Crypto trading has become a popular venture in the digital space. This is due to the real-time value of crypto assets, so trading them is one of the best ways to make money online. With thousands of cryptocurrencies in the market today, Ethereum is one asset that attracts crypto traders because of its potential for a moonshot. Therefore, you may want to know the tips for selling Ethereum online in Nigeria for a profitable trade.
Ethereum (ETH) is the most popular altcoin that has been one of the top choices of traders and investors in the crypto market since its launch in 2015. Its prominence has further grown with the minting of NFTs using the Ethereum blockchain – making Ethereum useful for NFTs.
This token has had its highs and lows with bullish and bearish runs – but its resilience for a price rebound has afforded it a positive market sentiment among crypto enthusiasts.
When writing this article, Ethereum is the second most expensive cryptocurrency after Bitcoin, with a value of about $1,644 and a market cap of over $197 billion.
This is to show the market viability of Ethereum, which makes it a good crypto asset to trade, as the token had an upturn in its last 24-hour daily trading volume.
It is noteworthy that there are ways to make passive income with Ethereum, but in all of these, how you sell your Ethereum in Nigeria is very important to make maximum gains.
Therefore, this article guides you on the tips of selling your Ethereum online.
1. Cryptocurrency Trading Platform
It would help if you had a place to sell your Ethereum when the time comes – this is where trading platforms come in.
There is a proliferation of crypto trading platforms on which you can sell your assets in Nigeria. But what you must consider is the support for Ethereum on that platform.
While we have peer-to-peer (P2P) exchanges like Paxful and Coinbase, there are over-the-counter (OTC) platforms like Prestmit.
Therefore, you can select your preferred platform to sell Ethereum online by considering factors for choosing crypto trading platforms.
This is essential to prevent you from scams, as there are fraudulent trading platforms across the digital space. Hence, you must consider selling your Ethereum on a credible and reliable platform.
2. Transaction Fees
Selling your Ethereum online enables you to navigate through different crypto trading platforms to have handy information about their trading fees or transaction fees as needed.
You may need to compare these fees on the platforms to know the best option.
Transaction fee comparison can be likened to buying a product online, in which it is a best practice to check the related platforms to know their prices.
In other words, do not rely on the trading fees of a particular trading platform. Instead, check other platforms, as you may get a lower transaction fee that would enable you to maximize profit.
For instance, transaction fees on Prestmit are relatively lower than other crypto trading platforms in Nigeria, and selling your asset is devoid of hidden fees/charges.
3. Payment Method
It is important to consider your preferred payment method when selling your Ethereum online in Nigeria.
While some trading platforms provide singular payment options, others may offer multiple ways that enable you to choose the most suitable.
For instance, you can broadly sell your Ethereum for cash, cryptocurrency, or gift card in Nigeria. However, these options vary with trading platforms. This is similar to how you can sell Bitcoin in Nigeria.
Therefore, selling your token on a platform that provides only cash (naira) as a payment option may not be an excellent idea when you want to sell for another cryptocurrency.
4. Crypto Market
The crypto market is characterized by volatility – possibly a high or low in a second. This is an attribute of all cryptocurrencies, which is why understanding the twists and turns of the crypto market is essential.
The performance of the crypto market gives you the leverage to know the best time to sell your Ethereum.
It should be noted that activities around other crypto assets like Bitcoin can affect the price of Ethereum. This also includes crypto regulations that can impact the outlook of the token.
Therefore, you must stay afloat on crypto news and trends to understand when it is the right time to sell your token.
It also allows you to moderate the fear of missing out (FOMO) such that you don’t lose out on the possible boom of Ethereum in the crypto market.
Moreover, the Ethereum Merge that involved the shifting of the blockchain from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS) mechanism is believed to affect the price of Ethereum. But, the impact of Ethereum Merge on ETH price has not been significant since September 2022.
5. Crypto Wallet
It would help if you had a crypto wallet to sell your Ethereum online. You may need to create an Ethereum wallet on the trading platform where you sell your ETH and transfer your tokens. That is why a crypto wallet is very important.
For instance, if you sell your Ethereum on Prestmit, you must create an Ethereum wallet to transfer your ETH there. Then, you can start trading.
How To Sell Ethereum On Prestmit In Nigeria
Here are the quick and simple steps to sell your ETH on Prestmit in Nigeria:
- Download the Prestmit app on Google Play Store or Apple Store
- Create a Prestmit account and log in
- Click on “Buy & Sell Cryptocurrency” and Choose “Sell Cryptocurrency”
- Choose “Sell Ethereum” and click on “Generate ETH Wallet.
- Copy the wallet address and follow the prompt to sell your ETH
- You will receive payment in your wallet upon the successful confirmation of the transaction
Frequently Asked Questions (FAQs)
Where Can I Sell Ethereum Instantly In Nigeria?
You can sell Ethereum on various crypto trading platforms that support the token. But you need to ensure that the platform is legit and reliable.
I recommend Prestmit if you want to sell your Ethereum in Nigeria instantly. This is because there is no hassle in selling your ETH, as you can sell within minutes on the platform.
What Time Is Best To Sell Ethereum?
You can sell your Ethereum anytime. But selling your token is advisable when a price drop looms. It is to prevent you from making a loss when the price later tanks.
Therefore, you must be conversant with the performance of Ethereum in the market and the general crypto market outlook to inform your decision on when to sell your token.
In addition, you can decide to sell your Ethereum when the gas prices are relatively low and, ideally, on Saturdays and Sundays.
How Do I Sell My Ethereum For Profit?
You can sell your Ethereum for profit by selling on a crypto trading platform at the best price and low transaction fee. Then, you can withdraw the funds into your local bank account or use it to buy more digital assets.
Which App Can I Use To Sell My Ethereum?
I recommend you use the Prestmit app to sell your Ethereum. This is because the app has a user-friendly interface that is simple to navigate with advanced security features to keep your funds safe.
Also, trading fees are relatively low on the Prestmit app.
Conclusion
Ethereum is a great crypto asset that continues to chart the course of trading in the crypto market. That is why people try different trading platforms to buy, purchase, and sell for maximum gains.
However, it is important to know tips for selling your Ethereum to keep your funds safe and achieve that goal of making money from trading your asset.
