Crypto is gradually becoming a popular way to save, invest, and send money in Ghana.
However, as you know, crypto adoption is not widely spread yet, so this calls for an alternative method to spend crypto in Cedi.
Therefore, as a Ghanaian, when it’s time to use your crypto assets for real-life needs such as paying bills, buying food or shopping, you will need to exchange it into Cedi.
You’re in luck because there are fast and straightforward ways to do this, and many trusted platforms.
In this guide, we will show you six (6) quick ways to exchange crypto for local currency in Ghana and highlight the best platforms for converting crypto to cash without stress. Read on to find out.
6 Quick Ways to Exchange Crypto for Local Currency in Ghana
1. Over-the-Counter (OTC) Crypto Brokers
OTC trading is the buying and selling crypto directly between two parties without needing an escrow or third party. OTC brokers offer a straightforward way to exchange crypto for local currency in Ghana. It’s quick and convenient, especially for people who want a more personalized experience.
Looking for a legit broker? The Breet App is a trusted and secure OTC platform that serves crypto traders in Ghana and Nigeria. The Breet app offers high exchange rates and can automatically send your crypto’s value in cash to your Ghanaian bank account.
2. Peer-to-Peer (P2P) Platforms
Another quick way to exchange crypto for local currency in Ghana is via P2P trading. P2P trading is a digital asset trading strategy where buyers and sellers trade crypto assets directly with the help of escrows.
P2P platforms are those platforms that facilitate P2P trading, connecting you directly with buyers or sellers. All you need to do is place an order, set your price, choose your payment method, and then complete the trade.
This method gives you more control, but you must stay alert to avoid scams. One way to do that is to always trade on reputable platforms with buyer/seller protection. Some popular P2P platforms supporting Cedi include Bybit, Binance, etc.
3. Local Crypto Trading Platforms
A cryptocurrency exchange is a platform that allows users to buy, sell, trade, and convert crypto to cash. Notably, Ghana has several homegrown and Cedi-supported crypto platforms that make it easy to exchange crypto for local currency.
These platforms, including Breet, Lopeer, Bitmama, YellowCard, etc, are built primarily for Ghanaians and have some supporting local payment options like mobile money.
Interestingly, the sign-up process on these local crypto exchange platforms is simple, and you can get your Cedi in your bank account in seconds or minutes.
4. Crypto ATMs in Ghana
Though rare, crypto automated teller machines (ATMs) are another way to exchange crypto for local currency in Ghana. These ATMs are designed to allow you to sell crypto and get cash instantly.
The process is easy: scan the QR code on the ATM using your phone, send your crypto, and withdraw your money. Notably, the downside is that ATM fees can be high, and these machines are not yet widely available in Ghana at the time of writing.
5. Mobile Money (MoMo) Integrated Exchanges
Some Ghana-supported crypto platforms are directly linked to mobile money services like MTN MoMo or Vodafone Cash. This makes receiving your Cedis straight to your phone super easy after selling your crypto.
Therefore, MoMo Integrated exchanges are one of the fastest and most reliable options for exchanging crypto for local currency in Ghana.
6. International Crypto Exchanges
Global centralized exchanges such as Binance and Bybit also allow Ghanaians to sell crypto for local currency. These platforms offer P2P trading features, stable pricing, and high liquidity.
However, they may take longer to process payments, and you might need to verify your identity.
Best Platforms to Convert Crypto to Cash in Ghana
If you are looking for the best platform to convert crypto to cash, here are three trusted names:
1. Breet
Breet is the best platform to convert crypto to cash. With the Breet app, you do not need to meet any buyer or wait for confirmations. All you need to do is sign up on the platform, send your crypto to your generated wallet on the Breet app, swap your crypto, and you’ll get Cedis in your bank account almost instantly. It’s secure, automatic, and stress-free.
2. Binance
Binance, the world’s largest crypto exchange by trading volume, is among Ghana’s best platforms to convert crypto to cash. The exchange offers P2P trading services for Ghanaians. Here, you can find buyers, check their prices, and receive payment through the supported options like mobile money or bank account.
3. CoinCola
CoinCola is another crypto trading platform that supports Ghana’s local currency. The platform is easy to use and offers various payment options. However, always double-check buyer/seller details before making a trade.
Conclusion
Your crypto can become useless if you cannot spend it directly or convert it to your local currency for usage. Interestingly, exchanging crypto for local currency in Ghana has become easier than ever with the emergence of several methods and trusted crypto-to-cash platforms.
Now that you know the quickest ways to exchange crypto for local currency in Ghana and best platforms to convert crypto to cash, go ahead and try the Breet App or any platform that works best for you!
