Trade Litecoin For Naira And Cedis; The need to convert cryptocurrencies to cash has always been a persistent one, since African retail stores have not started accepting cryptocurrency as a payment method, we need to trade them for cash in our local currency before they can be used. Hence, as the use of cryptocurrencies continues to grow in Nigeria, Ghana and other African nations, the necessity of converting crypto into cash remains a significant consideration for both individuals and businesses in the region.
In this post, we will discuss the best platform to trade your Litecoin for naira or cedis. Let’s dive straight into it.
There are several crypto exchange platforms in these two regions, due to the massive adoption of cryptocurrency. New innovations have their way of generating new businesses, however, due to market saturation, bad platforms are bound to penetrate the market. This is why you have to be careful when you want to trade your crypto assets. Choosing a platform that has proven to be reliable will save you a whole lot of headaches.
Here Are Things To Look Out For Before Settling For A Platform
Exchange Rate: This is one of the most important things to look out for. Compare the exchange rate offered by the platform with the current market rate for Litecoin. Look for a platform that provides competitive rates to maximise your returns.
Security: Assess the security measures put in place by the platform. Check if it uses strong encryption, two-factor authentication, and other security features to protect your funds and personal information.
Fees: Understand the fees associated with selling Litecoin on the platform, including transaction fees, withdrawal fees, and any other applicable charges.
User Experience: Consider the overall user experience of the platform. A user-friendly interface and intuitive process can make the selling experience smoother and more efficient.
Withdrawal Limits: Research if there are any withdrawal limits imposed by the platform. Larger transactions may require additional verification or have higher limits.
Reputation: Research the reputation and user reviews of the platform. Look for feedback from other users to assess the platform’s reliability and trustworthiness. You can check their social media page and the reviews on the mobile app’s Google and Apple Store pages.
Timing: Timing can be crucial in the cryptocurrency market due to price volatility. Consider market conditions and price trends before deciding when to sell your Litecoin. In general, it is best to sell your Litecoin when the current price is higher than the price you purchased it.
With all these factors in mind, we believe the best platform you can sell your cryptocurrency on Cardvest.
About Bitcoin
Cardvest is an automated cryptocurrency exchange platform that buys a variety of cryptocurrencies and provides customers with payment in their local currency, either Naira or Cedis, depending on their respective country of residence.
One of the features Cardvest uses to market itself is its exchange rate. Dart Africa claims to have the most competitive exchange rate in the crypto exchange market. We have checked ourselves and the rates are quite favourable, you can use their rate calculator to check the current value of your Litecoin. The Rate Calculator also allows you to know all the tradeable crypto on the platform.
Cardvest is designed to cater to both experienced cryptocurrency traders and newbies. The platform offers a seamless process for selling cryptocurrencies with just a few clicks, ensuring a quick transaction within minutes. Whether you prefer the web or mobile app version, Cardvest has prioritized user interface and user experience design for user convenience.
Recognizing that users may encounter occasional challenges while using the platform, Cardvest has implemented a 24/7 customer support system. This system is readily available to assist customers in resolving any issues they may encounter during their platform experience, ensuring a smooth and hassle-free trading process.
You can access Cardvest’s exchange service through their website or mobile app. You need to create an account to use the platform to sell your Litecoin. The rest of the journey is pretty self-explanatory. You can always reach out to their customer care centre if you have any issue that needs attending to.
About Litecoin
Litecoin (LTC) is a peer-to-peer cryptocurrency that was created by Charlie Lee and released in October 2011. It is often referred to as “silver” to Bitcoin’s “gold” due to its similarities with Bitcoin in terms of technology and use cases. It is based on a similar Blockchain technology to that of Bitcoin.
One of Litecoin’s distinguishing features is its faster block generation time. Litecoin blocks are generated approximately every 2.5 minutes compared to Bitcoin’s 10 minutes. This results in quicker transaction confirmations, making it suitable for everyday transactions. Similar to Bitcoin, Litecoin has a fixed supply cap. There will only ever be 84 million Litecoins in existence, making it deflationary by nature.
Like Bitcoin, Litecoin experiences periodic “halving” events where the block reward for miners is reduced by half. These events are designed to control inflation and create scarcity. Litecoin has modelled most of its features to be similar to that of Bitcoin.
