Learn how to sell Litecoins(LTC) in Nigeria easily by following the step-by-step guide, with relevant crypto trading apps you should use. Get started:
- How to sell Litecoin in Nigeria
- Withdrawal methods
- Factors to consider when selling Litecoin in Nigeria
- Alternative ways to sell Litecoin in Nigeria
How to sell Litecoins in Nigeria
The most effective way to sell Litecoin in Nigeria is through a cryptocurrency exchange. If the assets are already on a crypto exchange app, kindly jump to step 4. If not, you should deposit the coins or tokens on an exchange to sell on the crypto market.
There is an assortment of factors to consider while selling Litecoin in Nigeria. Prior to registering on a crypto exchange platform, make sure that Litecoin is enlisted and recorded as part of the coins supported by the crypto trading app; and that your ideal fiat currency is supported for withdrawing to your bank account. Be sure to compare different crypto exchange apps to observe the most reduced deposit charges, withdrawal fees, and trading expenses to expand the fiat money you receive.
Here are major steps you should take before selling your Litecoin in Nigeria:
Step 1: Choose where to sell Litecoin
Choosing where to sell Litecoin in Nigeria depends on some major factors. Cryptocurrency exchange platforms offer different fees for depositing assets, but it should be free to deposit LTC apart from the Litecoin network fee. You should take note of account trading fees for selling Litecoin when choosing where to sell as well. Reasonable trading fees range from 0%-0.5% per trade.
The final factor to consider when selling Litecoin is the withdrawal fee for cashing out to your bank account. Some exchanges charge a flat rate, some charge a percentage, while others are completely free. Look for a crypto trading app that either has no withdrawal fees or charges a low flat rate.
Here are some recommended crypto trading apps you should use when selling Litecoin in Nigeria:
Breet is an OTC cryptocurrency exchange platform that allows anyone in Nigeria to sell their crypto and receive cash in return straight to their Naira bank account. Breet does not use peer-to-peer trading as an exchange option and instantly converts your crypto to the fiat equivalent of how much your Litecoin is worth, hence it is an automated crypto-to-fiat app.
Breet is incredibly fast and allows you to convert and withdraw your crypto in less than five minutes. Use Breet and enjoy zero withdrawal fees and no extra charges. Other unique features are Rewards Point for every user, high security, and 24/7 reliable customer support service.
Remitano is a P2P Litecoin marketplace where you can sell litecoin easily and safely. Remitano has a simple interface coupled with a commendable trading service. You can easily sell Litecoin in Nigeria from Remitano as it uses a safety system called an escrow. You can also trade other cryptocurrencies on Remitano.
Binance is one of the leading Litecoin trading platforms in the world, you can sell your Litecoin via peer-to-peer trading on Binance. The platform accepts users from around the world and has received favorable reviews from the crypto community.
Binance offers one of the most competitive rates around. Binance is a good option if you want to sell litecoin in Nigeria. It’s an awesome platform that is friendly for beginners.
It is safe to say that selling your Litecoin in Nigeria with a peer-to-peer exchange system can be a risk to some cryptocurrency users because most users complain that P2P exchanging can be time-consuming. Waiting for hours to get the buyer to deposit money and confirmation can be tiring. At the same time, causing either or both the buyer or seller to lose interest in between. There is also a high risk of dealing with fraudulent and untrusted cryptocurrency users. Considering these factors, Breet may be a better option for you to sell Litecoin in Nigeria.
Step 2: Create an account
Once you have chosen a cryptocurrency exchange platform to sell your Litecoin, you will need to create an account. Find the ‘sign-up’ or ‘register’ button on the homepage then do the following:
- Enter an email address or phone number
- Create a password
- Verify the email or phone number provided by entering the verification code sent to it
- Agree to terms and conditions
- Click sign up or register
Note: Some crypto trading apps may require additional materials to get your account set up.
You will then have to go through the KYC process to verify your identity.
- Enter personal information
Name, country of residence, and an ID. This step may require you to upload a scan of your chosen ID or simply enter your ID number.
- Upload documents
A clear photo or scan of your ID with no glare or obstructed view is necessary. You will also need to upload a copy of a utility bill or bank statement that matches the address and name on the ID provided.
- Upload a selfie
This involves taking a photo of yourself with a full view of your face. You must be holding a piece of paper that has your name is written on it and the current date. Some sites will provide a unique code that you need to write on a piece of paper.
Most crypto users, particularly beginners, find the KYC process difficult to complete. Also, not all interested users may have all the required materials. You have to ask yourself if the KYC process will be a challenge to you. If it will, then Breet is a better crypto trading app for you to sell Litecoin in Nigeria.
It does not require a KYC process for verification and has a simple user interface, making it easy for beginners to understand. You can set up a Breet account in less than five minutes.
- Activate 2FA
This is an optional step but it is recommended. Some crypto trading apps require it regardless. Activating 2-factor authentication adds an extra layer of security to your account.
Step 3: Deposit Litecoin
The next step is to deposit your LTC on the exchange to sell it. To do this, follow these steps:
- Navigate to the wallets or balances page of the exchange
- Locate “Litecoin”
- Click “Deposit”
- Copy the address the exchange provides for your LTC deposit
- Paste the address into your external Litecoin wallet
- Double-check the address!
- Depending on your comfort level, you can also send a small test amount first. This will cost you an extra transaction fee but will give you peace of mind.
- Send the transaction
- You will have to choose the network fee (a higher fee results in faster processing)
- Once the transaction is broadcasted, you can exit your wallet
- Wait for the deposit to be confirmed by the exchange
- This can take a few minutes up to an hour depending on the exchange and network congestion
- Once the deposit is confirmed, you can sell your Litecoin
Step 4: Sell Litecoin
Now that your Litecoin is in your exchange account, you can sell it. There are a few different ways to sell LTC through a crypto trading app: instant sell, market order, and a limit order. It is important to remember that you can sell Litecoin for fiat or other crypto coins and tokens.
Instant sell – This works best for Breet
To do an instant sell, you will have to have previously connected a bank account or withdrawal destination. Instant sales tend to have the highest fees and are made at market price, for Breet, it is 100% free. Overall, you net less than using the spot market. With instant sale options, you are paying for convenience and speed. Generally, you choose how much to sell and where to deposit. You will get a preview of the transaction so you can check the details. Once you’ve confirmed the details, you can finalize the sale.
Withdrawing Local Currency
When trying to sell Litecoin through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options could include the following:
- Bank transfer
- Credit/Debit card
When choosing an exchange and withdrawal method, make sure to consider the following:
Fees. These can accumulate over the long run, so try to withdraw as many funds as possible at one time rather than making several smaller withdrawals.
Restrictions. Check if there are limits on the sum you can withdraw. Here and there, crypto trading apps will allow you to withdraw higher funds if you give extra recognizing data like your place of residence.
Processing times. It’s vital to realize how long withdrawals take. As far as bank transfers, it takes 3-5 working days. Credit and debit cards can be more costly yet can be much faster.
Factors to consider when selling Litecoin in Nigeria
Price. How does the exchange rate compare to those offered by other platforms?
Fees. Compare any trading fees that apply and whether there’s a fee for withdrawing funds into your bank account or cryptocurrency wallet.
Trading and withdrawal limits. Is there any limit on the amount of Litecoin you can sell, or on how much fiat currency you can withdraw from your account?
Security features. Are there any security measures in place to help protect your funds and your private data, for example, 2-factor authentication or a reputation system for buyers and sellers?
Customer support. If something goes wrong with your transaction, how can you contact customer support? During what hours is support available?
Reputation and reviews. Seek out online reviews and check crypto forum posts from other users to find out whether they recommend a particular exchange or trading platform.
Alternative ways to sell Litecoin in Nigeria
P2P marketplaces – Other crypto trading apps
Peer-to-peer or P2P marketplaces are one of the most popular alternative ways to sell Litecoin. P2P exchanges require no identity verification, allow you to browse through buyers and see offers for each type of accepted payment method. They also do not require you to give up custody of your funds.
To sell your LTC on a P2P marketplace, you simply register, post what you have for sale, how much you want for it and acceptable payment methods. You will need to note any extra fees as well. Then you wait for a buyer to contact you. P2P sales are done using arbitrators and escrow and are surprisingly okay.
Is now an appropriate time to sell Litecoin?
Although no one can predict the future, the market may be attentively examined. Look at the overall trends, how Litecoin has changed in recent weeks and months, and whether any upgrades are on the way, among other things. Follow crypto news in Nigeria to have a better understanding of the cryptocurrency industry and make an informed choice.
Take-home point, it is never a good or bad time to buy or sell bitcoins. You are expected to DYOR (Do Your Own Research).