Posted by Cryptocurrency works on a special kind of technology called blockchain. The form of money comes along with its various advantages. It includes making online transactions decentralized, secure, and transparent other than being readily available from across the world.
However, money has disadvantages like government regulation, gasps, and tax imposition. But wait, are you a crypto adherent in Nigeria and would like to sell crypto in Nigeria? Good to know, as here is all you need to know before partaking in such an exchange more safely and legally.
1. Select a Safer Platform
One of the most significant considerations one makes when selling crypto in Nigeria is the platform one uses. Comparatively to the traditional stock exchange, trading crypto usually takes place on platforms that include several other services and features for this service, such as exchanges, peer-to-peer markets, brokers, and wallets.
2. Compare the Offers
Another factor to sell crypto in Nigeria considered while selling crypto in Nigeria derives from the offering of different platforms or buyers. As per the current market price, the offer will also determine the amount of money you can get for your crypto. Therefore, you should compare the offers from different platforms or buyers before deciding which one to accept.
3. Follow the Rules
The third factor to consider when selling crypto in Nigeria is the regulations that you must follow as per the law. At present, cryptocurrency remains new in Nigeria, and there is no legal barring on it yet. Despite this, there are several laws and regulations governing cryptocurrencies in Nigeria, including:
- The Foreign Exchange Regulation Act (FERA)
- The Anti-Money Laundering Act (AMLA)
- The Income Tax Act (ITA)
- The Securities Exchange Commission (SEC)
4. Protect Yourself
When you sell crypto in Nigeria, another thing you should consider is how to protect yourself from any risks or threats involved in the process. Crypto trading is full of many uncertainties and difficulties, which can have a significant impact on your profits or losses. Only platforms that have robust security measures, such as encryption, two-factor authentication, cold storage, etc, should be used.
5. Enjoy Yourself
If you love making money from market fluctuations, cryptocurrency trading can be a thrilling experience for you. In addition, through following trends in crypto news, one can learn more about technology and the economies of the world, among other things. It’s also important to note that crypto trading isn’t a game, but it involves real money.
Conclusion
You must note that not every platform is reliable. Some of them have hidden fees, bad liquidity, poor customer support, or security risks. So, you should do a little research before choosing the platform and follow the points mentioned earlier to sell crypto in Nigeria.