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NairaEx Review 2024: Can You Trust This Exchange?
Swen Keller
- URL: https://nairaex.com
- Headquarter: Nigeria
- Year Founded: 2015
- Platform App: Mobile/Web
- No. of Cryptos: 6 (Bitcoin, Ethereum, Litecoin, and Tether (USDT), Tron, Naira Token
- Fiats Available: Nigerian Naira (NGN)
- Withdraw Method: Cryptocurrency wallet and bank transfer
- Payment Method: Bank transfer and Bitcoin wallet transfer
NairEx Review: Our Opinion
Through our first-hand exploration of NairaEx, we discovered that the platform isn’t suitable for advanced crypto traders or even intermediate Nigerian users.
The exchange doesn’t offer any crypto product beyond a basic buy or sell feature. It also does not have adequate liquidity for supported coins as, during our practical use of the platform, some coins were not available to buy or sell. Others were only available for either buying or selling, not both.
You won’t find regular crypto products like margin trading, staking, etc. as well.
Company Overview About the NairaEx Exchange
NairaEx was founded in 2015 in Abeokuta, Nigeria by David Ajala. It is headquartered in Abeokuta, Ogun, Nigeria.
The exchange currently has only 190,000+ users from Nigeria and has facilitated over 900,000 transactions since its founding.
NairaEx was one of the best crypto exchanges in the country and is known as Nigeria’s premier Bitcoin exchange.
Concerning services offered, the crypto platform allows users to buy or sell cryptocurrencies using the Nigerian Naira.
It is also one of the only exchanges that offers its products to users in Nigeria alone.
Pros
- Beginner-friendly
- Offers a P2P marketplace
Cons
- No mobile app
- Low liquidity for supported cryptocurrencies
- Poor customer service
- Limited cryptocurrencies available
- No advanced features
Unique Features
NairaEx Bill
NairaEx Bill is one of the exchange’s payment solutions. This is a payment solution that enables NairaEx users to pay local bills in Nigeria.
It simplifies the process of paying common bills in Nigeria. This includes utilities such as Cable Subscription (DSTV, and GoTv), airtime/data purchase, and electricity bills.
To pay bills with NairaEx bill, you need to do the following:
Fund your NairaEx wallet. You can also make payments with your NairaEx Loyalty point balance.
Once your wallet is funded, go to the “Bill” section on your NairaEx account dashboard and Select the service you want to pay for. You can choose from any of these categories (Electricity, Internet, Mobile Top-Up, and Cable TV)
After choosing your preferred service, enter the payment amount for the service.
Input all other payment details required for the subscription.
Double-check the details to ensure that they are accurate and Confirm the transaction.
NairaEx P2P
NairaEx P2P is the platform’s peer-to-peer marketplace that allows NairaEx users to deposit and withdraw Naira directly with each other.
While the trades on the P2P marketplace are facilitated by the individual parties involved in the transaction, NairaEx acts as an escrow and holds on to the funds until both parties have fulfilled their parts.
This is to reduce fraud and ensure that each party in the transaction fulfills their part before getting their coins or money.
All traders are required to sign up and complete their KYC verification before using the P2P marketplace.
NairaEx also displays a verified symbol beside every trader that have been verified by the platform.
Our team’s hands-on experience with this crypto exchange has shown that it is best if you trade with only traders that have been verified as they are trusted P2P traders with zero risks.
The NairaEx exchange allows you to deposit money into your NairaEx account to buy crypto or withdraw naira from your NairaEx account to your bank account.
To deposit Naira into your Naira account using P2P, do the following:
Log in to your NairaEx account, scroll to the dashboard, and click “P2P”.
Click “Deposit” on the P2P listings or create a new P2P Deposit.
Input the amount of Naira you wish to deposit.
Since all trades in the P2P marketplace are executed by users, different traders may have varying requirements. You should check details like the maximum and minimum amount allowed by the trader.
If your preferred amount is less than or higher than what the trader specifies, your order won’t go through.
After inputting the deposit amount, click on the “Deposit” button.
Next, make the payment into the trader’s account details.
Make sure you include the reference on the bank transfer.
Mark the transaction as completed and upload the payment proof.
Once the seller confirms your deposit, the money will be credited to your NairaEx account.
If you have any issues with your P2P transactions you can contact the NairaEx customer support team on Live Chat.
Cryptocurrencies Available on NairaEx
Information on the NairaEx platform shows that the exchange only supports 6 cryptocurrencies.
The supported cryptocurrencies are Bitcoin, Ethereum, Litecoin, Tron, Naira token, and Tether.
NairaEx Review: Fees
NairaEx Bitcoin exchange isn’t clear about the fees they charge, however, our first-hand research revealed that they include their fees in the set prices of the supported assets you choose to trade.
These fees are dynamic and based on the current NGN/BTC rate.
For crypto withdrawals, you’ll need to pay the usual network fees charged by miners and validators of the blockchain.
NairaEx Review: Payment Methods
The exchange supports only 2 payment methods including Nigerian bank account transfer and cryptocurrency wallet transfer.
Security
Drawing from our hands-on evaluations, we can state that NairaEx is a safe crypto exchange. The exchange has a mandatory verification process that every user must complete before using the platform.
The platform also offers escrow and verification badges for verified P2P traders, which lets users identify and trade with reputable traders on the platform.
NairaEx is committed to the safety of the platform and prohibits its users from using their accounts for hiding money, washing money, or any other attempt to circumvent financial restrictions or regulations and obscure the source of funds.
NairaEx constantly evaluates users’ accounts for any signs of money laundering. Users who are guilty of money laundering or any related activities will have their accounts terminated.
That said, NairaEx users are solely responsible for the security and activity that occurs on their account.
The platform encourages users to protect their accounts with two-factor authentication and strong passwords (this includes a combination of upper and lower case letters, symbols, and numbers).
Users are required to immediately notify the NairaEx team if there is any breach of security or unauthorized use of their account.
NairaEx has detailed security information on how users can protect their accounts from phishing scams and other malicious attacks.
NairaEx Review: Staking Rewards
Unfortunately, NairaEx does not offer staking rewards for its users in Nigeria.
However, it offers loyalty points for every 10,000 Nigerian Naira spent on a Buy or Sell Order where 1 loyalty point equals 1 Nigerian Naira.
Users can then cash out these loyalty rewards for bill payments in Nigeria (electricity, cable, etc.).
NairaEx Review: Opening a NairaEx Account
The process of opening an account is straightforward but the Bitcoin exchange only supports users from Nigeria.
To sign up for the Nairex exchange go to https://nairaex.com.
Next, tap on the green Create Account Now button at the center of the exchange screen.
Enter your first and last name, and email address, and select a password to login to the exchange.
Once you’re done, go through their terms of agreement and tap the box beside “I agree with the Terms of Service and the Privacy Policy” if you agree.
Hit the Sign Up button.
Next, check your email address for a verification link sent by NairaEx.
Tap the Verify Email button in the email.
That’s it!
You’ve successfully created your account on the Bitcoin exchange.
That said, through our extensive hands-on analysis, we found that to start trading in the exchange, you need to complete your verification and two-factor authentication.
NairaEx Review: Trading Experience
Drawing from our in-depth analysis of the NairaEx exchange, we noticed that NairaEx is best for beginners. It only lets you buy and sell supported assets. The process of buying crypto on this platform is easy and straightforward. The sign-up process is also easy.
On the exchange, you won’t find crypto products typical with more popular exchanges like margin trading, futures trading, automated bot services, limit orders, and other advanced trading options.
It only allows you to buy and sell only 6 cryptocurrencies.
The exchange also has very low liquidity, as during our hands-on research we found some supported assets were untradable.
For example, customers in Nigeria were unable to trade Litecoin and were only able to sell Ethereum (no buy option for Ethereum).
We also noticed that the prices for the cryptocurrencies were stable even for unstable coins like Bitcoin.
So users of the Bitcoin exchange will not have access to fluid pricing when they want to buy and sell cryptocurrency.
To execute a trade on the exchange, tap the Exchange tab on the menu bar.
Next, select one of the supported cryptocurrencies and then input the Naira amount you’re willing to spend.
You then need to select a payment method to fund the trade and the equivalent of the cryptocurrency you selected will be credited to your NairaEx wallet.
Customer Service
NairaEx offers customer support via online chat and email at hello@nairaex.com.
You can also contact the customer support team via phone at 09069909955.
Information on the website shows that NairaEx offers instant answers to customers’ questions via Live Chat.
Phone support is available from Monday to Friday (9 a.m. – 5 p.m.).
Customer Satisfaction
The majority of NairaEx customer reviews on third-party review platforms show that NairaEx offers poor customer service. Despite stating that it provides instant customer support via Live Chat, the reverse is the case. Response time for the Live Chat is slow.
There are several complaints from customers about the support team not responding to their complaints. When the support team finally responds, the responses are often generic and inconclusive.
There are also complaints about the platform having low or zero liquidity for most of the supported cryptocurrencies. This means that customers are unable to trade most of the supported cryptocurrencies.
NairaEx does not have a mobile app.
Does NairaEx offer Education?
No, NairaEx does not offer any form of crypto education to its customers.
Is NairaEx Right for You?
The platform is right for newbie and inexperienced Nigerian crypto traders residing in Nigeria who simply want to buy or sell popular digital assets.
Conclusion
Our practical experience with this crypto wallet has shown us that NairaEx is one of the best crypto exchanges for beginner traders from Nigeria. Despite being one of the best exchanges, It is a basic exchange. It falls short in crypto availability, customer service, and other areas.
It isn’t for professional traders looking for advanced trading instruments and any other product beyond exchanging Naira for supported coins.
FAQ
Most frequent questions and answers
Yes, NairaEx is one of the best Nigerian crypto exchanges. It has been on the scene since 2015.
No, NairaEx does not have a mobile app.
To open a NairaEx account, go to https://nairaex.com/register and fill in the required information then verify your email.
Currently, 1 BTC is 20,547,923.53 Nigeria naira.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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