10 Essential Tips for Selling Bitcoin Safely and Securely

In 2018,  I learned the hard way that selling Bitcoin comes with risks. After trusting a buyer in a trading group chat, I fell victim to a scam that cost me NGN 474,000. 

I sent the Bitcoin before receiving cash to gain the buyer’s confidence, only to get blocked afterwards. Yes, you read that right. I got blocked! 

From scams and hacking attempts to choosing the wrong platform, selling Bitcoin requires the right security measures

In this guide, I’ll walk you through 10 essential tips for selling Bitcoin safely and securely in the crypto market. They are:

1. Choose a reputable exchange.
2. Keep your Bitcoin in a secure wallet.
3. Do not share your private keys.
4. Enable two-factor authentication (2FA).
5. Be careful of phishing scams.
6. Only sell to trusted buyers.
7. Use a strong password, and do not reuse it for other accounts.
8. Withdraw your funds immediately.
9. Keep your computer up to date.
10. Be aware of the risks.

These expert tips will help you protect your digital assets, avoid Bitcoin scams, and choose the best platforms for safe and seamless transactions.

10 Essential Tips to Safely and Securely Sell Your Bitcoin

1. Choose a reputable exchange

Just like I did back in 2018, you may be surprised by the number of people who get scammed of their Bitcoin due to selling on scam sites or unreputable sources. 

They often get lured in by the promise of a ridiculously high exchange rate, only to find themselves in trouble afterwards. 

How to Verify an Exchange’s Credibility

There are many exchanges that offer buy/sell features on their platforms; however, choosing the best platforms to sell Bitcoin can be sketchy. 

Here’s how to verify any exchange’s credibility for secure Bitcoin transactions:

• Research the exchange’s reputation by looking at reviews from users.
• Search for regulatory compliance.
• Choose an exchange with effective customer service to help in case of any issues. 
• Ensure you understand the exchange rates and fees before proceeding.

2. Keep your Bitcoin in a secure wallet

Different Bitcoin wallets serve different purposes, and you should know about them to keep your BTC safe. There are two main types of wallets: Hot wallets and Cold wallets. 

You may be more familiar with hot wallets connected to the internet and readily available on exchange apps. Although hot wallets score high in convenience, ease, and accessibility, they are more prone to attacks than cold wallets. 

Cold wallets are offline wallets like hardware wallets and paper wallets. While they are not the most convenient wallets, they are more secure because they are not connected to the internet. 

So, which is the best Bitcoin wallet? 

I’d advise keeping only small amounts of BTC at a time in your hot wallet, while larger amounts of BTC meant for long-term investments are stored in cold wallets.

3. Do not share your private keys

Your private keys are how you access your crypto, so anyone with them has control over your Bitcoin. 

Private key security is comparable to your transaction password or ATM PIN, but in this case, it is used to secure your Bitcoin wallet. So, be careful of sites or exchanges that ask you for sensitive information like this. 

Best Ways to Store Your Private Keys

Here are key crypto security tips to guide you on how to store private keys securely:

• Use a hardware wallet.
• Store your backups in a secure location.
• Enable multi-signature security.

4. Enable two-factor authentication (2FA)

Most exchanges have this feature; if yours doesn’t, I strongly recommend dropping that exchange. 

Two-factor authentication provides an extra layer of security, as it performs additional checks through other channels, such as text messages, email, or an authenticator app. 

This makes it more difficult for anyone to enter your account, as they can’t proceed without providing those required codes.

5. Be careful of phishing scams

Phishing scams are pretty common and one of the preferred ways scammers steal BTC. They usually send emails or text messages that look legitimate, with embedded links for you to click on. 

The links often lead to web pages requesting your personal information, like passwords, wallet addresses, etc. If you provide this information, they can steal your BTC. 

How to Spot and Avoid Scams

• Don’t respond to emails or texts asking you to provide sensitive information.
• Check the URLs of sites because phishing websites closely resemble legitimate ones. 
• Use anti-phishing tools to detect crypto scams.

6. Only sell to trusted buyers

If you’re not going to go through exchanges or off-ramp services and you’d rather use P2P services, ensure you trust the person you’re transacting with. 

P2P services and merchants are popular in Nigeria due to restrictive regulations, so you have to be extra careful not to fall prey to the scammers among them. 

7. Use a strong password; do not reuse it for other accounts

Strong passwords make it difficult for unauthorised users to access your BTC wallet, so make it as complicated as possible. 

How to Create a Strong Password for your Crypto Wallet

A great way to create a strong password to secure your Bitcoin wallet is:

• Do not use your personal information like name, birthday, or loved ones’ information. 
• Ensure that it’s a string of alphanumeric characters at least 12 characters long. 
• To avoid using this password for other apps, make it unique to your crypto apps. A password manager can help you create and store your passwords and ensure you don’t repeat them. 

8. Withdraw your funds immediately

You must move quickly once you’ve decided to take profits from your trade or investment. To protect yourself from fraud and theft, promptly withdraw your money into your bank account. 

Due to the regulations, it may seem like a lot, especially in Nigeria, but the best way to do it is by using the Breet App.

You can turn on the app’s Automatic Settlement feature to send your BTC directly to your bank account with no stress.

9. Verify Transaction Details Carefully

Verifying transaction details is the most important step when selling Bitcoins. An error in a wallet address can lead to irreversible losses. 

Once a transaction is confirmed on the blockchain, it cannot be reversed. Therefore, it is important to always double-check before completing the transaction.

A common scam in the crypto market is the Clipboard Hijacker malware. This malware alters the crypto wallet address you copy, replacing it with the hacker’s address.

How to Verify Crypto Wallet Address

1. Consider sending a small amount to the recipient’s address
2. Use QR codes to minimise errors for secure Bitcoin transfers.

10. Stay Updated on Security Trends

Staying informed about the latest security trends is necessary to protect your Bitcoin and ensure safe transactions. Hackers and scammers are developing new ways, from phishing attacks to malware targeting crypto wallets.

• Follow reputable crypto news sites like CoinDesk, Cointelegraph, and The Block for updated information on security trends and industry developments. 
• Join crypto communities on platforms like X (formerly known as Twitter), where experts share insights and warnings about new threats. 
• Subscribe to newsletters from trusted sources like Breet.
• Set up Google Alerts for terms like “crypto security.”

Frequently Asked Questions (FAQs) About Selling Bitcoin Safely and Securely

What is the fastest way to sell Bitcoin?

Off-ramp platforms like Breet are the fastest way to sell Bitcoin. Breet is an over-the-counter solution that offers speedy and profitable Bitcoin-to-cash transactions in a secure app. 

Because Breet is non-custodial (it doesn’t store crypto), it moves your money straight to your bank account in Nigeria or Ghana at lightning-fast speed. 

Which app is the best for selling BTC to Naira? 

In Nigeria, selling BTC has never been easier than with the Breet app. Breet is a secure exchange that offers seamless BTC to Naira trades in minutes. 

The Breet app also features an in-app Bitcoin rate calculator that shows precisely how much Naira you’ll be getting in exchange for your BTC.

How much can I sell 1 Bitcoin in Nigeria?

As a result of BTC being volatile, it’s impossible to say precisely how much you can get for 1 BTC. But, with the Breet crypto rate calculator, you can see the real-time value of your BTC.

What app transfers Bitcoin to a bank account?

In Nigeria and Ghana, the Breet app offers the most stress-free trading as you can quickly go from Bitcoin to cash, cooling off in your bank account. 

The Breet app also has the “Automatic Settlement” feature, which you can toggle on to have your Naira or Cedis sent directly to your bank account without doing anything. 

How long should I wait to sell Bitcoin?

Your investment goals, risk tolerance, market conditions and personal circumstances determine when you should sell your Bitcoin. 

So, are you just looking for profits or hodling? How many risks can you take? Is the market stable or volatile? Or maybe you need to liquidate your assets for some emergency. 

These are the leading questions you should ask yourself before selling your Bitcoin.