General

Quidax Review: Is It Legit?

Quidax is a cryptocurrency exchange platform that enables its users to trade and manage digital assets. On it, transactions can be performed using fiat currency. Launched in 2018, Bitcoin and other cryptocurrencies can be bought and sold using designed features or via its order book exchange.

Cryptocurrencies Supported By Quidax

1. Bitcoin

2. Ethereum

3. Tether

4. Litecoin

5. Ripple

6. Bitcoin cash

7. Dash

8. Bitcoin Gold

However, the Nigerian Naira is the fiat currency supported by Quidax, with its business base operated upon in Nigeria.

Accepted Payment Methods On Quidax

1. Direct bank deposits

2. Bank transfer

3. USSD (Mobile Money)

4. Debit card

Quidax Services

The range of crypto services offered by Quidax is instant buy/sell, cryptocurrency exchange, and wallet.

Quidax Instant Buy/Sell

This service feature on Quidax avails you to buy crypto at the instant without the hassle of making orders on the primary exchange. Boastful of swift crypto trade, with Quidax, you can buy any amount of crypto-asset with just 200 Nigerian Naira within 3 minutes.

How To Use Quidax Instant Buy/Sell Feature

Visit quidax.com/instant to get started and select the preferred cryptocurrency you want to buy. Click on “Continue” to confirm your order.

Quidax Exchange

Quidax provides you with an order-book exchange with which you can use to trade between Nigerian Naira and cryptocurrencies. Currently, the exchange supports cryptos like Ethereu!, Litecoin, Ripple, and Tether. Another highlight of the exchange user interface and experience includes API access for automated trading and advanced charts.

Quidax Exchange Fees

Transactions fee on Quidax is characterized by a transparent structure. These are the fees paid when different serves are offered by the crypto platform. On Quidax, Nigerian Naira deposits via debit card and USSD are charged at a 1.4% fee. But cash deposits through direct bank deposit and bank transfer are free.

Meanwhile, there is a 0.2% maker fee and 0.3% taker fee incurred while using the platform. On the other hand, a 1% fee is paid for every purchase made by using thr instant buy/sell feature.

Quidax KYC And Withdrawal Limits

Using Quidax, you can deposit about 20,000 Nigerian Naira to trade, even without completing KYC. Until the completion of the KYC verification, you will be unable to make a withdrawal or deposit beyond the set limit.
There are different tiers of verification with different requirements and trade limits on Quidax. Below are the various KYC tiers on the platform:

1. Tier 0: email and phone verification: 20,000 Nigerian Naira deposits without withdrawals.

2. Tier 1: date of birth, address and country: 100,000 Nigerian Naira deposits without withdrawals.

3. Tier 2: Bank Verification Number (BVN) verification: –200,000 Nigerian Naira and 5 Bitcoin monthly withdrawal limit.

4. Tier 3: ID verification: 10,000,000 Nigerian Naira and 20 Bitcoin monthly withdrawal limit.

5. Tier 4: proof of residence: 35,000,000 Nigerian Naira and 40 Bitcoin monthly withdrawal limit.

How To Sell Cryptocurrency On Quidax

1. Navigate to the “instant buy/sell” page. Click on “sell”

2. Select the preferred cryptocurrency you want to sell

3. Enter the amount of the currency you want to sell

4. Confirm every detail

5. Click on “sell”

How To Buy Cryptocurrency On Quidax

1. Navigate to the “instant buy/sell” page. Click on “buy”

2. Select your preferred cryptocurrency to buy

3. Select the currency you want to buy for

4. Enter the amount of the currency you want to buy

5. Confirm every detail

6. Click on “buy”

Is Quidax Legit?

Quidax is considered to be at its early phase following its launch in 2018. Quidax is a good and credible platform if you are just getting started with a crypto business.

Conclusion

Quidax is a reputable cryptocurrency exchange in Nigeria, but it is advisable to not trade in high volume with Quidax because it is an exchange that is just coming up.