Quidax Review (2021 Update) – 7 Key Things To Know About This Exchange

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:

  1. Quidax Overview
  2. Features of Quidax
  3. Quidax Services
  4. Supported Currencies and Payment Methods
  5. Transaction Charges
  6. Limits and Verification Requirements
  7. Supported Countries
  8. Customer Support
  9. Quidax VS other Exchanges
  10. Demonstration Video on how to trade on Quidax
  11. Is Quidax Safe to Use?
  12. 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)

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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 TransferNGN150
Card deposit via Rave1.4% (Max N2,000)
Bank Deposit via RaveFree (N500,000 and above)
USSD deposit via Rave1.4% (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;

BTC0.0004
ETHDynamic*
LTC0.002
USDTDynamic*
XRP0.12
DASH 0.02  
TRXFree
  • 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%
Takers0.3%
  • 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: 

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!

Create Account on Quidax


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.


Related Articles;

Quidax

0.00
8.2

Reputation

8.6/10

Customer Support

7.5/10

Ease of Use

8.0/10

Payment methods

8.5/10

Transaction fee

8.5/10

Pros

  • Superb Interface
  • Reputable exchange
  • Supports Multiple Crypto

Cons

  • Low liquidity on some crypto Pairs
  • Supports only one Fiat (Naira)

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37 thoughts on “Quidax Review (2021 Update) – 7 Key Things To Know About This Exchange”

  1. 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

    Reply
  2. 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

    Reply
  3. 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

    Reply
    • 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

      Reply
    • 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

      Reply
    • Refresh and try again. the issue is from flutter wave ( the payment processor)

      people signing up for my course CTmastery.com experience the same

      Reply
  4. 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

    Reply
    • Hello Sunday. Thank you for the feebdack. I really do appreciate.

      I have sent a message to your email with my phone number

      Reply
  5. 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

    Reply
  6. 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.

    Reply
  7. 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.

    Reply
  8. 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.

    Reply

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