Quidax Review

More and more countries are experiencing significant growth in the cryptocurrency market, and Nigeria is no exception. With this growing demand comes the need for fast exchanges, and in this Quidax review, we’ll explore a platform that delivers just that—catering to both Nigerian traders and users from around the world.

Quidax may not be as renowned as Binance or Kraken, but it has built a strong reputation for its swift buying, selling, and swapping features. The platform has also continued to innovate and expand its offerings to stay competitive.

That said, is Quidax worth checking out, or are there significant drawbacks to consider?

Verdict at a Glance: Quidax is a centralized exchange primarily tailored for African traders and accessible in over 70 countries worldwide. The platform allows users to perform fast crypto transactions through an easy-to-use interface. To accommodate bulk traders, Quidax offers an OTC desk that facilitates personalized services. In addition, it offers an API tool for developers, allowing them to integrate the exchange into applications.

What is Quidax?

Quidax is what you call a centralized exchange. It was launched in the middle of 2018 by Buchi Okoro, Uzo Awili, and Morris Ebieroma. At the time of its launch, Quidax was focusing its services primarily on the African market. As of writing, it has expanded to 70+ other countries, and it's expected to reach more regions in the future.

That said, Quidax was born out of Buchi Okoro's personal experience with scams in crypto trading. This then fueled his motivation to create an exchange where users could trade confidently without fearing fraud.

Besides user safety, Quidax is committed to making cryptocurrencies more accessible. To achieve this, all of the features that the platform offers are designed with a practical user interface, ensuring that both newbies and expert traders navigate the exchange efficiently.

When it was launched, Quidax had just 50 customers. Thanks to its dedication to rolling out innovative financial products, the platform's user base grew to 400,000 by 2021, and, as of this writing, it continues to serve over 1 million users.

In addition, Quidax made history by becoming the first cryptocurrency exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC) in August 2024.

Quidax’s approval aligns with Nigeria’s efforts to provide better regulatory oversight and promote trust and innovation in the emerging crypto industry. Moreover, this license allows the exchange to collaborate with banks and other institutions, further legitimizing its operations in the financial sector.

Quidax Review: PROS

Now that we’ve answered “What is Quidax?”, let’s take a look at what the platform has to offer and why it’s appealing to traders of all levels in this Quidax review.

Robust Security Measures

Naturally, security is one of the most important aspects you should look for in a Quidax review. So, how does the exchange perform in this aspect? For starters, it maintains a comprehensive regulatory compliance program. It incorporates advanced technology and expert oversight to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

To protect users’ accounts, activating a two-factor authentication (2FA) is available as an extra layer of protection in addition to passwords. This additional step makes it significantly harder for unauthorized individuals to gain access to your funds, giving users peace of mind when managing their assets.

Not only are your accounts protected, but Quidax also safeguards users's funds by putting them in cold wallets. For those unfamiliar, let me explain.

Users’ digital assets can be stored in either “hot” or “cold” wallets. The former means that it is connected to the internet, and while it makes it convenient for quick access to funds, it’s also more exposed to hacking attempts. Think of it like carrying cash in your wallet; easily accessible but a bit more vulnerable.

On the other hand, cold wallets are completely offline, which makes them much more secure from hackers.^[1] Because they aren’t connected to the internet, it’s incredibly difficult for hackers to access the stored funds. The downside is that the assets can’t be accessed as quickly, but they’re far better protected.

Moreover, users can trade confidently, knowing their information and transaction data are protected using advanced encryption protocols. So, even if the data is breached, it remains unreadable without the required decryption keys.

What also sets the platform apart is its emphasis on user education about security. The platform provides easily accessible resources, tips, and advice to help users avoid threats. It’s a proactive approach—users are not only protected by Quidax’s security measures but are also empowered to take steps on their own to stay safe.

As of writing, Quidax has not reported any security breaches. Given this track record, I believe it’s safe to say that the exchange takes its security measures seriously and has created a secure environment for its users.

More Benefits With the QDX Token

As mentioned in the "What is Quidax" chapter, this platform was the first to gain acknowledgment from Nigeria's SEC. Well, its in-house token, QDX, also made history as the first native token from an African crypto exchange.

It was launched in 2021 as a BEP-20 token on the BNB Chain. The network’s capability allows users to benefit from quick transaction speeds and low fees. In 2024, Quidax expanded the token’s utility to the Ethereum network.

Examining the token's functions, QDX holders can buy, sell, and trade cryptocurrencies with reduced fees.

If you want to earn more tokens, you can stake it through the QDX Vault. There is no fixed period, meaning you can take it out whenever. In addition, it also means that the reward will depend on the amount staked and the duration.

Staking your QDXs also gives you a ticket to participate in periodical airdrops. They are similar to giveaways, but the rewards come as newly listed tokens. Not only is it beneficial for QDX holders, but it also raises awareness of new cryptocurrencies while increasing their circulation. It’s important to note that you’ll need to stake at least 500 QDX to be eligible for the airdrops.

Fast and Easy-to-Use Trading Features

Let’s first take a look at Instant Swap. This feature makes swapping digital assets fast, simple, and secure. With Instant Swap, there is no need to wait for order matching or worry about market fluctuations. Quidax, from the get-go, is designed to handle a high volume of trades so that users can finish their transactions in under 3 minutes. Here are the types of token swapping users can do:

• Crypto for crypto;
• Crypto for fiat;
• Fiat for fiat;
• Fiat for crypto.

There are 75 cryptocurrencies available for instant swap, including popular coins like ETH, LTC, and XRP. However, Quidax currently only supports NGN and USD as fiat currencies to trade with.

In case you prefer buying or selling crypto at the market price, Quidax has a spot trading function under their "Orderbook" menu. Here, you can have a detailed view of various pairs' latest prices. This feature is available on both the website and mobile app, so you can monitor the cryptocurrencies’ movements anytime, anywhere.

Quidax's spot trading volume has reached a daily average of $2.7 million. For a platform that focuses on a specific regional market, the exchange rate shows a pretty solid figure.

Users can place two order types in the spot market. First is the market order option. It allows users to execute orders immediately at the market price. The other one is the limit order. With this option, you can set a specific price at which you want to buy or sell.

Plus, the overall trading interface is clean and well-organized, so even beginner traders can use it without feeling overwhelmed. Users can easily switch between trading pairs and order types, check their order history, and manage account settings without unnecessary clicks or complications.

That said, being easy to use is sometimes not enough for newbies to navigate through the platform. This is where Quidax’s extensive resources come in to help.

On their Blog page, users can find a variety of educational resources for users, from beginner’s guides to product updates. The platform provides a support page that functions like an encyclopedia, allowing users to search for specific issues they’re encountering or learn more about a particular product.

Advanced Features for Institutional Traders

Quidax also caters to bulk traders with features like the Over-the-Counter (OTC) desk and an API that can help developers.

Let's start with the former. Quidax's exchange rate has reached a daily average of $2.7 million in trading volume, making the platform's OTC trading an ideal option for institutional traders looking to place a large investment. At the time of writing, the minimum transaction to utilize this feature is $300,000 (in Bitcoin or Tether).

Over-the-Counter transactions are settled efficiently, as they're credited directly to the trader's wallet or bank account. By using Quidax's OTC desk, trades can be done seamlessly anywhere in the world, so there is no need to worry about timezone barriers. If a trader encounters a problem during the transaction, Quidax provides personalized assistance, too.

Furthermore, the OTC supports a wide range of crypto-crypto and crypto-fiat pairs, including:

• USD/USDT
• NGN/USDT
• KES/USDT
• GHS/USDT
• XAF/USDT
• XOF/USDT
• ZMW/USDT

Having explored the benefits of the OTC desk, let's now shift focus to the Quidax API. With this, developers or fintech companies can interact with the platform through code. Simply put, it creates a way for applications to communicate with Quidax to perform various functions.

There is a lot you can do with the API. For example, traders can build trading bots by having their own software send direct requests to Quidax to place buy and sell orders.

As a result, users can take advantage of real-time market opportunities even when they’re not actively monitoring the exchange. This is because Quidax API provides access to real-time market data, which users can utilize to build price-tracking apps and market analysis tools while gaining up-to-date information about the markets they are interested in.

What's more, Quidax API is designed to make integration as easy as possible so that even less experienced developers can benefit. It uses a plug-and-play approach, meaning developers can swiftly connect the API to their platform.

Beyond that, it's supported by a multi-region infrastructure that allows it to deliver an average response time of 100 milliseconds. This also ensures users' services continue to function despite hardware failures or maintenance.

How about the security aspect of the API? Rest assured, Quidax puts safety as its top priority. Equipped with solid security measures, the API ensures that transactions and users' digital assets stay protected. The tool is designed with compliance in mind, helping users adhere to regulations and avoid legal risks.

More Features in the Works

To achieve its goal of becoming a leading crypto hub, Quidax is constantly releasing new innovative features. At the moment of writing, the platform is developing a Virtual Card, "QARD".

Currently, there is no specific launch date. On the other hand, those interested in this feature can join the waitlist provided on the Quidax web to be the first to get access to the virtual card.

The virtual card functions just like a debit card. However, instead of fiat, users can make easy and secure payments to thousands of retail stores and merchants with cryptocurrencies. Once it’s launched, it's said that there should be more than 30 digital assets can be used to fund the card. Additionally, users can enjoy high spending limits and competitive exchange rates.

Afterward, there is the upcoming self-listing feature. This is ideal for projects looking to launch their own tokens. Earlier, I mentioned in my Quidax review how the platform is all about providing fast transactions to users. Soon, this speed won’t just be limited to the trading features but also to emerging token campaigns.

Typically, when a project wants to list a token, it has to go through an application process where the exchange carefully vets the token. With the self-listing feature, it can bypass much of that lengthy bureaucracy and list their tokens themselves.

Projects interested in self-listing just need to go to the feature’s page on the web. Then, fill out the waitlist form with details about their proposal, token, and team; that’s it! Thanks to this upcoming feature, launching tokens will potentially become simpler and more accessible for projects of various sizes and stages.

Moreover, the self-listing feature acts as an instant boost. As you know, Quidax has over one million registered users from more than 70 countries. This large and active community has the possibility to provide the projects with immediate visibility and liquidity to the newly listed tokens.

Did you know?

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Quidax Review: CONS

Now, to even out this Quidax review, let's explore some of its cons that might be a deal-breaker for some traders.

Not Yet Available in the USA

Does Quidax work in the USA? Unfortunately, there is no Quidax USA as of now.

For some, it might be weird, seeing that the platform supports many countries worldwide. Therefore, if you're a US trader looking for a comprehensive exchange, you might want to look for an alternative, such as Kraken and Coinbase.

	KRAKEN	COINBASE
Overall Score	9.8	9.6
Best For	Beginners	Advanced Users & Beginners
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	United States, United Kingdom, Germany, Canada, France, + 100 more
Latest Coupons	Visit Site All Kraken Coupons	GET $200 REWARD All Coinbase Coupons
Verdict	One of the best crypto exchanges, especially in the US.	A reliable, well-known and respected cryptocurrency exchange platform.
	Visit site Read review	Visit site Read review

Table: Kraken VS Coinbase comparison

That said, you might be wondering, “How come Quidax does not work in the USA?”. Well, this restriction is due to the Securities and Exchange Commission (SEC)’s mission to protect investors from fraud and manipulation in the financial markets. To achieve that, the SEC establishes regulations that govern the behavior of participants in the market.

Complying with SEC regulations can be complicated and resource-intensive for exchanges. Not to mention, the regulatory framework for crypto is still evolving^[2], leading to uncertainty about how specific assets will be regulated. This lack of clarity makes it difficult for exchanges to comply with the regulations and may lead them to avoid operating in the US altogether.

However, some platforms managed to comply with the strongest regulations in the US. Usually, they create a separate application that obliges to the laws in order to cater to the huge crypto audience there. Sadly, no matter how hard you look at it, Quidax USA still remains inexistent for now.

Limited Trading Features

If you remember, I did mention how Quidax offers a spot trading function. But if you're looking for an all-inclusive crypto exchange, Quidax may not fit your criteria. Although it does offer basic order types like market and limit, it still lacks advanced ones like stop-limit or trailing-stop orders that experienced traders may expect to find on a crypto platform.

The platform also doesn’t support margin and futures trading, which are commonly found in other exchanges like Bybit.

In addition, Quidax currently does not offer an NFT marketplace or staking options beyond its native token, QDX. Instead, the platform is focused on providing fast, efficient transactions for buying, selling, and trading cryptocurrencies through the spot market.

You might want to explore other exchanges if you’re an experienced trader seeking more advanced features. For instance, Binance supports derivatives trading with 450+ crypto pairs. It also has its own NFT marketplace where users can trade digital collectibles, artwork, and gaming assets.

Quidax Fee Structure

In this Quidax review, I've walked you through the pros and cons, but what about its fee structure?

For trades executed on the order book, the platform charges a 0.1% rate, whether you're a taker or a maker. Plus, if you use the instant buy/sell feature, a 1% fee is applied to the total transaction amount.

Table: Quidax Naira deposit fees

On the other hand, USD and debit card deposits incur a 1.4% additional charge. So, if you’re looking for a more cost-effective option, bank transfers and deposits are free of charge.

To add, Quidax has a comparatively low minimum deposit requirement of ₦500, highlighting the platform’s goal to make the exchange more accessible.

Lastly, for NGN withdrawals, fees range from ₦100 to ₦2,500, depending on the amount being withdrawn.

How to Use Quidax

Now that you have gone through this Quidax review and are already informed about the platform's strengths and limitations, perhaps you're interested in trying it out yourself.

How to Create an Account

I’ll guide you on how to make an individual account on your PC. Here is the step-by-step guide:

Step 1: Go to the official Quidax website.

Step 2: Press on the "Get Started" button located at the top right corner.

Step 3: You’ll be directed to another page. Fill in your details, such as your name, e-mail address, phone number, and password. Make sure the password you use is a strong one to prevent naughty hackers from trespassing into your account. There are also options to sign up with Google or Apple Mail if you prefer them. Once you’re done filling in the details, click on the “Create Account” button.

Step 4: Check your inbox for a verification letter, and then click on “Activate Your Account”.

Step 5: Complete the KYC verification process to access Quidax’s trading and other features by submitting documents such as your ID, passport, or driver’s license. You’ll be asked to take a verification selfie as well.

After you complete the steps, your account should be activated within 2 hours. However, usually, it takes around 10 minutes.

How to Purchase and Sell on Quidax

Now, let’s take a look at how you can start using the market order feature via spot trading in this Quidax review.

Step 1: Click the “Order Book” button at the top right of the Quidax homepage.

Step 2: You’ll be taken to the market interface. Go to the bottom and click on the “Market” tab.

Step 3: On the left box, choose the cryptocurrency you want to buy or sell.

Step 4: Then, put the amount you’re willing to spend or buy in the boxes provided and click the “Buy” or “Sell” button.

And that’s it!

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

Now that we’ve answered “What is Quidax?” and covered the features, cons, and fees of the platform, it's time to wrap up. It is a centralized exchange that sets itself apart by offering near-instant transaction speed. Plus, the fees incurred by the transaction are quite fair. As stipulated in this Quidax review, traders need to pay only a 0.1% maker/taker fee.

However, at the moment of writing, the platform doesn’t offer advanced trading options such as margin, leverage, or futures commonly found on Kraken, Binance, or Bybit. Currently, Quidax does not work in the USA either.

That said, expect many features to come to the platform in the future. There is the Quidax Virtual Card, which allows users to pay with various cryptocurrencies, and the self-listing feature that will help various projects launch their tokens on the exchange within 24 hours.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Rezaeighaleh H., Zou C. C.: 'New Secure Approach to Backup Cryptocurrency Wallets';

2. Kuegler A.: 'Cryptocurrency and the SEC: How a Piecemeal Approach to Regulating New Technology Selectively Stifles Innovation'.