Undeniably, there are many crypto exchanges out there. They all have different features and specifications that set them apart and make them unique.
But out of all these crypto trading platforms, how do you filter them and choose the best crypto trading app to sell your Bitcoin on?
Well, I am here to help you with that. There are various factors you have to consider and look out for in an exchange for it to be regarded as a good platform to sell your Bitcoin.
Selling your Bitcoin anywhere random or on a platform you came across online can cost you a lot. When I say “quite a lot”, it does not necessarily mean money, it can cost you your time, effort, and even your cash included.
Many things can go wrong, such as being defrauded and losing all your assets, selling them for low rates and getting little to no profit in return and lots more, to be honest.
That is why it is essential to filter out the platforms and select the best that there is and one that best suits your interest in selling your Bitcoin.
Let us get into the factors you should look out for and consider while choosing the best crypto trading platform to sell Bitcoin.
Factors To Consider When Choosing The Best Crypto Trading App To Sell Bitcoin In Nigeria
1. Cryptocurrency Availability:
In most, if not all, cases, you do not necessarily need to worry about this when it comes to selling Bitcoin. Because Bitcoin is the most popular cryptocurrency, all crypto exchanges have Bitcoin available to trade. I guess Bitcoin can be considered the “big boy” of all cryptocurrencies, as exchange platforms cannot seem to do without it. But when it comes to trading other cryptocurrencies, this is an important factor. You need to look for trading platforms with the crypto coin. You might be thinking, “but cryptocurrencies are meant to have lots of options available”, but I have come across numerous platforms that only have Bitcoin available. So, make sure you look out for this.
2. Mobile App Availability:
If you think about it well enough, is there a difference between a “crypto trading app” and a “crypto trading platform? Do not let us argue; let me explain. Some crypto exchanges are only available on the web. Some are available on their mobile app, while some are available on the web AND the mobile app.
Exchanges that are only available on the web make the trading process quite tedious. You have to admit there is a lot of stress involved with locating your browser, typing in the URL and waiting for the page to load. On the other hand, having a mobile app is the most convenient. A mobile app makes it super easy to trade your digital currency, as you can trade even on the go. You do not need to start typing long URLs and waiting for the page to load just for you to mistakenly close the tab.
Avoid stress and choose an exchange with a mobile app so you can sell your Bitcoin anywhere and anytime.
3. Crypto Prices and Rates:
Different trading platforms offer different rates. These rates often fluctuate, and it depends on the market. When picking a platform to trade with, you need to look at their rates and if it is appropriate for you. If you choose a platform with poor rates, it could lead to a loss for you. Rates are usually categorised based on how much crypto you want to sell. They are calculated based on the crypto type and the amount.
4. Transaction and Withdrawal Fees:
To be honest, no one likes extra charges. It feels like paying a delivery fee for an item when the retail outlet is just a stone’s throw away. But we have to admit, sometimes these charges are inevitable. Exchanges charge various fees, which is not peculiar to all. The fees vary according to the platform, and the amount is not usually the same.
Some transaction fees include deposit fees, withdrawal fees and so on.
Before selecting a platform, you should find out what fees they charge and how much. Compare them with others and pick the one that you find most suitable. You should also note that the most expensive does not necessarily mean the best service.
There is almost nothing worse than seeing “you have reached your daily limit”. These limitations can come in the form of deposit limits, withdrawal limits etc. It can mean that you cannot deposit or withdraw more than a certain amount, or you can only deposit, trade or withdraw a certain amount of times in a day. These limits are also not only daily. It could be a daily limit, weekly, monthly or even more.
It is vital for you to find out the limits they have so you can decide if you are okay with it.
6. Transaction Speed:
It is the nature of human beings to be in a hurry most times, so you also need to consider a platform’s transaction time. When I say transaction time, I am not necessarily referring to the transaction time of Bitcoin because that is not the exchange’s fault. But rather, how long does it take to get your funds after the transaction is complete?
This is very crucial because you need to keep in mind that emergencies might arise. Will the platform be helpful to you during emergencies when you need to sell your Bitcoin and get your money quickly?
Will you get your cash in seconds, minutes, hours or even days?
7. Method of Trading:
As mentioned earlier, not all crypto exchanges are the same. They differ in terms of trading methods. Some operate a peer-to-peer trading method, while some operate an over-the-counter method.
When considering this factor, you need to keep in mind how you want your trading process to go. Do you want the total privacy and quickness that comes with OTC, or do you not mind the third-party involvement and wait time to sell your Bitcoin that comes with P2P.
These two methods have their unique features which set them apart, whether positively or negatively.
The safety of your information and funds is paramount and should not be taken lightly. Before you decide to sell your Bitcoin on a particular exchange, you must ensure that they have certain security checks in place. Having two-factor authentication is also essential as it adds an extra layer of security. This might be common knowledge to some, but it is also important to mention- do your research on the trading platform to see if they have any history of hacks and scams.
9. Customer Service Availability:
This factor is the most underrated, and most people overlook it. Most people do not acknowledge the importance of customer service unless they have a problem. While doing your research, also look into the availability of customer service- what platforms can you reach out to them on, when are they available, only a certain period of the day or 24/7?
Even though you have not encountered any problems, you need to make sure they have excellent customer service support, you can reach out to them on multiple platforms, and they have a good response time.
Bearing all this in mind, it is only fitting that I plug you into the best app to sell your Bitcoin in Nigeria and Ghana, Breet.
Breet is an OTC crypto trading app in Nigeria where users can sell their crypto, convert it to fiat currency and have it withdrawn directly to their local bank account within minutes. Its customer-centric interface makes it super easy to use, and the trading process is seamless.
One of the many advantages of Breet is that you do not need to be a crypto wiz or expert to use it. All that complicated stuff is taken care of for you. All you need to do is generate your wallet address, send it to the sender (just like you send your regular bank account number), receive it in your local currency, whether Naira or Cedis and withdraw it to your bank account.
It is so simple and stress-free. To get started with Breet, download the mobile app from your Google Play Store or Apple App store.
Choose the easy Life and start selling your Bitcoin and other cryptos with ease on Breet.
Choosing the right crypto trading platform is not as easy as it seems. You might be tempted to select a random one or one you randomly heard about from someone. But it is essential that you do your research and look out for specific criteria which make the trading process easy.
With these factors mentioned above, you are able to filter out the good exchange platforms from the numerous ones in existence and ultimately choose the best.