NairaEx is a popular Bitcoin exchange website in Nigeria.
Bitcoin cryptocurrency is really getting that much attention in the whole world, and Nigeria is not left out of the wave.
As there are many BTC exchange sites that exists, not all of them are making the list of best cryptocurrency exchange sites.
NairaEx exchange is focused on catering to the Nigerian market only, and that’s why the country’s currency nomenclature is also used as part of its domain name.
- 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
In this post, I will review what NairaEx has to offer to the cryptocurrency enthusiasts in Nigeria, as well as what made it one of the best BTC exchange platforms in the country – but not outside the shores anyways.
Let’s get into learning NairaEx exchange…
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 regular crypto trading website.
The platform is one of the best to buy Bitcoin in Nigeria with debit card (i.e. the normal ATM card issued in 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 valuation in USD and Naira for One Bitcoin (1 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 provide any government issued IDs, or a passport photo.
You will also need some kind of personal ID-Card of the account holder through email, before you can start purchasing your basic desired digital currencies.
How to buy Bitcoin on NairaEx
To buy BTC, you will need to click on ‘Buy Orders’ button in order 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.
How to sell bitcoin on NairaEx
If you have some good number of Bitcoin to sell for fiat cash currency, then you should simply watch the video below to understand how you can safely sell your BTC to NairaEx.
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.
Is NairaEx app enabled?
Even though NairaEx is one of the best bitcoin exchange site in Nigeria, it does not have mobile app for buying and selling supported cryptocurrency.
All the exchanges are done directly on the main website account itself.
Why NairaEx is the best in Nigeria
The website does same day funding and withdrawal, and that is their main selling point. It has fast service and an good enough customer care support.
Questions and Red Flags
Due to the fact that this exchange site targets only Nigerian cryptocurrency 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 at a point, 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.
Why you should trust NairaEx
As a citizen of Nigeria, it’s very easy to trust NairaEx platform as they have legit regional location, and address that is easily accessible if you are right in Nigeria.
Though, as a non-Nigerian citizen, NairaEx may seem to be looking like one of the notable scam sites, because it doesn’t support transactions outside Nigeria.
Furthermore on 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.