Selling Bitcoins can be a daunting task for many people, especially for newbies in the world of cryptocurrency. In any case, it’s easier than you might think to learn how to sell BTC on TransferXO. TransferXO is a peer-to-peer exchange that finally gives users in Africa ease of buying and selling Bitcoin, among other cryptocurrencies.
Everything works effortlessly with the user-friendly interface. Whether to cash out your Bitcoin for a local currency or in exchange for any other digital asset, TransferXO is a straightforward means of accomplishing those tasks.
In this tutorial, we will walk you through the steps to sell Bitcoin on TransferXO and get the best of every transaction.
It allows you to connect with a prospective buyer where you can then select an offer that best suits your needs. Once you agree on a price, you can complete the transaction seamlessly.
Let’s dive into how the process works so that you can begin the process of smoothly selling your BTC.
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To be more familiar with Crypto Debit Card, read through – How to Get a Crypto Debit Card on TransferXO
Why Sell BTC With TransferXO?
Selling your BTC with TransferXO comes with some vital advantages, especially for users in Africa. Here are the critical reasons you may want to use TransferXO for your cryptocurrency transaction:
1. Peer-to-Peer Trading
TransferXO is a peer-to-peer exchange that enables you to buy and sell your Bitcoin directly to other users. This can be more advantageous than using a more traditional, centralized exchange because among the buyer and seller, users can negotiate rates and preferred methods of payment.
2. Instant Withdrawals
Among the top services offered by TransferXO is instant Nigerian Naira NGN withdrawals directly into your bank account once you sell your Bitcoin. It is especially effective in cases where immediate liquidity is urgently needed.
3. Multiple Payment Options
TransferXO allows transactions to take place through different modes of pay to facilitate ease and convenience on the part of the people transacting. This flexibility can include bank transfers and other forms of local payments to make it even easier for users.
4. Competitive Rates
The platform claims a guarantee of the best rates for buying or selling Bitcoin in Nigeria. This will ring especially well in the ears of traders, who always strive to gain as much as possible from their investments.
5. User-Friendly Interface
TransferXO allows for easier and smooth trading in cryptocurrencies. This ease of use is also much-needed for both new and professional traders alike to make straightforward processes of buying, selling, and swapping of cryptocurrencies.
6. Security Features
Being a FinTech company itself, TransferXO never compromises on security in its operations-the security that should keep each and every transaction safe and protect users’ data.
In brief, selling your Bitcoin via TransferXO is profitable because it offers a P2P model, an instant withdrawal facility, myriad options to make the payments, competitive rates, ease of use, and high security.
Take out time to read – How to Swap BTC on TransferXO
How to Sell BTC on TransferXO
Selling Bitcoin is actually quite easy on TransferXO, as it allows converting the cryptocurrency to local currency quite efficiently. Among all, TransferXO happens to be famous in Nigeria; this provides a very friendly user interface and is highly secure. Here’s how to sell BTC on TransferXO step by step:
- Log in to your TransferXO Account: Log in to your account at TransferXO.
- Navigate to Sell Section: Locate the “Sell” option from the dashboard and click on it.
- Fill the Sell Form: Answer the question: “How much do you want to Sell.” by choosing Bitcoin from the dropdown menu. Choose your payment method.
- The integrated XO calculator will automatically convert that value of Bitcoin into its equivalent value in your currency at current market rates.
- Find Offers: Click “Find Offers” to start the system searching for the best available offers on the website.
- Review and Choose: Go through the offers carefully presented to you and choose an offer that best fits your preference and needs.
- Proceed to Trade: After choosing an offer, you can now proceed to actually trading.
Hence, by following the steps outlined above, one can sell Bitcoin on TransferXO and ensure a safe and smooth transaction.
Don’t miss out to read – How to Fund and Withdraw Fiat on TransferXO
How Do I Complete a Transaction on TransferXO?
Completing a transaction on TransferXO is relatively simple but involves attention to a number of necessary steps that ensure security and accuracy of the transaction. Here is how you do it:
1. Receive Notification
Once the buyer accepts to buy your Bitcoin, TransferXO notifies you through an app notification or email that a transaction is in progress. At this stage, you are supposed to verify the details of the transaction for accuracy.
2. Verify Means of Payment
Go through the chosen means of payment by the buyer. Ensure that it is acceptable to you for your sale. The means of payment could be bank transfers, mobile money, or other avenues for making digital payments. Rest assured of your comfort in receiving your money through the means the buyer has preferred.
3. Await Payment by Buyer
Wait until payment is received before you release your Bitcoin. Transfers using the platform from TransferXO have an escrow function wherein the Bitcoin is held in temporal custody and will be transferred to the buyer when you confirm the fact that the payment is actually made.
4. Confirm Payment
Ensure that the amount is credited to your account. Otherwise, it could be in your bank, mobile wallet, or any other online payment service. Also, don’t rely on the screenshot or verbal confirmation of the buyer. Only after seeing the money in your account should you release the Bitcoin.
5. Release the Bitcoin from Escrow
Immediately after the payment confirmation, you can safely release the Bitcoin from the escrow by choosing the appropriate option on TransferXO. The platform will finalize the transaction by transferring the Bitcoin into the buyer’s account.
6. Leave Feedback (Optional)
Leave feedback for the buyer upon completion of the transaction. This helps build a trustful community at TransferXO, such that the next transactions may be safer and more transparent.
7. Transaction Receipt
Once completed, a transaction receipt will be sent to you and the buyer. For your records, in case of future reference or disputes, keep this receipt.
If followed, these steps will allow for a smooth and safe transaction via TransferXO.
Also Take out time to read – How to Create an Offer on TransferXO
What Should I Do If I Encounter Issues During a Transaction?
In the event that you have some issues in transacting the sale of Bitcoin BTC on TransferXO, there can be a series of steps that you would work on to resolve the problem at hand.
1. Check Status of Transaction
First, you verify the status of your transaction. You do this by using the TxID of the on-chain transaction on any blockchain explorer to understand its status in real-time. It might show you that it’s confirmed or pending. If it shows zero confirmations, that simply means the transaction hasn’t been validated on the network.
2. Know Possible Causes
Common causes for problems at the transaction level involve network congestion and a transaction fee that is set too low. Network congestion refers to when there are more transactions waiting to be included in a block than block space available. This obviously increases the time taken for confirmation. If your transaction fee is set too low compared with current conditions on the network, miners will continue to prioritize other transactions over yours, further delaying it.
3. Wait for Confirmation
Sometimes patience is a virtue. The Bitcoin network may be congested, and the transaction might finally get confirmed after some time. If you can afford to wait, it might self-correct with no further action.
4. Increase Transaction Fee
If your transaction is taking longer to confirm than what you consider reasonable, you can spend RBF if that was enabled at the time you sent the transaction. That gives you the opportunity to send another transaction with a higher fee attached to incentivize miners to mine your transaction in a block.
5. Contact Support
If these are carried out and the problem persists, get in touch with the customer support service at TransferXO for assistance. They will require details of your transaction and, where applicable, information about the specific problem that is encountered. They can further assist with troubleshooting and even advice peculiar to your case.
6. Check the Network Conditions
You can monitor the web blockchain explorers or any other tool that updates you in real-time about the current condition of the network and gives you the average transaction fee. By doing this, you will be in an easier position to make informed decisions on your future transactions and avoid problems like this.
The steps elaborated above can be done without any hassle while you deal with any problem you face with your transaction for selling your BTC via TransferXO.
Also Read – How to Sell Crypto Using Instant Trade on TransferXO
Is Selling BTC on TransferXO Secure?
TransferXO puts into place a variety of different security features in order to better protect the users selling their Bitcoin through its services. Key features to help in keeping the security tight include:
- Two-Factor Authentication: This is an additional security feature that demands not only a password but another form of verification in parallel with the password, reducing even further the chances of unauthorized account access.
- Cold Storage: These wallets are kept offline, and most of the users’ funds are stored in them; this, in a nutshell, is the definition of cold storage. Keeping the funds in cold storage is one of the best ways to secure cryptocurrencies against hacking online.
- Encryption Protocols: The platforms use industry-standard encryption to encrypt data and user communications. This ensures that sensitive information is not accessed by unauthorized parties during the transaction process.
- Regulatory Compliance: It complies with relevant regulatory requirements that will help in building a safe and transparent environment for its users to trade. Most often, this is characterized by implementing AML and KYC policies.
- Secure Payment Options: There are varieties of options available for receiving payment over the BTC sold through different means, which cater to security via bank transfers and mobile money.
Taken together, these measures of security create a very secure environment in which users can transact Bitcoins on TransferXO with confidence.
Frequently Asked Questions
What payout options are available after I sell the Bitcoin?
TransferXO gives its customers a payout option that ranges from bank transfers to mobile money and online options. You can select this at checkout.
Do I need to deposit some Bitcoins in my TransferXO wallet before selling?
Yes, you first have to deposit Bitcoin into your TransferXO wallet. To fund your wallet, login and go to the Wallets tab, where you will select Bitcoin and click on Deposit to send your Bitcoin to the destination wallet address displayed.
How long does it take to confirm my Bitcoin deposit?
The confirmation time for a deposit of Bitcoin depends on how many transactions are involved on the blockchain. Typically this may take some time for the transaction to appear in your TransferXO wallet.
Is there a minimum amount of Bitcoin I can sell?
Allowing for the fact that specific limits may be different, TransferXO allows for small sales of Bitcoin, normally starting from as low as $30. Remember to always check current guidelines on the platform for any changes.
Conclusion
It is also necessary to understand how to sell BTC on TransferXO if one wishes to change Bitcoin into cash in the shortest time possible. It has been made easy by TransferXO at the convenience of the users to sell your BTC without much hassle.
All you have to do is follow these few steps, and the money will be guaranteed in your grasp in no time. Furthermore, the transfers are safe on TransferXO; thus, you’re guaranteed security when you’ll go ahead making the trade of your cryptocurrency.
Fundamentally, familiarity with how to sell BTC on TransferXO enables one to manage digital assets decently and make the most of quite friendly features on the platform.