Over the years, Quidax has maintained the stage to be one of Nigeria’s finest crypto exchange platforms where users can get to trade Bitcoin and other cryptocurrencies for Naira.
However, as crypto utility and adoption continues to hit an all time high, users are seeking for better alternatives to Quidax.
In this piece, we’d be considering seven Quidax alternatives in Nigeria, checking out their strengths and categories of traders they are best suited for.
Before we dive in further, let’s consider some things to be on the lookout for when choosing a Quidax alternative.
Why you Might Need an Alternative to Quidax
Although Quidax has become a go-to crypto platform for users in Nigeria over the years, here are a few reasons why considering other platforms is important.
- High Trading Fees
Quidax compared to some other platforms like Breet has a relatively higher fee structure that can impact your overall profitability. Platforms like Breet offer zero transaction fees, which helps the cushion the effect of trading fees on your overall portfolio
- Limited Coin Selection
For users looking to trade or explore other altcoins apart from Bitcoin, and Ethereum, there are better alternatives like Roqqu, and Paxful that come in to save the day. Quidax doesn’t have so many altcoins available for trading.
- Advanced Trading Features
For pro traders looking to explore advanced trading features like futures trading, charting tools, and the likes, you may want to look away from Quidax, as it doesn’t have those advanced features inbuilt with it.
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What to Consider When Choosing a Quidax Alternative
Here are some factors to consider when choosing a Quidax alternative in Nigeria
- Regulation and SecurityÂ
When considering a Quidax alternative in Nigeria, check to see that the platform is regulated by the securities and exchange commission of Nigeria. Regulated platforms are safer than unregulated ones.Â
Also check for their security infrastructure. It would be more profitable for you to use crypto platforms with robust security features like 2FA, escrow services, and the likes.
- Supported Cryptocurrencies
It is important to also check for the number of cryptocurrencies supported by a crypto platform before choosing to use it. Some platforms only support BTC and USDT, while others support a wider range of cryptocurrencies.Â
- Fees and Charges
When choosing a crypto platform to use, compare trading fees and charges, as they can significantly impact your overall profitability. Platforms like Breet offer zero transaction fees, helping traders to maximize profitability.
- Ease of Use and App Experience
The ease that comes with the usage of crypto platforms for trading activities is one of the things that gives sauce to trading. Go for platforms that have a good user interface, easy to navigate, and that offer seamless trading experience.
- Speed
No one wants to hang around a transaction all day. Every trader deserves a platform that executes transactions at the speed of light. This will help ensure trader’s safety from uneven market volatility that may impact the worth of their assets when transacting.
Top 7 Quidax Alternatives in Nigeria
Below is a list of 7 Quidax alternatives in Nigeria, alongside their pros and cons.
- Breet
- Bybit
- Roqqu
- Busha
- Paxful
- YellowCard
- Luno
1. Breet
Breet is a reputable crypto exchange in Nigeria and Ghana at the moment. It is widely known for fast transactions, and a wide user base of over 250,000 verified users, signifying trust in the brand.
Breet is a good alternative for Quidax, as it also supports over 40 cryptocurrencies, and has executed over 300 million trades successfully.
Pros
- Fast transaction completion time. Transactions are processed in less than 287 seconds.
- Beginner-friendly user interface.
- Best crypto to cash app
Why Breet is a good Quidax Alternative: Breet’s transaction speed and ease of use makes it a better alternative to Quidax.
2. Bybit
Bybit is a centralized exchange that is operational in Nigeria, and many other parts of the world.
Over the last two years, Bybit has gained good market traction in Nigeria, as users continue to execute transactions on its p2p platform. Bybit is also know to have advanced trading features like futures section, copy trading, and spot trading for advanced traders.
Pros
- Advanced trading features for pro traders
- Huge liquidity provision for large transactions
ConsÂ
- Interface not beginner friendly
- To access full functionality, ID verification is required
Why it’s a good Quidax Alternative: Bybit’s advanced trading features makes it a much better alternative to Quidax for pro traders
3. Roqqu
Roqqu is another reputable exchange operational in Nigeria and many other parts of Africa.
It has over 1.8 million users, with over 142+ tradeable assets available on the platform.
Pros
- Over 142+ supported cryptocurrencies for trading
- Fast transaction speed
Cons
- Network downtimes in times of peak activity
- Fees can be a bit higher than some other exchanges
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4. Busha
Busha is a crypto exchange platform that combines a unique feature of crypto trading, with crypto savings, and is another good alternative to Quidax.
Pros
- Great user interface
- Active customer support service
Cons
- Limited trading pairs available
- Not best suited for heavy transactions
Why it’s a good Quidax Alternative: Busha’s amazing user interface makes it a viable alternative to Quidax, especially for beginners.
5. Paxful
Paxful is a well known platform where users can get to buy/sell crypto assets through its p2p channel.
It supports over 200 cryptocurrencies, and has multiple payment methods that makes it a go-to for traders.
Pros
- Multiple withdrawal option
- Escrow service feature
Cons
- Uneven price placements by sellers on the p2p platform
- Risk of scams on their p2p platform
Why it’s a good Quidax Alternative: Paxful’s larger list of altcoins available for trading, makes it a viable alternative to Quidax.
6. Yellow Card
Yellow card is a crypto platform operational in Nigeria, and many other African countries, with a focus on bridging fiat and crypto.
Pros
- Fast transaction speed
- It is licensed
Cons
- Limited trading pairs available on the platform
- Rigid KYC option; not suitable for new users looking to run fast transactions
Why it’s a good Quidax Alternative: Yellow card is a good alternative to Quidax because it supports many other African fiat currency beyond Naira, and transactions are executed much faster on Yellow card.
7. Luno
Luno is a popular exchange in Nigeria, reputed for its beginner-friendly interface and educational support for newbies. Luno supports BTC and ETH trading majorly, although there are other assets that can also be traded on the platform like XRP, USDC, and many more.
ProsÂ
- Educational support for newbies
- Ease of use
Cons
- Limited trading features for pro traders
- Limited trading pairs
Why it’s a good Quidax Alternative: Luno’s educational resource for newbies, and its beginner-friendly interface makes it a viable alternative to Quidax.
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Comparing the top Quidax Alternatives
| Platform | Transaction Type | NGN Withdrawal | Best Suited For |
|---|---|---|---|
| Breet | Instant Crypto-cash (No P2P) | Instant Bank Transfer | Beginners, crypto merchants, freelancers |
| Bybit | Futures, spot, copy trading, P2P | Via P2P only | Pro traders |
| Roqqu | Buy/sell, Crypto-cash | Bank transfer available | Beginners and pro traders |
| Busha | Buy/sell, Crypto to cash | Bank transfer available | Beginners |
| Paxful | P2P | Via P2P only | Beginners and pro traders |
| Yellow Card | Instant Crypto-cash | Instant bank transfer | Beginners and pro traders |
| Luno | Spot trading | Bank transfer | Holders, Beginners |
FAQs about Quidax Alternatives
What is the best alternative to Quidax in Nigeria?
Currently, the best alternative to Quidax in Nigeria is Breet. Breet offers a seamless and automated crypto-cash system, that saves you the stress of delays in payment, and delivers to you the best trading experience without any hassles.
Which platform has the lowest transaction fees?
Breet offers zero transaction fees to traders utilizing the platform, which makes it the platform with the lowest transaction fees.
Can I withdraw naira directly from these platforms?
Yes. Platforms like Breet, Roqqu, Yellow Card, Busha, and many others allows you convert crypto to fiat, which can then be withdrawn directly to your bank account.
Which crypto platform is the best for beginners?
For beginners looking to do transactions and get started in the crypto space, platforms like Breet and Luno, with a simple user interface that is easy to navigate, is always advisable.
Conclusion
As the cryptocurrency space continues to grow and evolve in Nigeria, it is evident that one exchange cannot offer everything to users.
Quidax has maintained the stage for long, but now there are alternatives with even better solutions for users.
Choosing the right platform will always be in consonance with your needs. For many, the ultimate need in trading is speed and ease, and guess what? Breet offers you exactly that!
