Is Quidax a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Quidax is a good crypto exchange to start trading with. In this article you will learn whether Quidax is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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.
| 💰 Account currency: | Nigerian naira (NGN) and cryptocurrencies |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Quidax Pros and Cons
👍 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.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Quidax Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Quidax offers traders the following conditions.
| 💻 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 |
| 💱 Spread: | 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 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Quidax commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of Quidax
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Quidax offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
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 thedeal 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.
Conclusion. Is Quidax good for beginners?
The Quidax cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Quidax could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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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.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.