Quidax Exchange
Quidax
Data verified on unchanged since the sources
Worth it if you operate in Nigeria and want a locally regulated exchange: it was the first to obtain the Nigerian SEC license, with over 70 cryptos and solid compliance.
Avoid it if you're outside Nigeria: operations are limited to that market and it isn't available in Italy, with a still-small user base (~400k).
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.
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
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.
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.
Reputation
What happened to people who used Quidax Exchange, and what users say. External signals: they do not feed the promp.it rating.
Incidents & regulatory actions
No known incidentSearch across public sources: no known hack, withdrawal freeze or regulatory action as of the verification date.
verified on
Public reviews
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Google Play ↗
3.8/5
1,664 reviews
Android app (io.quidax.app); ratingValue 3.804 and ratingCount 1,664 from aggregateRating structured data (gl=NG). Recovered by the orchestrator (the subagent could not read the count).
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App Store ↗
4.3/5
595 reviews
iOS app 'Quidax - Buy Bitcoin & Crypto' (id 6742988930), Nigeria storefront. Exact average 4.277 and count from itunes lookup, re-verified by the orchestrator.
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Trustpilot ↗
2.8/5
35 reviews
TrustScore 2.8 across 35 reviews, highly polarized (~48% 5-star vs ~49% 1-star). Read by the subagent by opening the page; the orchestrator could not re-verify via curl (Trustpilot domain 403).
Weighted average across 3 public review platforms (2,294 reviews in total), weighted by volume. This is not our rating: it is those platforms’ average.
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
- Official service page Maker/taker fees · Regulatory framework · Derivatives · Corporate site Data verified on Jun 15, 2026
- bitget.com Third-party audit Data verified on Jun 15, 2026
- coinspot.io Trading pairs · 24h volume · Geographic availability · Max leverage · +3 Data verified on Jun 15, 2026
- crunchbase.com Stock ticker · Stock listing · IPO date · Latest funding round · +1 Data verified on Jun 15, 2026
Show 5 more sources
- opengovca.com Legal name · Company type Data verified on Jun 15, 2026
- prnewswire.com Founders · OAM Italy registry Data verified on Jun 15, 2026
- support.quidax.io Deposit methods Data verified on Jun 15, 2026
- trustpilot.com Trustpilot reviews Data verified on Jun 15, 2026
- nairacompare.com.ng Founders · Staking & Earn · Past incidents Data verified on Jun 13, 2026