Nairaex review (is it a trusted exchange?)

All about Nairaex (is it a trusted exchange?)

 

Nairaex is a cryptocurrency and e-currency exchange platform that is based in abeokuta, ogun state Nigeria.

Nairaex is into the buying and selling of cryptocurrency like bitcoin, ethereum, litecoin and also e-currencies like perfect money and PayPal e.t.c

In this nairaex review, am going to be writing about everything you will need to know about buying and selling cryptocurrencies on this platform.
Let’s get into it then…

Table of contents

1. Nairaex

2. Digital currencies available on nairaex

3. How to register a verified account on nairaex

4. Nairaex wallet services

5. How to buy bitcoin on nairaex

6. How to sell Bitcoin on nairaex

7. Nairaex payment methods

8. Nairaex transaction fees

9. Is nairaex legit?

10. Alternatives to nairaex

11. Conclusion

Nairaex

Nairaex is a cryptocurrency and e-currency exchange platform that is based in abeokuta, ogun state Nigeria.

Nairaex is into the buying and selling of cryptocurrency like bitcoin, ethereum, litecoin and also e-currencies like perfect money and PayPal e.t.c

Digital currencies available on Nairaex

The following major currencies are available on nairaex

i. Bitcoin(BTC)
ii. Ethereum (ETH)
iii. Litecoin (LTC)
iv. Bitcoin cash(BCH)

How to register a verified account on nairaex

To get started on Nairaex, you will need to register an account and verify it.
Registering an account is as easy as providing providing your:

i. Full name
ii. Email address

You will also have to confirm your email address.

The account verification process requires:

i. Proof of identity e.g an international passport, drivers license and any other government issued ID card.

ii. Nairaex also requires a picture of you holding up your proof of identity.

You are to mail these means of identification to hello@nairaex.com. The verification process should not take more than 48 hours.

Nairaex Wallet services

As at the time of writing this post, Nairaex does not offer wallet services, that means you will need to register a wallet elsewhere e.g blockchain.info, xapo e.t.c.

How to buy Bitcoin on Nairaex

To buy Bitcoin on Nairaex

1. Login to your account and click on “NEW ORDER”

2. Fill out the buy form (Enter Bitcoin or naira amount), select payment method and Nairaex bank account complete and review the order details.

3. Pay the described amount in naira to the Nairaex bank account shown on the confirmation page and Mark as complete after deposit.

4. Email the proof of payment (teller, payslip, statement or transfer screenshot) to hello@nairaex.com and your order will be funded within 2-8 hours after your deposit has been verified.

How to sell Bitcoin on Nairaex

To sell on Nairaex:

1. Login to your Nairaex account and go to payment info (under your name in the account dashboard) and add your bank account.

2. Click on New order and fill out the sell form. (Change trade to sell and enter Bitcoin or naira amount and submit).

3. Select your bank account and click on submit, review the order details.

4. Send the described amount in Bitcoin to the Nairaex Bitcoin address shown in the confirmation page.

The naira value for your Bitcoin will be sent to your account within 2-8 hours after your Bitcoin transfer is confirmed.
Nairaex minimum transaction amount is 30000 naira.

Nairaex payment method

One of the advantages of local exchanges is the comfortable payment options that are usually available. Nairaex payment methods:

i. Online bank transfer
ii. Bank deposit
iii. ATM transfer

Transaction fees

Nairaex doesn’t have outright transaction fees, they make their money from the changing rates for buying and selling.

Is Nairaex legit?

No one can say 100 percent if an exchange is trusted, but what I can tell you is that I have used them on more than one occasion, and they delivered as promised.

So based on this, I can say they are a trusted exchange.

Alternatives to nairaex

Luno

Luno (formerly bitx) is a cryptocurrency exchange platform that is headquartered in London.

Luno allows you to buy cryptocurrency using a debit/credit card, bank transfer, card deposit, paystack, gtbank transfer and cash deposit.

To begin buying or selling cryptocurrency on Luno, you will need to register an account and also verify it.

Unverified accounts will have buying limits. To remove these limits, you will need to provide some proof of identity.

Read my full luno review

Remitano

Remitano is a peer to peer marketplace that is owned and operated by Babylon solutions limited, a Seychelles based company.

On remitano, you can buy cryptocurrency from other users who want to sell their cryptocurrency.

Remitano has in place an escrow service where they locked seller’s funds to ensure that you get what you pay for.

Read my full remitano review

Blockvila

Blockvila (formerly Ngexchanger) is a cryptocurrency exchange that is based in port Harcourt Nigeria.

Blockvila is a subsidiary of an ICT company, nyxel integrated services.

Blockvila has been in operation for over 3 years and is registered with the Nigerian corporate office commission.

You can buy cryptocurrency on Blockvila via deposit , ATM transfer e.t.c.

Blockvila like other exchanges also places on user accounts that are unverified. To remove this limit, you will need to provide some means of identification.

Read my full blockvila review

Quidax

Quidax is another exchange where you can buy cryptocurrency.

Quidax was launched in 2018 and is based in Nigeria.

On quidax, you can buy or sell cryptocurrency directly(instant buy/sell) or you can trade one cryptocurrency for a different one.

Quidax supports card deposit and ussd deposit.

Read my full quidax review

Naira2usd

Naira2usd is a Nigerian based exchange that is owned by simac c & s services and funds.

On naira2usd, you can buy and sell cryptocurrency without going through the the rigorous verification process other exchanges put you through.

You can can make payment on naira2usd by bank deposit, mobile deposit, online transfer and other cryptocurrencies.

Read my full naira2usd review

Conclusion

Like I wrote earlier, the advantage of using these local exchanges is the ease of payment.

There are other good local exchanges for buying and selling cryptocurrencies in Nigeria, but I think Nairaex is definitely among the best in Nigeria.

Thank you for reading this nairaex review, I hope you have enjoyed reading it, if you have used Nairaex before, you can leave your comments below.

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