Nigerian Bitcoin Exchange NairaEx Debuts with Rapid Verification System

Bitcoin exchange NairaEx launched their platform in Nigeria on yesterday.

NairaEx is designed to be a user-friendly platform for new bitcoin traders and frictionless for the more experienced. The exchange has a simple verification system, allegedly getting users up and running to purchase bitcoin within minutes after registering.

Nigeria is the largest remittance market in the world today, so the NairaEx team developed a payment request tool allowing users to accept bitcoin payments to their exchange account directly. To start receiving payments, NairaEx users can share a payment link that includes their bitcoin address.

The Nigerian exchange offers a number of features and tools for users including trading in USD and Nigeria’s fiat currency – Naira (NGN), a pricing system with both FX and trading fees included in the Bitcoin exchange price, other payment options besides bank transfers, no withdrawal fees for bank transfers into any Nigerian bank account, a sign up bonus of 1,000 NGN for new users and a 25% commission referral program for all users.

Unlike many other Bitcoin exchanges, NairaEx does not rely on a payment processor or mobile payment solution for cash payments. According to the exchange, this will permit it to keep deposit fees low.

The exchange plans to offer trading in other digital currencies. NairaEx founder, David Ajala, commented:

By accepting other e-currencies for bitcoin, we hope to tap into the popularity of those e-currencies to drive Bitcoin adoption in Nigeria.