Economy
5 Legit Platforms to Sell Bitcoin Online Without Getting Scammed
It’s not news that crypto, being an anonymous domain, is a honeypot for hackers and scammers.
From complex hacks and social engineering attempts to fake telegram “escrow agents” and crypto currency exchanges, selling your Bitcoin, which should have been a jolly affair, can quickly turn sour if you don’t know what you’re doing.
With Bitcoin and crypto rising exponentially each year, “How to Sell Bitcoin?”, as it pertains to different climates, has become a trending question. But really, the correct question to ask is, “How do I sell Bitcoin without getting scammed?” as it is not uncommon for newbies to fall victim to scammers while trying to sell their Bitcoin.
However, fear not. This article aims to guide you to the best platforms for selling your Bitcoin and to warn you about pitfalls to avoid like the plague.
What Makes a Platform Legit (How to Choose a Platform to Sell Bitcoin)?
Before handing you a list, first, what makes a platform legit? What are some of the tickers that let you know it’s safe to sell Bitcoin here?
Here are some features to look out for before trusting a platform with your Bitcoin:
1. Track Record/Reputation: It’s essential to ensure your chosen platform has an impeccable track record. Look out for at least a year or two of positive user reviews.
2. Security Features: Equally important is the presence of security features on the platform. A few things to check include KYCs, two-factor authentication, and properly handled (encrypted) passwords.
3. Liquidity: This means, “Does the platform have the money to exchange for your crypto?” It’s essential to gauge if a platform possesses enough liquidity to make your transaction fast and seamless. A surefire way to measure this would be to look at their order books or the number of transactions going in and out.
4. Support: Always ensure there is some sort of customer support mechanism to report to in case anything goes wrong. No customer support equals no safety net.
Top 5 Platforms to Sell Bitcoin Without Getting Scammed
1. Breet: Breet is at the top of this list. Known for instant settlement, it is probably the best platform to convert crypto to cash for newbies to sell Bitcoin online and receive local currency directly into their bank accounts.
It removes the complexity related to safely handling peer-to-peer transactions. It lets you sell your Bitcoin for Naira or Cedis and get your funds in local currency directly into your bank account in minutes.
2. Binance: Binance is next on the list. Their P2P platform lets users in many different parts of the world sell their Bitcoin to buyers on the platform. Binance is the biggest cryptocurrency exchange in the world and thus has a track record, but the downside is that it is not beginner-friendly.
3. Luno: Like Binance, Luno has been around for a long time. It offers safe Bitcoin transactions and liquidity to handle virtually any transaction. It’s secure and stable. However, because of its massive user base, support may be slow.
4. Remitano: Next is Remitano. They also offer P2P trading like Binance, which is considerably less crowded. This makes it perfect for users who want to get a feel for selling Bitcoin P2P before moving to Binance. However, a smaller pool of buyers means slower transactions and higher fees.
5. Yellow Card: Finally, Yellow Card is another platform with good security practices, such as KYCs and two-factor authentication. It lets users sell Bitcoin in its mobile app and withdraw those funds to their bank accounts.
Risk Mitigation Strategies While Selling Bitcoin
We’ve seen how to pick a good platform to sell Bitcoin, but even the best platforms can’t offer you 100% protection. You must follow some best practices to ensure your Bitcoin is safe while selling.
1.Double-Check Transaction Details: You can’t overemphasise this. It is super important to review your transaction details again before clicking the sell/send button. Ensure wallet addresses, blockchain networks, and bank accounts are accurate. Lost coins on the blockchain are not retrievable.
- Avoid Telegram/WhatsApp Buyers: It goes without saying, but it’s important to avoid selling your Bitcoin to random buyers on Telegram or WhatsApp, especially when you don’t know them personally. Always confirm receipt before sending your crypto, and if necessary, take screenshots of the entire transaction interaction. Rather, use something like Breet to sell Bitcoin online.
- Enable Two-Factor Authentication: Make sure 2FA is enabled on your account for the platform on which you want to sell your Bitcoin. This adds an extra layer of protection and ensures transactions from your account always originate from you.
Conclusion
Scams are undoubtedly prevalent in the crypto space, but in 2025, with the right information, getting scammed while trying to sell your Bitcoin should be close to impossible.
You only need to pick the right secure platform that caters to your needs. Also, follow best practices to ensure seamless transactions each time you want to sell your Bitcoin.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn