If you ask your Nigerian crypto friends where they trade their crypto easily, the first two names on their lips will likely be Quidax and Binance. Quidax is an African champ built by Africans, while Binance throws its fists on the global scene.
But which trading platform is better for Nigerians? Grab your popcorn as we settle the score for the ultimate trading MVP for Nigerians ⚔️!
The Quidax vs Binance Debate: A Little Background
Before they head into the boxing ring, let’s learn a bit about Quidax and Binance to understand how they even got here in the first place.
Binance stopped Naira-to-crypto trading in Nigeria in March 2024, causing a major conversation in the Nigerian crypto market. Before the company’s exit, its peer-to-peer (P2P) product was used by many Nigerians to exchange their naira funds for crypto and vice versa.
Quidax, on the other hand, has been in crypto space since 2018. It is Africa’s leading crypto exchange and is fancied for its products and features that are mostly suited to Nigerians. These include:
- A spot trading platform for buying and selling crypto instantly in Nigeria using Naira. The Instant Swap feature allows users to also convert USDT to local currency.
- An order book for real-time trades and high liquidity.
- The Quidax API for traditional companies to incorporate crypto services into their businesses.
The fully-packed features and top-notch crypto services make Quidax a solid Binance competitor in Nigeria. Hence, the Quidax vs Binance debate among the country’s crypto enthusiasts.
Binance vs Quidax Comparison
Now, let’s see how Binance and Quidax stand side-by-side in the Nigerian crypto market.
Quidax vs Binance: Beginner-Friendliness
When starting your crypto journey, you want to choose a cryptocurrency app that makes it easy to buy, sell, and trade crypto. After placing the Quidax and Binance trading platforms side-by-side, it’s safe to say Quidax is more beginner-friendly.
With a sleek design and user-friendly interface, crypto newbies can easily find their feet on the Quidax app or website. There’s also a quick “Buy and Sell” feature to trade instantly.
Conversely, beginners may find Binance to be complicated. Some say the Binance app is complicated and overwhelming due to its jampacked features. Others believe it may take some time and learning to fully grasp how the app really works.
Quidax vs Binance: NGN Support
Though Binance left Nigeria, the exchange is still active. Nigerians outside the country can use the platform. One notable challenge is that they cannot use any naira-related feature on the platform. That’s because Binance discontinued all NGN services on its platform earlier this year.
That means you cannot deposit, withdraw, or buy Bitcoin with naira on the exchange.
Unlike Binance, Quidax supports direct naira deposits and withdrawals. You can fund your Quidax wallet directly from your bank account or use a debit card. You can also convert your coins to naira and withdraw directly to your Nigerian bank account without using peer-to-peer (P2P) merchants that either charge extra fees or can be scammers.
Binance vs Quidax: Fees
Binance and Quidax charge low fees for their services. Both exchanges have a flat 0.1% maker-taker fee for trades. They also don’t charge fees for crypto deposits. Moreover, Quidax has one of the lowest fees in the Nigerian crypto market.
Naira deposit and withdrawal fees are as low as N100. Bitcoin withdrawal fees are also as low as 0.001 BTC. You can learn more about the various Quidax fees here.
Quidax vs Binance: Security and Licensing
Both Binance and Quidax are secure cryptocurrency exchanges. They employ various security measures to safeguard customers’ funds and data.
But, while Quidax is licenced by the Securities and Exchange Commission (SEC) in Nigeria, Binance isn’t licensed to operate in the country.
Quidax vs Binance: Supported Cryptocurrencies
Binance supports over 400 cryptocurrencies, including Bitcoin and altcoins like Ethereum, Solana, and Tron.
Quidax supports 60+ cryptocurrencies, which is relatively lower. The available coins on Quidax are popular options among the average Nigerian crypto trader. They include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Toncoin (TON), and Pepe (PEPE), to name a few.
How to Buy and Sell Crypto With Naira on Quidax
Follow the simple steps below to buy or sell cryptocurrency in Nigeria using the Quidax exchange:
Buy Crypto in Nigeria With Quidax
- Sign up on the Quidax app or website
- Complete KYC
- Add funds to your account directly from your naira bank account or debit card
- Search for the coin you want to buy using its ticker symbol (Eg, “BTC”)
- Enter the amount and complete the transaction
Sell Crypto in Nigeria With Quidax
- Sign in to your Quidax account via the app or web
- Tap on “Trade” at the bottom of the screen
- Choose the Instant Swap or Order Book option
- Enter the coin you want to sell and the amount
- Complete the transaction
Final Thoughts: Is Binance Better Than Quidax for Trading Crypto in Nigeria?
After about seven solid years in the Nigerian crypto space, Quidax is standing strong as a legit cryptocurrency exchange that understands the needs of Nigerian traders better. It boasts a beginner-friendly platform, while Binance can be a bit advanced for newbies.
With the recent Binance exit from the Nigerian market, Quidax is a solid option for Nigerians looking to invest in crypto using their local currency (the Nigerian Naira).
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
