As a crypto platform, part of our job is to understand what other providers are building. My team and I review public documentation, pricing, product flows, and the evidence we can verify. We give credit where it is due, and we state the limits we find. This review explains what we could confirm about Quidax, what it does well, where it may not fit, and who should consider it.
Note that we did create an account to test Quidax's response times, payout speed, support, uptime, and product behaviour.
Quidax at a glance
| Legal entity | Quidax Technologies Limited |
|---|---|
| Launched | 2018 |
| What it is | A full crypto exchange with order book trading and USDT staking |
| Platform fee | 0.1% maker and taker on the order book. Instant swap stated as no fee |
| Payout speed | Allow 30 minutes to 1 hour for a naira withdrawal, with no guaranteed processing period |
| Supported coins | 50+ claimed. Many are marked "Trade only", so they cannot be deposited or withdrawn |
| Can you buy crypto? | Yes |
| Can you swap coins? | Yes |
| Can you hold USD? | No. Domiciliary account withdrawals are paused |
| KYC | ID plus selfie. BVN mandatory before any withdrawal |
| Markets | Nigeria and Ghana, plus XAF, XOF and KES regions |
| Regulatory status | Provisional SEC Digital Assets Exchange licence |
| App type | iOS and Android mobile app, plus web |
Pros and cons
Pros
- A provisional SEC Digital Assets Exchange licence, one of only two granted in the August 2024 ARIP cohort.
- Genuine exchange functionality. A real order book with maker and taker pricing, not just an instant buy-sell button.
- Broad asset selection. Over 50 assets marketed, with 81 rows in the published fee table.
- Wider fiat coverage than most local platforms. NGN, GHS, XAF, XOF and KES.
- Free internal transfers. Sending to another Quidax user by email or phone number costs nothing.
- Business and infrastructure depth. OTC desk, Ramp, the Basqet payment gateway, Launchpad and a stablecoin API.
Cons
- Naira withdrawals are slow by design. Quidax's help centre instructs users to "give 30mins- 1hour for your withdrawal" before contacting support. Its terms go further and state Quidax "provides no guarantee in relation to the Withdrawal processing period."
- The instant swap has no published spread. Quidax states "There is no fee for the Instant swap" but publishes no markup, so the real cost of a swap cannot be calculated. Its help centre also warns that swap values "are only estimates of current market prices" and that a quote is "only valid for 11 seconds."
- A long list of paused, removed or never-shipped features. P2P discontinued with "no plans to bring back"; domiciliary account withdrawals paused; QDX staking paused; referral programme paused and "the sign-up bonus has been paused"; internal username transfers removed; the deposit whitelist removed.
- Many listed coins cannot be moved. A large share of assets in the fee table are marked "Trade only", meaning no deposits and no withdrawals. Quidax also delists assets periodically.
How Breet compares to Quidax
Cash in minutes, not in an hour. Breet settles transactions in minutes after on-chain confirmation instead of waiting in a queue.
Conversion happens on arrival. Crypto that lands in your Breet address converts by itself; there is no sell step and no withdrawal to initiate.
Swap without an 11-second timer. Quidax swap quotes expire after 11 seconds and force a requote; Breet's 170+ assets are easier to move between without racing a countdown.
Crypto cards and bill payments. You can spend on global merchants or pay for airtime, data, and electricity straight from crypto without opening your bank app.
Crypto gifting. You can send crypto to someone who has never opened a wallet, which means no walkthrough of addresses and networks.
Where Quidax is ahead
- Quidax holds a provisional SEC licence. Breet's application is pending.
- Quidax supports more fiat currencies. NGN, GHS, XAF, XOF and KES against Breet's naira and cedis.
- Quidax offers USDT staking. Breet has no yield product at all.
