NairaEx Review 2021

Based out of Nigeria, NairaEx is a bitcoin exchange that provides one of the more premium platforms to buy a cryptocurrency and also offers various incentives to the users. The exchange also supports payment methods for same-day (real-time) transfers and automated payments. The exchange has the goal to deliver a niche trading platform for individuals who wish to trade Bitcoin. 

The company has designed a savings calculator for investors based on the value predictions of the coin and this can be quite a cunning strategy. Users can start trading through a relatively easy sign-up and verification process, although this might not be for individuals who wish to get instant cryptocurrency without a thorough check and list of formalities. 

Quick Overview of NairaEx

  • NairaEx is one of the most popular Bitcoin exchanges in Nigeria. It offers fast transfers and other elite services. Since it is based out of Nigeria, the company accepts NGN as fiat currency for the process of buying or selling Bitcoin.
  • Signing up for the platform is quite intuitive and takes a few steps to get started. Since the company only deals with one product and crypto asset, they have been able to refine their services to an impressive extent. The company also offers promo codes after intervals to make its services more accessible. 
  • The various incentives including instant trading and more can help the exchange make up for platforms that are lacking for other blockchains.
  • The exchange can be accessed via any browser and it seems that there is no official app released by the brand for the users to operate on mobile devices. Since its inception, the exchange platform has been able to gather over 130,000 users.

NairaEx Summary

Headquarters Abeokuta, OG Nigeria
Found in 2015
Native Token None
Listed Cryptocurrency Bitcoin
Trading Pairs N/A
Supported Fiat Currencies NGN
Supported Countries Nigeria
Minimum Deposit No
Deposit Fees No
Transaction Fees 0.0005 BTC
Withdrawal Fees They offer 1 free withdrawal per month
Application No
Customer Support Live Chat, Mail, Phone, and FAQ Support

What Is NairaEx?

NairaEx is a Nigerian cryptocurrency exchange made for trading Bitcoin. It has often been regarded as an elite member of the cryptocurrency marketplace and has placed itself among the leading platforms to sell or buy Bitcoin. Standing true to its reviews, NairaEx offers some lucrative services which might be lacking in other local Nigerian exchanges. The Nigerian user base of the platform has grown significantly and the users have mostly great things to say about the platform. 

NairaEx only deals with Bitcoin and thus, has been able to focus all its resources on developing a strong identity. It offers an online verification process that can be undertaken using the respective government-issued IDs.

NairaEx Reviews - Platform InterfaceNairaEx Reviews – Platform Interface

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How Does NairaEx Work?

The NairaEx exchange enables Nigerians to buy or sell Bitcoin through an intuitive and user-friendly platform. Similar to other exchanges, the Nigerian platform charges a small fee from the users and processes the transfers in real-time. While the company shows a buying and selling rate on the website, all the charges are included in that price and can vary from the corresponding live conversion to fiat currencies. The total liquidity transfer for the exchange is growing impressively in billions. NairaEx can be accessed through a web browser at any time, though there is no mobile app for the platform yet.

Why NairaEx?

Operating for a few years now, NairaEx has handled a large volume of trade since its inception and maintains a clean record. Being known as one of the legit exchanges, it has a huge user base and high liquidity figures. NairaEx has a robust and fortified security architecture behind the platform. 

Keeping ease of use in mind at every step, NairaEx has simplified the way a beginner deals with cryptocurrency and the Nigerian crypto exchange market. Individuals can purchase Bitcoin quite easily using their debit cards. Through services like same-day withdrawal and transfers, the platform has been able to become a reliable choice for users. 

NairaEx Reviews - Why NairaEx?NairaEx Reviews – Why NairaEx?

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Benefits of Using NairaEx

  • A significant reason for the popularity of NairaEx is the incentives and benefits it offers compared to other exchanges in the Nigerian crypto market. Unlike some crypto platforms where the transactions might be slower or the process cumbersome, NairaEx has streamlined the process of interchanging crypto assets with the national currency, the Nigerian Naira.
  • Users also get referral bonuses for bringing new users to the platform. One of the best exchange cryptocurrency also offers lucrative prices for people to buy Bitcoin in Nigeria, despite having the prices included in the offered prices of the coin. NairaEx is also considered to be a platform where user assets are secure.

NairaEx Review: Pros and Cons

Pros Cons
The company offers real-time transfers and withdrawals to fiat currencies. The only fiat currency supported is NGN.
The fees charged by the exchange for withdrawal or depositing are not high and are included in the price itself, which saves the users from an additional step. The fee is fixed and non-fluctuating. Thus, the fee will not be lowered even if the market conditions float.
NairaEx has been able to stay safe from vulnerabilities so far and aims to maintain an impenetrable safety system. The services might not be available for users across the globe.
The platform offers a user-friendly and intuitive interface that adds to the seamless exchange of funds from one form to another.

NairaEx Reviews - Popularity of NairaEx So FarNairaEx Reviews – Popularity of NairaEx So Far!

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Create a NairaEx Account

Individuals who wish to sign up and create their account on NairaEx have to register on the platform through the company website. After filling in the details and credentials, the platform requires the users to go through a verification process before they can start trading. Once the verification has been complete, only then can the users start buying or selling Bitcoin and make use of the services of the exchange.

This process also requires a BVN or Bank Verification Number on the users’ end. An elaborate sign-up process adds to the safety of the platform but takes away from anonymity and the scope for blockchain-based services like flash loans, etc.

NairaEx Review - Sign Up ProcessNairaEx Review – Sign Up Process

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Verification Requirements

During the verification procedure, it is mandatory to comply with the local Nigerian laws and regulations. The succeeding step to filling out the details is the verification. There are certain requirements and criteria that are to be met if individuals wish to use the platform and start trading. 

The first thing to be mentioned is a BVN (Bank Verification Number). The next few steps of the process ask for a selfie with the official govt-issued ID and its photo as well. These requirements are stringent and there is no way to use the platform without having these details verified and connected with users’ accounts.

How to Buy or Sell Bitcoins in Nigeria?

When it comes to buying and selling Bitcoin, there are a variety of local and global platforms to choose from. The features and services of each of these vary. The approach for selecting one platform can either depend on the services or the ease of access and reliability. The local exchanges might have a more exhaustive process but they often tend to be easier to use and deal with down the line. 

Nigerians can consider NairaEx specifically for Bitcoin. It is one of the leading exchanges that has simplified the process of buying or selling Bitcoin and also provides a way for instant transfers as well as withdrawals, in addition to trading. 

NairaEx Review - NairaEx Makes Trading Bitcoin in Nigeria Lazily Easy!NairaEx Review – NairaEx Makes Trading Bitcoin in Nigeria Lazily Easy!

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Trading with NairaEx

Trading with NairaEx starts with the process of creating the account and getting it verified. Verification relies on the requirements mentioned above and after its completion, individuals can begin trading. Being a Nigerian one, this is one of the easiest platforms to use. Cryptocurrency can be bought with debit cards issued by the respective Nigerian banks of the individuals.

The process of selling and withdrawal is just as quick. The funds are deposited in real-time and the users can also make use of the automated payment feature. Trading could turn out to be a sour experience for users who try to use the platform from outside the country.

NairaEx Fees

The company website is free of cost for the users. NairaEx also does not charge for deposits made to Nigerian banks. The exchange charges a small fee from the end-user for trading transactions (which includes buying and selling Bitcoin). This fee is the primary profit for NairaEx. The fee that is charged is already included in the price that is provided to the user for the coin. These rates vary from each other and when compared to other exchanges, they can be considered quite reasonable or even low in certain cases. NairaEx does offer a fee paid to the user, that is technically the same as a reward for a referral. This fee is paid to the user for every referral transaction.

NairaEx Supported Currencies and Payment Methods

Since NairaEx is primarily targeted at the local population of Nigeria, it only supports Nigerian Naira at the moment, thus, being true to its name. Features like automated payments and fiat exchange work only with the Nigerian Naira. Furthermore, the deposits from the exchange are transferred free of charge into banks that are based in Nigeria. 

The payment methods for deposits mainly consist of buying crypto assets with debit cards issued by Nigerian banks. As NairaEx strives to continue being one of the best platforms, the steps for making a payment have been simplified to a great extent. One simply needs to click on ‘Next Order’ and choose from the list of available payment methods on NairaEx. 

NairaEx Customer Support

NairaEx is an exchange that offers various ways for customers to reach out to the team with any issue. For customer support, the company can be contacted through either an automated chat system that can help to get their issue solved or their queries answered. In addition to the chat system, users can also get in touch with the brand using their email id. Another method to get help is to call their customer support team. The helpline is operational on weekdays (9 AM to 5 PM) and users can call the phone number provided on the website. Although users can also check NairaEx site’s FAQ section to solve the query or doubt while using the exchange.

NairaEx Reviews - Customer SupportNairaEx Reviews – Customer Support

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NairaEx Review: Conclusion

Any individual residing in Nigeria and looking to start trading Bitcoin is advised to have a brief look at NairaEx. On NairaEx, there is a list of unparalleled advantages that seem more beneficial and inviting for the users (especially beginners) who only prefer to deal with Bitcoin. Having instant access to one’s cryptocurrency and being able to trade freely is what makes this platform a preferred choice of exchange, with over 100,000 users and almost a million transactions. NairaEx makes it to the list of the premier platforms (and exchanges) for the Nigerian crypto enthusiasts who use the Nigerian Naira.

FAQs

How Do I Sell Bitcoins on NairaEx?

The process of selling (and buying) has been streamlined on NairaEx. In order to sell the coin, users are required to log into the platform and start the procedure by clicking on ‘New Order’. Once the list of options for new orders appears, users can then enter the address where the funds for the sale of Bitcoin are to be deposited. The next step would be to fill in the amount of Bitcoin that is to be sold and then complete the transaction by selecting ‘Complete Order’. 

How Can I Fund My NairaEx Wallet?

For funding one’s NairaEx wallet with Bitcoin, individuals have to register with the platform and complete the required verification process. After its completion, users can make a purchase of the crypto asset using a debit card issued by a Nigerian bank. The only fiat currency supported by the exchange is the Nigerian Naira.

Does NairaEx Have an Affiliate Program?

NairaEx offers rewards to users for bringing in new users to the platform. The rewards system is based on the transaction. The users who invite a new individual will get a bonus upon the transaction of the referral and there is no limit on the number of individuals that the users can bring into the NairaEx ecosystem. However, there is a minimum limit before which the funds earned through referrals cannot be withdrawn from the exchange.

Is NairaEx Trustworthy?

In operation for a few years, NairaEx has been able to stay safe from cyber-attacks and claims to maintain a high standard of security. Their safety measures include 2FA and an elaborate & mandatory verification process does add to credibility as well as the safety of its environment. NairaEx can be considered a trustworthy cryptocurrency exchange.

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