Quidax Review: All You Need To Know

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Quidax started in 2018 and aims to be the leading cryptocurrency exchange platform for Africa. The company is based in Nigeria and brings a lot of benefits to users who sign up with them. A Quidax account allows you to make deposits and withdrawals in naira, and also swap different digital currencies. Quidax has a user-friendly platform, with all the features you need to trade digital currencies easily.

In this Quidax review, we’ll take a look at all the amazing features offered by the exchange. So, let’s get started!

Quidax Review

Quidax Overview

Quidax is a Nigerian-based cryptocurrency exchange that allows users to buy, sell and trade cryptocurrencies. Quidax offers its users to trade Bitcoin, Ethereum, Ripple’s XRP, Litecoin, Tether (USDT) and, over 20 coins. Established in 2018 with its operations based in Lagos – Quidax makes it easy for customers to buy their favorite cryptocurrencies instantly using its instant buy/sell feature or via the order book trading portal. Quidax has a mobile app for iOS and Android allowing users to access their funds any time they need them.

Quidax Supported Countries

Quidax has been solving the problem of digital currency acceptance in Africa for over four years. Quidax is a global marketplace that supports transactions from all countries – but only accepts one fiat currency, Nigerian Naira (NGN), this means you will probably find quidax very easy to use if you are in Nigeria.

Quidax Token (QDX)

QDX is the native coin of Quidax Exchange. It’s a token that powers many features like paying for transaction fees and making in-store payments on Quidax. You can even swap other cryptocurrencies to Quidax token and vice versa.

Quidax Mobile App

Quidax mobile app is secure with encryption. You can also set up two-factor authentication for your account, you will be able to buy/sell cryptocurrency using the instant buy/sell feature securely without risking potential security threats because all information on the Mobile App is encrypted and none of your personal information is stored on your mobile device, Quidax stores 90% of all funds in cold wallets which makes sure that funds are safe.

Quidax Supported Cryptocurrencies & Payment Methods

Quidax supports over 20 cryptocurrency coins that are tradable on the platform. They are:

  1. Quidax Token (QDX)
  2. Bitcoin (BTC)
  3. Ethereum (ETH)
  4. Tether (USDT)
  5. Litecoin (LTC)
  6. Ripple (XRP)
  7. Binance Coin (BNB)
  8. Bitcoin Cash (BCH)
  9. Dash (Dash)
  10. Tron (TRX)
  11. Safemoon (SAFEMOON)
  12. Pancakeswap Token (CAKE)
  13. Solana (SOL)
  14. Chainlink (LINK)
  15. Shiba Inu (SHIB)
  16. Dogecoin (DOGE)
  17. Harmony (ONE)
  18. Axie Infinity (AXS)
  19. Filecoin (FIL)
  20. Wakanda Inu (WKD)
  21. e.t.c
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Accepted Payment Methods In Quidax Include:

  1. Direct bank deposits
  2. Bank transfer
  3. USSD (Mobile Money)
  4. Debit card

All Supported Currency Pairs Traded In The Exchanges Include:

  1. QDX/USDT
  2. BTC/USDT
  3. DOGE/USDT
  4. BNB/USDT
  5. MATIC/USDT
  6. SAFEMOON/USDT
  7. AAVE/USDT
  8. SHIB/USDT
  9. LINK/USDT
  10. CAKE/USDT
  11. XLM/USDT
  12. TRX/USDT
  13. AXS/USDT
  14. FIL/USDT
  15. BABYDOGE/USDT
  16. ONE/USDT
  17. BCH/USDT
  18. XTZ/USDT
  19. WKD/USDT
  20. FLOKI/USDT
  21. SOL/USDT
  22. BTC/NGN
  23. ETH/NGN
  24. QDX/NGN
  25. XRP/NGN
  26. DASH/NGN
  27. LTC/NGN
  28. USDT/NGN
  29. TRX/NGN

Quidax Supported fiat currency:

  • Nigerian Naira (NGN)

Quidax Instant Buy/Sell

The Quidax Instant Buy/Sell feature is perfect for those who want to buy cryptocurrency fast and easy. You can use it to buy any amount of coin, with just 500 Nigerian Naira (about $0.5). It only takes 1 minute to complete the transaction.

quidax review

How To Use The Instant Buy/Sell Feature

  • Create an account on the Quidax
  • Go to quidax.com/instant 
  • Sign in and select “instant buy/sell.”
  • You can then choose the cryptocurrency you want to buy and input the amount.
  • Then click the “Continue” button to finalize your order.
  • Your wallet will be credited after your order has been confirmed.

Quidax Exchange: Order Book

Quidax offers an intuitive marketplace with instant transactions where makers and takers provide liquidity to the exchange. Their integration of a TradingView chart enables users to track how any cryptocurrency coin has done over time, while quidax offers an order-book exchange that allows you to trade between Naira to Bitcoin, Ethereum, Litecoin, Ripple, and other cryptocurrencies – currently supports over 20 cryptocurrencies.

Quidax features advanced charts including API access for automated trading on dark or light mode interfaces so traders have all the tools they need at their fingertips.

quidax review

 The exchange has the following sections as numbered below: 

  1. Markets: This lists all the available market pairings available for trading. For example, if you want to buy BTC with NGN (Nigerian Naira) then it will be written as “BTC/NGN”.
  2. Recent Trades: This section represents the orders (trades) that you have completed on the particular market.
  3. Charts: The candle chart is a simple representation of price movements over time. The line chart is a more accurate and simplified way to represent the information in the conventional candle chart. The depth chart, sometimes shows you which parts of the market are most heavily traded at any given time.
  4. Place Orders Form: When an order is placed, it goes to the open orders list and order book. If it is matched or partially matched then they are listed in the Recent Trades section on the left-hand side of the screen. The button to the top left switches between market and limit orders. Any orders placed with a market buy/sell immediately take orders from the order book at the current market price.
  5. Order Book: The order book is where you can find the current list of buy and sell orders placed in the market. Purple represents sell orders (or asks) while green represents buy orders (or bids). The order book is constantly updating to reflect the latest buy and sell orders from traders. When an order is matched, the market price is determined.
  6. Market Statistics: Market Statistics is a great way to check out the events in your favorite currency market. The 24hour volume represents the total volume of the base traded within the last 24 hours, while HIGH and LOW represent the highest and lowest prices of that currency over 24hours. The Change reflects on the percentage difference in the price of a cryptocurrency coin over the past day, giving you an idea of current market volatility.
  7. Trading Screen Settings: The first icon at the top right corner switches notifications on or off, the second icon changes between day and night mode, the third displays the funds available in the two currencies being traded, and the last icon directs you towards “My Orders” where orders can be canceled or edited.
  8. My orders: Limit orders stay on your My Orders section for easy access. These orders will be canceled before they’re filled, but you can always change your mind and decide to fill them later.
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Quidax Transaction Fees

Deposit Fee

Quidax is a fast and easy way to purchase Bitcoin, Ethereum, Litecoin, Monero e.t.c without paying high fees when you deposit money from your bank account using various payment methods such as bank transfer, card deposit, bank deposit, and USSD into your Quidax account using Flutterwave’s RAVE service and get the coins you want with low fee.

Payment MethodFee
 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)

Naira Deposit Fee

Deposit AmountFee
0.00NGN – 100,000.00NGN 250 NGN
100,001.00NGN – 500,000.00NGN500 NGN
500,001.00NGN – 2,000,000.00NGN1000 NGN
2,000,001.00NGN – 5,000,000.00NGN1500 NGN
5,000,001.00NGN – 20,000,000.00NGN2250 NGN
20,000,001.00NGN – 50,000,001.00NGN2500 NGN
50,000,001.00NGN – 1,000,000,000.00NGN2500 NGN

Withdrawal Fees

Quidax does not charge any additional fees for withdrawal, but your bank or payment processor will certainly charge you.

Withdrawal AmountFee
0.00NGN – 100,000.00NGN 500 NGN 
100,001.00NGN – 500,000.00NGN1000 NGN
500,001.00NGN – 2,000,000.00NGN2000 NGN
2,000,001.00NGN – 5,000,000.00NGN3000 NGN
5,000,001.00NGN – 20,000,000.00NGN4500 NGN
20,000,001.00NGN – 50,000,001.00NGN5000 NGN
50,000,001.00NGN – 1,000,000,000.00NGN5000 NGN

Send Fee

Please see below:

 Coin NameCoin/Token SymbolSend FeesMinimum Send Amount
BitcoinBTC0.00040.0006
LitecoinLTC0.0020.003
EthereumETHDynamic*0.006
USDTUSDTDynamic*1
XRPXRP0.122
TronTRX11
Bitcoin CashBCH0.0010.002
 DASHDASH 0.02  0.03
Binance CoinBNB0.000750.001
DogecoinDOGE 510
Shiba InuSHIB50,000100,000
Axie InfinityAXS0.440.88
StellarXLM3 
ChainlinkLINK2 
AAVEAAVE0.2 
FilecoinFIL0.050.01
HarmonyONE41
Baby Doge CoinBabyDoge1,000,000,0001,000,000
Bitcoin CashBCH0.0010.002
TezosXTZ0.41
SolanaSOL0.01SOL
Floki InuFLOKI13,00010,000

Fee For Receiving Cryptocurrency

 It is free to receive cryptocurrencies on Quidax.

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Trade fees

Maker fees allow users to put orders into the order book with no fee.

The taker fee is paid by those who remove liquidity from the order book, so if you place a market order, for instance, you’ll pay a taker fee.

Maker feesTaker fees
0%0.3%

Instant Buy/Sell Fees

The fee for using the “instant buy/sell” service is below 1%.

Limits and Verification Requirements

Quidax is a secure way to trade in your cryptocurrency, with 4 levels of verification that keep you safe and fully carry out cryptocurrency trading activities.

Level 0 -1

Limits: Users in this level can buy, sell, receive and store cryptocurrency but cannot deposit or make a withdrawal in NGN. To verify your account you will need to enter your Date of Birth, Address City, Zip Code, and Country.

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 – To verify your account, you need to send a clear image of yourself holding your government-issued ID (Drivers License or National Identity Card, Permanent Voters Card, International Passport, Residence Permit) as well as the current date at the bottom.

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)

Why Use Quidax

  • Quidax was launched to provide an accessible, secure, and seamless trading experience for both beginners and experienced traders who have been in the market for long.
  • Quidax is a simple, beginner-friendly cryptocurrency exchange. With its intuitive interface and 24/7 customer support, it has the means to help you get started today with no prior trading experience required.
  • Quidax has a simple and transparent fee structure. You only pay when you’re using the services and have no hidden charges.

Quidax Customer Support

Quidax Users can contact customer support via any of these social media channels

Customer support can also be contacted via their support channel.

Quidax Pros and Cons

ProsCons
Instant Buy/SellSupports only one Fiat (Naira)
Great user interface
Reputable Exchange
Beginner Friendly
Good liquidity and trade volume
Solid Security
Supports Multiple Crypto
Great customer support
Instant withdrawals

FAQ

What is quidax and how does it work?

Quidax is a Nigerian-based cryptocurrency exchange that allows users to buy, sell and trade cryptocurrencies. Quidax offers its users to trade Bitcoin, Ethereum, Ripple’s XRP, Litecoin, Tether (USDT) and, over 20 coins. Established in 2018 with its operations based in Lagos – Quidax makes it easy for customers to buy their favorite cryptocurrencies instantly using its instant buy/sell feature or via the order book trading portal.

What are the quidax fees for receiving Bitcoin?

 It is free to receive Bitcoin or other cryptocurrencies on Quidax.

How much can you deposit on quidax without KYC?

Quidax is a trading platform that allows you to trade without KYC. You can deposit as much as 20,000 Naira and trade with it freely, but cannot withdraw any amount or deposit more than the stated limit. There are different tiers of verification available with various requirements and limits for each tier.

How much does Quidax charge per transaction?

The fee Quidax charges per transaction is between 0.3% to 1%

What is Quidax withdrawal limit?

As a fully verified level 4 Quidax user, you can withdraw up to 10,000,000.00 naira daily and up to 200,000,000.00 naira monthly.

Is My BVN Safe With Quidax?

Yes, your BVN and other personal information are encrypted and safe securely with Quidax.

Conclusion

We hope that you have enjoyed our review of Quidax and the benefits it can offer. It is a unique platform for trading cryptocurrencies, but as with any investment opportunity, there are risks involved. Please do your own research before deciding to trade any cryptocurrency coin in any exchange.

What are your thoughts on our quidax review? Share them with us in the comments below! We’d love to hear from you.


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