Ethereum isn’t just any token; it is the top choice for powering smart contracts, DeFi apps, NFTs, and more. The crypto’s use cases make it a favourite among Nigerian investors and traders. So if you have amassed a stack of Ethereum and need a quick and easy way to directly convert them to Naira, you’ve come to the right place. Converting Ethereum to Naira can be tricky, but it doesn’t have to be. This article provides the top platforms that offer instant payouts, competitive rates, security, and ease of use. Whether you want to liquidate your profit or prepare for a significant investment, keep reading.
What Are the Top Five Sites to Sell Ethereum for Naira?
Here are the top five platforms where you can directly convert your Ethereum to Naira with lower fees and competitive rates:
1. Breet
Breet is an over-the-counter platform that offers quick crypto-to-cash transactions, including Ethereum to Naira. Once you sign up, you’ll discover how easy it is to use due to its beginner-friendly nature. You don’t need technical know-how to navigate the site, and it takes about five minutes to sell Ethereum and get your local bank account credited.
The first step is to decide how much you want to convert, fund your Breet wallet, and then there is an automatic transfer to your local bank account. There is also an in-built rate calculator, which allows you to track the conversion rate in real-time and convert only when the rates serve you. Plus, you can expect zero transaction fees.
2. Remitano
Remitano is a P2P site that offers crypto-to-cash transactions and has tailored its services for its Nigerian audience. The option has grown in popularity thanks to its dedication to robust security measures (i.e., escrow services), which provide customers with peace of mind.
With willing buyers, you can bargain for the best price, and the site’s interface is seamless. However, customers have to pay a 1% charge. Moreover, there has to be a willing buyer; some days might be slow as the app tries to connect you to an Ethereum buyer.
Cons:
- A high fee of 1% charged on each transaction
- Slow and unresponsive customer service
3. Binance P2P
Binance is a global cryptocurrency exchange. The platform provides several services, including trades, crypto-to-cash transactions, and serving as a wallet. While Binance doesn’t offer a direct conversion from Ethereum to Naira, customers can use the app’s P2P services. The process is quick and allows users to bargain for the best rates. However, whether Binance still offers Nigerians access to P2P services is uncertain.
Cons:
- Regulation uncertainty for Nigerian users
- Limited payment options
4. Paxful
Paxful supports several payment options and lets you connect with traders on its P2P ecosystem for quick and competitive trades. When you decide to sell Ethereum for Naira, Paxful offers escrow services, alongside other security measures. The interface is also sleek and easy to navigate. However, customers must exercise caution when dealing with the platform’s P2P ecosystem because of potential scams.
Cons:
- Regulatory and operational disruption
- Supports few cryptocurrencies: BTC, USDT, and ETH
5. CoinCola
CoinCola also offers crypto-to-cash and crypto-to-crypto services. You can sell Ethereum for Naira with the platform’s P2P ecosystem. However, some services aren’t limited to Ethereum. You can also convert other popular tokens, like XRP, BTC, and USDT. CoinCola has an easy-to-use website. You don’t have to be an experienced trader or investor to enjoy its services. The site is beginner-friendly, and there is a dedicated app for those who prefer the mobile option.
Cons:
- Presses charges on each transaction
- Reports of sudden withdrawal blocks
Why Breet Is the Preferred Option
- Instant payouts: Breet offers quick and automatic payouts once you decide to sell Ethereum for Naira. There is no need to wait for peer-to-peer matches. Funds arrive in your account in less than five minutes.
- Competitive rates: Users can expect competitive rates when dealing with Breet. You get the market price, and the rates are upfront with no hidden charges.
- Heightened Security: Breet has encryption technology, KYC, and compulsory two-factor authentication. This ensures your information is safe.
- 24/7 Customer Support: You can expect prompt assistance from Breet’s customer support. They quickly address any issues you might have, ensuring peace of mind.
How to Sell Ethereum for Naira on Breet (Step-by-Step)
Selling Ethereum for Naira on Breet is straightforward. Here is a step-by-step guide to ensure you get it right:
Step 1: Open a Breet Account
You need an account before selling your Ethereum for cash on Breet. The platform makes this process simple. You can visit Breet online or download the app on the Google Play Store or the App Store. Choose the “Nigeria” option on the pop-up page. Then, enter the required information to open an account, like email address, passwords, and more. You can also check the ETH to Naira price first.
Step 2: Verify Your Identity
Once you own an account, the next step is identity verification. This includes the KYC (Know Your Customer) procedure and submitting certain identification documents like a driver’s license.
Step 3: Fund Your Breet Wallet Address with ETH
You must fund your Breet ETH wallet address to convert your tokens to Naira. Upon registering, the platform automatically creates an ETH wallet address. Search for ETH in the list of tokens. Once you find it, copy the ETH address and transfer the desired ETH amount you wish to convert.
Step 4: Get Your Naira from Ethereum
Once your ETH is in your Breet wallet, the process takes only a couple of minutes. When you fund your account, the balance shows in Naira. Head to the menu and tap on bank details. Update your bank details. Ensure all the information is correct. Then, you can initiate a withdrawal by tapping the withdraw option. Breet will process the transaction in a matter of five minutes.
Key Takeaway
You can sell Ethereum for Naira in minutes. If you prefer to determine the rates at which you want to sell your ETH, then you might prefer P2P platforms. However, if you need a trustworthy Crypto OTC trading platform without the P2P stress, Breet is the preferred option because the platform offers competitive rates with instant payouts and no charges.
