What is Bitcoin and how does it work?
Bitcoin was invented in 2008 as a peer-to-peer payment system for online transactions.
Unlike any prior payment system, Bitcoin is revolutionary, it is not controlled by any
central authority, government or financial entity that issues new money or tracks
Instead of a central authority, the Bitcoin transaction network consists of computers around the world running the Bitcoin software, which operates the protocol for confirming the Bitcoin transactions. That software can be downloaded and run by anyone, and any computer running the software can join the network. Each computer on the network also maintains a copy of the universal public ledger known as the "blockchain".
Key properties of Bitcoin
1. Limited Supply (there will only ever be 21,000,000 Bitcoins created
they are issued in a predictable fashion, you can view the inflation schedule here)
2. Decentralized (Bitcoin is globally distributed across thousands of nodes and as such can't be shut down, similar to how Bittorrent works) and the Bitcoin source code is open source
3. Permissionless (No one can prevent you from interacting with the Bitcoin network of your own free will, even in areas currently unserved by traditional banking. This makes it a truly global payment platform)
4. Censorship resistant (No one can censor or block transactions that they disagree with, see Operation Chokepoint)
5. Push system (there are no chargebacks in Bitcoin because only the person who owns the address containing the Bitcoin, has the authority to move them) Designed to fit all the fundamental properties of money better than gold or fiat
What is NairaEx?
NairaEx.com provides secure and reliable Bitcoin exchange services for Nigerians to buy and sell Bitcoin with Naira.
How does NairaEx work?
NairaEx has its own stock (one of the largest asset liquidity in the country) and is
therefore not an intermediary.
If you place an order with us, we will immediately reserve your Bitcoin or Naira payout and the funds will be sent to the bank or Bitcoin address provided no later than the estimated processing time .
Customers send and receive funding directly from the company, avoiding any risk of being scammed or defraud.
Is NairaEx safe to use ?
The platform is built with the latest industry security standards
incorporated. NairaEx doesn't store customers funds for safekeeping, instead we transfer
to the destination the customer provided when placing the order as soon as the trade has
Since we don't store your funds, we advise you to undertake some of the below-mentioned measures to keep your wallet safe: use the official wallet to store your currency - always use certified antivirus software double check your Bitcoin address (when placing an order or making a transaction) make sure that NO ONE except you can access the computer where your wallets and passwords are stored.
Remember that the safety of your funds after withdrawing them from our platform is dependent solely on you.
How can I start trading on nairaex.com?
It is not necessary to have any special skills or experience to start
trading on nairaex.com.
We have made the trading process as functional and as simple as possible so that anyone can master it.
The first step is to create a new user account, then place an order and make payment.
What are the exchange rate?
Live exchange rates for buying and selling are based on the value of 1
Bitcoin in Naira.
THe estimated exchange rate of $1 to Naira is also displayed on the frontpage and account dashboard.
How to get a Bitcoin wallet and address?
Before you can buy or sell your Bitcoins you will need to create a
wallet. A Bitcoin wallet is similar to bank account where you can generate a Bitcoin
that serve as a "bank account number", that can be given out to other users in order to
receive and send Bitcoin. An example of a Bitcoin address:
Blockchain.info is the most widely used Bitcoin wallet today, it allows you to send and receive Bitcoin through your wallet from your browser or mobile phone. You can create a Bitcoin wallet at https://blockchain.info/wallet by going through our step by step guide : https://btc.ng/bitcoin-guide/creating-bitcoin-wallet-step-step-guide/
How does NairaEx determine the Bitcoin price?
NairaEx uses average market rates from several different exchanges to
calculate the price of
Bitcoin in USD which is then multiplied by the Naira/USD exchange rate.
This trading guide will walk you through the process of buying and selling Bitcoins at NairaEx - the best Bitcoin exchange in Nigeria.
How can I Buy my Bitcoins?
1. Verify your NairaEx account
You can email a government issued ID card like driver's license, voters card, intl
etc. to [email protected] or upload your ID card to your NairaEx account profile .
verification is not needed for payment via cash deposit at bank, your ref ID number must
written on the teller.
2. Create a buy order Login to your NairaEx account, click on create new order Fill out the Buy form. Selecting the options which apply to you by following the on-screen instructions ( select Bitcoin, enter Bitcoin or Naira amount, Bitcoin address and submit.)
3. Pay and send the proof of payment. Pay the described amount in Naira to the NairaEx bank account shown on the confirmation page and marked as complete after deposit. Online, mobile or ATM transfer and deposit at any local branch of the bank are accepted. (Please complete the payment while order is still active or same day)
Email the proof of payment (teller, payslip, statement or transfer screenshot etc) to [email protected] and your order will be funded within 2-8 hours after your deposit has been verified.
How can I sell my Bitcoins?
1. Create a Sell order
Login to your NairaEx account, click on create new order
Fill out the Sell form. ( select the bank account you want us to pay into, enter the
or Naira amount and click submit. )
You can add your bank account details in the payment info section shown in your account.
2. Deposit the Bitcoin and wait for your cash to be deposited Send the described amount in Bitcoin to the NairaEx Bitcoin address shown on the confirmation page. (Please complete the payment before the timer countdown finishes)
We'll send you the Naira within 2-8 hours of the funds being confirmed.
How much are the trading fees?
NairaEx doesn't charge trading fees, our rates are all inclusive and you get paid the amount calculated on the order.
Does NairaEx support other crypto currencies besides Bitcoin ?Currently, NairaEx solely works with Bitcoin but in the near future support for other currencies might be added.
I Just bought or sold Bitcoins, when can I expect to have the money in my account?
The order will be completed after the admin has verified the deposit was within the
processing time and the funds are sent instantly to you after the order has been marked
For Bitcoin: some wallet providers require a specific number of network confirmations before the Bitcoin will show up in your account. NairaEx does not control how quickly transactions are confirmed on the blockchain.
For Naira: please wait for your bank to credit you based on their inter bank settlement schedule. Naira are sent instantly from our bank.
Can I cancel an order after it has been processed?
All orders are final and Bitcoin transactions are irreversible. Once a Bitcoin transaction has been broadcasted to the blockchain, it cannot be cancelled
Why has my order wallet address changed?
We now provide all customers with unique Bitcoin addresses for their sell order which can only be used once.
What are the Buy/Sell limits?
There are no limits on how much you can buy or sell on NairaEx.
My order was cancelled?
Orders get cancelled by the system if the timer has expired and nothing has been received yet or your Bitcoins have arrived too late. Email support to check your order.
How to verify your account?
To verify your account you must Email a copy of government issued ID card like driver's license, voters card, intl passport etc to [email protected]
How long does it take to verify my account?
If you provide us with all the necessary documents your account will be verified within 24 hours.
What is the "Referral Program"?
NairaEx customers can earn commission by referring customers to NairaEx via the Referral Link. For each referral, NairaEx will pay 1 Naira for every US dollar worth of trade. Please visit https://www.nairaex.com/referral to get your referral link.
How do I contact the NairaEx support team?
Please email : [email protected]
How can I add or remove bank accounts in my "Payment INFO"?
Go to https://www.nairaex.com/payments and link your bank account details to your NairaEx account.
What is NUBAN?
Nuban is a 10 digit Nigerian bank account number.
Where is NairaEx located?
NairaEx is based in Abeokuta, Ogun-state, Nigeria
Can I come to your office to trade?
All trading are completed on the website only, we don't facilitate office trading.
How can i profit from NairaEx and Bitcoin?
NairaEx is not an investment company and does not provide investment advice. You can read our blog for Bitcoin news and analysis. Btc.ng
What are the hours of operation for trading?
You can place an order at any time of the day and it will be completed within the processing time.
What makes NairaEx different from others?
NairaEx is a different type of Bitcoin exchange that operates similar
The company holds a Bitcoin and Naira reserve that allows users to trade Bitcoin seamlessly without waiting for their orders to be matched with other users. NairaEx boasts largest Bitcoin liquidity in the Nigerian market.
Trying to mark my sell order as complete but it doesn't work !
Your Bitcoin has to confirm on the Bitcoin network before the sell system will allow you to mark it as complete. On average this process takes 10 minutes Contact support for assistance.