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Quidax Review
Swen Keller
- URL: http://www.quidax.com
- Headquarter: Nigeria
- Year Founded: 2017
- Platform App: Mobile/Web
- No. of Cryptos: 20+
- Fiats Available: Nigerian Naira (NGN)
- Withdraw Method: Bank transfer, voucher, cryptocurrency wallet
- Payment Method: Bank transfer, voucher purchase, and cryptocurrency transfer
Quidax Review: Our Opinion
Quidax stands out for its free crypto transfers to other customers. But that’s about it. The exchange offers a limited selection of cryptocurrencies and only supports 1 fiat currency.
Quidax is best for beginners looking to instantly buy and sell digital assets. It is not for professional traders who want to execute complex trades.
Company Overview About the Quidax Exchange
Quidax was founded in 2017 by Buchi Okoro (CEO) and Morris Ebieroma (CIO) and is headquartered in Nigeria.
The cryptocurrency exchange currently hosts more than 400,000 crypto traders and has more than 70 team members.
Quidax is also one of the only crypto platforms in Nigeria to offer its digital token, called the QDX token.
Concerning services offered, Quidax allows users to buy, sell, and stake over 20 cryptocurrencies including Binance USD, BTC, USDT, Bitcoin Cash, and other cryptocurrencies. using the Nigerian Naira (NGN).
Quidax has had its fair share of controversies as in 2022, the cryptocurrency exchange laid off 20% of its employees in response to unfavorable macroeconomic conditions. This was after the crypto trading platform slashed employees’ salaries by 30%.
Pros
- Free crypto transfers to other customers
- It has a native token
- Beginner-friendly
Cons
- Limited selection of cryptocurrencies
- Supports only one fiat currency
- Not for advanced crypto traders
Key Features of Quidax
QDX Token
The QDX token is the exchange token of the Quidax exchange and the utility token of the Quidax ecosystem. The token ties together all features of the exchange.
QDX is a BEP20 token and runs on the Binance Smart Chain network. It is used to pay fees on Quidax.
QDX has a total supply of 500 million tokens. The token is allocated as follows: 12% in Public Sale, 10% to the Quidax team, 3% in Public sale, 15% was set aside for Marketing, 15% for future development, 15% to Strategic Partnership and Ecosystem, 20% to the Quidax Foundation, and 10% for Community Incentives and Rewards.
The Quidax token is available on PancakeSwap and the Quidax exchange. It can be purchased with Naira or USDT.
QDX is also tradeable against all coins available on Quidax. It also offers users access to the Quidax suite of DeFi tools.
You can also earn passive income by staking your QDX tokens in the QDX vaults.
QDX Vault is the exchange’s in-house staking service which allows you to stake your tokens for however long you want.
One of the major benefits of staking QDX in the Vault is access to free tokens whenever Quidax lists new tokens or conducts airdrops.
There is no minimum staking period for staking your tokens in the QDX Vault. You can withdraw your tokens whenever you wish.
Instant Buy and Sell
The Quidax Instant Buy and Sell feature is the fastest way to buy crypto on Quidax. With this feature, you can buy or sell crypto instantly without having to go through any complicated steps. With Instant Buy and Sell, you can buy or sell your crypto in seconds.
Since the Instant Buy and Sell happens fast, it can be subject to high volatility. Also, the values displayed on the Instant Buy and Sell page are only estimates.
These estimates are based on the current market price and can change within seconds due to the high volatility.
To use Instant Buy and Sell, you need to sign in to your Quidax account and fund your local Naira currency account.
Once this is done, scroll to the top of the Quidax web page and click on “Instant Buy/Sell.
You can also access it from the hamburger icon at the top right corner of the page.
To Buy, Click on “Buy”.
Select the cryptocurrency you want to buy and the currency you would like to buy with.
Next, enter the amount you want to buy by clicking on “Amount to Buy”.
Finally, click on “Buy”. The value of the cryptocurrency you selected will be instantly deposited into your wallet.
To Instantly Sell, use the same steps. But instead of selecting buy, you can switch to “Amount to Sell” and then click on “Sell”.
Quidax OTC Desk
The Quidax Over-the-counter trading desk is for high-value individuals and customers who wish to trade over $300,000 worth of crypto on Quidax.
Information on Quidax shows that Quidax has attended to over 110 OTC clients and settled over 800M+ in OTC transactions.
OTC clients enjoy access to deep liquidity for their bulk orders. OTC trades are settled in fiat or USDT and credited directly into the trader’s wallet or local currency bank account.
Aside from access to deep liquidity, OTC clients also enjoy competitive rates and protection from fluctuating prices on the exchange. OTC trades can be executed from anywhere in the world without a timezone barrier and with zero hassles.
Quidax offers a one-on-one personalized trading experience to OTC clients. Each client has access to a customer support member who will help them easily make trades.
To get started with Quidax OTC, you need to send an email to otc@quidax.com. Alternatively, you can book a quick call with one of the exchange’s representatives.
The onboarding process is quick and simple, once this is complete, you will have access to a representative who will work with you to execute your trades.
Quidax OTC currently supports the following currencies: USD, USDT, NGN, KES, GHS, ZMW, and XAF/XOF.
More currencies can be made available based on request.
Cryptocurrencies Available on Quidax
Quidax users can buy, sell, and stake over 20 cryptocurrencies. Supported cryptocurrencies including Bitcoin, Ethereum, Binance Coin, XRP, Litecoin, Dogecoin, Tron, QDX, etc.
Fees
Below are the fees of the Quidax cryptocurrency exchange:
Nigerian Naira Deposit Fees
For Nigerian Naira deposits of NGN500 to 10,000 Quidax charges NGN100 for Qdirect, NGN100 Pocket, and NGN100 for voucher deposits.
For Nigerian Naira deposits of NGN10,001 to 20,000, Quidax charges NGN100 for Qdirect, NGN100 Pocket, and NGN200 for voucher deposits.
For Nigerian Naira deposits of NGN20001 to 50,000, Quidax charges NGN100 for Qdirect, NGN100 Pocket, and NGN700 for voucher deposits.
For Nigerian Naira deposits of NGN50,001 to 100,000, Quidax charges NGN100 for Qdirect, NGN100 Pocket, and NGN1500 for voucher deposits.
For Nigerian Naira deposits of NGN100,001 to 500,000, Quidax charges NGN250 for Qdirect, NGN100 Pocket, and NGN2000 for voucher deposits.
For Nigerian Naira deposits of NGN500,001 to 2,000,000 Quidax charges NGN500 for Qdirect, NGN100 Pocket, and NGN2000 for voucher deposits.
For Nigerian Naira deposits of NGN2,000,001 to 5,000,000, Quidax charges NGN750 for Qdirect and NGN2000 for voucher deposits.
For Nigerian Naira deposits of NGN5,000,000 to 20,000,000, Quidax charges NGN1,125 for Qdirect and NGN2000 for voucher deposits.
For Nigerian Naira deposits of NGN20,000,000 to 50,000,000, Quidax charges NGN1250 for Qdirect.
Naira Withdrawal Fees
500.00 – 10,000.00 = NGN 100
10,001.00 – 100,000.00 = NGN 200
100,001.00 – 500,000.00 = NGN 500
500,001.00 – 2,000,000.00 = NGN 1000
2,000,001.00 – 5,000,000.00 = NGN 1500
5,000,001.00 – 20,000,000.00 = NGN 2250
20,000,001.00 – 50,000,001.00 = NGN 2500
For Voucher and Pocket (Abeg) withdrawals, Quidax charges a flat rate of NGN100.
Cryptocurrency Transaction Fees
Quidax does not charge users of the platform fees to receive crypto. However, the usual blockchain fees apply if you intend to send cryptocurrencies out of the exchange.
Quidax allows users to send cryptocurrency for free to other customers by using their phone number or email address. Here are some of the cryptocurrency withdrawal fees charged:
BTC: 0.0005
LTC: 0.002
ETH: 0.005
USDT: 1
XRP: 0.1
TRX: 1
BCH: 0.001
DASH: 0.002
BNB: 0.0035
DOGE: 5
SHIB: 100,000
AXS: 0.06
XLM: 3
LINK: 0.15
AAVE: 0.025
FIL: 0.05
ONE: 4
Cake: 0.075
Cardano (ADA): 1.5
XTZ: 0.4
SOL: 0.01
Trading Fees
Quidax uses a maker-and-taker fee model to charge its trading fees. The fees applied by the cryptocurrency exchange are uniform across all pairs.
Maker Fee: Quidax charges 0.1% of the overall maker transaction amount.
Taker Fee: Quidax charges 0.3% of the overall taker transaction amount.
Instant Buy/Sell Fees
This feature allows you to buy cryptocurrency instantly and Quidax charges 1% for the service.
Payment Methods
Quidax offers 3 payment methods and all options only support the Nigerian Naira: Quidax Direct, Voucher purchase, and Pocket (Abeg).
Quidax Direct is facilitated via bank transfer from a Nigerian bank account while voucher purchase involves the customer buying a voucher and redeeming it for cash on the platform.
Pocket (Abeg), is a mobile money operator that allows you to send, receive, and manage money.
To use Qdirect you must transfer money from a bank account in the same name registered on the Quidax platform.
Security
Quidax is a licensed and regulated cryptocurrency exchange in Nigeria. The exchange claims to use top-notch encryption and wallet storage. It also has several security features including multi-factor authentication and strong ID verification policies.
Information on the Quidax platform shows that 98% of all cryptocurrencies on Quidax are stored in cold storage wallets offline while the remaining 2% are securely stored in hot wallets.
Users can secure their accounts with two-factor authentication via Authy or Google Authenticator. Users also get email notifications for all transactions on their accounts.
Quidax also details several safety measures that users who want to boost their account security can implement.
Staking Rewards
Quidax allows customers to stake the QDX token via the QDX Vault. Staking QDX gives you access to token airdrops as a reward. There is also no minimum staking period with the QDX Vault. You can stake your tokens for as long as you want to.
Opening a Quidax Account
To open a Quidax account go to https://quidax.com.
Next, tap on the “Get Started” button.
On the page that follows, select your country, username, first and last name, email address, and password.
You’ll also need to enter your phone number.
Click the green “Create Account” button.
Go to your email then click the verification link.
That’s it! You’ve created your Quidax account.
Trading Experience
From our extensive testing of crypto exchanges, we found that Quidax offers a basic trading experience that allows users to buy, sell, and stake cryptocurrencies.
The cryptocurrency exchange does not support advanced products like margin trading or futures trading.
It also has a limited selection of cryptocurrencies in comparison to its competition.
Customer Service
From our extensive testing of this crypto exchange, we found that Quidax primarily offers customer support via email at support@quidax.com.
You can also contact the customer support team by submitting a request on the website.
Quidax does not offer customer support via WhatsApp.
The exchange also has a FAQ page where users can find answers to basic questions about the platform.
Customer Satisfaction
Our team’s hands-on experience with this crypto exchange has shown that Quidax offers very poor customer service.
Aside from the limited support channel, the support team does not help resolve customer problems.
Customer reviews on third-party review platforms also show that a good percentage of users are dissatisfied with the high fees and the services offered by the exchange.
Does Exchange Offer Education?
Yes, Quidax offers education via the Quidax Academy which offers crypto beginner resources like ” How to Pick Which Cryptocurrency to Trade”.
Is Quidax Right For You?
Quidax is a basic crypto exchange that is best for beginner crypto traders in Nigeria who want to trade popular cryptocurrencies.
Final Thoughts
From our team’s personal trials of this crypto exchange, we have learned that the platform is best for beginners in Nigeria.
It supports only 1 fiat currency and offers a limited selection of cryptocurrencies.
You also won’t find advanced products like margin trading or automated trading features.
FAQ
Most frequent questions and answers
Luno is better than Quidax as it supports multiple countries, more cryptocurrencies, and several advanced trading products. Quidax is a basic exchange that basically allows you to buy, sell, and store crypto.
Yes, Quidax is still working in Nigeria.
You can deposit naira on Quidax using QDirect (bank transfer), voucher purchase and redemption, and the Pocket app (Abeg).
Currently, 1,000,000 SHIB is worth NGN5,618.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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