Quidax is a cryptocurrency exchange platform that enables 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 its order book exchange.
However, crypto investors are provided with a wide range of options in choosing their preferred platform to trade cryptocurrency. One of the best crypto platforms to sell cryptocurrencies like Bitcoin, Litecoin, Dogecoin, USDT, etc., is Prestmit. Prestmit is similar when compared to crypto platforms like Quidax, it is an over-the-counter crypto exchange that enables you to sell Bitcoin in Nigeria and Ghana.
Image of Prestmit
You can download the Prestmit app on Android and IOS: https://onelink.to/yncqxs
Now, back to Quidax.
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 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 instantly 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 an order-book exchange that you can use to trade between Nigerian Naira and cryptocurrencies. Currently, the business supports cryptos like Ethereum!, 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
A transparent structure characterises transactions fee on Quidax. These are the fees paid when the crypto platform offers different services. On Quidax, Nigerian Naira deposits via debit card and USSD are charged 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 using the 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 verification tiers with additional 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.”
Pros Of Quidax
The Quidax trading platform has various advantages, which include:
- Sophisticated security measures such as 2- factor authentication.
- Ability to Withdraw funds to local banks.
- The Quidax app can act as a wallet where coins can be kept for a specific period.
- It supports the naira currency, making it convenient for Nigeria.
- Friendly user interface with multiple options.
- Quick transactions and a swift support team.
Cons Of Quidax.
Among the loopholes of Quidax are the following:
- Since it’s a regional exchange, trading with USD or EUR is impossible.
- Fast withdrawals usually attract additional fees.
- Lack of access to the global cryptocurrency market.
Is Quidax Legit?
Yes, Quidax is legit because it has proven to be an excellent and credible platform for crypto newbies and enthusiasts.
Conclusion
In conclusion, Quidax has won the hearts of many in just a short time, owing to its credibility and sophisticated security measures. On the other hand, Quidax is still a limited platform, be that as it may, investors should remain vigilant.
