NairaEx is a Nigerian Bitcoin exchange platform situated in Abeokuta, Ogun State. NairaEx deals in the buying and selling of cryptocurrencies. Unlike other exchanges, NairaEx is not a peer-to-peer exchange; whatever E-currency you wish to buy is already in stock.
It was founded in 2015 to provide local customers with the finest services for buying and selling digital currencies. The company aims to serve all Nigerians with a rapid, straightforward, and easy bitcoin exchange service. It is plausible to assume that the exchange was built to service the local Nigerian market, given that all payments on the site must be made into the platform’s local bank accounts.
NairaEx does not offer a mobile app for trading on the go. The NairaEx website is the main platform where all services are offered. The website only provides the English language as the means for communication through the platform, which is convenient given Nigeria’s large English-speaking customer base. The website is intuitive and easy, making it very attractive to crypto greenhorns looking to venture into digital assets investment. It is also worth noting that the site has an impressive performance according to Alexa rankings. The UI and UX of the website are also remarkable, with sleek and excellent speeds efficient for quick transactions.
How NairaEx works
Initially, Bitcoin wallets were used to transfer from one person to another instantly, but with NairaEx, Bitcoin purchases and transfers are instantaneous. Using NairaEx to send or receive money is a simple operation. The sender deposits funds into the NairaEx platform and provides the beneficiary’s bank account information, and NairaEx credits the beneficiary’s local bank account. NairaEx has no hidden fees or charges and may be used to send money to China, India, Mexico, and Europe. Beneficiaries typically receive payments in their bank accounts within two to twenty-four hours.
NairaEx has better exchange rates than other exchanges; it only trades Bitcoin and Perfect Money. Users can accept bitcoin payments directly from their NairaEx Bitcoin accounts using the site’s payment request feature. The Bitcoin exchange now features a one-of-a-kind pricing model, with a price that includes foreign exchange and transaction fees. In addition to bank transfers, NairaEx, like other popular platforms and Bitcoin exchanges such as Coins.ph in the Philippines, offers simple payment options, including remittance deposits for Bitcoin purchases.
Deposits and withdrawals
NairaEx customers can fund their accounts and send money using a bank account or Perfect Money. Among the banks that may be used to work with funds on this site are Citibank Nigeria, Diamond Bank, Enterprise Bank, Fidelity Bank, Ecobank Nigeria, and First Bank of Nigeria. Each client must create an account with a local Nigerian bank to access the exchange’s activities. However, the site is not very popular among foreign visitors because it is usually only possible to create an account if you are a Nigerian citizen.
The only option to withdraw money is through a local bank, which completes the transaction the same day the account holder submits their application. Electronic wallets and bank cards are not accepted on the exchange. It opposes the use of fiat currency for trade.
Verification and security
Users who want to join NairaEx must create an account through the company’s website. After entering their information and credentials, users must go through a verification process before they can begin trading. Following local Nigerian rules and regulations is mandatory during the verification process, like the Anti-Money Laundering laws(AML). Verification is the next step after filling out the details. People must meet specific conditions and criteria if they want to use the site and start trading. A BVN is the first thing required (Bank Verification Number). The next few phases of the procedure need you to take a selfie with your legitimate government-issued ID, KYC. These requirements are important, and the platform cannot be used without these details being validated and linked to users’ accounts.
NairaEx also employs several security procedures, including two-factor authentication (2FA), to protect consumer accounts and digital wallets. NairaEx does not store your coins on its servers and hence does not offer wallet services. It essentially sells bitcoins on the open market. It would be best if you first obtained a Bitcoin wallet somewhere before purchasing Bitcoins on NairaEx. If you’re buying a substantial amount of bitcoin, though, you should use a hardware wallet.
Users can access the company’s website for free. Deposits to Nigerian banks are likewise free of charge using NairaEx. For trading transactions, the exchange charges a nominal fee to the end-user (which includes buying and selling Bitcoin). NairaEx makes the majority of its money from this fee. The cost is already included in the price the user is given for the coin. Following successful account verification via email, a notification informs that the least trade amount is 30,000 Naira, with no exceptions, or the account would be suspended. It is critical to remember this information when trading on the platform.
These rates differ, but compared to other exchanges, they can be considered reasonable, if not inexpensive. NairaEx also has a lucrative referral program for users. For each referral transaction, the user receives a payment. NairaEx charges a set transaction cost of 0.0005 BTC, although withdrawals are free for new users for the first month.
Payment methods and Cryptocurrencies supported
The website initially traded in BTC, ETH, LTC, and BCH; however, it has recently discontinued and is presently committed to BTC buying and selling. The platform exclusively accepts Perfect Money as an E-currency. Unlike most exchanges, NairaEx does not link orders to third-party platforms. It maintains its own E-currency stock from which it fulfills orders, so you may be confident that your transactions will be completed quickly. The Nigerian Naira (NGN) is the only fiat currency accepted.
One of a crypto exchange’s most important features is its ability to provide customer service channels. NairaEx has one channel, and that is their email support. Customers can reach customer service for inquiries and clarifications via email only. It is disappointing since it would have been better to have an actual phone number or live chat service. Generally, the customer service is not impressive and efficient.