The crypto scene is booming, and more people are jumping on the Bitcoin bandwagon every day.
But here’s the thing, turning your Bitcoin into regular money like Naira can get complicated and take a bit of time.
Well, that’s where over-the-counter (OTC) trading comes in.
With OTC trading, you can instantly convert Bitcoin to Naira without having to go through the traditional exchange route.
After months of searching for a fast and seamless way to sell my Bitcoin holdings, convert it to Naira, and send it to my local Naira bank account, I was happy when I stumbled upon this trading method and the best crypto trading platform to do so.
If you are looking for a fast and convenient way to convert your Bitcoin to Naira, you are in the right place.
In this article, I will be diving in and sharing my knowledge on:
- What OTC trading is
- The benefits of over-the-counter (OTC) trading
- A walk-through of the very basic steps on how to convert your Bitcoin to Naira using this method
Whether you’re a Bitcoin newbie or have been holding it for some time, this is a must-read for anyone looking to trade their Bitcoin for Naira efficiently and with the right trading platform.
What is OTC Trading?
Do you know what’s cool about OTC crypto trading?
It’s all about removing intermediaries and doing direct deals between two parties.
That’s why it’s becoming a big hit – you get to conduct a larger volume of trades, keep things more private, score better deals, keep the market steady, and get paid out faster.
It’s a favourite among big-time investors and people who want more control over their investments.
Over-the-counter (OTC) trading is also convenient for beginners who do not have a vast knowledge of crypto trading and need the fiat equivalent of their crypto.
Benefits of OTC Trading
1. Large trades
OTC exchanges are designed to handle large trades, which are not achievable on centralized exchanges.
This is because centralized exchanges have limits on the maximum trade size, whereas OTC exchanges lack such restrictions.
This makes OTC exchanges an ideal option for institutional investors and high-net-worth individuals who are looking to trade large volumes of crypto.
2. Privacy
OTC trades are private, meaning the trade details are not published in the public order book.
This enhances the security of large trades and protects your identity, as the details of the trade are only known to the two parties involved.
3. Faster trades
OTC trades are settled faster as they bypass the order-matching process and the time required for trade confirmation.
This is because OTC trades are executed directly between the two parties, without the need for an exchange to match the trade, as it is done in P2P.
This allows for a faster and more efficient settlement process, making OTC exchanges a preferred option for time-sensitive transactions.
Steps to Convert Bitcoin to Naira Instantly with OTC Trading
1. Find a Reputable OTC Trader
The first step to converting your Bitcoin to Naira using OTC trading is to find a reputable OTC trader.
You can find a list of trusted OTC traders online or ask for recommendations from your network.
2. Open an Account
Once you have found a reputable OTC trader, you need to open an account with them.
This will typically involve providing some personal and financial information.
3. Initiate the Trade
The last step is to initiate the trade.
The OTC trader will then transfer the Naira to your bank account.
The Best OTC Crypto Trading App To Convert Bitcoin To Naira- Breet App
As mentioned earlier, the first step to converting Bitcoins to Naira is finding a reputable OTC trader.
So, I will be telling you about the best crypto trading mobile app to trade your Bitcoins and other cryptocurrencies – Breet.
Breet is a cryptocurrency exchange platform where users can seamlessly convert Bitcoin to Naira by selling it on the platform and withdrawing their funds directly to their local bank account.
The transaction process is super quick and easy, and withdrawal takes less than five minutes.
This crypto trading app is perfect for the crypto newbies who are not well-versed with crypto knowledge and are looking for a quick and profitable way to sell their Bitcoin, get the fiat equivalent, and withdraw it to their local bank account.
With Breet’s easy-to-navigate mobile app, the best rates, seamless trading experience, and fast withdrawal time, it has become a favourite in the Nigerian crypto space.
Asides from Bitcoin, Breet also supports cryptocurrencies such as Ethereum, Litecoin, Dogecoin, Tether (USDT), and Bitcoin Cash.
If you have more inquiries, you can do any of the following:
- Reach a Breet representative at support@breet.app
- Call/Whatsapp at 08090569499
- Use the LIVE CHAT button available on the app.
How to Convert Bitcoin to Naira on Breet
Converting your Bitcoin to Naira on Breet is easy and only takes a few steps.
- Register/login to your account.
- On the home page, click on BITCOIN.
- Generate a Breet Bitcoin wallet.
- Rates are displayed on the Bitcoin wallet page, and there are different rates for different ranges of Bitcoin (in USD) received in your wallet.
- Send Bitcoin to your wallet address.
- Wait for a minimum of three confirmations from the blockchain network.
- The Naira value, according to the rates, is then added to your Naira balance.
You can now go ahead to withdraw your funds to your local bank account provided.
Find out more details through this video.
Conclusion
OTC crypto trading provides a fast and convenient way for you to convert your Bitcoin to Naira.
It allows for large trades, more privacy, faster settlements, and more.
Whether you’re a seasoned crypto trader or just starting out, OTC trading is a valuable option to consider when looking to convert Bitcoin to Naira.
With the OTC crypto trading platform – Breet, you can quickly and easily sell your Bitcoin for Naira and take advantage of the many benefits that OTC trading has to offer.
Download Breet now on Android or iOS and enjoy the best rates and a fantastic trading experience.
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