What is Quidax P2P?
The Quidax P2P (Peer-to-Peer) trading feature allows you to buy and sell crypto directly with other people on the Quidax platform. These people are verified merchants, and you can trade with them.
Why did we build P2P?
First, you asked for it and we listened. But beyond that, we built P2P because we wanted to provide you with more options in terms of the market rates. We currently have the best rates on the market, but we still wanted to give you more options to move between Naira and crypto.
Why launch P2P when there’s Instant Swap?
We designed P2P to help you get more value for your money. Think of Instant Swap as the fast lane with only one price quote from Quidax and can complete a trade in seconds. But with P2P, you have multiple offers and you can choose the best price.
What cryptocurrencies can I trade on Quidax P2P?
You can only trade Tether (USDT) on Quidax P2P for now. You can buy USDT with Naira or sell for Naira at your preferred price.
How can I apply to be a P2P merchant?
You must apply on our website or mobile app. You need to have completed your advanced KYC and enable 2-Factor Authentication (2FA) for your security. Your application will be reviewed within 1-3 hours.
What are the merchant application requirements on Quidax P2P?
To be a an Ordinary Merchant, you must:
- Complete advanced KYC
- Enable 2FA
- Submit a bank statement
- Fund your P2P Wallet
To be a Super Merchant, you must:
- Meet the Ordinary Merchant requirements above
- Show proof of 14 days of Quidax P2P trading (we will verify that there have been no fraudulent activities)
- Submit proof of your P2P trading experience on other platforms (a screenshot of your merchant profile or metrics in on these platforms works)
How long before my merchant application gets verified?
Once you’ve submitted your application, our merchant application verification process will be completed within 1-3 hours. So, expect an update within this period.
How are merchants’ prices verified so they aren’t too high?
We have a system to regulate merchants’ prices to ensure they aren’t far away from the latest rates. We manage this process behind the scenes, so buyers are assured of competitive rates.
Is there a feature for merchant success rate and response time?
Currently, this feature is not available, but we’re going to have ratings and reviews on the P2P app very soon. When we’re done, both buyers and sellers will be able to rate each other after completing a trade.
Is there a minimum balance for a merchant on P2P?
We collect a security deposit of 1 USDT for Ordinary Merchants and 2 USDT for Super Merchant. We will refund the security deposit once you stop being a merchant on the Quidax P2P platform.
What are the charges or fees on P2P?
There are no charges or fees on Quidax P2P. You can buy and sell crypto at zero cost.
How are users’ funds secured during a P2P trade?
We use an escrow system to protect both buyers and merchants on Quidax P2P. Before funds or crypto are released on either side, they are first locked in a secure escrow account and won’t be released until there’s confirmation on both sides.
What measures are in place to prevent fraud?
We use an escrow system and we’ve provided options for you to raise a dispute if someone does not release your funds even when you’ve actually made the transfer. Our merchant verification process is also stringent, with requirements like advanced KYC verification and past transaction checks.
Are P2P prices set independently or Quidax gives merchants a range?
We provide merchants with a recommended rate range that they can use to set their own pricing to ensure the rates remain competitive.
What if a seller fails to release coins after getting paid?
If this happens, raise a dispute immediately and submit your proof of payment. We will jump on it quickly and resolve the issue.
Is P2P open to only old Quidax customers?
No, both new and existing customers who have enough USDT liquidity can apply to become a merchant. And any customer can also purchase USDT via P2P. But, buyers must pass our basic level KYC and sellers must have completed advanced KYC to use Quidax P2P.
Need help or have more questions? Reach out to us via email at [email protected].
