Costs, licensing, consumer protection Privacy, self-custody, censorship resistance
B D LATAM/MENA/Africa Crypto Exchanges

Quidax Exchange

Quidax

Quidax Technologies Limited

Status
Private company
Legal HQ
Nigeria
Founded
2018
Corporate site
quidax.com

Main investors / shareholders

  • Techstars · Other
  • Genesis Node Ventures · Other
  • Kora · Other

Quidax Technologies Limited, founded in 2018 by Buchi Okoro, Uzo Awili and Morris Ebieroma. First crypto exchange to receive a provisional license (ARIP) from Nigeria's SEC as a Digital Assets Exchange (August 2024). Entity also registered in Canada (Corporations Canada #12086565) and as a money service business with FINTRAC. Private, non-listed company; raised ~3.5M USD (Seed round with Techstars).
3.5/5 0.9/5 · Data verified on

Quidax was the first exchange to obtain a SEC license in Nigeria, offering more than 70 cryptocurrencies with solid compliance. Its operations remain limited to Nigeria, however, and its user base of around 400,000 is still small.

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46
Transparency: Low
46/100 · see methodology
46
Data exposure: Low
46/100 · lower is better for sovereignty · methodology

Data & conditions

Maker / Taker fee 0.3% / 0.3%
Markets Spot
Max leverage 1×
Supported assets 40+
Trading pairs 72+
24h volume $2.7M
Fiat on-ramp Yes
Deposit methods Bonifico bancario NGN (Qdirect), Bonifico bancario diretto NGN, Carta di debito, Deposito crypto
Geo restrictions US, AF, CU, IR, KP, RU
Staking / Earn QDX Vault staking; USD Savings up to 10% APY
Fund custody Custodial (platform holds funds)
KYC Full
Supported countries AFRICA · 1+ countries
Regulator Nigeria SEC
OAM Italy registration No
Segment B2C
MiCA / License status SEC Nigeria ARIP SEC Nigeria (prima licenza)

Strengths

  • Before SEC Nigeria licensed; 70+ crypto; solida compliance.
  • No notable sovereignty advantage documented.

Weaknesses

  • Only Nigeria; 400K users (small).
  • Custodial: the platform holds your funds and can freeze or lose them.
  • Full KYC required: verified identity, zero pseudonymity.
  • Subject to regulation (SEC Nigeria (prima licenza)): reporting to authorities and freezes on order.
  • Geographic restrictions (US, AF, CU, IR, KP, RU).

Verdict

B D ★ 3.5/5 ★ 0.9/5

Being the first exchange to secure a SEC license in Nigeria and offering over 70 cryptocurrencies with solid compliance is a genuine strength, in a market where regulation is young, and it sustains the B score. It is held back, though, by its still-small size — around 400,000 users — and operations limited to Nigeria alone, which narrow its liquidity and robustness against larger rivals.

Quidax remains a custodial exchange with full KYC: the milestone of the Nigerian SEC license, its strength on the protection side, here means full identification and centralized custody of funds. It offers no self-custody, privacy or trustless access. For anyone seeking autonomy and confidentiality, the verdict through this lens is inevitably weak.

Privacy & anonymity 30% 0.8
Fund control 20% 0.0
Censorship resistance 20% 1.5
Costs 10% 2.0

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

What are Quidax Exchange's fees?

On Quidax Exchange, spot fees are maker 0.3% / taker 0.3%. They drop with monthly volume and VIP tier.

Is Quidax Exchange regulated in Europe?

Regulatory status of Quidax Exchange: SEC Nigeria (prima licenza). Licence: SEC Nigeria ARIP (NG).

Does Quidax Exchange publish Proof of Reserves?

Proof of Reserves publication is not documented for Quidax Exchange. No third-party reserve audit is documented. Reserve transparency is a critical factor after the FTX collapse.

Can I send transfers to third-party IBANs from Quidax Exchange?

No, Quidax Exchange is an exchange and does not allow transfers to third-party IBANs: fiat withdrawals return to a bank account in your own name.

Does Quidax Exchange support derivatives and futures?

Quidax Exchange does not offer derivatives: it focuses on spot trading.

Sources

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Update history

✓ Terms unchanged since Jun 1, 2026

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