Bitcoin cryptocurrency is really getting that much attention in the whole world, and Nigeria is not left out of the wave. Currently, there are many bitcoin exchange sites that exists, but not all of them are making the list of best bitcoin exchange sites.
Today, we’re going to look into a bitcoin exchange website specifically targeted at a particular region, NairaEx. It is originally focused on catering to the Nigerian market, and that’s why the country’s currency nomenclature is also used as part of its domain name.
In this post, i will discuss and review what NairaEx has to offer to the cryptocurrency enthusiasts in general, as well as what made it one of the best bitcoin exchange platforms in Nigeria.
Let’s get into learning NairaEx. Shall we?
Table of Contents
NairaEx background overview
NairaEx is established in the year, 2014 with simplicity to exchange fiat for BTC in mind. It’s not all that your investment, or regular cryptocurrency trading site. The platform is one of the best to buy bitcoin in Nigeria with debit card (i.e. the normal ATM card issued in the Nigerian banks).
It doesn’t have any technical chart, or indicators that displays the changes in current price movement of BTC actions. They only display the current price in USD for one Bitcoin (BTC).
Features of NairaEx platform
The platform calculates average market price from several cryptocurrency exchange marketplaces as against Dollars (USD), this is then multiplied by the current exchange rate of 1 BTC to USD.
At Nairaex, transactions are conducted in Nigerian Naira currency, and with a minimum that is set to strict 30,000 naira. This means one cannot buy any amount that is below the amount already set as the basic minimum delivery amount.
Since, the platform is basically targeted at Nigerian market, while trading only with the country currency, it’s obviously that no other country aside Nigeria can participate in Bitcoin buying and selling from the platform.
This platform also has 2FA security for every account, but the verification must be with any of the local phone numbers.
NairaEx account verification
Creating account on the platform as easy as reciting ABC. You simply need to register and submit your desired name alongside any active email of your choice for verifying your account through email.
Once the email verification stage is passed, you will be presented with a page that requires you to provide any government issued IDs, or a passport photo, as well as personal ID-Card of the account holder through email, before you can start purchasing your basic desired digital currencies.
How to buy/sell bitcoin on nairaex
To buy bitcoins, you will need to click on ‘Buy Orders’ button to purchase the number of bitcoin cryptocurrency you desire to buy immediately.
The cryptocurrency exchange site use to support Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but at a time, the platform started supporting only buying and selling of BTC and Ethereum.
Though, you can only sell ETH to them, but cannot buy from the platform. I don’t know why they made it to be like that, but that’s how the platform operates as at the time of writing this review content.
Deposit and withdrawal of funds
Currently, this cryptocurrency exchange site only accepts two methods of payment which are; direct payment from a Nigerian bank account using transfer, as well as card payment, or Perfect Money account.
Any account from the major banks in Nigeria can be used to buy and sell bitcoin cryptocurrency on NairaEx bitcoin exchange platform.
NairaEx app enabled?
As NairaEx is one of the best site to sell bitcoin in Nigeria, the exchange platform does not have any mobile app, or software for buying and selling bitcoin, or ethereum. All the exchanges are done directly on the main website account.
Why NairaEx is the best in Nigeria?
The website does same day funding and withdrawal, and that is it’s main selling point. It has fast service and a good customer support.
Questions and Red Flags
Due to the fact that this exchange site targets only Nigerian market, foreign who tried to register an account with the platform without fully understanding the targeted region are facing difficulties in trading freely like other multi-national exchanges.
This led to some of them regarding NairaEx as one of the bitcoin scam sites. Even, some reddit users also claimed to have been defrauded by the Nigerian exchange platform.
An impostor once used a fake domain, (nairaex.net) to drift funds and investments away from people. That is to say, all those people complaining of the site being a scam must’ve been using the fake domain somehow.
Pros and Cons of NairaEx
- Accepts direct bank transfers (including mobile transfers)
- Same day cryptocurrency exchange
- Easy account creation
- Easy account verification
- Only supports bitcoin cryptocurrency
- Only Nigerian market is targeted
- Incomplete FAQs
- High bitcoin to USD exchange rates
Why you should trust NairaEx
As a citizen of Nigeria, it’s very easy to trust the platform as the have a legit location, and address that is easily accessible.
Though, as a non-Nigerian citizen, NairaEx may seem to be looking like one of the notable bitcoin scam sites online, because it doesn’t support transactions outside Nigeria.
Conclusion: NairaEx.Com Review
NairaEx is a bitcoin exchange site aimed at serving only Nigerians. This means that, it’s strictly limited to Nigerian market alone (i.e. other countries are not allowed to buy, or sell bitcoins on the platform).
NairaEx in Nigeria, is regarded as one of the best site to buy bitcoin in Nigeria for beginners mainly. Make sure you safely secure your cryptocurrency investments with one of the best secured cryptocurrency wallets in the market.
I recommend you get a hardware wallet to store your cryptocurrency funds away from hackers, as well as all other kinds of thefts.
Also, try to always make use of VPNs to hide your cryptocurrency transaction footprints online and in the blockchain, while transferring your cryptocurrencies for holding.
This is also another way of secure your cryptocurrency investment from getting lost. Especially for the investors who would like to make money along the line, with their bitcoin investments.
If you’re outside Nigeria, you don’t want to make use of NairaEx services, as you can buy any cryptocurrency of your choice using other recommended exchange site which support buying cryptocurrencies with credit or debit card from any country.
NairaEx Editor's Rating
NairaEx is a good bitcoin exchange platform for Nigerians only. It only supports just bitcoins and ethereum coins. Buying and selling bitcoins, or ethereum using the platform is fast and smooth.