Quidax VS Breet: A Side-By-Side Overview

Nigeria has emerged as a major player in global crypto adoption, ranking second worldwide in a 2024 Chainalysis report. Between July 2023 and June 2024, the country received approximately $59 billion in cryptocurrency transactions. With the Nigerian digital asset market projected to reach 25.8 million users, crypto trading platforms like Quidax and Breet are gaining traction across Africa.

These two platforms standout; each offering unique features for digital currency transactions. This comparison breaks down their key differences to help users determine the better choice for their crypto needs.

Quidax Overview

Quidax

Quidax is a peer-to-peer cryptocurrency exchange platform that allows users to buy and sell digital currencies using Nigerian Naira. After a brief alpha testing period, Quidax officially launched in 2018.

Following the ban on cryptocurrency in Nigeria, Quidax introduced a peer-to-peer (P2P) exchange, enabling users to fund their accounts with Naira.

Breet Overview

Breet- Best Cryptocurrency Trading App

Breet is Nigeria’s fastest crypto exchange platform, processing over 100,000 transactions monthly with instant withdrawals. As an over-the-counter (OTC) cryptocurrency trading mobile app, Breet provides instant liquidity for crypto assets. Designed for users and businesses seeking a seamless fiat equivalent of their crypto, it eliminates the complexities of traditional exchange models.

With over 200,000 downloads in Africa, Breet has positioned itself as a leading platform for individuals and businesses needing quick and hassle-free crypto liquidation.

Quidax vs. Breet: Which Crypto Exchange Offers the Best Value for Nigerian Users?

Cryptocurrency trading and exchange platforms are becoming increasingly essential in Nigeria’s financial ecosystem. Among the top contenders are Quidax and Breet, both offering unique services tailored to crypto traders and investors.

This comparison explores the strengths and weaknesses of Quidax and Breet to determine which platform provides the best overall experience.

Transaction Speed and Withdrawal Processing

Quidax processes withdrawals within 24 hours, meaning users may have to wait a full business day before accessing their funds. This delay can be inconvenient, especially for traders who rely on instant liquidity.

In contrast, Breet offers near-instant withdrawals, typically within five minutes, ensuring that users can access their funds almost immediately.

Transaction Fees

Breet stands out for its zero charges on deposits and withdrawals, making it an attractive option for users seeking cost-effective transactions. There are no hidden fees when funding or withdrawing from a Breet account, ensuring seamless and straightforward crypto conversions.

In contrast, Quidax applies fees for both local currency deposits and withdrawals. Naira deposit fees range from ₦100 to ₦2,250, depending on the transaction amount, while withdrawal fees vary between ₦200 and ₦5,000. 

Customer Support and User Experience

Quidax offers email and live chat support, but response times can be inconsistent, especially during high-traffic periods. 

Breet, however, prioritizes instant customer support, with a dedicated team available 24/7. Whether through live chat, email, or social media, users can quickly resolve their concerns. This faster response time significantly enhances user satisfaction.

Security and Trustworthiness

Both Quidax and Breet employ high-level security protocols, including two-factor authentication (2FA) and encrypted transactions. However, Breet takes security a step further by implementing military-grade encryption and cold storage for 95% of user funds, reducing the risk of cyberattacks.

Transaction Limits

Breet imposes no deposit limits, allowing users to fund their accounts freely. However, withdrawal limits are determined by account verification levels. Without completing Know Your Customer (KYC) verification, users can withdraw up to ₦2 million or 30,000 Cedis daily.

Basic KYC verification increases this limit to ₦5 million or 65,000 Cedis, while advanced KYC removes withdrawal limits entirely.

Quidax, also has no deposit limits, and just like Breet, withdrawals depend on KYC verification level. Basic verification allows users to withdraw up to ₦200,000 daily. However, Tier 1 KYC users on Quidax can withdraw up to ₦2 million naira or 50,000 USDT daily.

Trading Method

Breet operates using an Over-the-Counter (OTC) trading model, where transactions occur directly between the user and the platform at a predetermined rate. This method eliminates the need for market fluctuations or buyer-seller negotiations, enabling users to sell their crypto instantly with minimal steps.

Quidax, by comparison, utilizes a Peer-to-Peer (P2P) trading model, which directly matches buyers and sellers. Unlike Breet’s automated OTC system, Quidax requires users to coordinate transactions through the exchange, potentially leading to longer processing times due to market fluctuations.

Supported Cryptocurrencies

Breet supports eleven major cryptocurrencies, allowing users to sell Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), Dogecoin (DOGE), and Bitcoin Cash (BCH). While its selection is limited, it covers some of the most widely used digital currencies.

Folajinmi, a google software developer  and Nigerian freelancer who switched from Quidax to Breet revealed that they saved an average of 15% on withdrawal fees and received payments faster, allowing for smoother financial operations.

Quidax, however, provides access to 50+ different cryptocurrencies, including BTC, ETH, USDT, Ripple (XRP), Binance Coin (BNB), Polygon (MATIC), Solana (SOL), and many more.

Mobile App Features and Accessibility

Quidax mobile app: Provides a feature-rich experience, including market analytics, trading charts, and a customizable dashboard. However, the app is geared more toward experienced traders.

Breet mobile app: With a 4.8/5-star rating and over 100,000 downloads, Breet’s mobile app is optimized for convenience, making it the preferred choice for users who value accessibility over complex trading tools.

Frequently Asked Questions(FAQs): Quidax vs Breet

1. Which platform offers the best exchange rates, Quidax or Breet? 

Breet consistently provides better rates with zero hidden charges.

2. Which platform processes withdrawals faster, Quidax or Breet? 

Breet processes withdrawals within five minutes, while Quidax can take up to 24 hours.

3. Which platform is more beginner-friendly, Quidax or Breet? 

Breet is designed for ease of use, whereas Quidax caters more to experienced traders.

4. How does security compare between Quidax and Breet? 

Both platforms use 2FA and encryption, but Breet offers enhanced protection with 95% cold storage security.

Quidax vs Breet: Which Is a Better Crypto Trading Platform?

For Nigerian crypto users looking for the best overall experience, Breet emerges as the superior platform.

With instant withdrawals, better exchange rates, a beginner-friendly interface, enhanced security, and responsive customer support, Breet outperforms Quidax in nearly all key areas.

Make the switch to Breet today and experience a seamless crypto exchange process tailored for Nigerians!