NairaEx Review – One of the Oldest Bitcoin Exchanges in Nigeria

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 30,000 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 (Could take up to 8 hours).

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  [email protected].

This may take a while as compared to other platforms, NairaEx seems to use a manual verification process.

NairaEx Trading Fees

NairaEx does not charge direct fees on trades; instead, it uses adopts the currency rate system. Fees are embedded into the exchange rate of dollar to naira, which makes it higher the usual market price.

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.

However, several online reviews on NairaEx’s customer service in negative. Users complain that their issues have been left unattended to.

Bottom Line

NairaEx is a decent exchange that has years of experience in providing services in Nigeria. However, it falls short in areas like the manual verification process and a high minimum purchase limit of 30,000 Naira.

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

The post NairaEx Review – One of the Oldest Bitcoin Exchanges in Nigeria appeared first on BlockNewsAfrica.

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