Quidax is an African focused exchange that enables customers to buy or sell cryptocurrency with their local currency. It was established in 2018 with operations in Lagos, Nigeria.
Quidax is a cryptocurrency exchange that supports Bitcoin, Ethereum, Ripple’s XRP, Litecoin and Tether (USDT) in Nigeria.
The platform enables you to buy/sell Bitcoin and other cryptocurrencies instantly using its instant buy/sell feature or via its order book exchange.
Cryptocurrencies supported by Quidax:
FIAT currencies supported by Quidax:
- Nigerian Naira (NGN)
Supported African countries: Nigeria
Payment methods accepted:
- Bank Transfer
- Debit Card
- USSD (Mobile Money)
- Direct Bank deposits
Quidax offers a cryptocurrency exchange, wallet, instant buy/sell and API. Quidax also has a mobile app for iOS and Android which you can use to access your funds and buy or sell on the go.
Quidax Instant Buy/Sell
The instant buy/sell feature on Quidax enables you to buy cryptocurrencies quickly without having to make orders on the primary exchange.
The platform boasts of swift cryptocurrency trade times. According to Quidax, you can buy any amount of Bitcoin, USDT, Litecoin, Ethereum, Ripple’s XRP with 200 Naira in less than 3 minutes.
To use the Quidax instant buy/sell feature, you visit quidax.com/instant to select the cryptocurrency you want to buy.
Click the “Continue” button to confirm your order.
If you do not have an account on Quidax you will need to sign up or log-in if you already have an account.
Once you sign up or log-in you will need to fund your Naira wallet before you can buy. Naira is currently the only FIAT currency supported.
Quidax offers an order-book exchange that allows you to trade between Naira to Bitcoin and other cryptocurrencies. Currently, the exchange also supports Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Tether (USDT).
Other user interfaces and experience highlights on the exchange include advanced charts and API access for automated trading. You can also toggle between a dark and light mode interface.
Quidax Exchange Fees
Quidax has a transparent fee structure. The fees are paid when you use various services offered by the platform.
Naira deposits through debit card and USSD come with a 1.4 percent fee. On the other hand, deposits via Bank Transfer and Direct Bank Deposit come with no transaction fees.
Trading on the platform also comes with a 0.2 percent maker fee and 0.3 percent taker fee. Purchases made through the instant buy/sell feature has a 1 percent fee.
Here is a list of charges on the Quidax platform:
- Naira Deposit fees (Debit Card and USSD)
- Trading fees
- Withdrawal fees (N100 for FIAT and varies for cryptocurrencies)
Quidax charges no fees for receiving Bitcoin or other cryptocurrencies.
Quidax KYC/AML Rules and Withdrawal Limits
Quidax allows you to deposit up to 20,000.00 Naira and trade with it, without completing KYC. You won’t be able to withdraw any amount or deposit Naira more than the stated limit without completing KYC verification.
The trading platform has different tiers of verification that comes with different requirements and trade limits. Here are the various KYC tiers:
- Tier 0 – email and phone verification: 20,000 Naira deposits with no withdrawals.
- Tier 1– date of birth, address and country: NGN 100,000 deposits and no withdrawals.
- Tier 2 – Bank Verification Number (BVN) verification: – NGN 200,000 and 5 DBTC monthly withdrawal limit.
- Tier 3 – ID verification: NGN 10,000,000 and 20 BTC monthly withdrawal limit.
- Tier 4 – proof of residence: NGN 35,000,000 and 40 BTC monthly withdrawal limit.
Quidax currently operates in Nigeria. You can contact them via their support channel.
Besides that, the platform has a responsive customer service team on social media.
Frequently Asked Questions About Quidax
Can Quidax be trusted?
Quidax is a popular Nigerian cryptocurrency exchange with a good track record. As at the time of writing, there are no records of hacks on the platform.
In conclusion, it’s a go-to platform for many cryptocurrency traders in Nigeria.
Is Quidax Safe?
Quidax is generally regarded as a safe cryptocurrency exchange with no hack recorded as at the time of writing.
How do I use Quidax?
Follow the steps below to use Quidax:
- Sign up at quidax.com.
- Verify your identity.
- Deposit funds.
- Buy or sell cryptocurrency.
Where is Quidax based?
Quidax currently has an office in Nigeria.
If you are in search of an exchange platform in Nigeria that provides quick trades at moderate fees, Quidax is an option you should consider.
In some interviews done from last year, Quidax mentioned their intention to expand to other African countries.