My first attempt at trading Bitcoin ended in a loss. Not only was the process slow and lethargic, but I also got the worst possible value. So here’s what I learned the hard way: The platform you pick impacts your experience, security, and profit. 

I’ll help you navigate the web of Bitcoin-selling platforms in this guide and give you the ten vital questions to ask and why they are important when selecting a cryptocurrency exchange. They are: 

  1. Is it regulated and licensed?
  2. Are there security measures in place?
  3. What are the fees?
  4. How easy is it to navigate?
  5. What are the cash-out options?
  6. Does it offer mobile trading?
  7. What do people say about the platform?
  8. How fast are withdrawals?
  9. Are there educational resources?
  10. What coins are supported?

Let’s take a deeper look at each question, shall we?

10 Important Questions to Ask When Choosing a Bitcoin Selling Platform

  1. Is it Regulated and Licensed?

Just like you’d want to check for the authenticity of a product, you also need to do thorough research on the platform you wish to use. When a Bitcoin platform is regulated and licenced, it follows government regulations and provides more security and legal protection for your assets. So, you must research the platform’s regulatory status and licensing in your country.

  1. Are there Security Measures in place?

When a crypto trading platform satisfies licensing concerns, the next consideration is its security. Because of crypto’s volatile nature, you must ensure that the platform you’re considering implements top-tier security methods such as two-factor authentication (2FA) and multi-signature wallets. 

Some platforms even provide theft or hacker insurance. Understand the security features and evaluate their effectiveness.

  1. What Are the Fees?

It’s important to carefully examine the fees, looking out for withdrawal charges and hidden fees to avoid getting caught off guard. In addition, look for platforms that offer discounts when trading large amounts. Standard fee structures are as follows:

  • Trading fees: Usually 0.1% – 1.5% per trade
  • Flat rate or percentage-based withdrawal charges
  • Deposit fees: For payments through exclusive methods
  • Currency conversion: Chargeable on the conversion of fiats to cryptocurrency
  1. How Easy Is It to Navigate?

Licensing, safety, and fees would be irrelevant if you don’t consider the practicality of using an app. As a newbie, nothing beats simplicity, especially in an app that handles sensitive information like your Bitcoin. So, you must look for a Bitcoin platform with an easy-to-use user interface. 

Look for features like live chat support or customer service options for assistance. To make your crypto journey smoother, opt for a platform with a user-friendly interface like Breet.

  1. What Are the Cash-out Options? 

Selling your Bitcoin and receiving funds in your local currency can be tricky, especially if you’re a Nigerian-based crypto enthusiast. Some exchanges may not perform direct Bitcoin-to-fiat transactions, so you must first convert to stablecoins like USDT.

However, this would take too much time, and you may even lose money while at it due to transaction fees and the market’s rapid volatility. This is why you must choose a platform that offers direct Bitcoin-to-fiat transactions. 

  1. Does It Offer Mobile Trading?

At this age and time, mobile trading is a game-changer. You should be able to access your investment in your palm, literally. See if the platform has a mobile app that allows you to trade on the go.

  1. What do People Say about the Platform?

Reputation is critical, and what people say about a platform is essential. Don’t ignore any red flags. Do a proper scrutinisation, check for user reviews, visit online forums, and review commentary on social media sites to learn about the platform’s reputation. 

Unresolved customer complaints or security breaches should not be ignored. John from New York could have lost $3000 to a scam platform but stopped at the last minute upon reading a review. 

  1. How Fast Are Withdrawals?

Quick access to your funds is crucial, and you don’t want any needless delays regarding your money. Examine the platform’s withdrawal processing times and policies. Some platforms charge a fee for quicker withdrawals. Ensure that you access your funds without any unnecessary delays.

  1. Are there Educational Resources?

Just as education is vital, education is the basis of smart investing, especially for those new to Bitcoin. Whether you’re a newbie or an old dog, look for platforms that provide diverse educational resources. Articles, Tutorials, webinars and demo accounts may be included to help you learn how  Bitcoin and the cryptocurrency market work.

  1. What Coins Are Supported?

Different crypto coins

Aside from Bitcoin, there’s a wide range of other coins. Check for platforms that accept a range of coins. This allows you to broaden your investment portfolio beyond Bitcoin.

Frequently Asked Questions (FAQs) About Questions to Ask When Choosing a Bitcoin Seling Platform

How Long Does it Typically Take to Sell Bitcoin?

Most digital currency trading platforms give buyers a maximum of 30 minutes to send money for the Bitcoin you’re selling. So that’s the average amount of time.

What Documents Do I Need to Start Selling?

Before you’re allowed to sell Bitcoin on an exchange, you have to complete the KYC (Know-Your-Customer) requirement. Typically, required documents include a government-issued ID Card and driving license.

What Is the Best Bitcoin-Selling Platform for Newbies?

Well, the answer is simple: Breet! Among several Bitcoin-selling platforms, this crypto-selling platform stands out as a reliable and user-centric choice. With a strong emphasis on security and a seamless user interface, Breet ensures a satisfying experience for newbies and experienced traders. Breet also offers competitive exchange rates catering to Nigerian and Ghanaian users.

Is Bitcoin Safe for Beginners?

Bitcoin is an attractive investment option, but just as you would research thoroughly before trying anything new, you need to do thorough research before investing. Doing this research helps you make informed decisions.

Can I start investing in Bitcoin with a small amount?

You don’t have to wait until you have a large amount before investing. So, yes, you can start investing with a small amount of Bitcoin. Little drops of water, remember?

Conclusion

There you have it, guys! Crossing your T’s and dotting your I’s are important, especially when selling Bitcoin. The crypto market is volatile, and making informed decisions about where to sell your bitcoin is vital to success.

Before you commit to a Bitcoin selling platform, use this checklist to evaluate your options. Remember, the right platform for you should align with your specific security, fees, and convenience needs. Start your research with well-established platforms like Breet and always prioritize security and reliability over slightly better rates.