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.
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.
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.
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.
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.