Quidax Review: Fast Crypto Trading For Nigeria And Global Users

In this Quidax review, we examine a cryptocurrency exchange built with speed and simplicity in mind, serving Nigeria’s growing market and a broad international audience seeking seamless access to digital assets.

While not as prominent as Binance or Kraken, Quidax has carved out a niche by prioritizing quick buy, sell, and swap flows. The platform keeps iterating on its product stack to remain competitive as a crypto exchange.

So, is Quidax the right fit, or do its limitations outweigh the benefits?

Verdict at a Glance:

Quidax is a centralized cryptocurrency exchange focused on African users yet available in 70+ countries. It offers rapid crypto transactions via a user-friendly interface, an OTC desk for large orders with personalized customer care, and an API for developers to integrate real-time services and trading tools into applications.

• Two-Factor Authentication and solid security controls
• Very fast transaction processing
• Integrated exchange wallet for convenience
• Over-the-counter trading for large orders

• Unavailable to users in the United States
• Lacks advanced trading features

Quidax is a centralized exchange launched in 2018 by Buchi Okoro, Uzo Awili, and Morris Ebieroma. The service began with an Africa-first approach and has since expanded to more than 70 countries.

Okoro’s early experience with crypto-related scams inspired the creation of a platform where people can trade without constant fear of fraud.

Beyond safety, Quidax emphasizes accessibility. Its interface aims to help newcomers and experienced traders navigate cryptocurrencies, fiat, and order flows with minimal friction.

Quidax started with around 50 users, grew to roughly 400,000 by 2021, and now serves over one million accounts thanks to a steady cadence of new financial products and crypto trading features.

In August 2024, Quidax became the first exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission, enabling closer collaboration with banks and strengthening trust in the local crypto ecosystem. Because the approval is provisional rather than a full, permanent license, the exchange still needs to meet ongoing requirements, and some services or banking integrations may remain subject to change as the framework matures.

With the basics covered, here’s why the platform appeals to a wide range of users.

Robust Security Measures

Security is central to any exchange evaluation. Quidax operates a comprehensive compliance program and follows AML and CTF standards with expert oversight.

Accounts support Two-Factor Authentication (2FA), adding an extra layer beyond passwords to help keep funds safe from unauthorized access.

User assets are primarily stored in cold wallets. Hot wallets connect to the internet and offer speed but carry higher exposure to attacks, similar to carrying cash. Cold wallets, by contrast, remain offline and are significantly harder for hackers to compromise, trading some convenience for enhanced protection.

Data is protected with advanced encryption so that even if intercepted, information remains unreadable without keys. This underpins privacy across transfers and trading activity.

Quidax also invests in user education, sharing practical resources, tips, and safety advice. The result is a culture where the platform’s defenses and user best practices reinforce one another.

Strong exchange security is as much about consistent compliance and operational discipline as it is about technology, especially when a platform is working under evolving regulatory requirements.

To date, there have been no reported security breaches, suggesting that the exchange maintains a strong security posture and stable environment.

More Benefits With the QDX Token

Quidax’s native asset, QDX, holds the distinction of being the first homegrown token from an African exchange. Introduced in 2021 as a BEP-20 asset on BNB Chain and later extended to Ethereum in 2024, it was designed for low fees and fast settlement.

Holding QDX can reduce fees when you buy, sell, or trade supported coins. You can also stake tokens in the QDX Vault without fixed lockups; rewards depend on the amount and duration you stake.

Stakers gain access to periodic airdrops of new listings, which helps increase awareness and liquidity for emerging projects. A minimum of 500 QDX is required to qualify for these distributions.

If you’re asking “how much is 1 Quidax in naira,” that typically refers to the QDX token price in NGN. The value fluctuates with market rates, so the simplest way to check is to search for QDX inside the Quidax app (for example, in Markets) or preview a conversion in Instant Swap to see the live quote before you confirm.

Fast and Easy-to-Use Trading Features

Instant Swap focuses on speed and simplicity. There’s no waiting for order matching, and most conversions complete in under three minutes. Supported swap paths include:

• Crypto to crypto
• Crypto to fiat
• Fiat to fiat
• Fiat to crypto

About 75 cryptocurrencies are supported for instant swaps, including BTC, ETH, LTC, and XRP. You’ll also see other major assets in the app’s market and swap lists, with the exact lineup changing as listings are added or adjusted. For fiat, the platform currently supports only NGN and USD.

If you prefer trading at market price via the order book, you can access spot markets on both the website and the Quidax app. Prices and pairs are easy to monitor on mobile or desktop.

Average daily spot volume hovers around $2.7 million, signaling respectable liquidity for a regionally focused platform.

Quidax supports two basic order types: market orders for immediate execution at the best available price, and limit orders to target a specific price. Advanced order types such as stop-limit and trailing stop are not available.

The trading interface is clean and organized. Switching pairs, selecting order types, viewing history, and adjusting settings are all straightforward, keeping the experience approachable for beginners.

For those still learning, the blog offers guides and product updates, while the support section works like an encyclopedia so users can quickly find answers and self-serve solutions.

Advanced Features for Institutional Traders

For large transactions, Quidax provides an OTC desk and a developer-friendly API.

With roughly $2.7 million in daily spot turnover, the OTC desk is a practical route for big-ticket orders. The minimum deal size is $300,000 in Bitcoin or Tether, with settlement directly to your wallet or bank account. Transactions can be arranged globally, and dedicated customer care is available if any issues arise.

Supported OTC pairs include:

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

The Quidax API lets developers and fintechs integrate trading features and account operations through code. You can build trading bots, fetch real-time market data, and create price-tracking or analysis tools, enabling automation even when you’re not monitoring markets live.

Integration is designed to be plug-and-play so teams can connect quickly, even with limited engineering resources.

The API is backed by multi-region infrastructure with average response near 100 milliseconds and resilience during hardware maintenance or failures.

Security and compliance are emphasized at the API layer to help protect transactions, support regulated use cases, and reduce legal risk.

More Features in the Works

Quidax continues to ship new ideas toward its goal of becoming a leading hub. A virtual card called QARD is currently being developed, with a waitlist available and no fixed launch date yet.

Functionally similar to a debit card, QARD will let users pay merchants with crypto instead of fiat, with plans to support over 30 assets at launch, high spending limits, and competitive exchange rates.

Quidax is also preparing a self-listing flow for token projects. Instead of navigating long approval cycles, eligible teams will be able to list faster through a guided submission.

Project teams will complete a short form with details about the token and the core contributors. The concept aims to streamline launches and make listings more accessible to teams at different stages.

Because Quidax has more than one million registered users across 70+ countries, new listings gain immediate visibility and potential liquidity from a broad community.

For balance, here are trade-offs that might matter to certain users.

Not Yet Available in the U.S.

Quidax does not currently operate in the United States. If you need a US-focused alternative, Kraken and Coinbase are long-standing, reputable options for BTC, USDT, and other assets.

Table: Kraken vs. Coinbase comparison

The US Securities and Exchange Commission focuses on investor protection and market integrity, which can make compliance demanding for exchanges. With guidance still evolving for many crypto assets, some platforms choose not to serve the US market until requirements are clearer or a dedicated entity is launched. Quidax has not introduced a US version at this time.

Limited Trading Features

Although spot trading covers market and limit orders, advanced order types such as stop-limit or trailing stop are absent. Margin and futures are not supported, unlike Bybit and other derivatives-focused venues.

There is no NFT marketplace, and staking options beyond QDX are not available. Quidax concentrates on fast, reliable spot trades rather than a full-suite trading toolkit. Power users seeking derivatives or collectibles may prefer Binance, which offers extensive derivatives markets and an NFT platform.

Order book trades are priced at a flat 0.1% for both maker and taker roles. Instant buy/sell carries a 1% fee on the transaction amount.

Beyond trading fees, Quidax may apply fees to certain funding or cash-out actions depending on the method. Crypto deposits are generally not charged by the exchange, while on-chain crypto withdrawals typically include network costs (and any applicable platform fee is shown before you confirm). For fiat cash-outs, NGN withdrawal fees range from ₦100 to ₦2,500, depending on the amount.

Quidax supports common funding rails such as bank transfer, debit card deposits (USD), and NGN deposit methods including Qdirect, Pocket, and vouchers. Users can also withdraw NGN to Nigerian bank accounts, with access and limits depending on account verification and the details shown in the withdrawal flow.

Quidax Naira deposit fees:

Table: Quidax Naira deposit fees

USD and debit card deposits incur an additional 1.4% fee. Bank transfer deposits are free of charge.

The minimum deposit is ₦500, underscoring accessibility for new users. NGN withdrawal fees range from ₦100 to ₦2,500, depending on the amount.

Ready to try the platform after reviewing its strengths and drawbacks? Here’s how to get started.

How to Create an Account

Step 1: Visit the official Quidax website.

Step 2: Select Get Started at the top right.

Step 3: Enter your name, email, phone number, and a strong password. You can also sign up with Google or Apple. Click Create Account when finished.

Step 4: Check your inbox and click Activate Your Account to confirm your email.

Step 5: Complete KYC verification by submitting an ID (passport, driver’s license, etc.) and a selfie. Verification typically completes within minutes, though it can take up to two hours.

How to Purchase and Sell on Quidax

Here’s how to place a market order in the spot market.

Step 1: Click Order Book on the top right of the homepage.

Step 2: In the market interface, select the Market tab at the bottom.

Step 3: Choose the cryptocurrency you want to buy or sell.

Step 4: Enter the amount, then click Buy or Sell to execute at the market price.

That’s all you need to place your first order.

If you want to withdraw to a bank account, Quidax supports NGN withdrawals to Nigerian bank accounts. In practice, you’ll typically need to complete KYC first, then choose Withdraw for NGN, select bank transfer, enter the amount, and confirm a bank account that matches your verified profile details; the available banks, limits, and any method-specific steps are shown inside the withdrawal screen.

Quidax is a centralized exchange built for speed, delivering near-instant transactions and straightforward crypto trading. Fees are competitive, with a 0.1% maker/taker rate on order book trades highlighted throughout this review.

However, advanced features like margin, leverage, and futures are missing, and the platform does not serve US residents. For those needs, alternatives such as Kraken, Binance, or Bybit may be better suited.

On the roadmap, expect the Quidax Virtual Card for crypto-funded purchases and a streamlined self-listing process designed to help projects launch tokens on the exchange in as little as 24 hours.

The content on this website does not constitute financial, investment, or trading advice. does not recommend buying, selling, or holding any cryptocurrency. Always consult a qualified financial advisor before making investment decisions.