Quidax Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Native token QDX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Proprietary platform
- Native token QDX
Our Evaluation of Quidax
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Quidax is a high-risk cryptocurrency exchange with the TU Overall Score of 2.79 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Quidax clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. Quidax ranks 153 among 172 companies featured in the TU Rating, which is based on the evaluation of 100+ criteria.
Quidax is a regional exchange for residents of Nigeria and African countries with average market fee schedule that is promoting its native token QDX. According to analytical data, over 400,000 traders from 70 countries are clients of the exchange. However, the trading conditions still make this platform a regional one.
Brief Look at Quidax
Quidax is a small regional exchange launched in the middle of 2018 in Nigeria. The main focus of the exchange is a platform to buy/sell cryptocurrencies, although the launch of DeFi and NFTs is also in the plans. The exchange offers access to trading over 25 coins, but ВТС and BNB account for over 50% of the trading volume. The available currency pairs include cryptocurrencies combined with stablecoins and the national currency of Nigeria naira. The daily trading volume of the exchange is USD 8-10 million. Based on the summary of criteria, CoinMarketCap analytical portal assigned the exchange a rating of 3.4 out of 10.
- High transaction processing speed;
- Order book that allows traders to quickly find the best prices;
- Technical solution that allows users to quickly exchange large amounts of cryptocurrencies. Proprietary app, which is a payment method for website owners.
- Withdrawal fee, and additional fees for faster withdrawal. High taker fee;
- No competitive advantages, unique products, instruments, etc.;
- It is impossible to work with USD and EUR.
TU Expert Advice
Financial expert and analyst at Traders Union
Quidax is a small exchange focused exclusively on the African market. This explains relatively low trading volume, as there is a lot less money in the region compared to the U.S. and Europe. However, the regulation is also simpler there. The local regulatory authorities do not prohibit, but also do not support the legislatively uncertain cryptocurrency market. Perhaps because of the regulation, the developers are not in a hurry to enter the global market, but this is also the main risk for an investor, the risk that Quidax may follow the path of Africrypt.
The roadmap of the exchange suggests gradual expansion of the functionality, entering the segment of DeFi and NFTs, although the realization of these plans is slow. The few unique tools include the order book, OTC Desk (access to over-the-counter trading with large amounts), and instant swap (an instant exchange technology). The exchange also has its own native token of the ecosystem with the possibility of staking. The conditions of staking are not disclosed.
The exchange is interesting for its quick transaction performance technologies and technical solutions for businesses: ОТС Desk, API, etc. There is a separate business account for legal entities. Partnership with BNB developers is another advantage. The creation of tokens is supposed to be based on Binance Smart Chain. Still, Quidax remains a small platform, which is interesting only to a narrow circle of investors. The reason is a small selection of cryptocurrencies, the lack of access to the global, cryptocurrency market, issues with the promotion of the QDX token.
Quidax Summary
| 💻 Trading platform: | Proprietary platform |
|---|---|
| 📊 Accounts: | Client account |
| 💰 Account currency: | Nigerian naira (NGN) and cryptocurrencies |
| 💵 Replenishment / Withdrawal: | N/a |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | N/A |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | N/A |
| ⭐ Trading features: | Native token QDX |
| 🎁 Contests and bonuses: | No |
Quidax has a large fee schedule. The fees are divided into maker and taker fees, and there is also a transaction fee and withdrawal fee. The fees for any transfers of cryptocurrency beyond the platform are fixed in the withdrawal currency. There is also a 1% fee for quick money withdrawal (Instant Swap).
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Commissions & Fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | 0.3% | Yes |
Also, TU experts conducted a comparative analysis of the Quidax fee schedule with trading conditions of other exchanges. The results of the comparison are in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$0.3 | |
|
$20 | |
|
$0.1 |
Investment Options
Quidax developers focus on providing services for active trading. The investment program features an offer of staking the exchange’s native token QDX. The staking period can be any; there are no fixed periods. The APY is not specified.
Staking QDX
QDX is a ВЕР20 token, which in the future will support all features in the Quidax ecosystem, from the fees for exchange transactions to a collateral, management and all financial products. The coin will become an internal means of payment, ensuring the viability of DeFi and CeFi projects built on Quidax in the future.
Staking means blocking of the coins to support their capacity. Ownership of coins confirms the status of a member of the network and makes it possible to validate internal transactions.
This is how it works:
After verification, a user buys the coin and activates staking on the website of the exchange;
The coin is locked in the user’s account for the period he specified. Early withdrawal is possible, but at a loss of profit;
Upon expiry of the staking period, a user gets a reward.
There is an additional bonus: all users who are staking coins participate in periodical airdrops.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Quidax Partnership program
The policy of the platform development does not include a referral program. There is, however, a small partnership offer. Under the trading conditions, the exchange charges a withdrawal fee. If an investor brings friends, who register and receive personal addresses of accounts, such investors will be able to transfer cryptocurrency to them for free.
User Satisfaction