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 3 cryptocurrency exchanges in Nigeria in terms of trade volume outranking most exchanges in Nigeria that have been there for a long time.
In this review, I will give you a complete rundown so that you can assess for yourself the trustworthiness of Quidax.
Quidax Review Summary
Though Quidax launched its Beta version in the second half of 2018, is the fastest growing cryptocurrency exchange in Nigeria.
Its user base is growing at a compound rate of 189.5% month over month. This is commendable considering that the crypto market was bullish in 2018.
To give you thorough details about Quidax, here is what I will cover in this review:
- Quidax Overview
- Quidax Services
- Supported Currencies and Payment methods
- Transaction Charges
- Transaction Limits
- Supported Countries
- Customer Support
- Future Plans
- Quidax Compared to other exchanges
- Demonstration Video on how to trade on Quidax
1. Quidax Overview
Quidax is registered in Malta because it is one of few countries open to cryptocurrency and taking steps to create a framework around the regulation of cryptocurrency. Although it has operations in Nigeria since it was the first market it opened up.
At Quidax one of its long term goals is to power the next generation of remittance. The teams are firm believers in leveraging the internet to make the world flatter when it comes to finance just like it has been done for communication.
2. Quidax Services
Quidax provides services that meet the basic needs of a crypto enthusiast/investor to interact with crypto assets. From its simple dashboard a user can access all this service this include; instant buy/sell, an exchange platform for real-time trading, Wallets for 7 cryptocurrencies and 1 fiat money and finally an API for developers.
- Quidax Instant Buy/Sell – This is the basic and most time the only service provided by most Nigerian bitcoin exchanges. Quidax simplifies this by selling coins to you directly instantly. In this section, you can buy or sell any of the 7 cryptos on quidax instantly with fiat (naira).
- Quidax Exchange – This is the quidax trading platform. It will make more sense to you if you have traded on Binance, Bittrex, or Luno. Here you can use various indicators and cutting-edge charts to carry out your analysis before trading crypto pairs. Also for advanced traders, Quidax API access supports third-party integration for automated trading.
- Quidax Wallet – Quidax provides wallets for 7 cryptocurrencies. This is a web wallet. It does not have an app yet however you can access your wallet from any internet that enables the device. 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.
3. Quidax Currencies and Payment methods
The following Cryptocurrencies are supported on Quidax:
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dash (DASH)
- Tether (USDT)
Quidax Support the following fiat currencies:
- Nigerian Naira (NGN)
Currency pairs traded in the exchanges include:
Quidax supports the following payment methods:
- Bank Deposit
- Card Deposit
- USSD Deposit
4. Quidax 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
Quidax does not charge for crypto deposit into its crypto wallets, it does not also charge for fiat (Naira) deposit. However, Quidax employs the service of ‘RAVE by Flutterwave’ to process payment and Rave charges fees as below
- Bank Deposit ………………….. Free
- Card deposit via Rave………. 1.4% (Max N2,000)
- Bank deposit Via Rave……… 1.4% (Max N2,000)
- USSD deposit via Rave………1.4% (Max N2,000)
Withdrawals on Quidax is also processed by RAVE. A flat withdrawal charge of N200 applies no matter the amount withdrawn.
It is totally free to receive cryptocurrency on Quidax
The following fees apply to send cryptos from Quidax wallet. These fees are actually blockchain transaction fees and so does not also go to Quidax but to miners who confirm transactions on the blockchain. These fees may vary depending on the blockchain.
- Bitcoin (BTC)…………………………….0.0002
- Litecoin (LTC)……………………………0.002
- Ethereum (ETH)………………………..0.002
- Ripple (XRP)……………………………..0.12
- Dash (DASH)……………………………..0.02
You can also send cryptos for free if you are sending to another quidax account. In this case, you send an email to a phone number. I will demonstrate this in a future article and video.
Quidax applies makers and takers fee model
When trading on an exchange the MAKERS are those that set the price while the TAKERS as those that buys and sells at the set price
- Makers fee:……………… 0.3%
- Takers fee:………………. 0.3%
Instant Buy/Sell Fees
This is the most convenient way to buy and sell cryptos especially for those who do not know how to trade. Also, you can not buy cryptos like Dash, Bitcoin Gold and Bitcoin Cash at the quidax exchange but you can buy it directly with Naira at the Instant Buy/Sell.
- Instant buy/sell fee…………….1%
5. Buying Limits
There is no limit to the amount of crypto you can send or receive into your Quidax crypto wallets limits only apply to withdraws and deposit in Naira.
However, before you can deposit or withdraw from Quidax, you must have your account verified.
To verify your account, you will have to;
- Confirm your email account
- Confirm your phone number
- Upload an ID card
- Upload proof of residency
The withdrawal limit is set at N5,000,000 per day
This depends on the deposit method
N500,000 per day using Card payment
N5,000,000 per day using bank deposit.
6. Supported Countries
Quidax currently on supports users from all countries of the world.
However, at the time of writing this article, the Naira is only local currency supported. More fiat currencies are expected to be included later this year.
Currently, the Quidax user base comprises users in 70 countries and 6 continents.
Users from any country can trade crypto to crypto pairs on the exchange.
7. Customer Support
The major way to contact quidax is through its Support Channel, here you fill in your query. This service is available 24/7 and enables Quidax to effectively track and resolve any issues users might have.
Quidax does not have Live Chat, most exchanges not have live chat and I think it will aid faster communication with Users.
On the other hand, some exchanges with Live Chat take hours to respond to their chat which makes it ineffective.
8. Future Plans
Quidax has plans for the long term. In the short term, There are the goals in is set to achieve this year 2019
- Support for more African local currencies including the South African Rand (ZAR), Ghanian Cedis (GHS) and Kenyan shillings (KES).
- Launch its mobile App
- The team is also strongly considering providing users access to services beyond trading of crypto, to help answer the question of what can I do with crypto.
9. Quidax Compared to 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. Quidax has its strength and weaknesses when compared to Luno. The major strengths are that;
- You can make a withdrawal from quidax at any time and receive it within 5 mins while withdrawals on luno are processed 3 times a day and only on a weekday.
- Quidax supports 7 cryptos while Luno supports only
The weaknesses are that Luno has a LiveChat available 24/7 quidax does not. Luno has an app, quidax does not.
Also Read: Luno Review 1 thing you need to know about
Quidax Vs Nairaex
Nairaex is one of the wells know crypto exchange in Nigeria. However Nairaex is lacking a lot of features that are on quidax; It supports only 3 cryptos, it does not provide crypto wallets nor have a trading platform, its withdrawals are not instant. Nairaex has a LiveChat, however, the service is poor because they rarely respond to chats (this is from my personal experience)
Also Read: NairaEX Review: Easy To Use Bitcoin Exchange
Quidax Vs Remitano
Remitano uses a Peer to Peer trading exchange platform moderated 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. Quidax supports 5 of the 6 cryptos available on Remitano with the exception of Tether USDT but it also supports additional 2 cryptos that are not on Remitano.
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.
10. Video Demonstrating How to Trade on Quidax
I made this 15 minutes video to show how to deposit, buy & sell at the Instant Buy/Sell, trade at the exchange, send, receive and withdraw. enjoy
11. Conclusion – Is Quidax Safe to Use?
In summary, the quidax platform is superb. It has been able to bring home advance crypto exchange feature available in western-based exchanges that 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 the customer support for anything.
If you have to use Quidax, let me know what you think about the platform in the comment section.
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