NairaEx is a Nigerian digital money trade that permits clients to purchase and sell Bitcoin, Litecoin, Bitcoin Cash and Ethereum.

In this article, we do a total survey of NairaEx.

NairaEx Overview

NairaEx was propelled in 2015, at a period when there were not many cryptographic money trades on the mainland. It is situated in Abeokuta, Ogun State, Nigeria.

The Nigerian trade was worked to permit clients to purchase and sell cryptographic money effectively utilizing bank move or ATM moves.

As indicated by information from NariaEx, the stage has served more than 130 thousand clients and finished more than 900 thousand exchanges. The trade likewise claims to give fast withdrawals that unmistakable in 24 hours.

NairaEx is an option in contrast to well known trades like Luno, Quidax, and Paxful in Nigeria. Here is an outline of bolstered monetary standards and installment techniques:

Cryptocurrencies available on NairaEx:

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 make 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.

source:
https://blocknewsafrica.com/nairaex-review-one-of-the-oldest-bitcoin-exchanges-in-nigeria/

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