Proclaimed Nigeria’s top Bitcoin exchange in the header of its homepage, NairaEx (nairaex.com) is also hailed as one of the easiest ways to trade Bitcoin (and a handful of other cryptocurrencies). Even at first glance, with NairaEx, it is obvious that one is not looking at the same level of complexity as with an exchange like Huobi or Binance. The operation is all about keeping things as simple as possible, and the trading platform itself is sort of like that as well. There’s no intricate charting with tens of technical indicators attached here. Everything resumes to the filling out of a simple web-based form to launch an order and that’s that. All transactions are conducted in Nigerian nairas, and the minimum in this regard has been set to 30,000 naira. The exchange is very strict about that: those who try to make transactions involving smaller sums, will apparently simply have their monies seized and their accounts closed…That’s a pretty radical approach right there.
So, is NairaEx available to all those interested, world-over?
The answer is apparently yes AND no. Yes, because one is indeed allowed to create an account and to verify it by email. Additional verification can be completed by those accessing the site from different countries too. In this regard, one is required to email the scan of a government-issued ID-card, such as a driver’s license, a passport or a voter’s card, to [email protected] To top off the verification process, one also needs to take a selfie, holding the said document and attach that to the email as well. Obviously, some will find the sending of such personal information to a country like Nigeria a tad unsettling, but one probably shouldn’t bother anyway. Remember that all transactions are conducted in local currency (naira) and in order to be allowed to use the exchange, one will have to provide a Nigerian bank account number, so foreigners are not really able to use the service after all.
The only market currently featured by NairaEx is the NGN one. The pairs available are BTC, ETH, BCH and LTC. In order to buy any of these cryptocurrencies, the user is required to have a fully verified account. When opening a buy order, the user is required to provide a crypto wallet address, where the purchased funds will be sent, as well as a payment option. Cash at a local bank and NairaEx’s only supported bank (GTB) are currently the only accepted options. Once all the details have been filled in, the clicking of the “Complete Transaction” button is all that’s required.
NairaEx has been hailed as one of the cheapest crypto exchanges, as well as the exchange which would clear the Bitcoin name in Africa.
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The NairaEx homepage is simple, and right off the bat, it delivers some relevant and useful information regarding the state of the exchange. The number of buy and sell orders is displayed at the top. What’s peculiar about it though is the fact that inside (once you open an account, that is) the exact same number of buys and sells is displayed for LTC, BCH and ETH) with a slightly bigger number of sells for BTC. It has to be said that even at first glance, the buy/sell spread on all supported pairs is rather high.
So why should someone choose NairaEx as his/her crypto exchange?
The website touts premium market rates and same day funding and withdrawal as its main selling points. Fast service and responsive support are also part of the NairaEx package. The exchange runs a referral program as well, which – from the reviewer’s perspective – is not exactly a plus, as it distorts user feedback and leads to people over-promoting a potentially subpar product.
Should I Trust NairaEx?
If you are in Nigeria, you can probably trust the service. User feedback seems to be great and what’s on offer is more than reasonable. For those outside Nigeria, the issue of trust shouldn’t even come up, as they aren’t in a position to use the service anyway.
Question Marks and Red Flags
Though this may not be entirely fair towards the operator, one will inevitably consider the reputation of the country where it’s located, a reputation which is – let’s just say – not very good. Other than that, there are user complaints out there squarely calling NairaEx a scam, for one reason or another.
Some reddit users say they have been defrauded by the exchange, their funds stolen and their accounts closed. In other reddit threads though, some say that fraudsters have been posing as NairaEx, using the nairaex.net web domain, which is obviously not the real one. Those complaining may indeed have fallen for this trap. The real NairaEx domain is nairaex.com.
NairaEx Review Conclusion
With its advantages and shortcomings, NairaEx is a cryptocurrency exchange aimed exclusively at Nigerian users. That greatly limits its scope and utility, though it may indeed provide an attractive regional cryptocurrency service to users located in areas where the coverage of “traditional” banks is limited/inexistent.
Official Site: NairaEx.com
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