Quidax Review: Legit Crypto Trading Platform or a Scam?

Quidax is making an audacious claim that its platform is the easiest way to buy, sell, send, and store crypto in Nigeria.

Many other crypto platforms in Nigeria will argue otherwise, but it is left for end users to experience the services and know for themselves if these platforms are legit or not.

I remember the last few rollercoaster years of Patricia, a popular crypto brand in Nigeria, that was trusted by millions of crypto enthusiasts in Nigeria, but they failed to deliver on their promise.

After Patricia relocated its services from Nigeria citing government harsh economic regulations, the company probably exited the Nigerian market in disguise, and left with all the goodwill they built over the years.

Now, it won't be absord for any Nigerian crypto trader to be skeptical about using a Nigerian crypto trading platform again for transactions.

Well, as an active crypto holder based in Nigeria, I will be trying out the service to ascertain if they are worth entrusting with our crypto funds or not.

I'm currently active with other global crypto exchanges, but it wouldn't be bad to hold some coins close to home.

That is why I'm taking the time to look into the Quidax platform.

Hopefully, this review will help you understand how the Quidax works, so that you can make a decision whether to join them or not.

Let's get right into it.

How Does Quidax Work?

Quidax is basically a crypto app that is designed to provide retail crypto services to end users.

When you're signing up on the app, they suggest all their services to you, which is a good way to encourage users start using their services right away.

Here is a list of services available for users to choose from:

Crypto Investment
Crypto Trading
Inter-platform Crypto Exchange
USD Savings
Crypto Transfers (Send & Receive)
Crypto Business

I selected “Trading on Quidax” as that is probably the only activity I'll be performing on the platform.

Then, I proceeded to complete the sign up process.

You'll be required to verify your email address and then complete your profile, with a username and a 4-digit PIN required to proceed.

The final stage of the profile creation process is the identity verification, which you can complete using any one of your NIN, International Passport, Voter's Card, or Driver's License.

Once your identity verification is complete, you can proceed to start using the platform.

Is Quidax Real or Fake?

The platform works, so it's a real platform for crypto transactions.

However, after verifying my email address, I was thinking I would be promoted to verify my phone number as well. But that was not the case. So, it's possible to use a fake Nigerian phone number when registering on Quidax.

Probably, they believe that the identity document verification would be sufficient to differentiate real users from fake ones.

Using the platform, it is obvious that there are much less features as compared to the other global crypto platforms, but this app is designed more like a B2C software-as-a-service (SaaS).

How Can You Get Started with Quidax?

To get started with trading with Quidax, you have to first deposit funds to your Quidax wallet.

Deposits can be done via fiat Naira and Dollar, or via crypto transfer from an external wallet.

Once you have some funds in your Quidax wallet, you can swap it for other crypto, save it to earn some profit, or trade with it.

Thankfully, Quidax now have a new orderbook feature which allows traders to trade crypto markets in real time instead of using the swap feature with price set by the platform.

How Can You Make Money with Quidax?

You can make money on Quidax in several ways:

Savings: users can save funds in USD Bitcoins, and altcoins, to earn daily interests.

Crypto Trading: Users can trade crypto on the order book on their own terms. This is an advanced feature and only recommended for experienced traders.

Crypto Transfers: Users can receive fiat and transfer crypto to other users, effectively functioning as a crypto exchange.

How Much Can You Make With Quidax?

There's definitely a chance to make money on Quidax, but how much you make via the platform is not guaranteed.

Your chances of making a reasonable income on Quidax would depend on your crypto trading expertise, and how much capital you have to trade on the platform.

Does Quidax Work in Nigeria?

Yes, Quidax works in Nigeria. Their primary market is Nigeria, that is why Naira is an option for depositing funds on the platform.

They are registered in Nigeria as Quidax Technologies Limited, and their office is located at the NCR building at Broad street in Lagos.

Is Quidax Legit or Scam?

So far, in my experience, Quidax seems to be a legit crypto trading platform. Although, with how the crypto space is, you never can tell what would happen next.

However, Quidax seems to have the market longevity and regulatory backing to be considered legit.

Since launching in 2018, they've been steadily acquiring users and growing their platform to what it has now become today.

Recently, they were licensed as a recognized crypto exchange in Nigeria, which makes them the first licensed crypto exchange in the country following the recent clampdown on crypto platforms by the Nigerian government.

They even have a little banner on the app to celebrate this feat.

If they are regulated by Nigeria's SEC, then that is a signal of trust that users should be able to bank on.

Positives About Quidax

Since I signed up on the platform to primarily trade crypto, the biggest positive for me was the availability of an order book to trade crypto in real time.

Ordinarily, I was expecting to just swap crypto on the Quidax platform and make whatever capital gains I could make on the platform.

However, the availability of an order book is a game changer that could entice new traders and boost activity on the platform.

Negatives About Quidax

The only negative for me was the absence of a p2p functionality for trading crypto.

I understand that trading directly with Quidax might be a faster and more trustworthy exchange process, but the exchange rates on trades would slightly be higher than what is obtainable via p2p trades.

Well, that is a trade-off many Nigerian crypto enthusiasts would likely be able to work with.

Should You Join Quidax?

In my opinion, it's a cool crypto trading platform.

If you can't seem to get your head around how to use p2p for buying and selling crypto, then Quidax will likely come in handy.

It might sound frivolous, but many Nigerian crypto enthusiasts don't know how to perform a simple p2p transaction. Little wonder why many of them are getting scammed despite the many security features that are available with p2p trades.

So, if you want a straightforward crypto transaction with a trustworthy platform, then Quidax might be the solution.

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