Quidax offers access to 72 cryptocurrencies for Instant Swap (No fees) and Spot trading (0.1% fee).
The exchange provides staking opportunities through the QDX Vault and the USD Savings program, with returns of up to 10%.
Quidax; The Exchange's Information and Licenses
Quidax Technologies Limited was launched in 2018 by Buchi Okoro, Uzo Awili, and Morris Ebieroma in Canada.
The company is the first to receive a provisional Digital Assets Exchange license from Nigeria's SEC. Key features of Quidax:
- 72 cryptocurrencies
- Strategic collaboration with Tether to provide crypto education for 15K+ Africans
- Customers from over 70 countries
- Licensed by the Securities and Exchange Commission of Nigeria
Quidax Exchange Key Features
The crypto exchange has developed eight super products, including Self-Service Listing (for new projects and coins), Instant Buy (in less than 2 minutes), and Crypto Cards (Qards).
Exchange | Quidax |
Launch Date | 2018 |
Levels | No |
Trading Fees | 0.1% |
Restricted Countries | Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Congo, Cuba, Central African Republic, Montenegro, Eritrea, Guinea, Iran, Iraq, Lebanon, Libya, Macedonia, North Korea, Myanmar, Nicaragua, Pakistan, Serbia, Somalia, South Sudan, Seri Lanka, Sudan, Tajikistan, Myanmar, Syria, United States, Venezuela, Yemen |
Supported Coins | 72 |
Futures Trading | No |
Minimum Deposit | $10 |
Deposit Methods | Bank Transfer, Qdirect, Pocket (Abeg), MoMo, Crypto |
Withdrawal Methods | Bank Transfer, Qdirect, Pocket (Abeg), MoMo, Crypto |
Maximum Leverage | 1:1 |
Minimum Trade Size | $1 |
Security Factors | New Device or Location Authorization, 2FA, Cold Storage |
Services | OTC Desk, P2P Trading, Mobile Trading, Crypto VISA Cards, API, Launchpad |
Customer Support Ways | Email, Live Chat, Ticket, Telegram |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | QDX |
Does Quidax have User Levels?
We must mention in this Quidax review that the exchange does not offer user levels or traditional fee discounts based on trading volume.
This means that all users, regardless of their trading activity, are subject to the same fee structure.
Quidax Exchange Fees and Commissions
The platform offers competitive fees across its various services. Here's a breakdown of the Quidax’s fee structure:
Service | Fee |
Spot trading | 0.1% maker/taker fee |
Instant swap | $0 |
Crypto withdrawal | Variable based on the network |
NGN bank withdrawal | NGN 200 |
NGN Pocket App withdrawal | NGN 100 |
Qdirect withdrawal | From NGN 100 to NGN 2,500 |
Qdirect deposit | From NGN 100 to NGN 750 |
NGN Pocket App deposit | NGN 100 |
The maximum deposit and withdrawal via Pocket (Abeg) is NGN 2 million per request.
Listed Cryptocurrencies on Quidax
The platform lists 72 cryptocurrencies for instant swap and offers over 60 trading pairs in the USDT market for peer-to-peer (P2P) trading. Some of the listed cryptocurrencies on Quidax:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Tron (TRX)
- Binance Coin (BNB)
- Cardano (ADA)
- Dogecoin (DOGE)
Does Quidax Offer Leverage Options?
At the time of writing this Quidax review, the exchange does not support futures trading and does not offer leverage options.
The platform focuses primarily on spot trading and instant swaps, catering to users who prefer straightforward buying, selling, and trading of cryptocurrencies.
Account Opening and Verification on Quidax Exchange
The platform has implemented a straightforward registration process followed by two levels of Know Your Customer (KYC) verification. You’ll get a daily withdrawal limit of NGN 2M/10K USDT upon completing level 1.
- Visit the exchange’s official website;
- Click “Get Started”;
- Fill out the registration form;
- Verify your email address;
- Navigate to the client dashboard and begin ID verification brought by MetaMap (document and live selfie);
- Provide proof of address (e.g., bank statement, utility bill, or tax bill) for advanced KYC (level 2).
Note that the daily withdrawal limit increases to NGN 10M and 50K USDT after completing KYC level 2.
Security Factors
While the exchange is licensed by the Nigerian SEC, it doesn’t have much to show for the safety of clients’ funds.
- Cold Storage: Storing 98% of assets offline
- Two-Factor Authentication (2FA): An additional security check to access your account
- New Device or Location Authorization: Requiring verification to access your account when attempting from a new device/location
Quidax Exchange Deposit and Withdrawal
The platform supports crypto transactions as well as payments with fiat currencies, including USD, NGN, and GHS, via various methods, such as:
- Qdirect
- Bank Transfer
- Pocket (Abeg)
- MoMo (only GHS)
Trust Score and Ratings
There are very few Quidax reviews on reputable platforms. While CoinGecko hasn’t listed the exchange, there are only 24 comments on the Quidax Trustpilot profile.
While 54% of ratings are positive (5-star and 4-star), Trustpilot gives the exchange a poor 2.6 out of 5 score.
Quidax Investment Plans
The exchange offers a dedicated staking program, an affiliate service, and a USD saving plan with fixed and flexible models.
- QDX Vault: Especially designed for staking QDX, offering token airdrops and rewards
- Affiliate: Referral commissions for inviting new clients
- USD Saving: Up to 10% annual interest on USD and BTC savings
Writer's Opinion and Conclusion
Quidax provides 60+ crypto trading pairs in the USDT market. It supports fiat transactions in three currencies, including USD, NGN, and GHS.
The exchange accepts Abeg and MoMo as payment methods. It has a rating of 2.6 out of 5 in Trustpilot.