How to Sell BTC to Naira on Bybit

Selling Bitcoin (BTC) for Nigerian Naira (NGN) on Bybit involves several steps. Bybit is a popular cryptocurrency exchange known for its trading features and user-friendly interface. This guide will walk you through the process of converting BTC to NGN using Bybit, covering everything from account setup to completing a trade.

1. Create and Verify Your Bybit Account

Before you can sell BTC for Naira, you'll need to create and verify an account on Bybit. Follow these steps:

1. Sign Up: Go to the Bybit website or download the app. Click on "Sign Up" and provide your email address and a strong password.
2. Verify Your Email: Bybit will send a verification email. Click on the link in this email to verify your account.
3. Complete KYC: For higher withdrawal limits and additional features, complete the Know Your Customer (KYC) verification by providing identification documents.

2. Deposit BTC into Your Bybit Account

To sell BTC, you first need to deposit it into your Bybit account. Here's how:

1. Log In: Sign in to your Bybit account.
2. Go to the Wallet: Navigate to the "Assets" or "Wallet" section.
3. Deposit BTC: Find Bitcoin (BTC) and click on "Deposit." Copy the BTC deposit address provided.
4. Send BTC: Transfer BTC from your external wallet to the address copied from Bybit. Ensure you send it to the correct address to avoid losing funds.

3. Convert BTC to USDT

Bybit does not support direct BTC to NGN trades. Instead, you'll first convert BTC to USDT (Tether), a stablecoin that is pegged to the US dollar. Here’s how:

1. Go to the Trading Page: Navigate to the "Trade" section of Bybit.
2. Select BTC/USDT Pair: Choose the BTC/USDT trading pair from the list of available pairs.
3. Place a Sell Order: Decide the amount of BTC you want to convert and set the price at which you want to sell. You can choose between a market order (which sells immediately at the current market price) or a limit order (which sells at a price you specify).
4. Confirm the Order: Review your order details and confirm the trade.

4. Withdraw USDT to Your Bank Account via a Supported Platform

Since Bybit does not allow direct withdrawals in NGN, you'll need to use an intermediary platform that supports NGN withdrawals. Follow these steps:

1. Transfer USDT: Withdraw USDT from Bybit to another exchange or platform that supports NGN withdrawals (e.g., Binance or a local exchange).
2. Create an Account: If you don’t already have an account on the intermediary platform, create one and complete the necessary verifications.
3. Deposit USDT: Deposit your USDT into your account on the intermediary platform.
4. Sell USDT for NGN: On the intermediary platform, sell USDT for NGN. This usually involves finding a trading pair like USDT/NGN and placing a sell order.
5. Withdraw NGN: Once you have NGN, you can withdraw it to your Nigerian bank account.

5. Tips for a Smooth Transaction

• Check Fees: Be aware of the fees associated with trading and withdrawing on both Bybit and the intermediary platform.
• Security: Always use two-factor authentication (2FA) and follow best security practices to protect your accounts.
• Price Volatility: Cryptocurrency prices can be highly volatile. Monitor market conditions to choose the best time to execute your trades.

Conclusion

Selling BTC to Naira on Bybit involves several steps, including converting BTC to USDT and then using an intermediary platform to withdraw NGN. While Bybit does not offer direct BTC to NGN trades, following this guide will help you navigate the process smoothly. Always ensure that you are using secure and reliable platforms for your transactions.