Litecoin (LTC) is one of the popular coins in the crypto market, so regardless of how much experience you have in the world of cryptocurrency, Litecoin is considered a viable digital asset to trade-in.
Often referred to as “the silver to Bitcoin’s gold,” selling Litecoin is one of the lucrative ways to leverage the prospects of the crypto market. At the time of writing this article, Litecoin is traded at about $53 with a market cap of $3.7 million.
After Bitcoin’s introduction in October 2009, Charlie Lee created Litecoin in October of that year. Speed and cheap costs are key features of the crypto payment system, which is intended to be used for everyday transactions around the world.
In Nigeria, one of the easiest ways to sell your Litecoin is through a crypto exchange, and with a myriad of exchanges spurring the crypto market, this article aims to give an overview of the best apps to sell Litecoin in Nigeria.
How To Sell Litecoin In Nigeria
1. Registration
Become a member of a cryptocurrency exchange that lists Litecoin. Create an account with a cryptocurrency trading platform that supports Litecoin, like Prestmit.
When registering, you may be asked for your government-issued ID, along with other personal information like a phone number and email. Most of these Nigerian crypto trading apps only use peer-to-peer exchange systems to trade Litecoin, so they will need to verify that their customers are real persons in case of difficulties like fraudulent behavior.
Even though these credentials aren’t required by all crypto trading sites. To trade Litecoin in Nigeria, a platform like Prestmit doesn’t require any means of official identification as it is always secure to use. On Prestmit, you can sell and withdraw your Litecoin even if you don’t have a buyer.
2. Make A Litecoin Deposit Into Your Account
Create your own Litecoin wallet address once you’ve signed up for an app that allows you to trade in cryptocurrencies like Litecoin. This Litecoin wallet address can be compared to a bank account number, with the account number being “wallet address” and the bank name being “Litecoin.”
It is possible to receive Litecoin from any location using your wallet’s address. Transfer the address to your Litecoin wallet by copying and pasting it. Double-check the address before sending; else, you risk losing all of your Litecoins.
3. Selling Litecoin
Peer-to-peer exchange systems require you to find a buyer willing to pay for your Litecoin once it has been successfully transferred into your crypto trading app’s personal Litecoin wallet address. But, there is no need to hunt for a buyer if you use Prestmit, as Prestmit will convert your Litecoin to the flat equivalent in naira. After that, you’ll be able to quickly transfer funds to your Naira bank account.
Best Apps To Sell Litecoin In Nigeria
1. Prestmit
Prestmit is an over-the-counter (OTC) cryptocurrency trading platform that operates in Nigeria and Ghana. This enables people and businesses to exchange and withdraw LTC or cash within a few minutes without any risk. Prestmit does not use a peer-to-peer exchange to sell Litecoin in Nigeria. With Prestmit, you can easily turn your Litecoin into cash and move it to your Naira bank account.
There are no fees for withdrawals, fees for third parties, or hidden fees. Also, you can sell cryptocurrencies like Bitcoin, Dogecoin, and USDT on the Prestmit app.
How To Sell Litecoin On Prestmit App
1. Create a Prestmit account by downloading a Prestmit app on Apple Play Store or Google Play Store
2. Log in to your Prestmit account
3. Generate Litecoin address
4. Click on “Sell Litecoin” from the list of cryptocurrencies provided
5. Select your preferred payment method
6. Enter in Nigerian Naira the amount of Litecoin you want to sell
7. The transaction will be processed upon the completion of the details
8. The equivalent of the Litecoin will be sent to your Naira account upon the successful confirmation of the transfer of Litecoin from your Prestmit wallet
2. Binance
There is no doubt that Binance is one of the most well-known cryptocurrency exchanges in the world. It is simple to use, has cheap withdrawal costs, and offers competitive interest rates. In addition, the software is easy to use for people who are just beginning their journey into the crypto community.
The KYC requirements must be met before anyone can begin trading with it. When a user successfully creates an account, they can deposit cryptocurrency into the wallet at the public wallet address. This will allow them to begin trading.
How To Withdraw Naira From Litecoin Account On Binance
1. Log into your account
2. Select withdraw
3. Click on the fiat tab
4. Pick the fiat currency (Naira)
5. Enter the requirements of the page
6. Check the transaction details
7. Enter your verification code
3. Remitano
Remitano is a popular P2P crypto exchange that operates to make trading easier. It has a wide range of crypto services through the employment of a safety technique, called escrow to protect transactions on its app.
Things To Consider Before Selling Litecoin In Nigeria
1. Price: how are the exchange rates offered by different platforms different from the one you chose?
2. Trading And Withdrawal Limit: check to see if your platform has any limits on the amount of LTC that may be withdrawn. The quantity of money you can withdraw from each platform is predetermined.
3. Customer Support: this is a crucial step to take into account. Because customer service will be the first to assist you if there is an issue with your finances, you can trust them.
4. Security: check to see whether there are any security measures in place, such as two-factor authentication or a buyer-seller reputation system, in place to protect your personal information and payments. These security infrastructures are available on the Prestmit app.
Factors To Consider Before Withdrawing Your Funds From LTC Wallet In Nigeria
1. Restrictions: look into how much you can take out of the platform. Most cryptocurrency trading apps will sometimes enable you to withdraw more money if you give them more information about yourself, like your home address.
2. Fees: in the long run, they can add up. Try to withdraw as much money as feasible at once instead of making many smaller withdrawals.
3. Processing Time: each transaction could take days or even weeks to complete. That is why keeping track of how long your bank transactions take is so important. Although the fastest, direct deposits to your credit or debit card may be more expensive.
Conclusion
As the crypto space is expanding with fortunes being amassed from it, trading cryptocurrencies like Litecoin is one of the potential ways to cash in. However, there is a need to go for a credible exchange like Prestmit on which you can sell your Litecoin easily and fast.
