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
The platform primarily caters to the Nigerian market, supporting fiat NGN pairs and stablecoins.
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 |
Quidax Advantages and Disadvantages
The platform has a native token, QDX, offering various services, including Staking. The live chat feature is only available through the mobile application, which can be a letdown for potential clients.
Pros | Cons |
Support for fiat currencies (USD, NGN, GHS) | Limited cryptocurrency offerings |
Licensed by Nigerian SEC | Geo-restrictions |
Educational resources for beginners | Lack of advanced trading features like leverage and copy trading |
Trading competitions | Limited support channels |
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.
The platform sets a minimum deposit requirement of $10 or 0.0001 BTC. The minimum trade size is set to $1, making Quidax relatively accessible to entry-level users.
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)
The exchange lacks more advanced markets such as derivatives (futures/options), NFT integrations, or DeFi products. This positions it more as a simple spot-trading venue rather than a multi-feature investment platform.
Does Quidax Offer Leverage Options?
At the time of writing this Quidax review, the exchange does not support futures markets or margin trading, and it 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 offers a seamless onboarding experience, followed by a two-tier KYC verification process to enhance security and unlock daily withdrawal limits in both NGN and USDT. Integration with Meta Map ensures secure identity checks.
#1 Begin Your Registration
Head over to the exchange’s official website and click “Get Started” to open the registration form.
#2 Create Your Account
Enter your email, password, and other required details to submit the sign-up form. Confirm your email to activate the account.
#3 Access Your Dashboard
Log in to the client portal, where you’ll be prompted to begin KYC verification.
#4 Complete KYC Level 1
Upload a government-issued ID and complete a live selfie using Meta Map. Upon approval, you’ll gain access to a daily withdrawal cap of NGN 2,000,000 or 10,000 USDT.
#5 Complete KYC Level 2 (Advanced)
Provide proof of address, such as:
- Bank statement
- Utility bill
- Tax document
Once verified, your limit increases to NGN 10,000,000 or 50,000 USDT per day.
Quidax App and Platform
The exchange offers a web-based platform and a dedicated mobile application integrated with TradingView charts and drawing tools. Quidax app download links:
TradingFinder has developed a wide range of TradingView indicators that you can use for free.
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
The exchange has a clean record with no history of breaches. However, it does not offer an investor protection fund or biometric authentication features.
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)
Users can fund and withdraw from their accounts via bank transfers and supported cryptocurrencies. However, Quidax does not currently support credit/debit card payments or Google Pay. Deposits are free, though standard blockchain network-based withdrawal fees apply.
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 Products
Quidax offers Qards crypto cards, deep liquidity pools via API and OTC desk, and passive income options through crypto staking and lending with QDX tokens, empowering users to trade, spend, and earn using cryptocurrencies.
Staking | Yes |
Yield Farming | Yes |
Social Trading | No |
Liquidity Pool | Yes |
Crypto Cards | Yes |
Quidax Customer Support
The platform boasts 24/7 support via various channels, including Email, live chat, ticket, and Telegram.
- Email: support@quidax.io
- Live Chat: Available on the mobile application
- Ticket: Through the “Support” page
- Telegram: https://t.me/OfficialQuidaxCommunity
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
Note that Quidax doesn't offer copy trading services.
Quidax Exchange Red Flag Jurisdictions
The platform hasn’t disclosed a specific list of restricted countries on its website. However, upon reaching the sign up page and when attempting to choose the “Country”, you’ll notice that some jurisdictions are unavailable, including:
- 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
- Sri Lanka
- Sudan
- Tajikistan
- Syria
- United States
- Venezuela
- Yemen
Quidax Comparison Table
Let's check Quidax's standing in the crypto trading world in comparison with other platforms:
Features | Quidax Exchange | Binance Exchange | Bybit Exchange | OKX Exchange |
Number of Assets | 72 | 400+ | 1300+ | 7800+ |
Maximum Leverage | 1:1 | 1:125 | 1:100 | 1:12 |
Minimum Deposit | $10 | $1 | Varies by Cryptocurrency | N/A |
Spot Maker Fee | 0.1% | 0.02% - 0.1% | 0.005% - 0.1% | -0.01% - 0.14% |
Spot Taker Fee | 0.1% | 0.04% - 0.1% | 0.015% - 0.1% | 0.03% - 0.23% |
Mandatory KYC | Yes | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
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.