Bitcoin exchange in Nigeria is gradually becoming a goose laying golden eggs.
In this article, I discuss the best bitcoin exchange platform in Nigeria where you can sell Bitcoin for cash in Nigeria.
Even though the Nigerian Securities and Exchange Commission have warned Nigerians about the risk and somewhat supposed fraudulent nature of crypto currencies, more and more Nigerians are embracing Bitcoins and her counterparts rapidly.
The Central Bank of Nigeria who also issued out a warning to Nigerians when the crypto bandwagon came into the shores of this country is believed to be working together with the Nigeria Deposit Insurance Corporation (NDIC) to adopt cryptocurrency technology.
Reports have it that they are seeking measures to implement the Blockchain technology into governmental insurance and financial services. Bitcoin is by all standards legal in Nigeria.
After breaking the resistance level of $7,500 US, Bitcoin has become sought after by all and sundry with Nigeria leading the African cavalry.
It is important that we understand how to trade Bitcoins safely so that we do not suffer losses because the rise in the number of Bitcoin investors has also led to the rise of hackers and fraudsters.
One of the ways in which this hackers and fraudsters perpetrate their crimes is through flaws and loopholes in Bitcoin exchange platforms.
Where and whom you sell Bitcoins to is very important this is because there is an increase in the number of exchange platforms parading themselves as Bitcoin exchange and merchants websites.
One must be careful in choosing the best site to sell your precious, hard-earned Bitcoins to. A good bitcoin exchange platform should offer nice rates and instant payments.
If you are just hearing the word Bitcoin exchange for very first time, I would give a detailed summary of what bitcoin exchange means to help you understand the content of this article.
What Is a Bitcoin Exchange?
A Bitcoin exchange is actually a platform where you can buy and sell Bitcoins. It is a digital marketplace which allows traders make transactions with their Bitcoins.
Individuals who want to buy and sell Bitcoins are connected to each other via Bitcoin exchange platforms. They serve as intermediaries between Bitcoin buyers and sellers.
You can view a Bitcoin exchange as the market place for conducting transactions with Bitcoins. In a Bitcoin exchange, a “maker” is brought in contact with a “taker”.
ALSO READ: Best Bitcoin Wallet In Nigeria
How a Bitcoin Exchange Works
A Bitcoin exchange like i explained earlier on is the marketplace for Bitcoins. Before anyone can make use of the features present in a Bitcoin exchange platform, they must complete a registration form.
A user would be mandated to go through some verification processes which varies from exchange to exchange. These verification processes are so that the user can authenticate and validate his or her identity.
When authentication and validation is complete, an account is opened for the user. The new user is mandated to transfer funds into the account before they will be able to purchase Bitcoins.
Generally, transactions are monitored by a central authority set up by the Bitcoin exchange platform. When you register on their exchange platform, you buy Bitcoins from them.
This system helps save Bitcoin beginners the stress of looking for credible and trustworthy Bitcoin sellers to buy from. You purchase Bitcoins directly from the Bitcoin exchange platform.
But there is another kind of Bitcoin exchange platform called Decentralized Bitcoin Exchange.
Decentralized Bitcoin Exchange
In a decentralized Bitcoin exchange platform there is no central authority where you can buy Bitcoins directly from. The means of buying and selling Bitcoins on this kind of exchange platforms is called peer-to-peer trading.
Peer-to-peer trading is a system of trading Bitcoins adopted by decentralized exchanges where someone who wants to buy Bitcoins is connected with someone who has Bitcoins to sell.
The decentralized exchange is actually a clear depiction of a digital marketplace for the buying and selling of Bitcoins, allowing users buy and sell Bitcoins securely.
One of the many advantages of a decentralized Bitcoin exchange is that it better matches the decentralized structures of most digital currencies themselves.
What this means is that decentralized Bitcoin exchanges require less personal information unlike other Bitcoin exchange.
Also, users transfer funds directly to the accounts of the persons they are purchasing Bitcoins from. This eliminates the need to transfer funds to the Bitcoin exchange themselves thereby reducing the percentage of thefts and frauds.
Furthermore, as it involves one on one interaction between buyers and sellers, decentralized Bitcoin exchange platforms are less susceptible to manipulation in Bitcoin prices and fraudulent trade actions.
A salient disadvantage that is worthy of note when making use of decentralized Bitcoin platforms is that when you suffer from fraud there is a little or no tendency for a recourse.
Be sure of the prospects before making any deal. Follow the safe play rules peculiar to all platforms to trade safely.
Best Bitcoin Exchange Platform in Nigeria
The question of the best bitcoin exchange in Nigeria is one that has many answers which are far from the truth.
There are several platforms online which claim to be buying and selling Bitcoins but in reality are fraudsters. The platforms that are credible enough are ripping off Nigerians with the bad rates they offer.
The market Bitcoin has created in Nigeria is a very big one with loads of potentials for gaining immensely. Sadly, a handful of renowned platforms are cheating people because of their acclaimed status as bitcoin buyers in Nigeria .
Everyone ought to win when trading Bitcoin. It is quite unfortunate that many are after profit making even though it will be at the expense of the client.
This is why at Tradersplatform we encourage you to find out what the best rates are and come to us. The fact is we would beat the rate. Tradersplatform is the best site to sell Bitcoin in Nigeria at the best rates and be sure of getting paid instantly.
Do not suffer from bad deals when trading on Bitcoin exchange platforms. Come trade with Tradersplatform and enjoy top-notch trading services. Your rate is our rate.
What are you still waiting for? Are you not tired of bad rates, slow payments and unsatisfactory services from bitcoin exchange platforms? Try Tradersplatform today. Call or WhatsApp us NOW!
The number to call is +2348147389331