How to Sell BTC on Binance for Naira

Selling Bitcoin (BTC) on Binance for Nigerian Naira (NGN) is a straightforward process, but it's important to follow the steps carefully to ensure a smooth transaction. Here's a detailed guide to help you navigate through the process:

1. Create and Verify Your Binance Account: If you haven’t already, you need to create an account on Binance. Go to the Binance website or app and sign up using your email or phone number. After signing up, you need to complete the verification process to increase your account's security and unlock additional features. This usually involves submitting identification documents and proof of address.

2. Deposit BTC into Your Binance Account: Once your account is verified, you need to deposit BTC into your Binance wallet. To do this:

   • Log in to your Binance account.
   • Go to the 'Wallet' section and select 'Deposit'.
   • Choose 'Bitcoin' from the list of cryptocurrencies.
   • Copy the BTC deposit address provided by Binance.
   • Go to the wallet or exchange where your BTC is currently stored and send the BTC to the Binance deposit address.

3. Wait for Confirmation: After sending your BTC, it will take some time for the transaction to be confirmed on the blockchain and appear in your Binance wallet. This can take anywhere from a few minutes to an hour, depending on network congestion.

4. Trade BTC for USDT or BNB: Before you can convert BTC to NGN, you need to trade it for a more liquid trading pair like USDT (Tether) or BNB (Binance Coin). To do this:

   • Go to the 'Trade' section on Binance.
   • Select the 'BTC/USDT' or 'BTC/BNB' trading pair.
   • Choose the type of order you want to place (e.g., market order for immediate execution or limit order for a specific price).
   • Enter the amount of BTC you want to trade and execute the order.

5. Withdraw USDT or BNB to Your NGN Wallet: After trading BTC for USDT or BNB, you need to withdraw the funds to your NGN wallet.

   • Go to the 'Wallet' section and select 'Fiat and Spot'.
   • Find the USDT or BNB balance and click on 'Withdraw'.
   • Choose the option to withdraw to your NGN wallet or bank account. If you’re withdrawing to your NGN bank account, ensure that you have linked it to your Binance account.

6. Sell USDT or BNB for NGN: If you’ve withdrawn USDT or BNB to your Binance NGN wallet, you need to sell it for NGN.

   • Go to the 'Buy Crypto' section and select 'Sell'.
   • Choose USDT or BNB as the cryptocurrency you want to sell and NGN as the fiat currency you want to receive.
   • Enter the amount and confirm the transaction.

7. Complete the Transaction: Once you’ve sold your USDT or BNB for NGN, the amount will be available in your NGN wallet on Binance. You can now withdraw it to your bank account if you wish.

8. Security and Fees: Be aware of the fees associated with trading and withdrawing funds on Binance. Binance charges trading fees, and there might be withdrawal fees for transferring funds to your bank account. Ensure you review these fees beforehand.

By following these steps, you can successfully sell your BTC on Binance and convert it to Nigerian Naira. Always double-check all details to ensure a secure and error-free transaction.