Quidax is a cryptocurrency exchange that was launched on August 1, 2018, after several months of Alpha testing.
It rapidly rose to one of the “Top 10 Cryptocurrency Exchanges” in Nigeria by trade volume; ranking higher than most older Nigerian crypto exchanges.
In this review, I will give you a complete rundown so that you can assess for yourself the trustworthiness of Quidax.
Post Summary
To give you thorough details about Quidax, here is what I will cover in this review:
- Quidax Overview
- Features of Quidax
- Quidax Services
- Supported Currencies and Payment Methods
- Transaction Charges
- Limits and Verification Requirements
- Supported Countries
- Customer Support
- Quidax VS other Exchanges
- Demonstration Video on how to trade on Quidax
- Is Quidax Safe to Use?
- Conclusion
Let’s get started!
1. Quidax Overview
Quidax is one of the popular crypto exchanges, founded by Buchi Okoro in Lagos Nigeria.
It is registered in Malta – the reason being that, Malta is one of few countries open to cryptos and taking steps to create a regulatory framework around it.
Quidax launched in 2018 as an exchange that allows users to buy/sell bitcoin and other crypto-assets with naira.
It has, however, with time enabled the trade of BTC/USDT.
At Quidax, one of its long term goals is to power the next generation of remittance.
The team is a firm believer in leveraging the internet to make the world unshakable when it comes to financing and Blockchain tech.
Let’s find out more about Quidax, scroll down!
2. Features of Quidax
Take a look at Quidax impressive features!
- Great UI
- Order book
- Good Liquidity and trade volume
- Trade charts
- Mobile app
- Instant transaction
- Solid security
- Quidax API
- #DropYourQuidax (giveaway)
3. Quidax Services
Quidax provides services that meet the basic needs of a crypto enthusiast.
Below are the services offered;
- Instant Buy/Sell
- Order Book
- Wallet
- Quidax API
Instant Buy/Sell
This is the basic and most times, the only service provided by most Nigerian bitcoin exchanges.
Quidax simplifies this by allowing you to buy/sell 7 cryptos with NGN within few minutes.
You can also buy Bitcoin instantly with USDT (if you feel uncomfortable with NGN).
To use the Instant buy/sell option;
- Go to Quidax.com and create an account, then, sign in
- Fund your account
- On your dashboard, click on instant buy/sell
- Select the crypto you want to buy/sell, the currency you are buying with or selling for, then, enter the amount of crypto you want to buy/sell
- Click on “Continue” to confirm your request, then continue the rest of the transaction process.
Order Book
This is the Quidax trading platform.
Quidax provides an intuitive market place where makers and takers provide liquidity to the exchange, using the “market and limit order”.
The exchange also integrates a simple trade chart from “Trading View” to enable users to track how the price a crypto asset has done over time.
Wallet
Quidax provides web wallets for 7 cryptocurrencies + NGN wallets both on the web interface and mobile app.
Quidax does not give you access to your private keys.
However, this is not out of the ordinary as every other exchange does not give users access to their private key.
Quidax API
Quidax has its own API that supports third-party integration for automated trading.
Interested third-parties can access this by contacting Quidax customer support.
Scroll down to the next section!
4. Supported Currencies and Payment Methods
The following Cryptocurrencies are supported on Quidax:
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dash (DASH)
- Tether (USDT)
- Tron (TRX)
Quidax supports the following fiat currency:
- Nigerian Naira (NGN)
Currency pairs traded in the exchanges include:
- BTC/NGN, BTC/USDT
- ETH/NGN
- LTC/NGN
- XRP/NGN
- USDT/NGN
- DASH/NGN
- TRX/NGN
Quidax supports the following payment methods:
- Bank Deposit
- Card Deposit
- USSD Deposit
- Bank Transfer
In the next section, I talked about Quidax fees, scroll down and view it!
5. Transaction Charges
There are 6 types of fees that can be incurred when using a crypto exchange in general. Here are Quidax fee for each of them;
- Deposit Fee
Quidax does not charge a deposit fee. However, “bank charges” and “RAVE” (payment processor) fees apply.
See below!
| Bank Transfer | NGN150 |
| Card deposit via Rave | 1.4% (Max N2,000) |
| Bank Deposit via Rave | Free (N500,000 and above) |
| USSD deposit via Rave | 1.4% (Max N2,000) |
- Withdrawal Fee
Withdrawal fee = NI00 (flat fee)
Withdrawals on Quidax is also processed by “RAVE”. In other words, this payment goes to “RAVE” and not Quidax.
- Send Fee
The following fees apply to send cryptos from Quidax wallet;
| BTC | 0.0004 |
| ETH | Dynamic* |
| LTC | 0.002 |
| USDT | Dynamic* |
| XRP | 0.12 |
| DASH | 0.02 |
| TRX | Free |
- Receive Fee
Quidax charges 0% Receive fee
- Trade Fee
Here, Quidax applies makers and takers fee model. See below!
When trading on an exchange, the MAKERS are those that set the price, while the TAKERS are those that buy and sell at the set price
| Makers | 0% |
| Takers | 0.3% |
- Instant Buy/Sell Fee
Quidax charges 1% “Instant Buy/Sell” Fee
Next, let’s talk about the limits amd verifcation requirements on Quidax…Swipe down!
6. Limits and Verification Requirements
Limits on Quidax works in tandem with users verification levels.
There are 4 levels of verification on Quidax, I will talk about them one by one and also attach the limits that apply to each level of verification.
Level 0 -1
- Limits – Users in this level can buy, sell, receive and store cryptocurrency. They are, however, restricted from sending crypto and making deposits or withdrawals in NGN.
- Verification requirements – Date of Birth, Address City, Zip Code and Country.
Level 2
- Limits
- Daily Withdrawal Limit: NGN 200,000.00
- Weekly Withdrawal Limit: NGN 1,400,000.00
- Monthly Withdrawal Limit: NGN 5,000,000.00
- Verification Requirements – BVN
Level 3
- Limits
- Daily Withdrawal Limit: NGN 2,000,000.00
- Weekly Withdrawal Limit: NGN 14,000,000.00
- Monthly Withdrawal Limit: NGN 50,000,000.00
- Verification Requirements –
- A Govt. issued ID (Driver’s License, National Identity Card, Permanent Voters Card, International Passport, Residence Permit)
- Image of yourself holding a piece of paper with the inscription “Quidax” written on it, as well as the current date
Level 4
- Limits
- Daily Withdrawal Limit: NGN 10,000,000.00
- Weekly Withdrawal Limit: NGN 70,000,000.00
- Monthly Withdrawal Limit: NGN 200,000,000.00
- Verification Requirements – Proof of Address (Bank statement, Utility bill)
Note: There is no limit to the amount of crypto you can send or receive on Quidax. Limits only apply to withdrawals and deposits in Naira.
7. Supported Countries
Users from any country can trade, buy/sell cryptos on the exchange.
Quidax user base, currently, comprises of users in 70 countries and 6 continents.
But at the time of writing this article, the Naira is the only local currency supported.
Swipe down to the next section!
8. Customer Support
The major way to contact Quidax is through its Support Channel.
There, you will submit a support ticket or go through the Knowledge-base articles found on the site.
Users can also contact the customer support via any of its social media channels;
- https://www.facebook.com/quidaxafrica/
- https://twitter.com/QuidaxHQ
- https://www.instagram.com/quidaxafrica/
Although the support system on Quidax is relatively good, I think the integration of a Live Chat will aid faster communication with Users.
Quidax has a “Great” review profile on Trustpilot, and users commended it as the best crypto exchange in Africa.
I compared Quidax with other top crypto exchanges in Nigeria…see below!
9. Quidax vs Other Exchanges
Quidax vs Luno
Quidax comes out top as a strong alternative to Luno amongst all other exchanges in Nigeria; just as Luno is a strong alternative to Coinbase in developing countries.
Both Quidax and Luno are simple exchanges that are very suitable for newbies.
Quidax supports more cryptocurrencies than Luno. However, Luno has more liquidity and trading pairs than Quidax.
Also Read: Luno Review 1 thing you need to know
Quidax vs Blockvila
Like Quidax, Blockvila is one of the reputable exchanges based in Nigeria.
Blockvila was formerly just a broker exchange, but now has a mining platform, its own coin, and a P2P service.
Blockvila equally has a live chat and supports the buy/sell of e-currencies.
Quidax on the other hand supports more cryptocurrencies but does not offer the same service as Blockvila.
Also Read:
- Blockvila Exchange Review: Is It Still The #1 Exchange in Nigeria?
- Blockvila Mining: How Does It Work?
- Blockvila P2P: The #1 Profit Sharing P2P Platform
Quidax vs Remitano
Remitano is a peer-to-peer platform that moderates users’ trades using an escrow; similar to LocalBitcoins.
This business model is different from that of Quidax; so there is a limit to comparing these two exchanges.
Traders can trade 24/7 on Remitano and have the money directly in their bank account, Quidax also supports 24/7 withdrawal.
Using the Remitano models gives room for the dispute which takes time to resolve, the Quidax business model eliminates the possibility.
Personally, for me, trading on Quidax is easier. However, some persons still prefer the Remitano business model which I will say is great and efficient and I still use it sometimes.
Also Read: Remitano: Complete 2019 Review – Notes on How to trade Safely.
10. Video Demonstrating How to Trade on Quidax
I made this 15 minutes video to show how to deposit, buy, and sell at the Instant Buy/Sell, trade at the exchange, send, receive and withdraw.
Enjoy!
11. Is Quidax Safe to Use?
Quidax platform is superb and safe to use!
The founder of the exchange; Buchi Okoro, is a popular figure in the crypto space.
It has been reviewed by users as a trusted and reliable exchange.
Transactions on Quidax are carried out immediately without delay.
Moreover, Quidax is an indigenous exchange, and it has been able to bring home advanced crypto exchange feature that is inaccessible to the African Users.
The platform is easy to use and beautifully laid out.
All activity on the platform is automated from the registration to deposit and withdrawals; you will rarely need to contact customer support for anything.
Let’s get to the next section to conclude this article.
P.S
If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.
Go to www.ctmastery.com to enrol.
12. Conclusion
This is where I will put an end to this review. Hope you enjoyed it ?
Before I go, I will like to get your feedback;
Do you think Quidax is good to go or they should add some other advanced trading services?
You think they should list more coins?
In the compare section, which exchange would you rather use?
Put your thoughts in the comment box.
If this article was helpful to you, encourage us to do more by hitting the buttons below to share on your favourite social media.
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Quidax
0.00
Pros
- Superb Interface
- Reputable exchange
- Supports Multiple Crypto
Cons
- Low liquidity on some crypto Pairs
- Supports only one Fiat (Naira)
Mr. Jude with this CBN ban on deposits/withdrawal, how is possible to withdraw on quidax.
You will have to use the p2p platform
Please i need Quidax customer care number
You will have to contact them by email
Can I deposit through my payooneer card?
I don’t know. but if it’s a Visa or master card, you should be able to. Why not give it a try and let us know.
Hi Sir Jude….tnks for d information….may continue to elevate u….but pls i av something to ask u abt crpto.com….pls do mail me bck
Hello Sir Jude…..tnks for the review in fact it such a eye opener….may God continue to elevate you, i wish av no u since….pls can we discuss more abt the crpto.com….av drop my mail for u on youtube….please i will like to chat with you….pls do rply bck…..once again may God continue to elevate you sir
Do we really need to supply our BVN to do the verification to proceed to level 2? Please send a reply to [email protected]. Thank you.
Yes
What the minimum amount you can buy in quidax luno start from #500
yes you can buy N500 worth
Hi Jude,
I just watched your easy to follow guide on Quidax but from your demo, i failed to see if you made profit but rather, you lost some amount of your money due to charges incurred.
My question, how can one trade and make profit?
Thanks
Hello Alice. The video was simply showing the steps to buy and sell.
It was not showing how to trade profitably.
If you want to learn that. Enroll for ctmastery.com
Hello Jude thanks for review. Please I will like to know when it is the right time to invest in crypto currency
It’s not bad to start if you are investing long term. there lots of people making predictions about a potential increase.
If you want to learn how to trade to profit irrespective of if it’s rising or falling, you should consider joining my course.
http://www.ctmastery.com
I have been trying to deposit with naira but It will load forever without anything showing
Refresh and try again. the issue is from flutter wave ( the payment processor)
people signing up for my course CTmastery.com experience the same
Is quidax own by a Nigeria and where is their physical office situated?
Just like Luno, Quidax office is not open to the public.
Hello Jude, You simply blew my mind away with your comprehensive review of
Quidax. I have never heard about it before. May God bless you for this informative article. I just can’t stop loving it.
But I need your help in terms of selling my bitcoin which is $1500 worth. I’d like to know if you will willing to but or give me a direction on how to sell it sir.
I would be very grateful if you could provide me with your phone number so as to talk it over. Thanks
Hello Sunday. Thank you for the feebdack. I really do appreciate.
I have sent a message to your email with my phone number
Yes Jude that’s ok i love the video on how to sell and buy but i notice there is gain or profit from what i saw,my question is how can i make a good profit from quidax
ok
Very good crypto wallet, it’s easier and faster
I dont really know how to go about crypo, but with your review,i understand more of it. Really doing a good job, thanks
It’s my pleasure
thanksnfor the review, pls Mr Jude I have an issue which quidax pls I need ur advice. can I have your email address so to explain to you.
[email protected]
I’m currently using it. Indeed it’s easy to use I didn’t even need to be shown how to use I easily figured out how to. But sometimes I feel like the exchange volume is quite low. Like there are not enough customers to make trading on the palform profitable. Just my thought.
True, However, the customers are increasing, there is a noticeable increase in traded volume each month.
It is very informative. Thank you
you are welcome
Awesome 👌
Thanks
Hi Jude, I really appreciate your sound and objective analysis and reviews. Since I discovered your site I’ve been hooked. I’m glad I have come to know more about the cryptocurrency world and which exchanges are best for me.
Thank you, please keep it up. You’re doing the Lord’s work.
Thank you. I really do appreciate your feedback