Quidax Now Available on nairaCompare: Compare Nigeria's First SEC-Licensed Crypto Exchange

Introduction

Great news for Nigerian crypto users! We're excited to announce that Quidax is now available to compare on nairaCompare. This means you can finally view Quidax's fees, features, and trading options side by side with other leading crypto platforms to find the exchange that perfectly matches your needs. Quidax holds a special place in Nigeria's crypto history as the first exchange to receive provisional SEC licensing, and now you can see exactly how it stacks up against the competition before making your choice.

Table of Contents

• What is Quidax?
• Why Quidax Matters for Nigerian Crypto Users
• Key Features You Can Compare on nairaCompare
• Quidax Fees and Pricing
• Trading Options Available on Quidax
• Security and Regulatory Standing
• Who Should Consider Quidax
• How to Compare Quidax with Other Platforms
• nairaCompare Insight
• FAQs
• Related Resources

What is Quidax?

Quidax is a cryptocurrency exchange and custody platform founded in 2018 by Nigerian entrepreneurs Buchi Okoro, Uzo Awili, and Morris Ebieroma. Starting with just 50 customers at launch, the platform has grown to serve over 1 million users across 70+ countries, with Nigeria remaining its primary market.

In August 2024, Quidax achieved a major milestone by becoming the first cryptocurrency exchange to receive a provisional Digital Assets Exchange license from Nigeria's Securities and Exchange Commission (SEC). This groundbreaking approval positioned Quidax as Nigeria's pioneer in SEC-regulated crypto trading.

The platform supports over 72 cryptocurrencies including Bitcoin, Ethereum, USDT, and its native QDX token. Nigerian users can buy, sell, and store crypto using naira through direct bank transfers and popular fintech wallets like Opay, PalmPay, and Kuda.

Why Quidax Matters for Nigerian Crypto Users

First SEC-Licensed Exchange in Nigeria

Quidax made history in August 2024 as the first crypto exchange to receive provisional SEC licensing in Nigeria. This regulatory milestone came after years of collaboration between crypto industry players and Nigerian regulators to establish proper oversight. The SEC license provides users with regulatory protection and positions Quidax as a compliant player in Nigeria's evolving digital asset landscape.

CEO Buchi Okoro described the approval as "a big win for Nigeria's embrace of crypto" and thanked SEC leadership under Dr. Emomotimi Agama for bringing order and investor protection to the industry. The license enables Quidax to collaborate with Nigerian banks and financial institutions, subject to Central Bank approval.

Maintained Naira Support

While global exchanges like Binance removed direct naira support in 2024, Quidax continues to offer seamless NGN deposits and withdrawals. You can fund your account through bank transfers and multiple local fintech platforms, making crypto accessible without foreign currency complications.

Built for African Market Realities

Quidax addresses specific Nigerian crypto needs including naira hedging through stablecoins, fast fiat-to-crypto conversion, and payment methods that work with your existing bank accounts. The platform processes approximately $2.7 million in daily spot trading volume, demonstrating strong liquidity for regionally-focused trading.

Key Quidax Features You Can Explore on nairaCompare

When you compare Quidax on nairaCompare, you'll find detailed breakdowns of:

Trading Features

• Spot trading with 60+ USDT pairs on the order book
• Instant Swap for zero-fee conversions between cryptocurrencies
• Order book trading with limit and market order options
• OTC desk for large transactions exceeding $100,000 in USDT

Savings and Staking Options

• QDX Vault for staking the native Quidax token with flexible withdrawal
• USD Savings program offering up to 10% annual returns
• No mandatory lock-in periods for staked assets

Platform Access

• Mobile apps for Android and iOS with integrated TradingView charts
• Web-based trading platform
• Crypto API for businesses and developers
• 24/7 customer support through multiple channels

Important January 2026 Update: Quidax discontinued its P2P (peer-to-peer) trading feature in late January 2026 after five months of operation. According to the company, most users preferred faster trading options like instant swaps and order book trading. The platform now focuses on these core features while operating under SEC's close regulatory oversight through the Accelerated Regulatory Incubation Programme (ARIP).

Quidax Fees and Pricing

Understanding total costs helps you make accurate comparisons. Here's Quidax's complete fee structure:

Naira Transactions

• Bank transfer deposits: ₦100 flat fee
• Bank transfer withdrawals: ₦200 flat fee
• Government stamp duty on withdrawals ≥₦10,000: ₦50 (required by Nigeria Tax Act 2025, not a Quidax charge)

Trading Fees

• Spot trading (maker/taker model): 0.1% uniform fee across all pairs
• Instant Swap: 0% (completely free for all conversions)
• Internal transfers between Quidax users: Free

Cryptocurrency Transactions

• Receiving crypto to your Quidax wallet: Free
• Sending crypto to external wallets: Variable network fees (Bitcoin typically ranges from 0.0002 to 0.0005 BTC)
• Sending to other Quidax users via email or phone: Free

Quidax positions itself competitively against platforms charging 0.4% trading fees or higher withdrawal costs. However, the ₦100 deposit fee means frequent small deposits will cost more than platforms offering free deposits.

Trading Options Available on Quidax

Instant Swap (Zero Fees)

The quickest way to convert between any of Quidax's 72 supported cryptocurrencies. Perfect for when you need immediate conversions without worrying about order books or price movements. Transactions complete in seconds with no trading fees applied.

Spot Trading (Order Book)

For traders wanting price control, the order book lets you set specific entry and exit points using limit orders, or execute immediately with market orders. The uniform 0.1% maker/taker fee applies to all trading pairs.

Popular trading pairs include:

• Major coins: BTC/USDT, ETH/USDT, BNB/USDT
• Altcoins: XRP/USDT, DOGE/USDT, LTC/USDT
• 60+ additional USDT trading pairs

Quidax focuses exclusively on spot trading without offering futures, margin trading, or leverage options. This simplified approach caters to users who want straightforward buying and selling without complex derivative products.

OTC Desk

For high-value transactions over $100,000 worth of USDT, the OTC (over-the-counter) desk provides better pricing and personalized support. Available currencies include USD, NGN, KES, GHS, XAF, and ZMW.

Security and Regulatory Standing

Regulatory Compliance Status

Quidax operates under Nigeria's first provisional Digital Assets Exchange license from the SEC, granted in August 2024. This places Quidax in the SEC's Accelerated Regulatory Incubation Programme (ARIP) alongside competitor Busha, with both platforms working toward full licensing.

The regulatory framework requires:

• Comprehensive KYC/AML verification for all users
• Regular reporting to SEC authorities
• Compliance with evolving digital asset regulations
• Adherence to Nigeria Tax Act 2025 requirements

In January 2026, the SEC raised minimum capital requirements for virtual asset service providers, intensifying oversight of provisionally licensed exchanges.

Platform Security Measures

• Two-factor authentication (2FA) for all logins
• Password protection with strength requirements
• New device or location authorization before access
• Partnership with Fireblocks for MPC-based wallet infrastructure
• Multi-region infrastructure ensuring 99.8% uptime
• State-of-the-art encryption and firewall protection
• Clean security record with no reported breaches since 2018 launch

Security Transparency Gaps

Quidax hasn't publicly disclosed specific details about insurance coverage for user funds, exact percentages of assets in cold versus hot storage, or biometric authentication options that some competing platforms offer. These details matter for users holding significant crypto balances.

Who Should Consider Quidax

Quidax Works Well For:

• Nigerians who prioritize SEC-regulated platforms over unregulated alternatives
• Users needing reliable naira deposits via Nigerian banks and fintechs
• Traders wanting access to 72 cryptocurrencies including major coins and altcoins
• Cost-conscious traders seeking low fees (0.1% trading, 0% instant swaps)
• People who frequently send crypto between friends or family (free internal transfers)
• Investors interested in earning passive income through QDX staking or USD savings
• Businesses requiring crypto API integration for payments or treasury operations
• Users who value transparent fee structures with no hidden charges

Quidax May Not Suit:

• Traders specifically seeking P2P trading (discontinued January 2026)
• Users wanting futures, margin, or leveraged trading products
• Those making frequent small deposits (₦100 fee per deposit adds up)
• People in restricted territories including USA, China, UAE, and 40+ other countries
• Users seeking zero-fee withdrawal options (₦200 per bank withdrawal applies)
• Traders prioritizing the absolute lowest possible fees over regulatory compliance

How to Compare Quidax with Other Platforms

On nairaCompare, you can now place Quidax side by side with other Nigerian crypto exchanges:

• Luno: Compare SEC licensing status, supported coins, and fee structures
• Busha: See differences in features and both platforms' ARIP regulatory standing
• Yellow Card: Evaluate stablecoin focus and remittance-friendly features
• Patricia: Compare security histories and mobile app experiences
• Global platforms: See how Quidax measures up against Binance, KuCoin, Bybit, and OKX

Key Comparison Factors:

1. Regulatory Status: SEC provisional license vs SEC compliant vs unregulated
2. Total Cost Structure: Calculate deposit + trading + withdrawal fees for your typical transaction size
3. Cryptocurrency Selection: Does the platform list the specific coins you want to trade?
4. Naira Integration: Which platforms still support direct NGN deposits and withdrawals?
5. Security Infrastructure: What protections exist for your funds during and after trading?
6. Trading Features: Which trading types do you need (spot, futures, P2P, instant swaps)?
7. Customer Support: Compare response times and available support channels
8. Entry Requirements: Minimum deposits and KYC verification levels

Use our comparison tool to see how Quidax performs across all these dimensions against competing platforms!

FAQs

Is Quidax fully licensed by Nigeria's SEC?

Quidax holds a provisional Digital Assets Exchange license granted by the SEC in August 2024, making it the first crypto exchange to achieve this status in Nigeria. The platform operates under the SEC's Accelerated Regulatory Incubation Programme (ARIP) while working toward full licensing. This provisional status provides regulatory oversight while the exchange demonstrates ongoing compliance.

Does Quidax still offer P2P trading?

No, Quidax discontinued its P2P trading feature in January 2026 after five months of operation. According to the company, most users preferred faster options like instant swaps and order book trading. The platform now focuses on these core features.

How much does it cost to trade on Quidax?

Quidax charges a flat 0.1% maker/taker fee for spot trading across all pairs, 0% for instant swaps, ₦100 for naira deposits via bank transfer, and ₦200 for naira withdrawals. Cryptocurrency deposits are free, while sending crypto externally incurs network fees. Transfers between Quidax users are completely free.

Which cryptocurrencies can I trade on Quidax?

Quidax supports over 72 cryptocurrencies including Bitcoin, Ethereum, USDT, BNB, XRP, Dogecoin, Litecoin, and the platform's native QDX token. You can trade 60+ pairs against USDT on the order book or use instant swap for zero-fee conversions between any supported coins.

How does Quidax compare to international exchanges like Binance?

Quidax offers SEC-regulated trading specifically for Nigerian users with maintained naira support, while Binance provides global liquidity and more trading products but removed direct NGN support. Quidax focuses on spot trading only, while Binance offers futures and margin. Both charge similar 0.1% spot trading fees. Compare them directly on nairaCompare to see which better fits your needs.

Is my money safe on Quidax?

Quidax partners with Fireblocks for wallet infrastructure, uses two-factor authentication, and has maintained a clean security record with no reported breaches since 2018. The SEC provisional license adds regulatory oversight. However, Quidax hasn't disclosed specific insurance coverage for user funds or exact cold storage percentages, which are important security considerations.

Can I stake cryptocurrency on Quidax?

Yes, Quidax offers the QDX Vault for staking the platform's native token with flexible withdrawal (no mandatory lock-in periods), plus a USD Savings program offering up to 10% annual returns. Returns on staking depend on the amount and duration of your stake.

What payment methods does Quidax accept for naira deposits?

You can deposit naira through direct bank transfers, Opay, PalmPay, Kuda, and the Quidax Pocket feature that connects third-party fintech applications. All naira deposit methods charge a flat ₦100 fee.

Related Resources

• Compare Quidax with Other Crypto Exchanges
• Complete Guide to Choosing a Crypto Exchange in Nigeria
• Understanding SEC Regulation for Nigerian Crypto Platforms
• Best Crypto Exchanges for Naira Users in 2026
• How to Compare Crypto Trading Fees Effectively

Ready to compare Quidax? Use our comparison tool to see how Quidax stacks up against other exchanges based on your specific needs!

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, including the potential loss of your entire investment. Quidax's fees, features, and regulatory status may change, so consider consulting a licensed financial advisor before making investment decisions.