NairaEx is a Nigerian cryptocurrency exchange that allows users to buy and sell Bitcoin, Litecoin, Bitcoin Cash and Ethereum.
In this article, we do a complete review of NairaEx.
NairaEx Overview
NairaEx was launched in 2015, at a period when there were very few cryptocurrency exchanges on the continent. It is based in Abeokuta, Ogun State, Nigeria.
The Nigerian exchange was built to allow users to buy and sell cryptocurrency easily using bank transfer or ATM transfers.
According to data from NariaEx, the platform has served over 130 thousand users and completed over 900 thousand transactions. The exchange also claims to provide quick withdrawals that clear in 24 hours.
NairaEx is an alternative to popular exchanges like Luno, Quidax, and Paxful in Nigeria. Here is an overview of supported currencies and payment methods:
Cryptocurrencies available on NairaEx:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
FAIT currencies supported by NairaEx:
- Nigerian Naira (NGN)
Supported African countries: Nigeria
Popular payment methods accepted in Africa:
- Bank transfer
- Bank cards
Buy and Sell on NairaEx
As stated earlier, NairaEx allows you to purchase any of the supported cryptocurrencies with the Nigerian Naira (NGN).
NairaEx has a minimum transaction threshold of 10,000 Naira. In case you may want to buy bitcoin worth lower than that, you can check our list of Nigerian exchanges.
You will have to create an account on the exchange to buy or sell cryptocurrency. Also, you will need to complete a verification process that is covered in this review, below.
To buy cryptocurrency on NairaEx, follow these steps:
- Sign up or sign in
- Click on “New Order.”
- Enter the amount of bitcoin you want to buy in Naira or BTC and click “Next.”
- Provide your bitcoin address, select a payment method and click complete order
- You will then see a summary of your order before you finally make payment.
- Bitcoin will be sent to your address when payment is confirmed.
On the other hand, you will have to follow these steps to sell crypto:
- Sign up or sign in on NairaEx
- Add your Naira payment information. You can find this under your name in the account dashboard and add your bank accounts.
- Click on “New Order” and fill out the form. Remember to select “Sell” instead of “Trade.”
- Choose your bank account and click on “Submit.”
- Send the amount of bitcoin to the address provided on the confirmation page.
- You will receive your money after payment is confirmed.
NairaEx Account Verification
You will not be able to buy bitcoin on NairaEx without verifying your identity. Here are the steps to follow to verify your account on NairaEx:
- Provide a valid identification card. This can be a passport, Driver’s license, or any Nigerian government-issued means of identification.
- Take a selfie. You must take a clear photo with your face while holding up your ID document and a piece of paper that says “NairaEx” written on it with the date of the day.
- Send the image and digital copy of the ID document to hello@nairaex.com.
NairaEx Trading Fees
NairaEx charges no fees on trades on the site. According to the team, the platform makes money on the buy and sell spread. This makes it relatively better compared to other platforms that charge high fees for everything from deposits to withdrawals.
Current rates on the platform are always available on the homepage.
NairaEx Customer Service
The platform provides support through email and a live chat on the website. There is also a FAQ page that covers several user queries on the platform. What’s more, the exchange has a feedback form on all the webpages and logout feedback. This helps the platform better understand its users and issues that they may face.
Bottom Line
NairaEx is a decent exchange that has years of experience in providing services in Nigeria. It has also built a decent community around its exchange, even providing relief support for users during the COVID 19 pandemic.
Finally, NaireEx rewards users with loyalty points that can be used in purchasing airtime, cable, data, and electricity.
Have you ever used NaireEx to purchase or sell bitcoin in Nigeria? Tell us about your experience in the comments section below.
You should also read:
- Top 7 Ways To Buy Ethereum in Nigeria in 2020
- How To Use Binance In Nigeria In 2020
- CryptoLocally Review – Ultimate How-To Guide
NairaEx
Pros
- Several years of experience
- Good user interface
- No trading fees
Cons
- Few payment options
- No mobile application
