How to sell USDT in Nigeria and Ghana; USDT is one of the most used stablecoins in the crypto market, unless you are a total noob when it comes to crypto you will have heard about USDT before now as it is ranked third to Bitcoin and Ethereum in market share. In this post, we will tell you the best platform to sell Your USDT and how to sell in Nigeria and Ghana. Before diving into the nitty gritty about how to sell your USDT, we will first talk about what USDT is and what differentiates it from other types of cryptocurrency.
What Is USDT?
Tether USDT is a type of cryptocurrency called Stablecoins. This is a category of cryptocurrencies that aim to maintain a stable value by being pegged to a reserve of assets, such as fiat currencies (e.g., US dollars (USDT), euros) or other commodities (e.g. gold). The primary purpose of stablecoins is to reduce the price volatility that is characteristic of many other cryptocurrencies like Bitcoin and Ethereum.
Tether USDT is backed by an equivalent amount of US dollars i.e. 1 USDT is pegged to $1. USDT was created by BitFines and it is the native currency of the Tether Network. As of September 2023, USDT is the third-largest cryptocurrency by market capitalization, worth more than $83 billion.
Other Types Of StableCoins
There are other types of stablecoins apart from USDT.
- Fiat-Collateralized Stablecoins – USD Coin (USDC) and TrueUSD (TUSD).
- Crypto-Collateralized Stablecoins – DAI and sUSD (Synthetix USD)
- Algorithm Stablecoins – Terra (UST) and Frax
- Commodity pegged Stablecoins – PAX Gold (PAXG)
It’s important to note that the effectiveness and stability of stablecoins can vary, and they are subject to regulatory scrutiny in many jurisdictions.
How to sell USDT in Nigeria and Ghana
The ecosystem of these two countries is not new to any sort of crypto innovation, from assets to NFTs these two countries have been heavily involved in the market, hence, the countless availability of Exchange Platforms to sell and buy in the country. The exchange market is riddled with good, bad and mediocre exchange platforms in Nigeria and Ghana. So you have to exercise a considerable amount of caution before opting for any platform.
Cardvest; Best platform to trade crypto for Cash
One of the good platforms in the exchange market is Cardvest. Cardvest is one of the leading cryptocurrency exchange platforms in Africa. You can trade cryptocurrencies like Bitcoin, Ethereum, USDT, and the like on the platform. Use Cardvest’s rate calculator to check all tradeable crypto and their rates.
We understand that cryptocurrency traders in Nigeria and Ghana are keen on the exchange rate offered by platforms. The exchange rate determines the amount you get for your USDT, a favourable naira/cedis to dollars rate is a good haven for traders. Cardvest, offers one of the most competitive rates in the market. They are also transparent about the rates as they can be accessed before commencing a trade or even creating an account on the platform. Use Cardvest’s rate calculator to get the naira or cedis value of your USDT.
Another good feature Cardvest has is its transaction speed. The platform is engineered to automate payments. Cardvest ensures swift payments with no delays, as payments are automated. When you sell your USDT or other cryptocurrencies to Cardvest, you can expect payment to be processed within minutes, all thanks to the automated payment system.
To sell your Bitcoin, you must first create an account on Cardvest. You can do this through the App or web version.
How to sell USDT in Nigeria and Ghana – Cardvest
After you have successfully created your account, the rest is easy peasy.
- On your first log-in, a prompt will be generated for you to create your transaction PIN. This is to ensure you are the one that can transact with your account.
- Navigate to the “Sell Coin” interface and fill the form with the type of cryptocurrency you want to sell, USDT in this case and the dollar amount. The Cedis and naira values will be automatically calculated for you.
- Proceed with the trade if you are okay with the rate.
- When you click on “Proceed with Trade” a USDT address will be displayed for you to send the crypto to. You can manually copy the code or scan the QR code. Ensure you choose the appropriate Network when sending the coin.
- Once your USDT is received, your Cardvest account will be credited. Navigate to the withdrawal section and use your transaction PIN to verify withdrawal.
