Nigerians transact business daily in naira and dollars on a high scale therefore are always looking for the Best Platform to Convert USDT to Naira. When dollars come in, it is necessary to convert it to naira. You can get dollars as a Nigerian if you are into import and exports, a vendor or freelancer for foreign clients, a crypto trader, or you save in dollars.
There are various forms of dollars, from cash to digital USD in bank accounts, credit or debit cards, and USDT for crypto traders. Today, we focus on the USDT, which is pegged to the US dollar.
If you are new to or conversant with digital currencies, you will know that USDT is among the most relevant. Therefore, we will look at what they are and the best platform to convert them to Naira.
What Is USDT?
In 2014, a blockchain-based company known as Tether Limited created a series of digital currencies equal in value to their fiat counterparts. Among these was the USDT, which was made to be equal to the American dollar or USD.
It is a stablecoin and the biggest stablecoin in the world. It is not volatile, making it a safe way to store your digital assets.
USDT is a cryptocurrency, which means you can only get it with crypto wallets and exchanges. Numerous platforms allow you to buy UDST, which we will discuss below, but let us first discuss the exchange rate.
USDT to NGN: Exchange Rate
According to Coinmarketcap, as of today, 1 USDT sells for 1555.02 naira. The supply and demand market forces determine the exchange rate, making it unstable.
The value of USDT comes from the US dollar; therefore, the naira value of the USDT also comes from the US dollar. The price of USDT on different platforms slightly differs based on liquidity, transaction fees, and differences in the trading volume but is generally uniform.
Inflation rates, policies of the Central Bank of Nigeria, forex reserves and supply constraints, and parallel market (black market) dynamics also determine the USDT price in naira.
Top Nine Best Platforms to Convert: USDT to Naira
Numerous crypto platforms offer USDT for sale or conversion to naira. The ones listed here stand out; this section will highlight why they do.
Whenever you need to buy USDT, these are the best places to buy them:
1. Koyn
The Koyn app is a mobile application typically associated with cryptocurrency and digital assets. Koyn is a wallet and payment solution that allows users to convert their digital assets to Naira automatically, . The app is the best app for trading USDT in Nigeria and it comes with its own rate converter consistent with the official rates.
. Koyn facilitates the immediate conversion of USDT to Naira while transferring the balance to your Nigerian Bank account.
2. CoinCola
CoinCola is a fast-growing crypto platform based in Hong Kong that works very well in Nigeria. Its app is easy to use and comes with effective customer care. You can trade your USDT for naira either directly or through its P2P market at an affordable rate. Install CoinCola from Google Play or the App Store.
3. Velox
Velox is the one of the apps used in trading USDT in Nigeria . This platform is quite unknown, but the reviews it gets are good enough. Its site is user-friendly, and they have swift customer care. One good thing about trading with Velox is that you can recover your money back in case of a bad transaction. Velox has no app yet.
4. Bybit
Bybit is another top crypto trading platform in Nigeria. It is known for its strong security systems and multiple trading options, such as spot trading, futures trading, and margin trading. Unlike other platforms, Bybit is a bit complex to use. You cannot convert USDT to Naira directly but through its p2p feature. Check Bybit out on Google Play and the App Store.
5. Prestmit
Prestmit is a crypto platform for trading digital assets in Nigeria and Ghana. You can use its app or its website to sell your USDT to Naira. The procedures are simple to follow, and your money enters your bank account in an instant. Prestmit is available on the Google Play store, the App Store, and the AppGallery for Huawei devices.
6. Quidax
Quidax is a Nigerian-owned crypto exchange that first emerged in Nigeria. It is popular in Nigeria and other African countries, too. It is known for being user-friendly and offers competitive rates for trades. With Quidax, you can buy USDT and withdraw in Naira, and your funds are safe. This app is available to Android and Apple users in their respective app stores.
7. Remitano
In Nigeria and over 50 countries, Remitano is known to be safe and user-friendly. Its secure system protects your assets. This platform lets you convert your USDT to naira directly or through its p2p market. Remitano is available on Google Play and the Apple store.
8. Astro Exchange Limited
With the Astro app, you can directly trade your USDT to naira in Nigeria and Ghana. It is well-known for its 24-hour customer service, quick transactions, low fees, strong security, and ease of use. Astro is available on Google Play and the App Store.
9. Bitmama
Bitmama is gaining popularity in Africa as a cryptocurrency platform due to its transaction speed, ease of use, rewards system, and competent customer care. The platform allows you to trade different crypto tokens, and you can convert your USDT to naira directly or through its p2p market. Get Bitmama on Google Play and the Apple Store.
10. Bitget
Although Nigerians love Bitget for its compatibility with airdrops, you can use this app to trade your USDT for naira only through its P2P market. It’s a safe and reliable app that offers fast transactions and good customer service. Download Bitget on Google Play or the App Store.
Steps to Convert Your USDT to Naira
Though there is a ban on cryptocurrency trading in Nigeria, there are still ways to convert your USDT to Naira. These ways are
- Peer-to-Peer Market
- Choose a reputable P2P platform: Research and select a platform like CoinCola, Bitget, or Bitmama. Look out for fees, security measures like escrow, and user reviews.
- Create an Account: Register on the platform and get verified.
- Create a Sell Order: Go to the P2P trading section, specify the amount of USDT to sell, and set your preferred exchange rate.
- Find a Buyer: Place your sell order and wait for a buyer to accept your offer.
- Complete the Transaction: Communicate with the buyer and release the USDT to the buyer’s wallet.
- Selling
- Choose a good platform: Before proceeding, check the day’s exchange rate using Velox, for instance.
- Create an Account and verify it.
- Create a Sell order: Correctly input the amount of USDT that you wish to sell and the bank account to which it should be credited.
- Cross-check: Make sure all the details are also correct before you continue. Also, if you are given a wallet address, copy and paste it correctly, along with the right network for the address.
- Finish: Complete the transaction and receive your naira.
Precautions
- Choose reputable platforms with positive user reviews.
- Check the platform’s security measures.
- Compare exchange rates.
- Always obey the instructions on how to make payments to avoid loss of funds or complications.
- Understand and use secure and accepted payment methods.
Conclusion
In summary, converting your USDT to naira is a smooth process if done correctly. To do this, pick a trustworthy platform among the ones listed here and look for the one that best suits your needs. Watch out for exchange rates, platform reputation, and payment options, as well as safety steps to convert from USDT without issues.
