Buying your Bitcoin can be relatively easy and smooth on the right platform. For this reason, two of the best crypto platforms are Prestmit and Quidax, both of which are highly considered to have friendly interfaces and a secure environment to initiate trade and transactions.
However, it is crucial to know that Prestmit is a peer-to-peer(P2P) crypto marketplace while Quidax is a cryptocurrency exchange. This obvious difference is useful in deciding which of the platforms to use for your crypto trading experience.
What Is Prestmit?
Launched in 2017, Prestmit is a peer-to-peer marketplace that offers trading services in the transaction of cryptocurrencies, gift cards, and NFTs. Prestmit is a platform available for both web and mobile users, with operations tailored towards users in Nigeria and Ghana.
The platform is characterized by amazing rates and can exchange any gift card for Naira, irrespective of the currency it is in.
What Is Quidax?
Launched in August 2018 by Buchi Okoro, Quidax is a cryptocurrency exchange. This crypto platform runs most of its operations in Nigeria while its head office is located in Malta. Quidax functions as an exchange that enables the buying and selling of cryptocurrencies, as it also dubs a wallet.
How To Buy Bitcoin On Quidax
Sign up for a Quidax account and fund your account with Naira. Following the funding of your Quidax account, you can start to buy Bitcoin with the following steps:
- Click on the Bitcoin (BTC) wallet on your dashboard.
- Click the Buy/Sell option.
- Choose Bitcoin under ‘currency to buy’.
- Choose your preferred currency under the ‘buy with’ option.
- Enter the amount you want to buy.
- Confirm your order.
Security
Prestmit and Quidax provide an excellent security experience. This is hinged on the sophistication of its security tools which ensures that every one of its users’ accounts is well-protected from any kind of breach. Prestmit security framework includes a two-factor authentication (2FA).
But Prestmit has a more security strategy in safeguarding accounts. This can be owed to its secure escrow, which ensures the holding of a seller’s Bitcoin to guarantee that it is delivered to the buyer after the confirmation of payment.
Prestmit also has a centrally designed security system that enhances the security of every component and layer of the crypto platform.
Another important difference between Prestmit and Quidax is KYC/AML requirements. Identity verification is compulsory on Prestmit before any user can begin trade on the platform. The completion of additional stages of verification tends to increase your amount limits, thereby enabling you to have higher withdrawal amounts and other things involved.
This process is also applicable to Quidax, which suggests fingerprint, face, or passcode lock your device and your account. However, it is at the prerogative of the users to verify their identity as they can still be able to buy Bitcoin, though at a certain trade limit. Nonetheless, an ID verification is strictly required before an offer to sell Bitcoin can be created.
Because Prestmit is a peer-to-peer platform where there is always an interaction between the buyers and sellers for a trade, there is a propensity for non-secure transactions, such as the request of one party to trade outside the platform.
Even at this, Prestmit’s rating system avails the newbies to know trusted and reliable sellers while trading within the marketplace is just a mere fact of crypto trading. In comparison, Quidax helps you skip the whole step since you buy your crypto at a market value and every user’s funds are held securely within the brokerage of the platform.
Currency Markets
Prestmit supports four (4) cryptocurrencies, namely Bitcoin, Tether (USDT), Dogecoin, and Litecoin. The P2P platform also trades in gift cards like Amazon, Steam, iTunes, Apple, Sephora, Vanilla, Nordstrom, eBay, Google play, and Amex. The conversion of these gift cards can be from gift cards to Naira, gift cards to Cedis, gift cards to Bitcoin, and gift cards to Tether.
Overall, Prestmit supports two (2) fiat currencies which are Naira and Cedis. So your Bitcoin can either be exchanged for the Naira or Cedis. NFTs can also be traded on the platform. Using Prestmit, you can make transactions by using a bank transfer, your cards (credit or debit), USSD, etc.
Meanwhile, for Quidax, the platform supports about seven cryptocurrencies, which are Bitcoin, Ripple, Ether, Tether (USDT), Dash, and Tron. The Naira and US dollars are the two fiat currencies supported by the exchange platform.
On Quidax, you can initiate your transaction using USSD, bank deposit, bank transfer, or either your credit or debit card. It should, however, be noted that crypto exchanges charged a transaction fee anytime you buy or sell crypto. So Quidax has a designed transaction fee being placed on some transactions while some are free.
Features And Services
Prestmit features include an efficient user-friendly interface, mobile app, effective security architecture, unique wallet address for its users, rate calculator, instant transaction, and promo codes. Services offered by Prestmit are buying and selling of cryptocurrencies, exchange of gift cards, buying and selling of NFTs, and creation of wallets to store your digital tokens.
In Quidax, its features include good liquidity and trade volume, a great security system, a nice user interface, an order book, instant transactions, trade charts, and a Quidax API. Services provided by the platform are just the buying and selling of cryptocurrencies. The Quidax API allows trade through a third-party integration while its wallet is used to store cryptos.
Similarities Between Prestmit And Quidax
1. They are both cryptocurrency exchanges.
2. Prestmit and Quidax serve as crypto wallets.
3. The two platforms support the Nigerian Naira.
4. Prestmit and Quidax have effective security systems.
5. They both allow the withdrawal of funds to local bank accounts.
6. The two exchanges have trading hubs on which traders can post orders in a bid to buy or sell crypto.
Differences Between Prestmit And Quidax
1. Quidax has more users, database, liquidity, and more presence in the global market than Prestmit.
2. Prestmit supports four (4) cryptocurrencies and two (2) fiat currencies while Quidax supports seven (7) cryptocurrencies and two (2) fiat currencies.
3. Prestmit trades in different gift cards that can be converted to either cryptocurrency (Bitcoin) or fiat currencies while Quidax doesn’t.
4. Identify verification is required on both exchanges before transactions can be initiated but identify verification is easier on Prestmit than on Quidax.
Is Quidax Legit?
Quidax is a safe and secure platform, as it has been reviewed by crypto users who found the exchange trusted and reliable. Also, Quidax’s founder is a popular figure in the crypto space, which corroborates the credibility of the exchange platform.
Conclusion
Ultimately, Prestmit and Quidax provide very differently crypto trading experiences. As a peer-to-peer marketplace, Prestmit is an attractive option to buy Bitcoin, especially since you have the choice of going for your preferred payment method.
However, Quidax is suitable for you if you want to trade cryptocurrency regularly. Broadly, Quidax allows you to see the price movement of assets over time.
