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.
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?
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
- Quidax API
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.
This is the Quidax trading platform.
Quidax provides an intuitive marketplace 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.
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 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 Coin (QDX)
Quidax supports the following fiat currency:
- Nigerian Naira (NGN)
Currency pairs traded in the exchanges include:
- BTC/NGN, BTC/USDT
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.
|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;
- 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
- 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.
- 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
- 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
- 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;
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
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.
- 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
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.
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.
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.
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.
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.
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