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
Three bellwether stocks lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.62 per cent on Friday, December 12 with the NASD Unlisted Security Index (NSI) jumping by 22.20 points to 3,600.43 points from 3,578.23 points.
In the same vein, the market capitalisation of the trading platform increased by N13.28 billion to close at N2.154 trillion from the previous day’s N2.140 trillion.
During the session, Central Securities Clearing System (CSCS) Plc went up by N2.53 to close at N39.71 per share compared with the previous day’s N37.18 per share, Geo-Fluids Plc added 35 Kobo to its price to finish at N5.00 per unit versus Thursday’s closing price of N4.65 per unit, and FrieslandCampina Wamco Nigeria Plc appreciated by 23 Kobo appreciation to sell at N60.23 per share versus N60.00 per share.
It was observed that yesterday, the price of Golden Capital Plc went down by N1.05 to N9.45 per unit from N10.50 per unit, and UBN Propertiy Plc declined by 21 Kobo to N2.01 per share from the N2.22 per share it was traded a day earlier.
There was a significant improvement in the level of activity for the day, as the volume of transactions increased by 6.2 per cent to 37.4 million units from the previous day’s 35.2 million units, the value of trades went up by 265.1 per cent to N4.9 billion from N1.4 billion, and the number of deals soared by 13.80 per cent to 33 deals from 29 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the last trading day of this week as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, the second spot was taken by Okitipupa Plc with 178.9 million units traded for N9.5 billion, and third space was occupied by a new comer in MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc also finished the session as the most active 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 valued at N420.3 million, and Impresit Bakolori Plc with 537.0 million units sold for N524.9 million.
By Dipo Olowookere
The bullish run on the Nigerian Exchange (NGX) Limited continued on Friday with a further 1.00 per cent growth buoyed by gains recorded by Guinness Nigeria, Champion Breweries, and others.
Data showed that the consumer goods space expanded by 1.53 per cent during the last trading session of the week, as the insurance counter grew by 0.51 per cent, and the industrial goods sector marginally gained 0.01 per cent.
However, the banking index depreciated by 0.54 per cent due to a pocket of profit-taking, and the energy industry shrank by 0.09 per cent, while the commodity sector closed flat.
Guinness Nigeria gained 10.00 per cent to trade at N217.80, Morison Industries rose by 9.84 per cent to N4.69, Champion Breweries jumped by 9.69 per cent to N14.15, Austin Laz grew by 9.66 per cent to N2.27, and C&I Leasing appreciated by 9.62 per cent to N5.70.
Conversely, eTranzact lost 10.00 per cent to finish at N12.60, Chellarams slumped by 9.00 per cent to N13.20, Eunisell depleted by 9.89 per cent to N75.15, Africa Prudential moderated by 9.77 per cent to N12.00, and DAAR Communications decreased by 9.18 per cent to 89 Kobo.
The busiest stock on Friday was Access Holdings with 107.6 million units sold for N2.2 billion, Consolidated Hallmark traded 59.9 million units worth N245.8 million, Zenith Bank transacted 48.2 million units valued at N3.1 billion, Transcorp Power transacted 42.8 million units for N13.1 billion, and Champion Breweries exchanged 36.4 million units valued at N510.2 million.
At the close of business, a total of 602.8 million units worth N30.7 billion exchanged hands in 20,550 deals yesterday, in contrast to the 529.7 million units valued at N12.3 billion traded in 18,159 deals on Thursday, representing a surge in the trading volume, value, and number of deals by 13.80 per cent, 149.59 per cent, and 13.17 per cent apiece.
Business Post reports that the All-Share Index (ASI) soared during the session by 1,485.89 points to 149,436.48 points from 147,950.59 points and the market capitalisation moved up by N945 billion to N95.264 trillion from N94.319 trillion.
By Adedapo Adesanya
An intervention of the Central Bank of Nigeria (CBN) in the foreign exchange (FX) market eased the pressure on the Naira on Friday.
The apex bank sold forex to banks and other authorised dealers in the official window to defend the domestic currency, helping to calm the FX demand pressure, with the Nigerian currency appreciating against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.11 per cent or N1.57 to sell at N1,454.50/$1 compared with Thursday’s closing price of N1,456.07/$1.
Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N3.95 to close at N1,946.15/£1 versus the previous day’s N1,950.11/£1 but lost 10 Kobo on the Euro to quote at N1,706.46/€1 compared with the N1,706.36/€1 it was exchanged a day earlier.
At the black market segment, the Nigerian Naira maintained stability against the Dollar during the session at N1,470/$1 and also traded flat at N1,463/$1 at the GTBank forex counter.
Despite the sigh of relief, demand pressures outweighed the robust supply from the CBN and inflow from offshore players looking to participate at the OMO bills auction.
Gross FX reserves increased for the twenty fifth consecutive week, growing by a strong $396.84 million week-on-week to $45.44 billion.
As for the cryptocurrency market, it was down on Friday as pressure remained after Federal Reserve chair Jerome Powell’s speech on Wednesday, which hinted at a possible rate cut pause in January. As a result, markets now expect only two rate cuts in 2026 instead of three.
However, Chicago Federal Reserve President Austan Goolsbee, who was against a December rate cut, said he expects more in 2026 than the current median projection.
Ethereum (ETH) slumped by 5.1 per cent to $3,090.61, Solana (SOL) declined by 4.5 per cent to $132.79, Cardano (ADA) depreciated by 3.8 per cent to $0.4103, and Dogecoin (DOGE) dropped 2.5 per cent to trade at $0.1373.
In addition, Bitcoin (BTC) lost 2.4 per cent to sell at $90,342.74, Litecoin (LTC) tumbled by 1.9 per cent to $81.86, Binance Coin (BNB) fell by 0.6 per cent to $886.93, and Ripple (XRP) slipped by 0.5 per cent to $2.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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