NairaEx is a Nigerian e-currency exchange that allows users to buy and sell Bitcoin and perfect money with the Nigerian Naira at fair and competitive market rates via bank transfer and fast withdrawal into any Nigerian bank.
The company which began operations in 2015, aims to utilise the power of Bitcoin – a digital currency to provide a more stable and healthy monetary system allowing Nigerians to access the wealth and power of Bitcoin.
Traditionally, Bitcoin wallets would be used to transfer Bitcoin from one person to another in a matter of seconds, but with NairaEx the purchase and transfer of Bitcoins become instant.
Sending or Receiving Money with NairaEx is quite straightforward. The sender deposits money into the NairaEx platform provides the beneficiary’s bank details and the beneficiary’s local bank account is promptly credited by NairaEx.
With NairaEx, there are no hidden fees or charges and payments can be made to China, India, Mexico, Europe. It takes about 2 to 24 hours for beneficiaries to receive money paid into their bank accounts.
NairaEx which trades in only bitcoin and perfect money has better exchange rates compared to several exchanges. It also has a simple and easy-to-use site. There is also a payment request tool on the site allowing users to accept bitcoin payments through their NairaEx bitcoin accounts directly.
Currently, the bitcoin exchange offers a unique pricing system, with an FX and trading fees-inclusive bitcoin price. Similar to popular remittance and bitcoin exchanges like Philippines-based Coins.ph, NairaEx offers convenient payment options besides bank transfers, including remittance deposits to enable bitcoin purchases.
How To Sell Bitcoin On NairaEx
NairaEx has a simple and easy to use site and you can exchange e-Currencies, Bitcoin and even Naira in just 3 simple steps:
- Visit www.nairaex.com and create an account.
- Place your buy or sell order.
- Pay for your order. Funds are exchanged and payments sent at the rate confirmed on the website.
Benefits of Using NairaEx
NairaEx offers a complete suite of Bitcoin exchange tools which include:
- A unique pricing system: both FX and trading fees are included in the Bitcoin price listed on the exchange
- The current real-time Bitcoin price is always on display
- Convenient payment options besides bank transfers to buy Bitcoin
- No withdrawal fees for bank transfers into any Nigerian bank account
- A free welcome bonus of 1,000 NAIRA for new users
- 25% commission referral program for all users
Unlike most other Bitcoin exchanges, NairaEx does not rely on payment processor or mobile payment solution for cash payments but cuts down on deposit fees, which would amount to as much as 2.5% otherwise. This consequently makes the purchase of Bitcoin more convenient and transparent.
NairaEx aims to provide a simplified Bitcoin trading platform for new users with easy verification and registration systems.
In some regions of the world, the financial system makes moving money around the world slow, costly and inconvenient due to friction and capital controls. But e-currency exchange platforms such as NairaEx aims towards making Bitcoin purchase and sale more convenient and transparent.
Bitcoin is often touted as being the perfect solution to bring financial services to people living in unbanked and underbanked nations of the world. Traditional financial institutions often don’t see the benefit in investing in these areas, as the costs far outweigh the benefits.
How Bitcoins Are Created
The Bitcoin was founded upon mathematical proof which stipulates that there can only ever be 21 million Bitcoins. Unlike other currencies, no more can be printed. New Bitcoins are released into circulation by rewarding miners for their work in using specialised computers in processing and verifying Bitcoin transactions.
Price Determination For Bitcoins
Like other currencies and commodities, the value of Bitcoin fluctuates wildly based on supply and demand and its perceived value. In October 2009, a first exchange rate was published, listing the value of 1,309 Bitcoins at $1.
Bitcoins were cheap and throughout the following year, they continued to trade for fractions of a cent. The first known transaction with Bitcoin occurred in 2010 when a Florida resident offered 10,000 Bitcoins to anyone who would order him a pizza. One user in London agreed, making a long-distance phone call to a Papa John’s and cementing the first Bitcoin transaction in history.
Bitcoin which started gaining popularity around 2013 can be broken down into smaller units, the smallest being one hundred millionth of a Bitcoin – called a Satoshi, after the anonymous founder of Bitcoin.
Uses of Bitcoins
Bitcoins offer cheaper alternatives to traditional money in the following ways;
1. International Money Transfer and Shopping: Bitcoin is redefining remittance, Africans pays the highest money transfer fees in the world to send and receive money at home from abroad in addition to poorly calculated currency conversion rates.
Because Bitcoin exists on the internet, which itself is global and without borders, you can simply exchange local currency to Bitcoin and transfer the Bitcoin to the recipient in other countries and they convert it back to their local currency in their country of residence.
You can pay for goods and services online using Bitcoin a lot cheaper compared to things like credit cards or Paypal without having to worry about foreign exchange fees and security of your personal information.
A lot of businesses are accepting Bitcoin at the checkout and provide customers with a Bitcoin payment gateway to make spending simple and fast.
2.Trading(Forex)/Investment: Bitcoin is the new store of value.
African investors traditionally invested in foreign currencies and Gold with the current global economic turmoil due to the crude oil price, investors are looking into Bitcoin as a currency not affected by central bank policies and political agendas.
Bitcoin performed better than stocks, commodities & bond yields and was the top performing currency Of 2015 by a whopping 35%.
Bitcoins offer new investment opportunities for Nigerians due to the Bitcoin volatility, the rate of Bitcoin tends to grow as the market fluctuates.
Bitcoin is more than just a tool for bypassing the expensive remittance ecosystem. Sending Bitcoin is a lot cheaper compared to transferring fiat currency around the world and in Nigeria, Bitcoin can be used for so much more than just being a tool for remittance solutions.
Regions where banks are scarce, or even not present at all, presents an excellent opportunity for Bitcoin to become part of a brand new financial ecosystem. Because a lot of people in those regions have limited to no access to financial instruments, they can skip the whole “banking” ordeal and go straight to using digital currencies.