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Review: NairaEx cryptocurrency exchange

Use your Naira fiat to trade cryptocurrency in a few quick steps with NairaEx.

  • Good for quick NGN to Bitcoin trades.
  • Not so great for cryptocurrency variety.

1

Fiat currencies

4

Cryptocurrencies

Details

Product Name NairaEx Cryptocurrency Exchange
Fiat Currencies NGN
Cryptocurrencies BTC, BCH, LTC, ETH & 1 more
Deposit Methods Cash
Cryptocurrency
Debit card
Perfect Money
Trading Fee None
Deposit Fees None
Withdrawal Fees None

NairaEx is a popular bitcoin exchange that offers instant trading, low fees, and a slew of other features to crypto traders in Nigeria. This review will explore the fees, features and other considerations you should weigh before signing up with NairaEx.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: NGN
  • Supported cryptocurrencies: 4 cryptocurrencies

Which payment methods are accepted?

  • Cash
  • Cryptocurrency
  • Debit card
  • Perfect Money
Go to NairaEX's website

What’s it like to use NairaEx?

NairaEx aims to make buying and selling Bitcoin easier than ever in Nigeria. It’s no surprise then that its minimalist website allows users to buy cryptocurrency in just a few clicks.

When you log into your Naira account, you’ll see your home dashboard. From there, you can immediately buy or sell the cryptocurrency of your choice. While Naira is best known for being a Bitcoin exchange, you can also use it to buy Ethereum, Litecoin, Bitcoin Cash, and Perfect Money. Additionally, since Naira has its own e-stock currency (as opposed to relying on a third-party platform), Naira orders are often quickly filled on the market.

Fees and Limits

The fees below are accurate as of 26 September 2021.

Platform trading fees

NairaEx does not explicitly charge platform trading fees when you buy or sell cryptocurrency. Instead, it implicitly charges a small percentage fee through its buy and sell rates. That’s why you might sometimes find NairaEx prices to be higher than that of competitor platforms.

Deposit and withdrawal fees

Deposit feesNone
Withdrawal feesFree for the first 1 month

Transaction fees

NairaEx charges ​​a flat transaction fee of 0.0005BTC.

Fees for buying $1000 of Bitcoin

As an example, let’s assume you want to buy $1000 worth of BTC at $40,000. NairaEx charges an implicit fee (x%) which is undisclosed. That’s a variable fee which in this case, we’ll assume is 2% = $20. On top of that, you’ll face a flat fee of 0.0005 BTC, which in this case, is approximately $20. As a whole, to buy $1000 BTC, you’d be paying x% + 0.0005BTC — which happens to be $40 in our example.

How do I create an account at NairaEx?

You can easily open an account on NairaEx by visiting their website, clicking “sign up”, and filling in your personal details. However, in order to buy cryptocurrency, you have to take the extra step of verifying your identity. Here’s how you can verify your account on NairaEx:

  1. Have a digital copy of your proof of identity. This includes your passport, driver’s license, or other Nigerian government-issued documents.
  2. Take a selfie. This selfie should clearly show your face, and you must be holding up your proof of identity and a piece of paper that states “NairaEx” and the date of the picture.
  3. Email these two documents to hello@nairaex.com

If approved, your account will be verified in approximately 24 hours by Naira’s administration team.

Staking and rewards

NairaEx does not offer staking features on its platform. However, in terms of rewards, NairaEx does have a referral program for its users. Current users can share their personal NairaEx referral codes. You’ll receive N500 once your referee completes trades worth N30,000 or more. On top of this, you’ll earn N2 for every $1 your referee orders.

Additional features

Some notable features about NairaEx are that it offers 24/7 instant funding, which means that you can make quick crypto buys as the market fluctuates. Since NairaEx was created to cater to its local market, the website only supports top-ups in Naira which you can add via bank or debit card transfer.

Customer Support

If you run into any issues, you can always contact NairaEx’s customer support via live chat on the NairaEx website or by email and phone calls.

Is NairaEx safe to use?

NairaEx has a solid reputation in the Nigerian cryptocurrency community, evidenced by its over 100,000 users and 900,000 transactions. It is generally considered safe to use.

  • Verification process: New users are required to go through an identity verification process and only verified users can trade cryptocurrencies.
  • Security measures: NairaEx implements a range of security measures including 2FA to maintain customer account safety.

Verdict

As a whole, NairaEx is an affordable cryptocurrency exchange for users in Nigeria. It is generally safe and extremely intuitive to use. This platform would be best for crypto lovers in Nigeria looking for a no-frills means of making trades.

Pros and cons of NairaEx

Pros

  • Intuitive interface
  • Instant funds transfer
  • Accessible to residents in Nigeria

Cons

  • Only accepts NGN fiat
  • Limited features
  • No mobile trading app
Go to NairaEX's website

Compare NairaEx against other exchanges

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Name Product Deposit methods Fiat Currencies Cryptocurrencies
NairaEx Cryptocurrency Exchange
Cash, Cryptocurrency, Debit card, Perfect Money
NGN

4
cryptocurrencies

Buy and sell Bitcoin and other cryptocurrencies on this Nigerian exchange.
Bybit Cryptocurrency Exchange
Bybit Cryptocurrency Exchange
Cryptocurrency, Moonpay, Simplex, Banxa, XanPool, Mercuryo, E-check, Legend Trading, Capitual
USD, AUD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP

245
cryptocurrencies

Cashback on deposits over US$1,000 + zero fees on spot trades. T&Cs apply.
Disclaimer: Highly volatile investment product. Your capital is at risk.
Buy, sell, trade and earn hundreds of cryptos on this full-featured global trading platform.
OKX Cryptocurrency Exchange
OKX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP

321
cryptocurrencies

Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 300 cryptocurrencies, OKX offers its users a variety of payment methods and coins to choose from.
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Bank transfer, Cryptocurrency, PayPal, Debit/credit cards, Zelle
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND

731
cryptocurrencies

Sign up and get up to US$10 in rewards. Make trades to get up to US$500 in rewards. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Gate.io Cryptocurrency Exchange
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

1510
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 1,100 tokens including derivatives, yield farming and lending products.
Binance Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

344
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
Kraken Cryptocurrency Exchange
Bank transfer, Apple Pay, Google Pay, SWIFT, Visa and Mastercard debit/credit card, ACH online banking, Digital Wallet purchases
USD, EUR, CAD, AUD, GBP, CHF, JPY, AED

214
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
Gemini Cryptocurrency Exchange
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay
USD, AUD, CAD, EUR, GBP, SGD, HKD, COP

132
cryptocurrencies

Get USD 25 in BTC when you trade USD 100 within 3 days of signing up. T&Cs apply.
Execute multiple trade types with no fees on cryptocurrency and wire transfer deposits on this exchange.
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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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