Whether you’re a seasoned investor or a newcomer navigating the ebbs and flows of the crypto market, holding USDT can be a strategic move. USDT is pegged to the US dollar, so it doesn’t swing wildly in value like other cryptocurrencies.
That’s why many traders and investors park their funds in USDT, plus, it’s a handy bridge between traditional money and the blockchain, making it easier to switch between cash and crypto when needed.
But how would you convert your digital dollars back into fiat currency like Naira?
In this guide, we’ll walk you through the process of withdrawing USDT from your Nigerian bank account using Binance, specifically for iOS users. We’ll cover the detailed steps you need to take, ensuring that you can move your funds with confidence, irrespective of the current operational status of Binance in the region.
Let’s get started!
See Also: How to send USDT from Binance to another wallet (iOS)
How to send USDT to your Nigerian Bank Account on iOS
To transfer Tether to your bank account, you might have to connect your wallet to an exchange or transfer the amount you want to withdraw to your wallet on any exchange you use. Ensure that the platform you choose allows its users to withdraw USDT.
If you’re withdrawing from Binance, here are the two methods you can use to do so successfully:
Method 1: Using an External Crypto Wallet
- Choose a Wallet Compatible with Naira: Popular options on App Store include Bybit, Kucoin, and Yellow Card. You may already use one, or you’ll need to create an account.
- Send USDT to Your Wallet: Follow the steps in this article to initiate the send process within the exchange holding your assets. Be aware of fees for this step.
- Sell USDT for Naira on the Wallet: Most of these wallets offer direct conversion to Naira, often with lower fees than on the exchange itself.
- Withdraw Naira to Your Bank Account: Link your bank account to your wallet and initiate the withdrawal. Transfer times vary depending on the platform.
Method 2: Binance P2P Trading
Transfer USDT to Funding Wallet: On the Binance Pro interface, go to “Wallets” and then “Transfer”. Select Spot and Funding Wallet as both “From” and “To” options, then choose USDT, and enter the amount to move to your Funding wallet.
Access P2P Trading: Select the P2P tab and switch to “Sell”. Choose USDT as your asset.
Find a Buyer and carefully review their profiles. Pay attention to: completion rates, buying range limits, and finally, trading rates to get the best deals.
Initiate the Trade: Tap “Sell” on the desired buyer’s listing. Provide your bank details and follow any additional instructions the buyer provides.
Additionally, If you have crypto-savvy friends willing to buy your USDT and send you the Naira equivalent to your bank account, this can potentially offer a faster, more personalised solution. Make sure to agree on a fair exchange rate beforehand.
FAQs on how to withdraw Tether to your Nigerian bank account
Can I transfer Tether from one exchange to another?
A: Yes, you can transfer Tether from one exchange to another. All you need to do is get the receiver exchange’s wallet address. On the sender exchange, go to the withdrawal section and enter your account’s wallet address on the receiver exchange.
What are the typical withdrawal fees for USDT? A: Understanding USDT withdrawal fees can get tricky because they’re not one-size-fits-all. The platform you use will have its own fees, and the blockchain network itself charges to process the transaction. To make it even more complicated, your bank might charge you for receiving the funds! Sometimes there are flat fees on top of all that. To avoid any surprises, take some time beforehand to figure out all the costs involved – you don’t want your withdrawal to end up smaller than you expected.
What are the security risks associated with sending USDT to bank account?
A: Common security risks when dealing with USDT include:
- Phishing Attacks: Scammers may attempt to trick you into giving away sensitive information.
- Exchange Hacks: Even legit platforms can sometimes be hacked. It’s important to spread your assets around to reduce risk, and keep an eye on crypto news for any security alerts.
- Man-in-the-Middle Attacks: Hackers sometimes try to intercept transactions mid-flow to steal your funds. If something seems off during a transfer, stop and reach out to the platform’s support team immediately.
- Fraudulent Platforms: Some services may be disguised as legitimate but intend to defraud users.
