Crypto trading in Nigeria has experienced tough times. When the Central Bank of Nigeria restricted banks from processing crypto payments, many Nigerians had to use the peer-to-peer method as an alternative to converting USDT to naira.
While this worked for the most part, it came with cases of fraud, as the platforms that had the P2P feature had no or little control over the P2P section. Many crypto users have decided to steer clear of P2P and are using alternative methods to trade their crypto assets.
So, what are these alternative methods? Welcome to a reliable source that will show you the best ways to convert your USDT to naira without p2p. We will look at the factors that affect these conversions and tell you what you should know before converting.
What is USDT?
The USDT is a stablecoin made to be the equivalent of the US dollar at the ratio of 1:1. It is the most widely used and accepted coin and the largest in Market Capitalisation (MCap) compared to other stablecoins.
USDT is owned by Tether and was created in 2014 to withstand the volatile nature of other cryptocurrencies that weren’t stablecoins and were too risky to use as a storage asset.
Today, many Nigerians use USDT to save their money against an ever-rising inflation rate. They also use it to access a global market and make cross-border payments, among other uses.
Read More: Top 5 Stablecoins and Their Parent Companies
Best Ways to Convert USDT to Naira Without Using P2P
If you have trust issues, other ways exist to sell your USDT for Naira without p2p. And these ways are faster and more reliable too. We will discuss two primary ways and touch on others on the surface.
Two significant ways to convert USDT to naira are;
- Crypto apps
Here are the seven best crypto apps to trade your USDT to naira
- Koyn
Koyn is a convenient app that instantly sells crypto for Naira. It offers instant payments to your bank account, cash rewards for completing tasks on the app, 24/7 customer support, and zero trading fees. Koyn offers the best crypto rates in Nigeria, making it a top choice for crypto traders. It is safe, fast, and reliable.
- Quidax
Quidax is a simple app for buying and selling cryptocurrency. It offers fast transactions, safety, security, many options, and 24/7 support. The Securities and Exchange Commission of Nigeria licenses Quidax, which means you can directly convert your USDT to naira without restrictions. Quidax rates are also very affordable.
- Busha
Busha is another crypto exchange that Nigeria’s Securities and Exchange Commission licenses. Here, you can buy and sell over 40 crypto coins in naira, including USDT. You also earn daily interest to save in crypto. Busha transactions are fast, and its app is available to Android and Apple users.
- Velox
Velox is another trustworthy app for buying and selling cryptocurrency with bank transfers in naira. It offers a secure, user-friendly platform with 24/7 customer service. The platform is designed for easy trading with no third-party data sharing. Velox also offers competitive market rates for buying and selling coins.
- Bitmama
Bitmama is a secure cryptocurrency site where you can buy and sell USDT, Bitcoin, Ethereum, and other cryptocurrencies at the best naira exchange rates. Users can also get crypto cards, make payments in crypto, and send and receive fiat and crypto globally. Bitmama offers a fast, easy, and cheap way to buy cryptocurrencies.
- Astro
Astro Africa is a safe and secure platform for selling USDT for Naira and Cedis. With its user-friendly interface, you can sell your coins with just a few taps on your smartphone. Astro Exchange offers instant cashout, best rates, and 24/7 support. To sell USDT for Naira, sign up, add your bank details, and start trading.
- GCBuying
GCBuying is an excellent USDT to Naira conversion app in Nigeria because its easy-to-use interface, competitive exchange rates, and reliable security measures are top-notch. Not only that, GCbuying, being licensed to carry out operations in Nigeria, is also a reliable source of the exchange. The app offers smooth transaction processes to suit even professional traders and beginners.
2. Vendors (Dealers)
Patronising crypto vendors is another way to convert your USDT to Naira. You can transact business with them through social media handles like Facebook, WhatsApp, and Instagram, or in person.
This method lets you negotiate the exchange rate but is prone to fraud. To sell your USDT, you transfer it to the vendor’s wallet address. Upon confirmation of receiving the USDT from you, the vendor transfers the naira equivalent to your bank account at the agreed rate.
Take care and avoid errors, such as sending the crypto to the wrong wallet address. Also, send out the correct account details to avoid mistakes.
Other less popular ways of converting USDT to naira include
- Gift Cards and Voucher Systems: You can convert USDT to Naira by purchasing gift cards on platforms like Bitrefill, Coinsbee, or Binance Gift Card. These cards can be resold for Naira on trusted platforms like Cardtonic and Prestmit. However, be cautious of scams and lower exchange rates when trading gift cards.
- Crypto Debit Cards: Crypto debit cards like Binance Card, Payeer Card, and Crypto.com Card allow you to load USDT and withdraw Naira at ATMs or use POS terminals in Nigeria. However, this method is scarcely seen, and transaction fees or withdrawal limits may apply. It sounds easy, but consider the costs and accessibility before choosing this method.
- Remittance and International Payment Services: You can use platforms like Payoneer, Wise, or Skrill to convert USDT and withdraw Naira to your Nigerian bank. Just transfer your USDT, convert it, and cash out. But watch out for fees, exchange rates, and platform restrictions—they can add up. Check if the service works for Nigerians first.
Also Read: How To Convert Your USDT To Naira Instantly
What Affects USDT to Naira Conversion?
- Transaction Fees: The cost of selling USDT for Naira determines which conversion method suits you best.
- Regulatory Policies: Government regulations and policies regarding cryptocurrency in Nigeria affect the ease of transactions.
- Economic Conditions: Inflation and exchange controls affect Naira’s exchange rate with USDT.
- Payment Channels: The best app to pick employs various payment options. The exchange happens more smoothly if the app has payment options like Wallet, Bank transfer, credit card, etc.
- App of Choice: Your overall trading experience is influenced by your app’s user interface and customer assistance.
Read More: Best Platform to Convert USDT to Naira
Things to Keep in Mind When Converting USDT to Naira
- Compare rates from different exchanges to ensure you’re getting a fair deal.
- Cryptocurrency regulations in Nigeria are subject to change. Stay current on the latest regulations to ensure compliance with the law.
- Go for reliable apps that put security first.
- All transaction fees should be stated to avoid any hidden charges.
- Monitor the USDT-Naira exchange rate at all times.
Conclusion
In sum, you can access numerous other quick and secure methods to convert USDT to Naira aside from P2P. Choose the most suitable method by comparing criteria such as fees, exchange rates, regulation policies, and the reliability of the different platforms. By mapping it out, you will sell your USDT in a safe and efficient way, which will be optimal for your finances and best meet your financial needs.
