Ethereum, being the second largest cryptocurrency in the world, means that it is high in demand.
So, being an ETH investor/trader, you’re also in for a profitable venture. Naturally, your priority will be finding the best exchange rate especially if you’re converting from Ethereum to Naira.
In this post, we’ll discuss all the crucial factors and where you can find the best exchange rate for Ethereum to Naira (or Cedis). So, if you’re trying to preserve the value of your crypto, you’ll find the Breet app to be the most suitable for your needs. You’ll see why as you read on.
Factors to Consider When Finding the Best Exchange Rate
The current market price of Ethereum
It is common knowledge that the higher the value of Ethereum, the more Naira you’ll get. But remember that ETH is volatile, so the exchange rate constantly fluctuates. Keep a close watch on ETH’s value and try to sell when you’re at a profit when possible.
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The fees charged by the exchange platform
Transaction fees are super important when finding an exchange rate with the best value. These fees are charged by the exchange platform to process your transaction. However, they vary from platform to platform.
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To maximise your profit, it’s best to trade with an exchange with low transaction fees.
The liquidity of the exchange
Liquidity is when you can buy and sell an asset quickly and easily without affecting the price. Ethereum is a high-liquidity crypto in itself.
However, the liquidity of the exchange should also be considered.
An exchange with high liquidity means that there are a significant amount of trades on the platform, so the exchange rate is more stable, and volatility is lower.
But, an exchange with lower liquidity will suffer more volatility.
The effect of a low-liquidity exchange on your Naira will be unfavourable, while a high-liquidity exchange will have you smiling at the bank.
The reputation of the exchange platform
An exchange platform with an excellent reputation means there’s a good track record of reliability, security and customer satisfaction. With a reputable exchange, there’s a greater chance of getting excellent returns and peace of mind while converting your Ethereum to Naira.
Where to Find the Best Exchange Rate for Ethereum to Naira
Crypto-to-fiat conversion already has its own challenges, but it is even more challenging for a Nigerian.
This is mainly due to the tight regulations, so getting the most out of crypto in Naira has been a struggle.
Most options are either too restrictive, expensive, or offer poor rates in exchange for crypto.
This is why I started with some factors you should consider when looking for the best exchange rates for your Ethereum to Naira conversion.
The Breet app, apart from offering one of the best exchange rates, also has a built-in crypto rates calculator that lets you see the real-time value of your Ethereum in Naira.
This is a look-before-you-leap situation where the Breet app is transparent about the rates.
You should also know that the Breet app is an Over-The-Counter (OTC) crypto trading platform that offers immediate crypto-to-fiat conversion in Nigeria and Ghana.
This means you jump several obstacles and get an almost immediate conversion to your preferred currency (Naira or Cedis) straight to your bank account.
This crypto-to-Naira solution (Breet) is highly secure, fast, and one of the most seamless transactions you can make. You can check out the crypto rates calculator and expect only the most competitive rates!
You’d also be pleasantly surprised to see that after a quick sign-up, you automatically get an Ethereum wallet address generated for you.
Wrapping it up
You may have spent some time looking for the best exchange rate for your Ethereum to Naira (or Cedis), but that ends now.
With the Breet app, you’ll get the best exchange rate, and a crypto exchange app that suits your trading needs perfectly.
Start getting the most out of your Ethereum investment; use the Breet app today. Happy trading!