Quidax Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed Quidax fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of 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.
👍 Advantages of trading with Quidax:
•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.
👎 Disadvantages of Quidax:
•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.
Quidax Commissions and Fees
Traders Union analysts have analyzed the fees of Quidax. The main transaction fee is 0.1% for makers and 0.3% for takers.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.3% | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at Quidax suitable for beginners?
Analysis of Quidax shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Is there a dependence between the fees and the deposit amount?
If a broker offers several account types, there is often a dependence. The more money you deposit, the higher the level of your account will be, and, accordingly, the lower the fees.
Can the level of fees differ for cent and standard accounts?
Yes. On cent accounts, the fees are generally lower than on standard accounts.
Can the level of the fees change if different accounts imply the use of different platforms?
Yes. Some brokers offer different trading platforms on different types of trading accounts. In this case, the size of the fee may change.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.