NairaEx is a Bitcoin and crypto exchange that caters almost exclusively to residents of Nigeria.

We may receive compensation when you use NairaEx. This post contains affiliate links. Disclosure.

Pros
  • Great option for people from Nigeria
  • Easy to use, which makes it perfect for first-time users
Cons
  • Only available to users located in Nigeria
Buy Bitcoin at NairaEx
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If you live in Nigeria and are looking for a fast and easy way to buy Bitcoin and other cryptocurrencies then NairaEx is the answer. NairaEx is a Bitcoin and crypto exchange that caters almost exclusively to residents of Nigeria.

In this review we’ll cover what cryptocurrencies it’s possible to buy on NairaEx, what the trading fees are, whether NairaEx is reliable and quite a few other topics as well.

NairaEx Compared

This table compares NairaEx to other popular exchanges.

  • Popular Exchanges
  • Luno
    • Special support for Nigeria, Malaysia Singapore, South Africa, Indonesia
    • SEPA & credit card supported
    • Trusted exchange
  • NairaEx
    • Bitcoin exchange based in Nigeria
    • Clear & easy-to-use interface
    • Trusted exchange

Nairaex boasts some of the best features of any africa-based exchange.

Supported Currencies

As of publication, NairaEx supports Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

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Any of these cryptocurrencies can be bought 24/7, there is no restriction on timing. In terms of fiat currencies NairaEx only supports the Nigerian Naira, there is not currently any support for the Dollar or the Euro.

One feature of NairaEx that should be addressed is the fact that they’re a buy and sell platform only. That is, it’s not possible to exchange cryptocurrencies for one another on NairaEx. If you’d like to exchange currencies you might want to try another exchange like Binance or Coinbase.

Trading Fees

On NairaEx there are no deposit or withdrawal fees. Instead, blockchain withdrawal fees are included in the overall price of the trade.

In fact, this is how all fees, including trading fees, are integrated into NairaEx. There is a price spread where traders buy Bitcoin for slightly more than it’s worth and sell it for slightly less than it’s worth. That’s how NairaEx makes money.

At any time, you can compare the price spreads on NairaEx to current market prices to see if the fees are fair.

NairaEx Compared

This table compares NairaEx to other popular exchanges.

  • Popular Exchanges
  • Luno
    • Special support for Nigeria, Malaysia Singapore, South Africa, Indonesia
    • SEPA & credit card supported
    • Trusted exchange
  • NairaEx
    • Bitcoin exchange based in Nigeria
    • Clear & easy-to-use interface
    • Trusted exchange

Minimum and Maximum Order Size

Currently on NairaEx there is a payment gateway maximum order of 501,000 Naira per day. Because of this larger orders must be split up over multiple days.

In addition there is a minimum order size of 10,000 Naira for whatever currency you’re buying or selling. NairaEx states that if a transaction falls below that amount they may charge a 100 Naira fee in order to cover network costs.

Security

NairaEx has been around since 2015, they service more than 100,000 Nigerian investors and they have quite a good security record. Primarily that comes down to the fact that NairaEx is a non-custodial exchange, they don’t hold investor’s Bitcoin or other cryptocurrencies on their platform. As soon as a payment clears they send Bitcoin directly to the investor’s wallet.

There is still a risk that a hacker could steal an investor’s login details and use that info to make a purchase. Because of that NairaEx recommends enabling 2FA (Two Factor Authentication). With 2FA an investor must provide another one time password, typically sent as a SMS, in addition to their normal password.

Location and Headquarters

According to their website NairaEx is headquartered in Abeokuta, Ogun-State, Nigeria. These headquarters cannot be visited in person however, and all trading must happen online.

Questions about Crypto?

If you’re just getting started with cryptocurrency and have questions about how this new technology works, NairaEx has some great information available. They have something they call the crypto academy which is a collection of articles covering various topics having to do with cryptocurrency.

Slow Payout

In rare cases when you sell a cryptocurrency on NairaEx the funds transfer to your bank account may fail. In this case it can take 24 hours or more for the payment to return to NairaEx so that they can let you know that it didn’t go through. Payments that fail on the weekend may take longer to return to NairaEx.

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NairaEx wants traders to be aware of that so that investors don’t think that their funds are lost or that NairaEx is attempting to defraud them in some way. If your payment from NairaEx doesn’t show up after 24 hours you can contact their customer service department to find out what’s gone wrong.

KYC Verification

NairaEx has an interesting verification system. If all you want to do is sell Bitcoin or another currency verification is not required. Investors are only required to verify their account when they buy cryptocurrency.

To verify your account you will need one of the following,

  • Driver’s license
  • Nigerian voter’s ID card
  • Nigerian residence or work permit
  • Nigerian passport
  • National ID card

You’ll need to submit a copy of one of these identity documents as well as take a selfie in order to prove your identity. NairaEx claims that verifications should take no more than one day. More information on account verification is available here.

Customer Support

NairaEx actually has a surprising number of ways to get into contact with customer support. They have several phone numbers that connect directly to the support team. Phone support is available Monday to Friday from 9am to 5pm.

Then there is the live chat support system which NairaEx promises is the fastest way to get in contact. Finally, there is also an email address for the support team although this is the slowest way to get in touch with support. More information on all of these is available here.

Customers also love Nairaex’s customer service:

I love NairaEx as it is very easy to use and the customer care is superb. I would advise everyone to use NiaraEx in buying and selling bitcoin.

Ayomi Meneko Nairaex Customer

Affiliate Program

NairaEx has an affiliate program to reward traders who refer their friends and family to the program. Once you share the affiliate link and someone signs up, you will be rewarded with 2 Naira for each $1 worth of crypto that your friend or relative orders.

The one catch is that there is a minimum earnings withdrawal of 3,000 Naira that must be met. To find out more about the affiliate program you can check NairaEx’s website.

NairaEx Compared

This table compares NairaEx to other popular exchanges.

  • Popular Exchanges
  • Luno
    • Special support for Nigeria, Malaysia Singapore, South Africa, Indonesia
    • SEPA & credit card supported
    • Trusted exchange
  • NairaEx
    • Bitcoin exchange based in Nigeria
    • Clear & easy-to-use interface
    • Trusted exchange

Sign Up for NairaEx Today

Nigerians looking for a secure way to buy and sell Bitcoin and other currencies can safely turn to NairaEx. With a five year track record NairaEx has proven itself to be a reliable cryptocurrency dealer and their non-custodial model protects their investors and traders from hacks.

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Whether you’d like to acquire Ethereum, Bitcoin or Bitcoin Cash in Nigeria, NairaEx is definitely the place to do it!

Rating: 4.5

Buy Bitcoin at NairaEx

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