How I Sold SBD For Naira (Nigerian Currency) Using Remitano Exchange

Today a steemian needed money and suddenly remembered he has some SBD which he cashed out from steemit some days back which was in his bittrex account. As a desperate last resort, he decided to sell it for Naira (Nigerian currency).

^Source


He requested for my bittrex SBD deposit memo, which I gave him and he sent 100 SBD to my bittrex exchange wallet.





I decided to run an experiment by selling for Naira on Remitano exchange: https://remitano.com/ng

The steps may seem long but are quite easy to do once you have the hang of it. First, you would need to open a Remitano verified account, which does not take much time to set up.

I would summarise the steps below:

1. Send SBD from steemit to bittrex or poloniex.
2. Sell SBD for BTC
3. Send BTC to Remitano exchange.
4. Sell BTC for Naira

Let us start, the SBD is already in my bittrex account as shown above, so the part of sending it to bittrex won't be necessary.

But just in case there are those who would like to know how to send SBD or STEEM to bittrex, it is an easy process.
Log into your bittrex account and go to the wallet, search for SBD and click on withdrawal. Copy the deposit memo on bittrex exchange and return to steemit. Do the normal transfer and make the recipient bittrex using the memo copied from the bittrex exchange.

This is shown below:

It is showing insufficient balance as I do not have up to 20 SBD on my wallet when I took this screenshot :)

Sell SBD for BTC

Sold the 100SBD for 0.01675800 BTC at bittrex

3. Send BTC to Remitano

Go to Remitano, click on Deposit and copy the deposit address there. Go to bittrex and send the bitcoin to the Remitano deposit address copied.





I lost 0.0009978BTC from 0.01675800, in transfer charges and finally sent 0.01575800 ($89.7 as at the time of sending) to Remitano.

Remitano has a policy of charging 0.0005BTC for every BTC deposit made on their exchange. So, I was finally left with 0.015258BTC.

Click Withdrawal to view deposited bitcoin in Remitano.

Sell BTC for Naira

On the Remitano menu select Buy/Sell BTC. Here you would see buyers and sellers. Scroll down to see sellers.





This displays the seller's bank for payment and the price they are willing to buy $1 worth of BTC. These prices are dynamic as you would see in my next screenshot. It changes automatically with fluctuations of BTC price in the market. I chose the same seller using the same bank I want to receive from (GTB) to avoid interbank money transfer delay.

Click Sell Now to select seller you want to sell to, a page with your bank information would display. Click continue and a page with the seller info, your bank info and the final value of BTC which is now locked in to be paid by the seller.

In my case, BTC added a little as it was at 30,350.31 Naira as against 30,347.26 Naira in the Noney's seller page.

All you have to do from here is wait for the seller to credit you. Once that is done you click I have received payment.

The good thing is if you are confused, they have a 24/7 customer service that could assist you in real time chat.

Within a minute I heard the beep signaling bank credit alert payment. I checked and sure enough, the money has landed :)

I confirmed the payment. Deal was done.

This is rather a not a very efficient method of selling SBD for Naira, but since there are no verified Naira to SBD exchange with trusted escrow, I decided to go this route. It did not take me more than 30 minutes. The only time wasted here was waiting for BTC sent from bittrex to get to Remitano. Remitano deal was under 7 minutes

But at the end of the day, I sold the SBD at a lower rate due to all the exchange charge and BTC transfer charges. But I sold each $1 at 350 Naira.