This review is the most complete and concise Nairaex review online.
NairaEx is a Nigerian-based bitcoin exchange.
It has over 100 thousand customers and has successfully conducted over 900 thousand transactions making it one of the most sorts after bitcoin broker exchange in Nigeria.
NairaEx now exchanges more cryptocurrencies.
In this post, I will walk you through this exchange, highlight all the services it offers and its trustworthiness.
NairaEx Review Summary
In this review, I will be digging deep into the platform to see if it’s worthy of the crown it created as the (best bitcoin exchange in Nigeria).
To swiftly walk you through this post, here is what I will be discussing;
- NairaEx Overview.
- NairaEx Services.
- Supported Currencies and Payment Methods.
- Transaction Fees and Limits.
- Verification Requirment
- Supported Countries.
- Customer Supports.
- FAQs and Public Opinions.
1. NairaEx Overview
NairaEx is an e-currency exchange service provider that it’s headquarter is situated in Abeokuta, Ogun State, Nigeria.
It allows its users to buy and sell bitcoin and perfect money with the Nigerian naira.
This is done via bank transfer, and with a debit card (i.e. the normal ATM card issued in the Nigerian banks).
It was launched in 2015 with a goal to give local users the best possible services there is in terms of purchasing and selling digital currencies.
The Company aims to provide a fast, simple, and easy bitcoin exchange service that is accessible to all Nigerians. It is safe to say that the exchange was created to serve the Nigerian local market – the reasons being that all payments on the platform are to be made into its local bank accounts.
NairaEX has done quite well as they now give services to over 100K user accounts and have facilitated over 900K transactions.
The exchange does same day funding and withdrawal and it has good customer support. For this purpose, it claims to be the “best bitcoin exchange in Nigeria”.
Well, that’s a bold statement there.
2. NairaEx Services
NairaEx provides services on its platform that is as simple, fast, and easy to use as possible. They include buying and selling of cryptocurrencies like bitcoin, litecoin, and e-currency like perfect money. From this dashboard, a user can access these services.
· NairaEx Buy/Sell
NairaEx offers only one service which is the purchase and sales of e-currency like Perfect money and cryptocurrencies like Bitcoin, Ether, etc. on the exchange platform.
Also read: 9 best e-currency exchanges in Nigeria.
That said, let’s look at all the currencies supported in NairaEx
3. Supported Currencies and Payment Methods
NairaEx started out as a bitcoin exchange but has grown to include more currencies;
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BTC)
- Perfect money
The exchange does not link orders to third-party platforms as most exchanges do. It has its own E-currency stock, from which it fulfills its orders – so you can rest assured that your transactions will be fulfilled in no time at all.
- Nigerian Naira (NGN)
- Bank transfer
- ATM transfer
4. Transaction Fees and Limits
NairaEx does not charge its traders any trading fees. However, that does not mean that the platform can be used for free.
It is apparent that the fees are squeezed into its rates. So you should expect their buy and sell rates to be slightly higher than what is available on major exchanges and financial markets.
We are not certain of how NairaEx calculates its rate, but we are sure that NairaEx takes certain percentage rates on every buy and sell order carried out by users on the platform.
5. Verification Requirements
Anyone can create an account on the NairaEx website, but not everyone can buy bitcoins on it.
NairaEx limits users who have not provided identity verification to their account. To buy Bitcoins, you must comply with the identity verification process, as you can see in the steps below.
The process requires that you mail the following information to [email protected]
- Proof of identity: International passport, Driver’s license, or any Nigerian government-issued means of identification.
- SELFIE: You should take a clear photo with your face while holding up the proof of identity and a piece of paper that has “NairaEx” written on it with today’s date”.
Once the correct documents are submitted, you will be verified within 24 hours.
6. Supported Country
7. Customer Support
NairaEx did a good job of providing users with an exceptional level of support. Anyone can contact support via LiveChat (available on their website), E-mail and Phone calls. You can also read through the Blog page on NairaEx to get more details.
I found a couple of complaints on Reddit from users who claimed to have been scammed by NairaEx, but on digging in on the situation, I discovered that a site “nairaex.net” was created by fraudsters disguised as NairaEx agents. So, it is apparent that those who were scammed might have lost their money to Nairaex.net and not NairaEx.com itself.
8. FAQs and Public Opinions
Every bright company has an FAQ section as we see in the case of NairaEx. The FAQ section is generally to provide answers and useful information to commonly asked questions that concern users. Some users can also share their public opinions and experiences through feedback.
Here are a few FAQs that can be seen on the NairaEx platform:
– Sign up to NairaEx
– Verify your Identity
– Buy or Sell the supported currencies
And that’s it.
Note: you do not need verification to sell bitcoins on NairaEx buy you need it to buy.
NairaEx doesn’t store your coins and so, does not provide wallet services. What it basically does is sell bitcoins on retail.
Before you buy Bitcoins on NairaEx, you must create a Bitcoin wallet elsewhere. The best option for newbies, which is, in fact, the most popular option is blockchain.info. However, if you a buying a large amount of bitcoin, it is best to use a hardware wallet.
NairaEx places its minimum transaction amount at
N30,000. So, if you wish to buy Bitcoins with any amount below that, then I suggest you look somewhere else.
To buy Bitcoins:
– Login to your account and click on “NEW ORDER”.
– Once logged in, click on New Order’ or ‘Create Now’.
– Enter the amount of bitcoin you want to buy either in Naira or BTC and click Next
– Enter your bitcoin address, choose the payment method and click complete order (You can either pay by bank transfer or pay by debit card)
– You will be shown a summary of your order, if it’s correct, make payment and wait for your bitcoin to be sent to the wallet address you provided.
To sell your Bitcoins, all you have to do is.
– Login to your NairaEx account and Go to Payment info (under your name in the account dashboard) and add your bank accounts).
– Click on New order and fill out the Sell form. (Change Trade to Sell and enter Bitcoin or Naira amount and submit).
– Select your bank account and click on submit, Review the order details.
– Send the described amount in bitcoin to the NairaEx bitcoin address shown on the confirmation page.
– The Naira value for your Bitcoin will be sent to your account within 2-8 hours after your Bitcoin transfer is confirmed (according to NairaEx).
Yes, NairaEx offers an affiliate program for users on its platform. Every registered account has a referral link or code attached to it. Users are allowed to share their link/code through social media such as Facebook, WhatsApp, Twitter, Telegram etc…in order to invite friends to join the platform.
You receive a commission of N5OO deposited into your NairaEx account after your referee completes trade worth N30,000. You also earn N2 for every $1 of your friends’ order.
There is no limit to the number of friends you can refer to the platform. You can only withdraw your referral bonus after you have reached the minimum earnings of 3,000 Naira (as at the time of writing).
9. Conclusion – Why We Should Trust this Exchange
NairaEx is a reliable bitcoin exchange company that offers a decent service to newbies who wish to buy Bitcoins through common payment methods.
However, no crypto exchange is flawless. NairaEx is not left out, it falls short in several departments as seen below in the product review rating.
Although it is a reputable and trustworthy exchange, I don’t agree with the tag NairaEx places on itself as the best bitcoin exchange in Nigeria.
Also Read: 10 Best Bitcoin Exchanges in Nigeria
So far gone, we have now known:
- Why we should trust the NairaEx exchange,
- The payment methods it supports,
- How we can buy and sell bitcoin on NairaEx, etc…
Now it’s your turn,
Tell me in the comment section
Have you used Nairaex and what’s your experience?
Would you signup with this exchange?
What basic improvements do you think this exchange require?
Should more cryptos be listed on this exchange?
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