Quidax
Quidax
Quidax is a Nigeria-based crypto platform licensed by the Nigerian SEC, with over a million users and more than 70 cryptocurrencies available. Operations are limited to Nigeria, there is no physical card, and the referral program is temporarily paused.
Data & conditions
| Account fee | Free |
|---|---|
| IBAN | condiviso |
| Multi-currency | No (single currency) |
| Outbound transfers to third-party IBANs | No |
| Utility direct billing | No |
| SEPA direct debit (SDD) | No |
| Interest on balance | 10% |
| ATM withdrawal | not declared |
| Fund custody | Custodial (platform holds funds) |
| KYC | Full |
| Supported countries | AFRICA · 3+ countries |
| Regulator | SEC Nigeria |
| OAM Italy registration | No |
| Segment | B2C, B2B |
| MiCA / License status | SEC Nigeria ARIP SEC Nigeria |
Plans & pricing
Strengths
- 1M+ users Nigeria; 70+ crypto; SEC Nigeria licensed; affiliate 2025.
- No notable sovereignty advantage documented.
Weaknesses
- Only Nigeria; no card physical; referral in pausa temporanea.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (SEC Nigeria): reporting to authorities and freezes on order.
Verdict
A full Nigerian SEC licence and a base of over a million users underpin a fair rating, with more than 70 cryptocurrencies offering depth of choice. Weighing against it are the concentration on Nigeria alone, the lack of a physical card and a temporarily paused referral program, factors that limit usability and international reach.
Through this lens Quidax remains a custodial exchange with full KYC: users do not control their keys, and the licence that reassures consumers also implies full traceability. The broad asset selection does not offset the absence of self-custody and on-chain features this perspective would reward.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is Quidax a real bank?
Quidax operates under a SEC Nigeria ARIP licence. The deposit-protection scheme is not documented for this service; check the official terms.
Can I send transfers to third-party IBANs with Quidax?
The ability to send transfers to third-party IBANs is not documented; check the official website.
Does Quidax support direct debits and utility billing?
SEPA direct debit (SDD): not documented. Utility-bill domiciliation: not documented.
Which fiat currencies does Quidax support?
The number of supported fiat currencies is not documented. Multi-currency accounts: not documented.
Can I withdraw crypto on-chain from Quidax?
On-chain crypto withdrawal is not documented; check the official website.
Sources
- Official service page Plans & pricing · Regulatory framework Data verified on Jun 13, 2026
- nairacompare.ng Savings interest · Variante regionale.mobile money · Variante regionale.local payment rails Data verified on Jun 14, 2026
- ng-check.com Legal name · Company type · Registered office Data verified on Jun 14, 2026
- pitchbook.com Latest funding round · Investors Data verified on Jun 14, 2026
Show 3 more sources
- prnewswire.com Founders Data verified on Jun 13, 2026
- support.quidax.io On-chain crypto withdrawals Data verified on Jun 13, 2026
- trustpilot.com Trustpilot reviews Data verified on Jun 13, 2026