Cryptocurrency is really getting much attention in the world, and Nigeria is not left out of the wave. Currently, there are many cryptocurrency exchange sites in the whole world, but not all of them are making the list of best bitcoin exchange sites.
Today, we’re going to look into a bitcoin exchange website, NairaEx. It is specifically focused on Nigerian market, and that’s why the country’s currency nomenclature is also used as part of its domain name. We will discuss and review what NairaEx has to offer in general as well as what made it one of the best bitcoin exchange platforms in Nigeria.
NairaEx background overview
NairaEx is established in the year, 2014 with simplicity to exchange fiat for BTC in mind. It’s not an investment or your regular cryptocurrency trading site. It doesn’t have any technical chart or indicator that displays the current price movement or change in BTC actions.
Features of NairaEx platform
The platform calculates average market price from several cryptocurrency exchange marketplaces as against Dollars (USD), this is then multiplied by the current exchange rate of 1 BTC to USD. At Nairaex, transactions are conducted in Nigerian Naira currency, and with a minimum that is set to strict 30,000 naira.
This means one cannot buy any amount that is below the amount already set as the basic minimum delivery amount.
Since, the platform is basically targeted at Nigerian market, while trading only with the country currency, it’s obviously that no other country aside Nigeria can participate in Bitcoin buying and selling from the platform. This platform also has 2FA security for every account, but the verification must be with any of the local phone numbers.
Account verification on the crypto exchange platform
Creating account on the platform as easy as reciting ABC. You simply need to register and submit your desired name alongside any active email of your choice for verifying your account through email. Once the email verification stage is passed, you will be presented with a page that requires you to provide any government issued IDs or a passport photo as well as personal ID-Card of the account holder through email before you can start purchasing your desired crypto coins.
Cryptocurrency trading with NairaEx
To buy BTC, you will need to click on ‘Buy Orders’ button to purchase the cryptocurrency. The cryptocurrency exchange site use to support Bitcoin, Ethereum, Litecoin and Bitcoin Cash, but recently, the platform is only supporting buying and selling of BTC only.
Deposit and withdrawal of funds
Currently, this cryptocurrency exchange site only accepts two methods of payment which are; from a Nigerian bank account or Perfect Money account. Any account from the major banks in Nigeria can be used to buy and sell bitcoin cryptocurrency on NairaEx exchange platform.
Why NairaEx is one the best bitcoin exchange in Nigeria
The website does same day funding and withdrawal, and that is it’s main selling point. It has fast service and a good customer support.
Why you should trust NairaEx exchange site
As a citizen of Nigeria, it’s very easy to trust the platform as the have a legit location and address that is easily accessible.
Questions and Red Flags due to Complaints
Due to the fact that this exchange site targets only Nigerian market, foreign who tried to register an account with the platform without fully understanding the targeted region are facing difficulties in trading freely like other multi-national exchanges. This led to some of them regarding NairaEx as a scam.
Some reddit users also claimed to have been defrauded by the exchange platform. An impostor once used a fake domain, (nairaex.net) to drift funds and investments away from people. That is to say, all those people complaining of the site being a scam must’ve been using the fake domain.
Pros and Cons of using NairaEx
• Accepts direct bank transfers (including mobile transfers)
• Same day cryptocurrency exchange
• Easy account creation
• Easy account verification
• Only supports bitcoin cryptocurrency
• Only Nigerian market is targeted
• Incomplete FAQs
• High bitcoin to usd exchange rates
Anyways, NairaEx is a cryptocurrency exchange site aimed at serving only the Nigerian market as at the time of writing this post. This means that, it’s strictly limited to Nigerians alone. So no other country is allowed to buy or sell cryptos on the platform currently. NairaEx in Nigeria, is regarded as one of the best bitcoin exchange site for beginners mainly.
Make sure you safely secure your cryptocurrency investments with one of the best secured HD wallets in the market. I recommend you get a hardware wallet to store your cryptocurrency funds away from hackers, as well as all other kinds of thefts.
Also, try to always make use of VPNs to hide your cryptocurrency transaction footprints online and in the blockchain, while transferring your cryptocurrencies for holding. This is also another way of protecting your investment from getting lost. Especially for an investors who would like to make money with their bitcoin investments.
If you’re outside Nigeria or prolly, you don’t want to make use of NairaEx services, you can buy any cryptocurrency of your choice using our recommended exchange site which supports buying cryptocurrencies with credit or debit card from any country including Nigeria.