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.
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.
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.
When you compare Quidax on nairaCompare, you'll find detailed breakdowns of:
Trading Features
Savings and Staking Options
Platform Access
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).
Understanding total costs helps you make accurate comparisons. Here's Quidax's complete fee structure:
Naira Transactions
Trading Fees
Cryptocurrency Transactions
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.
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:
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.
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:
In January 2026, the SEC raised minimum capital requirements for virtual asset service providers, intensifying oversight of provisionally licensed exchanges.
Platform Security Measures
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.
Quidax Works Well For:
Quidax May Not Suit:
On nairaCompare, you can now place Quidax side by side with other Nigerian crypto exchanges:
Key Comparison Factors:
Use our comparison tool to see how Quidax performs across all these dimensions against competing platforms!
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.
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.