Africa continues to remain at the center stage of cryptocurrency adoption, and Nigeria remains one of the largest markets for its exchanges. From cross-border payments to savings and trading, these digital currencies continue to gain momentum.

But access remains a challenge. Many global exchanges don’t support local bank transfers, while peer-to-peer trading can feel risky and inconsistent. That gap has created demand for reliable exchanges that understand the local market. 

Quidax is one of the few African-built cryptocurrency platforms that promise to fill that space. It promises a simple way to buy, sell, and store crypto using the naira, while still offering enough tools for active traders.

But promises alone aren’t enough. 

In this review, we will examine how Quidax actually performs its supported coins, fees, security, regulation, and overall user experience so you can decide if it’s the right exchange to trust.

What Is Quidax?

Quidax review

Quidax is a Nigeria-based centralized cryptocurrency exchange that allows users to buy, sell, and store digital assets using both crypto and local currencies like the naira. Founded in 2018 by Buchi Okoro, the platform was built specifically to make crypto more accessible to Africans who often struggle with foreign exchanges and payment restrictions.

Quidax enables direct bank transfers, local withdrawals, and built-in wallets for supported assets. This makes it easier for beginners to get started while still providing the core tools needed for everyday trading.

In short, it positions itself as a simple, local alternative to global platforms like Binance or Bybit. But how does this platform function?

How Does Quidax Work?

Quidax operates as a centralized exchange, meaning all trades happen within the platform rather than through peer-to-peer deals. Getting started involves creating an account, completing know your customer (KYC) procedure, and funding your wallet either through a bank transfer or a crypto deposit. Once funded, you can trade supported coins through Quidax’s straightforward interface.

Each asset comes with a built-in wallet, so users can store funds directly on the platform while trading. Orders are matched internally, which typically results in faster transactions and fewer risks compared to informal P2P trading.

For beginners, this setup feels simpler and more structured. For experienced traders, it offers convenience, though without the advanced tools found on larger global exchanges.

Cryptocurrencies Supported by Quidax

Quidax supports a focused selection of high-demand cryptocurrencies rather than hundreds of speculative tokens. Users can trade major assets like Bitcoin (BTC) and Ethereum (ETH), alongside stablecoins such as USDT, which many use for savings, remittances, and everyday transactions. The platform also lists a handful of altcoins to provide additional trading opportunities.

While the selection isn’t as extensive as global exchanges like Binance, it covers the coins most local users actually need. Each supported asset includes a built-in wallet for easy storage, transfers, and withdrawals.

Quidax Fees and Pricing

Quidax keeps its fee structure relatively predictable, which is a big advantage for everyday users. Internal transfers between Quidax users are free, and external crypto withdrawals only incur standard blockchain network fees.

For trading, Quidax uses a maker-taker model of 0.1% per trade, applied to both buyers and sellers. This rate is competitive and lower than many local alternatives. 

The platform also offers an Instant Swap feature for quick conversions. While it doesn’t charge a direct fee, the spread is built into the price, so costs may be slightly higher than regular trades. Overall, the pricing is transparent and fair, especially for small and mid-size traders.

Accepted Payment Methods on Quidax

For many users, Quidax focuses primarily on local bank transfers, which remain the fastest and most reliable way to fund accounts. Deposits are typically credited once the transfer is confirmed.

Users can also deposit cryptocurrencies directly from external wallets. The platform supports peer-to-peer (P2P) trading, allowing buyers and sellers to agree on payment methods like bank transfers or mobile payment apps for added flexibility.

However, Quidax does not currently support card payments or international processors such as Google Pay or Apple Pay, which may limit convenience for some users.

Security Features 

Security is one of the most important factors when choosing an exchange, and Quidax implements several safeguards to protect user funds and data. Two-factor authentication (2FA) adds an extra layer of protection during login and withdrawals. The platform also uses a combination of cold and hot wallets, keeping most funds offline to reduce the risk of hacks, while maintaining smaller hot wallets for daily transactions.

User accounts are protected through KYC verification, encrypted data storage, and ongoing monitoring for suspicious activity. While no exchange is completely risk-free, these measures align with industry best practices and provide a reasonable level of protection for everyday trading.

Pros of Using Quidax

With all these in place, it is important to weigh the advantages of Quidax 

  • Beginner-friendly signup and verification
  • Supports naira deposits and withdrawals
  • Fast bank transfers and internal crypto transfers
  • Low, transparent trading fees
  • Mobile app for Android and iOS
  • Solid security measures, including 2FA and cold storage

Limitations of Quidax

While there are merits, Quidax also have its own shortcomings.

  • Smaller coin selection compared to global exchanges
  • Limited advanced trading tools and charts
  • Some pairs may have lower liquidity for large trades
  • Fewer payment options beyond bank transfers
  • Customer support response times can slow down during peak period

Regulatory Compliance

Quidax operates in compliance with Nigerian financial regulations and follows strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

All users must verify their identity before trading or withdrawing funds, which helps reduce fraud and improve overall platform safety. While Nigeria’s crypto regulatory framework is still evolving, Quidax’s adherence to compliance standards provides more transparency than many unregulated offshore exchanges.

Frequently Asked Questions (FAQs) About Quidax

1. What fees does Quidax charge?

Small trading fees apply. Naira deposits are usually free, while withdrawals attract minimal bank charges. Rates are shown before you confirm.

2. How long do withdrawals take?

Most Naira withdrawals arrive in minutes to a few hours. In rare cases, same-day. Crypto transfers depend on blockchain speed.

3. Which cryptocurrencies can I buy on Quidax?

Popular coins like Bitcoin, Ethereum, Litecoin, and USDT are supported, with more added over time.

4. Can I use Quidax without KYC?

You can open an account, but withdrawals and full features require KYC verification.

Conclusion

Overall, Quidax stands out as one of the more reliable locally built exchanges who want a simple way to buy and trade cryptocurrency using the naira. It may not offer the advanced tools or massive coin selection of global platforms, but it delivers where it matters most: ease of use, local payments, and transparent fees. 

For beginners and everyday traders, that practicality can matter more than complexity. And if you prefer a straightforward, Africa-focused exchange, consider options like Prestmit. As always, trade cautiously, secure your account properly, and only invest what you can afford to lose.

Last updated on February 17, 2026