Imagine having a share in the second-largest cryptocurrency in the world and participating in its mind-blowing technology, but you have no means to enjoy this money in the real-world.
Being crypto-rich and cash-poor could easily become a thing if we don’t have any means to translate our Ethereum profits into fiat currencies.
Ethereum is a big deal in the crypto world and in Nigeria. However, most of Nigeria has not yet adopted it as a means of value exchange, which means converting Ethereum to cash is still a big deal in your crypto journey. Given the rocky terrain of the crypto world in Naija, you’ll find this guide extremely useful.
Methods of Converting Ethereum to Cash in Nigeria
The challenge in Nigeria is not the lack of various means to exchange ETH for NGN. Here are some of them:
- Exchanges: Cryptocurrency exchanges allow traders to convert Ethereum to cash by selling their Ethereum holdings for fiat currency. Popular exchanges in Nigeria include Binance, Luno, and Kraken.
- Peer-to-Peer Trading: Peer-to-peer trading is when buyers and sellers connect directly without an intermediary. It often requires a high level of trust for it to be successful.
- ATMs: Cryptocurrency ATMs are another option for converting Ethereum to cash. These machines allow users to withdraw cash by selling their Ethereum holdings. However, you’ve probably never heard of them or their locations in Nigeria, so this is not the most viable option.
These methods have their individual advantages and disadvantages. However, due to the harsh crypto environment in Nigeria, exchanges cannot operate at an optimal level. Scams and poor rates plague the Peer-to-Peer Trading system, so it is not suitable for seamless transactions. Crypto ATMs are not accessible and are only operational half the time, so this may not be the best route for exchanging your ETH for Naira.
Naturally, your next question would be, “How do I swap my Ethereum to Naira, then?” This is exactly why we’re here. In the next section, I’ll discuss the hidden gem of crypto trading in the Nigerian crypto scene.
The Best Method To Convert Ethereum to Cash: The Breet App
Have you ever heard of over-the-counter (OTC) trading? You know how you can quickly and effectively cure a headache with some drugs you buy in a pharmacy? The same principle applies to OTC trading, and the Breet app happens to be the most convenient and user-friendly option in Nigeria and Ghana.
What makes it so great and suitable for Nigerian (and Ghanaian) traders is that it is designed to tackle all the peculiar challenges they often face in the simplest way possible.
With a near-automatic process in a simple, clean, and secure app, any trader—beginner or experienced—can run ETH to Naira trades in the most profitable and fast way possible.
To begin this seamless Ethereum to Naira conversion, follow these easy steps:
- Download and install the Breet App from the Google Play Store or Apple App Store.
- Create an account and complete the verification process.
- Go to the “Crypto-to-Cash” dashboard and select Ethereum. You can copy your auto-generated permanent wallet address and paste it to the app you’re sending from or simply scan your QR code to extract the address.
- Send the desired amount of ETH. The Breet app will detect the incoming transaction and begin to process it. You’ll be given an estimated transaction completion time. All you need to do is wait until the transaction is confirmed on the blockchain.
- Withdraw the cash to your bank account.
Conclusion
The days of worrying before you cash in your ETH profits are over. With the Breet app, you can quickly and profitably convert your crypto to cash in very simple steps. So, go ahead and trade ETH with all the confidence in the world, knowing that you can count on the Breet app for the Naira (and Cedis) equivalent of your Ethereum.