IS QUIDAX LEGIT?: Quidax is a cryptocurrency exchange based in Nigeria, with its headquarters located in Lagos. The exchange was founded in 2018 by Buchi Okoro, who serves as the CEO of the company. The platform allows users to buy, sell and store various cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and many more. Quidax is designed to be user-friendly and accessible to everyone, from novice to expert traders. It is considered by the Central Bank of Nigeria as a Virtual Assets Service Provider (VASP). On Friday, May 13, 2022, Nigeria’s Securities and Exchange Commission (SEC) published rules and recommendations for all service providers of cryptocurrencies and digital assets, so the Corporate Affairs Commission must properly certify each exchange serving Nigerians (CAC). In light of this, platforms like Quidax, DartAfrica, Binance, and Paxful will need to register with the CAC.
Quidax has not faced any major challenges with authorities in Nigeria. However, like all cryptocurrency exchanges operating in the country, they are subject to the regulations set by the Central Bank of Nigeria (CBN) and other regulatory bodies. In February 2021, the CBN issued a circular directing all financial institutions to close accounts associated with cryptocurrency trading and transactions.
This caused a temporary disruption in the operations of some cryptocurrency exchanges in Nigeria, including Quidax. However, Quidax quickly assured its users that their funds were safe and that they were working on alternative solutions to ensure seamless transactions. As of now, Quidax continues to operate and offer its services to users in Nigeria and beyond.
Features of Quidax
One of the most outstanding features of Quidax is its ease of use. The platform is designed to be easy to navigate, even for first-time users. The platform offers a simple, intuitive interface that makes it easy to buy and sell cryptocurrencies. Additionally, the platform has a mobile app, which allows users to trade on the go, as well as access their wallets and other features.
Another feature that sets Quidax apart from other exchanges is its commitment to security. The platform uses advanced security measures, including two-factor authentication, SSL encryption, and cold storage to ensure the safety of users’ funds. The platform also adheres to regulatory requirements, ensuring that it is compliant with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Quidax offers several payment options, including bank transfers, card payments, and payments with other cryptocurrencies. The platform also offers competitive fees, with no hidden charges. The transaction fees on Quidax are relatively low compared to other exchanges, making it an excellent choice for those looking to minimize their transaction costs.
One of the most unique features of Quidax is its liquidity. The platform has a large user base and offers high liquidity, meaning that users can easily buy and sell cryptocurrencies without having to wait for a buyer or seller to come along. This makes Quidax an excellent choice for traders looking to make quick transactions.
Compared to Quidax, platforms like DartAfrica which is a relatively new cryptocurrency trading platform with the goal of giving consumers in Ghana and Nigeria a simple and convenient way to purchase, sell, and withdraw cryptocurrencies. DartAfrica is aiming to appeal to a broad variety of customers with diverse preferences by providing support for well-known cryptocurrencies including USDT, USDC, ETH, and BTC.
Quidax has “competitive fees”, while DartAfrica offers zero transaction fees, fast and secure transactions, as well as a user-friendly interface that is easy to navigate. For people who desire to exchange their bitcoin holdings for local money for a variety of uses, such as paying bills or making purchases with local fiat, DartAfrica can be handy. DartAfrica is also working tirelessly to increase its crypto assets to accommodate way more cryptocurrencies, as well as expand beyond Ghana and Nigeria to the whole of Africa. To efficiently use DartAfrica:
How to trade on Dart Africa
- Head over to their website to register in very few quick and easy steps.
- Next, log in to your account and click “Security” to create a transaction pin for authorizing withdrawals.
- Click on “Account Details” to set up your local bank account.
- Click on “Sell Coins”, and select the coin you wish to deposit. Enter the USD amount (min $20).
- Click “Sell Now” and a barcode (and wallet address) is provided for you to deposit the equivalent amount you wish to sell. Once the deposit is complete, you can monitor your transaction in the “Trades” section and after 2 block confirmations, the equivalent fiat is deposited in your account. This can be viewed on your “Dashboard”.
- Click “Withdraw funds” and enter the amount you wish to withdraw to the already set up account in step 3. Your local bank is credited instantly with no hidden charges.
Quidax has a community of users and supporters. The company has an active presence on various social media platforms such as Twitter, Facebook, Instagram, and Telegram, where users can engage with the company and other community members, ask questions, share their experiences, and get updates on the latest developments and events.
In addition, Quidax regularly organizes meetups, webinars, and other events where users can learn more about the platform and cryptocurrency in general, network with other users, and engage with the company’s team members. The company also has a blog where it publishes articles and news about the industry, platform updates, and other relevant information.
Furthermore, Quidax has a referral program that rewards users who refer new users to the platform. This program is designed to incentivize users to invite their friends and family to use the platform and to help grow the community. Overall, Quidax places a strong emphasis on community building and engagement as part of its strategy to promote the adoption of cryptocurrency in Nigeria and beyond.
Overall, Quidax is an excellent choice for anyone looking to buy or sell cryptocurrencies. With its easy-to-use interface, robust security measures, and competitive fees, Quidax is a platform that is suitable for both novice and experienced traders. Additionally, the platform’s liquidity and broad range of supported cryptocurrencies make it an excellent choice for those looking to diversify their portfolios.