NairaEx Review
- Simple and easy to use exchange
- Safe and secure
- Great customer support
- All-inclusive trading fees
- Only crypto asset supported is Bitcoin (BTC)
- Basic trading platform
- Basic functionality, not for experienced traders
NairaEX is Nigeria’s premier Bitcoin exchange that’s focused primarily on making the buying and selling of Bitcoin accessible to all Nigerians. The exchanges mission is to provide a fast, simple, and easy Bitcoin exchange service that’s accessible to all Nigerians. Thus far, the exchange has done quite well as they now service over 100,000 user accounts and have facilitated over 900,000 transactions. NairaEX was only recently established in 2017 and is based out of Nigeria with their headquarters located at Double JJ Enterprises 10, Lagos RD, Ita-oshin Abeokuta, Ogun – State, Nigeria. As with most cryptocurrency exchanges, the NairaEX crypto exchange is not yet licensed or regulated by any reputable regulatory authorities. This may raise some concerns to some, but the entire cryptocurrency space is largely unregulated. However, NairaEx is a new crypto exchange that has yet to prove themselves as a viable Bitcoin exchange service. Only time will tell if NairaEx is reliable and can be trusted, but for now, all we have to review is the current state of the exchange and the services they provide. So, join us as we delve into all aspects of the NairaEx crypto exchange and discover the quality and extent of services they provide and how they stack up to the competition.
Trading Platform
The NairaEx crypto exchange trading platform is a very simple and easy to use platform for the buying and selling of Bitcoin (BTC). The platform is entirely web based and is a proprietary trading platform designed from the ground up to be as simple, fast and easy to use as possible. To buy Bitcoin (BTC) on the NairaEx exchange platform, users must first verify their account by submitting a copy of government issued ID such as a drivers license, voting card, passport, etc. Once verified, NairaEx users can place either a buy or sell order buy filling out the order form and following the on-screen instructions. Once the order is active, the user must proceed with the payment within the same day. For buy orders, payments can be made at either a local bank by depositing the required funds to the provided bank account, or via online bank wire transfers. When selling Bitcoin, you must add your banking details into the payment section on your account, deposit your Bitcoin to the address shown in the selling form and wait for your payment to be deposited into your bank account. The entire process is extremely safe and secure as well as simple and easy. The platform is not necessarily meant for busy traders, but rather for people interested in casual trading or simply for acquiring some Bitcoin.
Exchange Markets
NairaEx is a very specialized cryptocurrency exchange as the only cryptocurrency assets available to buy and sell is Bitcoin (BTC). The exchange does however hope to support more cryptocurrencies in the future. NairaEx users can buy and sell Bitcoin (BTC) for the fiat currency, Nigerian Naira (NGN). No other fiat currencies or cryptocurrencies are accepted. Therefore, the NairaEx crypto exchange is very limited in the services they provide and the markets they serve. However, NairaEx does have a very large customer base in Nigeria with over 100,000 users and over 900,000 transactions since their establishment in 2017.
Fees and Commission
NairaEx does not charge their traders any trading fees as their rates are all inclusive. Sellers get paid the amount calculated in the order and buyers pay the amount stated in the order. Therefore, there are no hidden fees or surprises when buying and selling Bitcoin (BTC) at NairaEx. Unfortunately, we are not certain as to how NairaEx calculates the prices of Bitcoin orders, but we are certain the exchange takes a certain percentage on each order. However, the fee is not outrageously high, and the users always know how much they are paying or receiving for their order.
Security and Fairness
NairaEx is not licensed or regulated by any reputable regulatory authorities and is still a relatively new cryptocurrency exchange. While this raises some red flags, it’s important to remember that the entire cryptocurrency industry as a whole is largely unregulated. As well, NairaEx has seen massive success and growth since their establishment and have been thus far provided secure, fair, and reliable cryptocurrency exchange services. Also, NairaEx users benefit from same day funding and withdrawals into any Nigerian bank account. Bitcoins are never stored on the NairaEx exchange as they are transacted directly between NairaEx users.
Support
NairaEx provides their customers with an exceptional level of customer support that’s available through email and telephone from Monday to Friday, 9am – 5pm. As well, customers can interact with support representatives via the exchanges social media channels including Facebook and Twitter. Additional methods of support include a comprehensive FAQ page and a blog page with loads of helpful and informative information and news about Bitcoin, the exchange, and the cryptocurrency industry. All in all, the level of customer support does not disappoint.
Conclusion
The NairaEx cryptocurrency exchange is a Bitcoin exchange platform that’s available for Nigerian citizens as it allows them to buy and sell Bitcoin (BTC) with or for the Nigerian Naira (NGN). The exchange platform is very simple and easy to use and is primarily meant for casual and beginner cryptocurrency users. The exchange has seen massive success in their short lifespan thus far and has proven to be safe, secure, and fair with the services they provide. All in all, if you are from Nigeria and are looking for a viable cryptocurrency exchange, then NairaEx could be the perfect exchange for you.
NairaEx Q&A
The following are the common questions that customers inquired about NairaEx.
Is NairaEx regulated?
No, it is not regulated.
Is NairaEx a scam?
No, NairaEx is a legit crypto exchange with over 100,000 users.
Where is NairaEx based?
NairaEx is based at Double JJ Enterprises 10, Lagos RD, Ita-oshin Abeokuta, Ogun – State, Nigeria.
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