How to Swap Currencies on Palremit

Palremit is a popular choice for those who need to exchange or swap currencies with ease. Palremit is a digital multi-currency wallet that allows users to exchange between multiple supported currencies and carry out peer-to-peer transactions.

Naira to Crypto.

Crypto to Crypto.

Crypto to Naira.

Crypto to USD.

For example, you can swap NGN to USDT using Palremit app. And in this tutorial, we’re going to show you how.

Creating a Palremit Account

Creating a Palremit account is easy. Once you sign up and verify your account, the next important step is to complete your KYC (know your customer) verification. It is a stipulated process to ensure user identity management, and compliance. Without completing KYC, you won’t have access to the full range of our financial services.

Once you’ve created your account, go to Settings. Here, you can see “KYC & Compliance”.

Simply click on this button and verify your identity. This helps us to confirm and store user personal data and financial information adequately.

Provide your Bank Verification Number (BVN) and other required identification materials to set up your KYC.

After completing KYC, you’ll see green checks like those in the image above. This indicates that you’re well set-up to start using your shiny Palremit account.

After KYC, you’ll also get access to your virtual NGN account for funding your Palremit wallet.

Funding Your Palremit Wallet

You can fund your Palremit wallets via fiat and crypto assets.

For fiat money:

• You can only fund your account through local NGN transfer (deposits) at this time through the account number provided in your app. We are working towards making more currencies available for funding.
• You can also fund your account via Palremit P2P (peer-to-peer). If you know a Palremit user, you can send them money, or receive money using your Palremit ID. 

For crypto:

• You can fund your account by swapping fiat money for crypto.
• You can also send or receive crypto via Palremit P2P.
• Else, if you own crypto assets on third-party apps, you can deposit crypto into your designated Palremit wallet.

Supported Currencies on Palremit 

Currently, you can access the following currencies on Palremit:

• Nigerian Naira (NGN)
• Kenyan Shilling (KES)
• United States’ Dollar (USD)

Crypto:

• Tether (USDT)
• Bitcoin (BTC)
• Ethereum (ETH)

We’re working to make more currencies accessible to facilitate global trade possibilities, as has always been our mission.

How to Swap Currencies on Palremit in 5 Easy Steps

This article will walk you through five easy steps to swap your money on Palremit. You can exchange fiat – fiat currencies like Nigerian Naira (NGN), Kenyan Shilling (KES), and US Dollar (USD).

You can also swap your crypto – crypto assets like $Bitcoin (BTC), $Ethereum (ETH), and $Tether (USDT).

Also, you can convert fiat money to crypto assets (fiat – crypto) on Palremit seamlessly. 

In this walkthrough, we’ll show you how to convert NGN (Nigerian Naira) to USDT (Tether). Here are 5 easy steps to swap your money on Palremit.

Step 1: Click on the “Swap” Feature on Your Dashboard

Once you log into your Palremit app, you are first greeted by our simplistic interface. We’ve made it a priority case-point in our design philosophy to make our app easy for all our users to navigate and perform financial transactions.

To start swapping currencies on Palremit, click on the SWAP button in-app to use the feature.

Step 2: Select the Currencies You Want to Exchange

Next, you have to enter the currency you want to swap from and the currency you want to exchange to.

Currently, you can exchange fiat money for crypto assets on Palremit (like NGN – USDT, NGN – BTC, or NGN – ETH).

Equally, you can swap crypto assets back to fiat money anytime you like (for example, USDT – NGN, BTC – NGN, or ETH – NGN).

So, for this tutorial, we’re converting Nigerian Naira (NGN) to some USDT.

✅ So, the first step, you have to select the currency you’re converting from. Simply tap on the button highlighted on the screen.

Afterwards, a pop-up appears asking you to select the currency you want to exchange from. Remember, in this tutorial, we’re swapping our local NGN for USDT.

So, we select “NGN” as the currency we’re swapping from.

Once you’ve done that, you’ll see that the NGN you selected now appears on top as the currency you’re swapping from.

The next step is to select the currency you want to swap to.

Note that the relative amount you get when you swap to another currency depends on factors like the exchange rate. These rates determine how much you relatively get when you convert to another currency.

In our tutorial, we’ll convert from NGN to USDT. So, you simply tap on the button highlighted in the image to select what you want to swap your NGN for.

Then, a pop-up appears again. Select USDT as the currency you want to exchange to.

Step 3: Enter the Amount You Want to Swap

Once you’ve selected the currencies you want to trade on Palremit, the next step is to enter the amount you want to swap.

There are two ways you can do this.

• First, you can enter the amount you want to exchange manually.
• Or if you prefer, select the percentage of the total amount you have in that wallet.

For example, if you have ₦10,000 in your NGN wallet as your available balance, and decide to swap 50% of that money. Simply select “50%” or any of the desired percentages underneath the text box.

Otherwise, enter the amount manually.

In our case, we entered the price manually: we are converting ₦5,000 to the equivalent $USDT on Palremit.

Once you’ve finalized the amount you want to exchange, click on “Get Quote” to view the exchange rate between the two currencies you have selected and your exchange summary.

Note: You don’t have to enter the amount for the currency you are exchanging to. Just enter the amount you want to exchange in the first text box and tap on GET QUOTE to proceed.

Step 4: Click on “Get Quote” to See the Details for the Transaction

Now, you’re almost done. Once you’ve clicked on “Get Quote,” you’ll be shown a confirmation page that shows the summarized details of your transaction. Make sure you review this to ensure that everything is in order. 

In our tutorial, we are exchanging ₦5,000 (NGN) to USDT. From the confirmation page, you can see the rate at which we’re converting from NGN ⇒ USDT, the amount we’re converting, and the equivalent we’ll receive in USDT (₦5,000 = 3.08168013 USDT) at 1,622 NGN/USDT.

Step 5: Swap Your Money

Once you’ve confirmed this, simply tap the swap button to complete this transaction.

With that, you’ve exchanged your NGN for USDT. Easy!

Check Your Wallet Balance on Palremit

After exchanging currencies on Palremit, you can see your balance in your wallet.

To see this, go back to your app dashboard, and select “Wallet.”

You can toggle between your crypto and fiat wallets to see your balance across different currencies you own on Palremit.

From this screenshot, you can see the $USDT, $ETH, and $BTC wallet balances.

If you toggle to fiat, you’ll also see your balance for all supported fiat currencies on the app.

Remember, we just swapped for some USDT now. Let’s see if our balance reflects this. Simply tap on the currency you want to look at.

Check Your Transaction History and Monitor Your Account

You can also view your transaction history on Palremit when you select the wallet you want to view this information for.

From the USDT wallet balance, you can see that this user has a 6.31528508 USDT.

But take a closer look at the last transaction; it is the ₦5,000 transaction we just completed in this tutorial.

Going one step further, you can select any transaction you’ve made and view the receipt. You can take a screenshot and save it as reference or send it to anybody for the same purpose, if you need to.

What Else Can You Do on Palremit?

Swapping currencies is as easy as we describe it. You can exchange fiat money for crypto assets easily.

If you need to sell quickly, you can also swap your crypto assets to fiat money conveniently. Here’s more:

• Send or receive fiat money from any Palremit user via peer-to-peer (p2p) using Palremit ID.
• Send or receive crypto from any Palremit user via p2p using Palremit ID.

Your Palremit crypto wallets also act as cold storage for your assets. So, you can choose to hold your crypto in your Palremit crypto wallets.

Additionally, this means that:

• You can send crypto assets from your Palremit account to any other third-party wallet of your choice using the WITHDRAW feature.

• You can also receive crypto assets from friends or deposit into your Palremit wallet from any third-party exchange app using the DEPOSIT feature.
  • Make sure to check and ensure you’re sending crypto via the available networks.

We have all you need to thrive on Palremit. And we’re working towards including more feature ranges, and making money truly accessible beyond barriers for all our users.

Need Help? Contact Customer Support

We’re here to support you and help you build the financial powerhouse you’ve truly craved. Swap money. Send money. With ease. And only on Palremit.

If you need help, don’t hesitate to contact our support team — [email protected], to get instant feedback on any challenges you might have using our app.

We’re building the only financial app in Africa that helps you access your money without borders.

Download the Palremit app on Google PlayStore or Apple Store to enjoy seamless financial transactions on the go. The app now allows you to swap money between USDT and other local currencies, so you can start using your money without borders.