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September 16, 2022

Quidax Review

If you want to know whether Quidax is a good and legit exchange, find out in our Quidax review where we take a deep dive into this Nigerian exchange.
Marko Kulundžić
Marko Kulundžić

After participating in Alpha testing for a number of months, the cryptocurrency exchange known as Quidax was finally introduced to the public in August of 2018. It was created in Nigeria by Buchi Okoro and it is registered in Malta for the simple reason that Malta is one of the few nations that is not only accepting of cryptocurrencies but also actively working to establish a regulatory framework for them.

Quidax quickly became one of the Top Cryptocurrency Exchanges in Nigeria based on trading volume, ranking higher than the majority of older cryptocurrency exchanges in this country. Although we cannot truly say that the competition was fierce, this is still a worthwhile feat.

Currently, Nigerian Naira is the only fiat currency supported on Quidax, however you may purchase cryptocurrencies with USDT.

Quidax Review

Design

The Quidax design is quite minimalistic, which is something we don’t personally mind. The navigation bar at the top of the page is fairly intuitive, and beginners should have no problems depositing their assets and beginning to trade. We also appreciate the existence of the Instant Buy Sell option and how clearly visible it is. 

Quidax Design

In terms of layout, it’s nothing groundbreaking, but as we said, that’s not necessarily a bad thing. It’s clear what the team behind Quidax cryptocurrency exchange was going for, and the clarity is certainly achieved.

Setting Up Your Quidax Account

Quidax is available to users as both a web-based platform and a mobile application that can be downloaded on iOS and Android devices. In order to set up an account with Quidax cryptocurrency exchange, you will be required to give both an email address and a password. After that, you will be sent a confirmation email, which you will need to verify that your email address is correct. You are also

After verifying your email address, you will be able to use the site and investigate the possibilities it presents. Although this is sufficient to get started, if you choose to register using this straightforward method, some transaction limitations will apply to your account. 

You will be restricted to depositing only up to $100 in fiat currencies. Your crypto deposits will be unrestricted, however you will not be allowed any withdrawals, either in fiat or crypto currencies.

If you wish to lift those caps, you have to properly complete the ID verification process by sharing an ID that was provided by the government. You are permitted to provide either your passport, a personal identification card, or a driver's license; however, the specific requirements for each kind of identification can be slightly different depending on the nation in which you are. Be aware that the completion of the official verification may take a few business days, however there are instances in which it may be done far more quickly. After that, you are ready to utilize the full scope of Quidax services. 

Note that you are also encouraged to complete the KYC verification.

Trading Experience

There are a few ways to trade on Quidax trading platform. The first and the most basic one is the Instant Buy Sell option The name is in an of itself self-explanatory, this option allows you to buy and sell cryptocurrency assets at the click of a button, without having to deal with the order book .

Of course, Quidax platform also features an order book, as well as P2P trading, a result of a Nigerian ban on crypto imposed in 2021. The main purpose is to allow more convenient funding of accounts with Nigerian Naira, however, as we mentioned, Naira is the only fiat currency supported on this exchange.

Earning Opportunities

Quidax, like many other crypto exchanges, has its own native token - QDX. You are given the option to stake the QDX token and generate a passive crypto income. Launch the "QDX vaultt" application on your device, and then select the "vault" option from the menu. You will find the opportunity to stake your QDX.

Note that in order to be eligible to get the free tokens, you will need to have a minimum of 500 QDX tokens staked in your vault.

Unlike Quidax, Freecash allow its users to earn free crypto, game skins and gift cards simply by performing straight-forward tasks, such as answering questions in questionnaires, or participating in market research.

Freecash Rewards

Fees

Trading Fees

Quadax utilizes the maker taker fee model, which means that there are separate fees for makers and takers. Specifically, there is a 0.30% fee for takers, while makers incur 0.00 fees.

P2P Fees

The specifics of fees when depositing Nigerian Naira (NGN) can be found in the table below:

FROM

TO

FEE

0 NGN

100,000.00 NGN

250 NGN

100,001,00 NGN

500 000.00 NGN

500 NGN

500,001.00 NGN

2,000,000.00 NGN

1000 NGN

2,000,001.00 NGN

5,000,000,00 NGN

1500 NGN

5,000,001.00 NGN

20,000,000.00 NGN

2250 NGN

20,000,001.00 NGN

2500 NGN

The specifics of fees when withdrawing Naira (NGN) can be found in the table below:

FROM

TO

FEE

0 NGN

100,000.00 NGN

500 NGN

100,001,00 NGN

500 000.00 NGN

1000 NGN

500,001.00 NGN

2,000,000.00 NGN

2000 NGN

2,000,001.00 NGN

5,000,000,00 NGN

3000 NGN

5,000,001.00 NGN

20,000,000.00 NGN

4500 NGN

20,000,001.00 NGN

5000 NGN

Deposit Fees For Cryptocurrencies

Deposit fees are 0.00 for crypto deposits.

Withdrawal Fees For Cryptocurrencies

Withdrawal fees depend on the specific cryptocurrency that’s being withdrawn. We will not be writing details for every single crypto asset available, but in terms of most used cryptos on the exchange, Bitcoin withdrawal fees are 0.0004 BTC, XRP withdrawal fees are 0.12 XRP, and BNB withdrawal fees are 0.00075 BNB. 

Instant Buy and Sell Fees

The fee for using instant buy/sell options is a flat 1% fee.

Deposit Methods

There are 2 different ways to deposit assets onto your Quidax crypto exchange account. One is crypto deposits, and the second one is direct bank transfer. Unfortunately, there is currently no support for bank card payments. 

Security

Quidax seems to enjoy a good amount of trust from its users. There haven’t been verified successful hacks against the platform, and the Quidax exchange claims that they use offline cold storage for the vast majority of crypto assets. While there is no such thing as perfect security or protection, for now, Quidax exchange definitely appears to be taking security of their users’ assets seriously.

Customer Support 

Unfortunately, live chat is not an available option on Quidax, and neither is phone support. While this is not uncommon in the industry, we do wish that at least one of those was available.

Consequently, if you wish to get in touch with their customer support, you will need to submit a ticket and wait for their team to get back to you. In addition, you may also get in contact with them using social media, specifically, you may message Quidax on Facebook and Twitter.

Overall Customer Satisfaction and Review

User satisfaction and bad online review have long been a scourge of many a crypto exchange. While there are exceptions to this rule, even the established giants in the industry such as Binance or Coinbase have not fared much better.

However, Quidax seems to be one of the few exceptions. While their score of 3.6 out of 5 on Trustpilot doesn’t seem that impressive at first glance, when compared to most crypto exchanges, this is well above average. Interestingly, all reviews have given the exchange either a 1 or a 5, there were no marks in the middle.

It should be noted though that the number of reviews is quite low, with only 14 people writing a review on Quidax exchange. 

Trust Pilot Review

Is Quidax Legit - Final Verdict

We have not spotted any major red flags during our Quidax review, so this would put the exchange into the legit category. It is definitely not your typical exchange and it does have some peculiarities, not the least of which is only accepting Nigerian Naira as fiat currency payments 

Furthermore, it is definitely more geared towards beginners, as witnessed by their lack of more complex trading options and the presence of automated trading via Instant Buy Sell option at the click of a button.

Still, if any of this exchange’s features appeal to you, we have found no reason why you shouldn’t give it a go. 

FAQ’s

Which is better Luno or Quidax?

Both Quidax and Luno are straightforward trading platforms that are excellent options for beginners. Still, in our mind Quidax comes out on top as the most powerful alternative to Luno among all of the other exchanges in Nigeria.

Is Quidax a Nigerian company?

Quidax is indeed a Nigerian company. This is where the company was established by Buchi Okoro, though has since been registered in Malta, due to lax crypto regulations in the island nation.

Which wallet is the best in Nigeria?

While we have not been able to test out every single wallet available in Nigeria, many online reviews and testimonials seem to credit Ledger Nano S Plus as the best wallet overall in Nigeria. If you are a newbie, Exodus might be a good alternative.

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5000
Total USD earned on Freecash
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0
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FREECASH STATISTICS

$
5000
Total USD earned on Freecash
$
0
Average money earned 
by users yesterday
0h 17m 16s
Average time until user 
makes first cashout

EASY TO GET STARTED AND
EARN TODAY

  • Sign up on Freecash
    There is over 10,000,000 website visitors every month and over 14000 five start ratings on Trustpilot. People from all over the world trust Freecash.
  • Choose an offer
    In order to start earning money for free, you need to go to the “Earn” page. On the earn page you will have plenty of tasks that you can complete. Choose your desired one.
  • Read task description and complete the task
    Now you can read the task description and go through every step one by one. When every required step is completed you will get credited your payment for this task.
  • Cashout the money
    When having enough coins you can go to "Cashout". Here you can choose from many methods to convert your coins to Cash, Gift cards, Bitcoin & more that you can use right away.
See how it works
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FREQUENTLY ASKED QUESTIONS
It is easily possible to earn more than $100 per month on Freecash, some users even reach $1000+ each month. You can check out the Leaderboard to see how much the most active Freecash users earn.
Freecash.com works together with companies that want to advertise their apps, surveys and products.

A task could be: Download an app and reach level 5 within 2 days to earn 4000 coins.

To get started choose an offer or survey. We can recommend the featured offers at the top of the Earn page. These tasks are very simple and many people have already successfully completed them in the past.

After you have completed a task you will get coins. 1000 coins equal $1.00. You can cashout the coins for PayPal, VISA cards, Bitcoin, CS:GO Skins, Amazon gift cards and multiple other types of gift cards.
Freecash.com has a live support that is always online. Our team is working 24/7 and you can contact us any time at the top of the chat. If you request a withdrawal, it will most likely get approved in less than 2 minutes.
Freecash has over 15,000 5 Star Trustpilot reviews and over 5.000.000 registered users from all over the world.

Users cash out over tens of thousands of dollars every single day.