All about Nairaex (is it a trusted exchange?)
Nairaex is a Bitcoin exchange platform that is based in abeokuta, ogun state, Nigeria. Nairaex is into buying and selling of different types of e – currencies, unlike most exchanges, nairaex is not a peer to peer exchange, they already have in stock whatever e-currency that you want to buy. 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…
Digital currencies available on Nairaex
ii. Ethereum (ETH)
iii. Litecoin (LTC)
iv. Bitcoin cash(BCH)
How to get started 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 email@example.com. The verification process should not take more than 48 hours.
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 firstname.lastname@example.org 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
Nairaex doesn’t have outright transaction fees, they make their money from the changing rates for buying and selling.
Is Nairaex trusted
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.
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 (see ngexchanger and jostpay) but o 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.