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Naira Ex Review: Where To Buy and Sell Bitcoin in Nigeria

Naira Ex is a crypto exchange platform where you can buy and sell Bitcoins. It has gained quite popularity over the years. So, in this article, we’ll review the platform, bring out its specifications and analyse it.  For a detailed Naira Ex review, keep reading. 

Before we proceed, let me tell you about Breet, a good alternative to NairaEX: Breet is an OTC crypto trading platform specifically designed for the African market. With Breet, you can sell your cryptocurrencies, convert them to Naira, and withdraw straight to your local bank account within a few minutes, at no extra charges.

Download Breet Android App
Download Breet iOS App
Register On Breet Website

What is Naira Ex?

With its headquarters in Abeokuta, Ogun State, Nigeria, Naira Ex was founded in 2015. Since 2015, it has provided the services of trading cryptocurrency in Nigeria. Unlike other African crypto trading platforms, which cater to multiple countries in and outside Africa, Naira Ex primarily focuses on the Nigerian market and is only available in Nigeria. 


Pros of Naira Ex

  1. Direct bank transfers are accepted.
  2. Two-factor authentication is available for added security 
  3. Customer care
  4. Easy to register an account 
  5. You receive your funds on the same day of the transaction.
  6. A referral program is available. 


Cons of Naira Ex

  1. Only Bitcoin is available to trade.
  2. Limited to just the Nigerian Market
  3. Naira Ex does not have a mobile app.


How To Create a Naira Ex Account 

Creating an account on Naira Ex is easy and requires a few steps.

  1. Go to the website, Nairaex.com, and click on ‘SIGN UP or CREATE ACCOUNT NOW.
  2. Provide all information required (including a promo code if you have one).
  3. Naira Ex will send a verification email to you.
  4. Go to your email and click the verification link to verify your account and confirm your registration.


How To Buy Bitcoin on Naira Ex

  1. Log in to your Naira Ex account after registering. 
  2. Click on NEW ORDER.
  3. Input the amount of Bitcoin you wish to purchase.
  4. The naira equivalent will be automatically displayed.
  5. Click on NEXT.
  6. Input your bitcoin address.
  7. For depositing bitcoin into your NairaEx Bitcoin wallet, click DEPOSIT INTO MY NAIRA EX WALLET.
  8.  Select NairaEx Wallet as the payment method.
  9. Click on “Complete” to review the order details and confirm. 
  10. Once your transaction is complete, your bitcoin will be sent to your wallet address.


How To Sell Bitcoin on Naira Ex

  1. Log in to your Naira Ex account after registering. 
  2. Click on NEW ORDER.
  3. Select SELL.
  4.  Enter the amount of Bitcoin you wish to sell.
  5. Click on NEXT.
  6. If you have Bitcoin deposited into your NairaEx wallet, choose PAY USING MY BTC WALLET. 
  7. Another option is to choose your saved bank account.
  9. Go over the order details and click on CONFIRM.
  10.  After confirmation from the Bitcoin network, Naira will be sent to you. 


Does Naira Ex Charge Any Fees?

According to Support.Nairaex.com, “NairaEx Buy and Sell exchange rates are 100% all-inclusive, there are no hidden and/or extra fees…”

Naira Ex does not charge fees such as deposits, withdrawals, user fees, etc. The platform is completely free of charge to use. 

But you will be charged if you want to withdraw to another bitcoin wallet address that Naira Ex did not generate. These charges are called Bitcoin Network Transaction Fees and can also be called Miner fees. 


Naira Ex Review: Is Naira Ex Legit?

As mentioned earlier, Naira Ex is one of the most popular crypto exchanges. It has been running since 2014, and there have been many good words about it. It is one of the few exchanges where you can purchase Bitcoin with your local debit card

With two-factor authentication available, your funds have an added layer of security.


Final Thoughts  

Naira Ex has shown to have some pretty good features and qualities, but we cannot ignore the cons. The absence of a mobile app, it proves a certain level of difficulty in conveniently trading your Bitcoin.

Bitcoin is the only available cryptocurrency to trade, so it limits the choices of users who may have other types of crypto they wish to trade. 

Naira Ex is only available in Nigeria, so it is only available for the Nigerian market, so. Unfortunately, foreigners in other countries cannot make use of the platform. 

The process of selling Bitcoin is quick and easy, and the platform’s main selling point is its same-day transaction payout. Therefore, in the absence of issues, you are guaranteed your funds that same day of the transaction. 

If there are any issues, you can reach out to their customer support to sort them out. 

This Naira Ex review has pointed out its features, pros, cons, and other necessary information but does not hesitate to do further research for more information.

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