A month ago, you could easily sell Bitcoin in Nigeria using Binance P2P. As of today, that is no longer possible. Right from time, Binance has never been in the good books of the Nigerian government, leading to the permanent removal of the naira trade on the platform.
Previously, the government under the former president of Nigeria, President Mohammadu Buhari, banned crypto trading in the country to caution against money laundering. The Central Bank Of Nigeria explained that terrorists used crypto trading platforms to get funds for their evil acts because crypto transactions can’t be traced to an individual.
After President Bola Ahmed Tinubu came into power, the Central Bank of Nigeria lifted the ban on crypto transactions with the promise to monitor and regulate the transaction and use of cryptocurrency in the country. However, in the recent turn of events, Nigerians can no longer access popular crypto trading platforms, not to mention that Binance has removed access to trade naira on its platform.
Recent Developments: Why The Nigerian Government Restricted Crypto Trading Platforms
P2P crypto trading has been the major medium of transaction for Nigerians since the initial ban of cryptocurrency in the country. One major issue with P2P crypto trading is that the exchange rate can’t be regulated by the Nigerian government.
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Each trader on the P2P crypto trading market decides the exchange rate at which they wish to buy or sell their coins. While some people were reasonable with the exchange rate, some set outrageous rates which led to the rapid and continuous fall of the naira.
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The naira to dollar rate went from N800 to almost N2000 in just three months, with high volatility every hour of the day. The instability of the rate affected the country economically, with the price of goods and services doubling and tripling literally every week.
This led to the Nigerian Government forcing Binance to close down the trading of naira on its platform as well as restricted access to popular crypto trading platforms in the country like Breet, Prestmit, Luno, Paxful, etc.
Bitcoin to naira: Best app to sell Bitcoin in Nigeria
Dtunes is the best app for selling Bitcoin in Nigeria. You can easily convert Bitcoin to naira on the Dtunes app, which is available on Google Play Store and Apple App Store. Unlike Binance P2P, selling your Bitcoin on the Dtunes app is seamless and also safe and secured for transactions.
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Why Dtunes is the best app to sell Bitcoin in Nigeria
Aside from the fact that trading on Dtunes is safer than using P2P trading on any crypto exchange, below are some of the features that make Dtunes a go-to app for crypto traders in Nigeria:
- Best Rates: The Dtunes rate is updated daily and hourly as the rate of naira to dollar fluctuates. Before you sell your BTC, you can always check the updated rate of bitcoin to naira both on the Dtunes website and the app.
- Fast Transaction: With the updated rate you will get trading on the app, Dtunes also boasts of fast transaction and quick withdrawal to your Nigerian bank account. Once your transaction has been confirmed which takes a few minutes, your fund is instantly sent to your wallet where you can then proceed to withdraw directly to your Nigerian bank account.
- 24/7 Support: Understandably, the tech world sometimes has glitches for various reasons. With this in mind, DTunes offers 24/7 customer support to solve any dispute and answer traders’ questions any time of the day. You can easily reach Dtunes customer support via WhatsApp, call, live chat, or email.
- Secure Transaction: One of the major features of Dtunes app is the end to end secure transaction. Unlike the P2P platform, where you can easily lose your money or coins, Dtunes has structures in place to make sure your transaction is seamless, fast, and secure.
How to sell Bitcoin in Nigeria on the Dtunes app
Converting your bitcoin to naira on the Dtunes app is easy and seamless. To sell your bitcoin in Nigeria on the Dtunes app, follow the step-by-step instructions below.
- Download Dtunes App: To start trading, you first want to head to Google Play store or Apple Store to download the Dtunes app. Alternatively you can click this link to download the app -> Download Dtunes App or visit Dtunes website to download the app.
- Create An Account: proceed to create an account with your email and set a secure password. Creating an account on Dtunes is fast and easy.
- Log Into Your Account: Use the email account you provided and the password you set to log into your account. If, for some reason, you forgot your password, you can always reset your password on the same screen.
- Set PIN and Bank Details: Immediately you log into your account, you’ll get a series of pop-ups prompting you to set your PIN and bank details. Use the pin to authorize your transaction on the app, while the bank details should be the account you want to use to receive withdrawals from the Dtunes app.
If you mistakenly close the pop-ups, you can always set your PIN and bank details by clicking the settings icon at the bottom right corner.
Once your account has been set up, to initiate your first trade, follow the instructions below:
- Click Trade Crypto: On the home screen of the app, click on Trade Crypto. This should take you to another screen where you can either check the Dtunes leaderboard, which is a reward system for top traders or proceed to trade crypto. Click on the Trade Crypto banner.
- Select Bitcoin: On the new screen, you will see all the coins you can sell on Dtunes. Proceed to click on BTC to sell your Bitcoin.
- Input Amount of BTC: On the next screen, input the amount of bitcoin you wish to sell in dollars. Immediately you input the amount in dollars, the amount you’ll receive and the rate will be displayed.
- Proceed with the Transfer: Finalise the transaction by copying your unique wallet address for transfer or you scan the QR code to finalize the trade.
NB: You want to make sure you transfer the right amount. Not higher, not less. Transfer the actual amount you want to sell.
Once you do the transfer, the system will confirm your transaction in a few minutes and your funds will be credited to your Dtunes wallet. Once you receive your funds in your wallet, you can proceed to withdraw them into your Nigerian naira bank account with no hassle.
Benefits of trading on Dtunes
Dtunes is known to reward traders. You earn cash backs, bonuses and giveaways as you trade on Dtunes. Below is a list of how Dtunes bonus and cash back system works.
- Gift Card: For every $200 gift card you trade on Dtunes, you’ll get a bonus of N1000. If you trade a gift card worth of $5000, you will get a cash-back bonus of N25,000
- Crypto: For every $500 crypto you trade on Dtunes, you’ll get a bonus of N500. That means if you perform a crypto transaction of $10000, you’ll get a cashback bonus of N20,000
- Refer and earn: When you refer your friends and family to trade on Dtunes, you instantly get N1000 for each referral. If you refer ten people, you’ll get N10,000. You can access your referral code on the settings page of the app.
- Leaderboard Bonus: You stand a chance to win up to N50,000 monthly if you top the Dtunes leaderboard. Dtunes leaderboard is a reward system for top traders on the app. The more you trade, the more you move up the leaderboard.
Other things you can do on Dtunes app.
Bitcoin is not the only token you can sell on Dtunes. You can also sell your tether USDT, Binance Coin (BNB), and Litecoin (LTC)
Beyond just selling bitcoin and other cryptocurrency on the app, you can also perform other actions such as selling your unused gift cards to naira, using gift cards and crypto to purchase airtime, purchase data, purchase electricity, and also pay for cable subscriptions.
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Conclusion
All features and benefits of trading on Dtunes are what makes Dtunes the best app to sell Bitcoin in Nigeria and do much more. To enjoy all these features and benefits, head to the Google Play Store or Apple App Store to download the Dtunes app and start trading. Don’t forget you can earn N50,000 and more if you trade often. The more you trade, the more you can win huge cash back.
