Bitcoin for cash through its p2p platform. Bitget’s P2P platform supports over 140 fiat currencies, including the naira.
Through the Bitget P2P, users can get their Bitcoin asset converted to their fiat currencies and sent directly to their bank account.
However, to convert Bitcoin to cash on Bitget, a third party is involved – the buyer, and so it is important to take security precautions as you transact on Bitget’s p2p.
Cons:
- Lower adoption in Ghana: Bitget’s P2P market isn’t as active locally, which may result in slower order matching.
- Complex interface for beginners: The platform layout and trading flow can be confusing for users new to crypto.
Conclusion
This piece contains a list of top platforms you can explore to convert Bitcoin to Naira and also talks about the factors to consider in choosing any of the platforms.
Breet has a robust security infrastructure with a simple UI that is easy to navigate, and their transaction processing time is in seconds. Other top platforms mentioned in this article equally have their area of strength, but security stands at the top of the list.
