Two of the top centralized exchange account platforms in Nigeria for Bitcoin trading and cryptocurrency exchange are Binance and Quidax. The platforms can be used by users who want to buy, sell, boost trade volume, or compare prices, such as the price of Bitcoin.
The ultimate goal of all customers looking to trade cryptocurrencies is to increase their bank accounts, so they are all looking for the most dependable trading platform to employ.
Making this choice can be challenging since, as a user, you need to take into account not just the safety of a trading platform but also its customer support and trading costs.
Payment services, staking, peer-to-peer transactions, institutional services, etc. are just a few of the services that Binance and Quidax provide. Despite having comparable fundamental features, the two exchange systems differ in ways that are meant to undermine each other’s performance.
In order to find a solution that would work best for both a new client looking to start trading cryptocurrency and an experienced cryptocurrency fan, we will now analyze the two businesses in the Binance vs Quidax comparison.
Let’s start with understanding both platforms better.
Binance vs Quidax: Overview
Changpeng Zhao created Binance in 2017, and Binance Holdings Ltd. is the legal name under which it is incorporated in the Cayman Islands.
The exchange is accessible in 186 nations and has over 120 million users globally; prohibited nations include the US, Ontario, Iran, and Syria.
Over 350 different cryptocurrencies, including BTC, ETH, SOL, BNB, DOT, ATOM, ADA, and many more, are available on Binance.
In fact, Binance offers a wide variety of financial services relating to cryptocurrencies, such as spot trading, fiat purchases, margin trading, and crypto futures on its worldwide exchange.
Users can buy and sell digital currencies on Quidax using Nigerian Naira, a peer-to-peer cryptocurrency exchange platform. After a brief alpha testing phase, the cryptocurrency trading software was formally released in 2018.
In response to Nigeria’s restriction on cryptocurrencies, Quidax established a peer-to-peer exchange. Users can quickly fund their accounts with Naira using Quidax peer-to-peer.
The exchange’s primary goal is to provide a platform for buying and selling cryptocurrencies, however, the introduction of DeFi and NFTs is also on the agenda.
Although there are more than 25 coins available for trading on the exchange, C and BNB account for more than half of all trading activity. Stablecoins and naira, the national currency of Nigeria, are included in the available currency pairs. The exchange trades 8 to 10 million dollars daily.
Quidax has grown to be one of the most well-known cryptocurrency trading platforms in Nigeria by trade volume, despite the fact that it is still relatively new compared to many other exchange platforms.
Binance vs Quidax: How it Works
Binance Verification & Opening Account
When it comes to trading websites, verification levels are a hassle. However, they are also a security feature that can help us check our trading levels and keep them in the manual to help us limit unauthorized trades.
What are the layers of verification?
Account limits exist to prevent users from trading above their normal capabilities. Nowadays, the majority of websites have manual activation, requiring the user to submit information to the business for inspection.
There are also verification thresholds that have more to do with deposit/withdrawal limits than trading.
Let’s see the different verification levels for both Binance and Quidax.
Verification with Binance.com
Three levels of verification are accessible on Binance.com, and these levels of verification are for withdrawal caps.
The first level has a 24-hour withdrawal cap of 2 BTC, the second level permits withdrawals of up to 100 BTC, and level 3 would has a greater cap of 100 BTC (precise value is unknown).
How do we level up an account to raise the withdrawal thresholds available?
The security SMS Authentication/Google Authentication feature needs to be enabled in order to go from the default level (LVL 1) to Level 2. Which, in our opinion, is fantastic since this represents a significant boost in the account limit.
The account had to be upgraded to level 2 when this was switched on and further verification documents had to be submitted.
You must submit your name, birthdate, address, and supporting documentation, such as a passport, driver’s license, or ID card that was issued by the government.
In order for the system to compare the photo on your ID with the photo you uploaded, you must also upload a photo of yourself.
To make the process easier, make sure your face is clearly visible in the photo. You must scan a QR code that appears on the screen to complete the verification so that the phone number can be associated with your verified account.
Create an Account on Binance
Simply visit Binance.com’s website and select “register” to set up an account. On the homepage, this is in the upper right corner.
Your active email address, your password (for the Binance account), and any referral IDs you may have will be requested on a different page.
The user will be prompted to enable two-factor authentication once they have signed into their account for the first time.
The fact that you are not immediately thrown into the live trading board when you sign into your account for the first time—that is, you are not immediately thrown to the sharks—is something we found to be really impressive.
Instead, you are directed to the security tab, where everything needs to be taken care of before you can begin trading.
Quidax Verification & Opening Account
Quidax, a local exchange, has managed to bring home a cutting-edge cryptocurrency exchange facility that is unavailable to African Users.
The site has a nice layout and is simple to use.
Almost all platform activity is automated, including registration, opening of accounts, deposits, and withdrawals, so you almost never need to get in touch with customer service.
Verification with Quidax
Quidax has introduced a new verification system for Nigerians. There are 4 Levels/Tiers in the new account verification process. Users from various tiers can carry out the same task. The deposit and withdrawal restrictions vary between the 4 Levels.
An overview of the various levels is provided below:
The Tier with no name
All new users will start out on Tier 0, which, while not technically a tier, does mean that Quidaxians at this level can buy, sell, receive, and store cryptocurrencies with a maximum Naira deposit limit of NGN 20,000.00.
However, they won’t be able to transmit or receive cryptocurrency or withdraw naira. Your ability to deposit Naira grows as you move up to Tier 1.
Tier 1: Verified Basic Information
Although you won’t be able to withdraw Naira or send Bitcoin at this level, you will be able to enjoy a greater Naira deposit limit of NGN 100,000.00. You will nevertheless be able to acquire, exchange, receive, and store cryptocurrency.
To get to Tier 1, you must provide your date of birth, address, city, zip code, and country.
Tier 2: Verification of BVN
Based on the deposit/withdrawal limitations and restrictions, Tier 1 may not be the best option for you. In that case, Tier 2 should work. You have access to the following limits after completing Tier 2 Account Verification:
- Daily Deposit and Withdrawal Limit: NGN 200,000.00
- Weekly Deposit and Withdrawal Limit: NGN 1,400,000.00
- Monthly Deposit and Withdrawal Limit: NGN 5,000,000.00
- Daily Bitcoin withdrawal limit: 1 BTC (or its equivalent for other cryptocurrencies)
- Weekly Bitcoin withdrawal limit: 5 BTC (or its equivalent for other cryptocurrencies)
- Monthly Bitcoin withdrawal limit: 10 BTC (or its equivalent in other cryptocurrencies)
You must provide your Bank Verification Number (BVN) and the related date of birth in order to upgrade to this level.
Your BVN information is safe for them to share because it is all securely encrypted and won’t be disclosed to a third party.
Tier 3: Verified ID Document
They’re aware that the Level 2 limits might not be sufficient for you, which is why Tier 3 was developed with a limit that is more than twice as high:
- Daily Deposit and Withdrawal Limit: NGN 500,000.00
- Weekly Deposit and Withdrawal Limit: NGN 3,500,000.00
- Monthly Deposit and Withdrawal Limit: NGN 10,000,000.00
- Daily Bitcoin withdrawal limit: 2 BTC (or its equivalent for other cryptocurrencies)
- Weekly Bitcoin withdrawal limit: 10 BTC (or its equivalent for other cryptocurrencies)
- Monthly Bitcoin withdrawal limit: 20 BTC (or its equivalent for other cryptocurrencies)
You must provide a government-issued identity card, a photo of yourself holding a piece of paper with the words “Quidax” printed on it, and the current date in order to reach Tier 3.
These are the government-issued identification cards that are recognized:
- Driver’s License
- National Identity Card
- Permanent Voters Card
- International Passport
- Residence Permit
Tier 4: Proof of Address Verified
Now Tier 4, the last but most certainly not least level, pushes your boundaries to the absolute maximum with:
- Daily Deposit and Withdrawal Limit: NGN 5,000,000.00
- Weekly Deposit and Withdrawal Limit: NGN 35,000,000.00
- Monthly Deposit and Withdrawal Limit: NGN 100,000,000.00
- Daily Bitcoin withdrawal limit: 5 BTC (or its equivalent for other cryptocurrencies)
- Weekly Bitcoin withdrawal limit: 20 BTC (or its equivalent for other cryptocurrencies)
- Monthly Bitcoin withdrawal limit: 40 BTC (or its equivalent for other cryptocurrencies)
You must present address verification documentation in order for your account to be Tier 4 validated. The following list of documents can be used to prove your address.
- Bank statement
- Utility bill (Electricity, Internet, Cable bill)
- Insurance Certificate
- Tenancy agreement
- Mortgage statement
- Tax bill or Pension statement
Please take note that the name on the document must match the name on the government-issued identification card you submitted for Level 3 and that your address must be shown in full. Additionally, the document must be within the past three months.
Create an Account on Quidax
Binance vs Quidax: Features
Binance and Quidax have great features, and you can almost imagine both to be equal. Let’s take a look at Binance and Quidax’s impressive features.
Features of Binance
- Intuitive UI
- Plethora of tokens
- Low fees
- Increased security
- A host of trading services
- Hight trade volume
- Multiple payment methods
- Over 50 fiats listed
- Mobile app
Features of Quidax
- Great UI
- Order book
- Good Liquidity and trade volume
- Trade charts
- Mobile app
- Instant transaction
- Solid security
- Quidax API
- #DropYourQuidax (giveaway)
Binance vs Quidax Features Comparison
From the above features, both Binance and Quidax have a user-friendly interface, which is easy to navigate, with a good number of tokens.
Binance for instance, has a simple design with all the necessary features, making it suitable for both beginners and advanced traders. It also offers advanced trading tools, such as margin trading and futures trading.
On the other hand, Quidax has a modern design and offers a simple and secure platform for users to buy and sell cryptocurrencies. The mobile app is also easy to use, making it convenient for users to trade on the go.
They both obviously have strong security measures they take to ensure your transactions are safe. Also, both perform instant transactions, however, the difference is in the transaction fees.
Meanwhile, Binance and Quidax do not charge deposit fees, but withdrawal fees vary depending on the cryptocurrency.
Now, let’s walk you through the outstanding services they both offer.
Binance vs Quidax: Products & Services
Binance and Quidax have great products and services and they both seem to be having the same products.
Binance Products & Services
Although Binance has many services available on its exchange, we will just discuss 7 of them in this article. Before the end of this article, we’ll talk about other services offered by Binance.
These 7 services that stand out are;
- Buy Crypto
On Binance, you can purchase or sell cryptocurrency in three methods that suit your needs;
Credit/Debit Card: Using this method, you can purchase cryptocurrencies. Using this option, you can sell or acquire up to 22 coins.
Third-Party Payment: Your transactions on this page are processed through a chosen payment gateway (currently, either Simplex or Banxa). Similar to the credit/debit card option, the supported cryptos here are also supported.
P2P Trading: This is where you use the Binance escrow service to purchase cryptocurrencies. This option lets you purchase three cryptocurrencies and three stablecoins using more than 100 different payment methods, and it works with all of the listed fiat currencies.
OTC: This choice enables a “quote” for the trade of numerous cryptocurrencies at a discounted price. With the three mentioned stablecoins, the option facilitates the purchase and selling of more than 20 cryptocurrencies.
Binance has a wallet for exchange. These wallets are organized into groups based on the services they are used for, as you can see from the screenshot.
You can move money between these wallets, but you can only add money to and take money out of your “Fiat and Spot” wallet.
After having covered this ground, let’s move on to the following section.
This section displays the Most Recent Price, Most Recent Change, Most Recent Volume, and Most Recent Market Cap of each market that is open for trading on Binance.
In the screenshot above, you can see that Binance has three different types of marketplaces, each of which is indicated by a red box.
There are other market divisions within these three markets. For instance, in the screenshot, the blue box contains the Spot Markets divisions.
A list of the services that Binance offers can be viewed by clicking on this menu. Let’s examine these services using the below-provided screenshot.
The first three entries on the “Trade” list are, in essence, the three different trading interfaces that Binance offers.
Simple: This interface demonstrates the simplest method for converting your cryptocurrency. For beginners who are not yet familiar with crypto trading tools, it is most beneficial.
Classic: This interface shows all of Binance’s market categories along with charts, trade histories, and order books.
Advanced: Both the basic and advanced versions are available. The advanced version’s extensive trading tools and indicators are what set it apart, though.
Margin: Margin is a way to top off your trading capital by borrowing money from Binance. Leverage trading is what we frequently refer to as.
You can trade cryptocurrency derivatives on Binance. Financial contracts called “crypto derivatives” base their values on underlying cryptocurrency.
These digital assets are not yours; rather, you are speculating on their price changes.
The derivatives contracts available for trading on Binance are depicted in the screenshot above.
To further understand how the derivatives market operates, you should also read What is Futures Trading on their website.
The business unit of Binance is called Binance Labs. It was started with the intention of supporting, empowering, and incubating blockchain and cryptocurrency startups.
Its goal is to foster business initiatives that advance the global use of cryptocurrencies while also expanding the greater blockchain ecosystem.
The first iteration of Binance’s “Binance DEX” decentralized cryptocurrency exchange is released. It is a peer-to-peer (P2P) protocol-based decentralized platform.
With the help of this protocol, users can immediately trade digital assets.
It gives customers total control over their money and enables seasoned traders to adopt more intricate trading techniques.
Quidax Products & Services
The services offered by Quidax cover the necessities for a crypto enthusiast.
The offered services are listed below;
- Instant Buy/Sell
- Order Book
- QDX Token
- Quidax API
- Quidax Vault
The majority of Bitcoin exchanges in Nigeria only offer this basic service, which is frequently their only offering.
This is made easier by Quidax, which enables you to instantly buy/sell numerous cryptocurrencies using NGN.
If using NGN makes you uneasy, you can also instantly purchase Bitcoin using USDT.
See how to utilize the Instant Buy/Sell option;
- Create an account at Quidax.com, then sign in.
- Invest in your account
- Click the Instant Buy/Sell button on your dashboard.
- Enter the quantity of cryptocurrency you want to purchase or sell after choosing the cryptocurrency and the currency you wish to buy or sell it for.
- If you want to proceed with the transaction, click “Continue” once you have confirmed your request.
Quidax founded a P2P exchange in response to the 2021 ban on cryptocurrency in Nigeria.
This will make it simpler for people to add Naira to their accounts.
Only Naira is supported by Quidax P2P.
In addition to NGN wallets on the online interface and mobile app, Quidax offers web wallets for all the cryptocurrencies it supports.
Your private keys are not accessible to you through Quidax.
This is not unusual, though, as users cannot access their private keys on any other exchange.
The Quidax trading platform looks like this.
Makers and takers contribute liquidity to the exchange by utilizing the “market and limit order” in Quidax’s user-friendly marketplace.
The exchange also incorporates a straightforward trade chart from “Trading View” so customers may follow the price development of a cryptocurrency asset over time.
The native cryptocurrency of Quidax Exchange is called QDX.
Click here to learn more about the QDX token.
In order to facilitate third-party integration for automated trading, Quidax offers its own API.
Contacting Quidax customer service will grant access to this for interested third parties.
This enables you to stake the QDX token and generate cryptocurrency revenue passively.
Open the “QDX wallet” and select “vault” if you wish to use the QDX vault. The choice to stake your QDX is available.
To qualify for the free tokens, you must have at least QDX 500.00 staked in your vault.
Binance vs Quidax: Fees
We’ve already discussed how to create an account, the features, and the existing products of their website; now is the ideal time to discuss their trade fees.
What are their fees then?
Binance only levies a 0.1% fee for each trade at the moment. Along with this, Binance also employs a maker-taker fee model with volume discounts, allowing you to reduce your trading costs to as little as 0.012%.
They most likely offer the lowest trading charge among all websites now in use! Even better, they offer a coin called BNB that can be utilized on their trading platform.
But you can’t compare this price with a platform like TransferXO that charges a maker fee of 0.75% and a taker cost of 0%, which are quite reasonable. Additionally, there are no fees for deposits or withdrawals and no volume-based pricing.
With Quidax, buying, selling, trading, and storing cryptocurrencies is simple. They have clear and accessible fees that you can review at any time.
They also have some of Nigeria’s lowest prices. and have no additional fees.
Here is a list of the costs we incur:
Fees for Naira Deposit
Only in situations when it costs us money to receive your funds do they impose a fee for local currency deposits at Quidax. Meanwhile, receiving coins on Quidax is cost-free.
Cryptocurrency Send fees
Send fees are modified often to reflect blockchain conditions. However, in order to better serve their clients, they have made a tool available that enables users to send free[a] to other Quidax users by utilizing their phone number or email address.
When you place a purchase or sell order on the order book and someone else fills it out, you will be charged a maker fee of 0.1% of the amount.
By placing any order that is executed against an order on our order book, you withdraw liquidity from our order book and pay the taker charge. Because a market order immediately removes liquidity (other traders’ offers) from the order book, you will pay a taker charge of 0.3% if you buy or sell using one.
Instant Buy/Sell Fees
We developed an immediate purchase/sell function to make it simpler for our consumers to buy and sell cryptocurrencies. With the help of this tool, you may instantly purchase Bitcoin, Litecoin, Ethereum, XRP, and USDT at the going rate of exchange.
The cost to use this service normally ranges from 1% to 2%.
Binance vs Quidax: Trading Methods
Quidax basically trades cryptocurrency over-the-counter (OTC). This indicates that there are just two parties—the user and Quidax—involved in a transaction procedure.
Transactions made via an OTC trading mechanism are traded at a set rate. Depending on the preset exchange rates, users can instantaneously sell their crypto for the equivalent in cash by following a few simple steps and pressing a few buttons.
Meanwhile, Binance employs a peer-to-peer trading strategy. When using the peer-to-peer (P2P) cryptocurrency trading method, the exchange platform connects two parties—one who wants to purchase cryptocurrency and another who wants to sell cryptocurrency—together.
The exchange platform serves as a medium for communication between these two parties during the transaction.
Binance vs Quidax: Buying/Selling Cryptocurrency in Nigeria
How to Buy and Sell Cryptocurrency on Binance
The greatest alternative you can find in Nigeria is Binance P2P, regardless of whether you’re interested in Bitcoin trading for the first time or you simply need a way to cash out your cryptocurrency quickly, securely, and easily without having to pay commissions.
With the popularity of Binance, TransferXO still stands out in so many ways with top-notch services, especially for Africans like Kenya, Ghana, and Nigeria.
How to Buy Bitcoin with Nigerian Naira on Binance
Here’s a step-by-step guide for purchasing Bitcoin through the app on Binance P2P.
Step 1: Specify your search criteria
- Activate the Binance App. Select P2P after clicking “Buy with Cash”.
- Select BTC under the Buy tab. On your screen, click the filter icon in the upper right corner.
- To purchase the cryptocurrency, choose the Bank payment option and the NGN currency. After that, click confirm.
Step 2: Begin trading
- Select the offer that best suits your needs, input the number of bitcoins you wish to purchase, choose a payment method, and click the Buy BTC button.
- Based on the seller’s payment details delivered during the payment window, transfer the money immediately to the seller. The chat window allows you to communicate with the seller.
- Make sure the vendor receives the payment before selecting Transfer Next.
Step 3: Receive your Bitcoin
- Click Confirm. Please refrain from clicking Confirm if you haven’t made any purchases. The P2P User Transaction Policy will be broken by this.
- “To be released” will be added to the status.
How to Sell Bitcoin with Nigerian Naira on Binance
To sell your Bitcoins, simply follow these 3 simple steps.
Step 1: Define the search parameters
- Activate the Binance App. then click P2P after choosing Buy with Cash
- Select the BTC cryptocurrency and the Sell tab. choose the filter icon that appears in the top-right corner of your screen.
- To sell the cryptocurrency, choose the NGN currency and the Bank payment method. Next, select Confirm.
Step 2: Begin Trading
- Select the offer that best suits your needs, then click Sell.
- Click on Sell BTC after entering the quantity you wish to sell and choosing a payment option.
- Wait till the NGN money reaches your bank account. To speak with the buyer, use the chat window.
Step 3: Obtain your Nigerian Naira
- Tap Release BTC once you’ve verified the buyer’s payment has been received.
- Click Confirm to transfer the cryptocurrency to the buyer’s account.
- You’ve successfully cashed out your Bitcoin, congrats!
How to Sell Cryptocurrency on Quidax in Nigeria
To use the rapid purchase and sell feature on Quidax, just follow these easy steps:
- Log in to your Quidax account if you don’t already have one or register for one if you do.
- Fund your Naira (local currency) account.
- On the website, click the Instant Buy/Sell button at the top. On mobile devices, it is under the hamburger-shaped icon on the right.
- Click either buy or sell depending on the activity you want to perform on the Buy/Sell page.
Buy Cryptocurrency on Quidax
- Choose the currencies you want to buy with and the currencies you want to use.
- Next, enter the quantity you wish to purchase. Either “Amount to Buy” or “Amount to Spend” is available for selection.
- Next, select “Buy.” The value of the currency you chose will be immediately reflected in your wallet.
Sell Cryptocurrency on Quidax
- Choose the currency you want to sell and the price you want to receive.
- Enter the quantity you want to sell after that. Either “Amount to Sell” or “Amount to Receive” are options you have.
- Then select Sell.
Is Binance Better than Quidax for Crypto Trading in Nigeria?
Despite being regarded to be relatively young, Quidax is revolutionizing the way people trade cryptocurrencies. They are rising through the ranks and quickly taking the #1 spot in Nigeria for cryptocurrency trading.
Binance on the other hand is a bit advanced here in Nigeria. They stand out in so many ways.
Binance and Quidax differ from one another in specific ways. Quidax is only for users who want an instant fiat equivalent of their cryptocurrency, whereas Binance offers both buying and selling alternatives.
They both have a sizable user base and have widespread credibility throughout Africa.
So, which of these two is a better platform for trading cryptocurrency? Your purpose is the only factor in deciding which of the two to choose.
Best Alternatives to Binance and Quidax in Nigeria
If you happen to be among the frustrated Nigerians currently accusing the cryptocurrency exchange like Binance and Quidax of being fraudulent after losing their assets on the platform as a result of account suspension and freezing without justification or prior notice, then you should opt to these alternatives to Binance and Quidax we came up with.
- TransferXO: TransferXO is an online peer-to-peer cryptocurrency exchange platform allowing you to send money to multiple countries. The platform provides competitive exchange rates and low costs, making it a cost-effective choice for international transactions.
- BuyCoins Africa: Your entry into the free global financial system is made possible by Buycoins. Users can purchase/sell cryptocurrency straight through the app without the hassle of looking for traders to buy from or sell to. It allows users to exchange cryptocurrencies instantly.
- Patricia: With Patricia, you can buy or sell cryptocurrency of any value, keep it in a wallet for local currency, and seamlessly transfer between the two for regular purchases like phone, data, and cable subscriptions.
- LUNO: With more than 21 billion dollars in executed transactions, Luno has been in the cryptocurrency space for almost as long as Bitcoin. Purchasing cryptocurrency is made safe and secure via Luno’s crypto wallet and trading exchange.
- Paxful: A peer-to-peer financial platform called Paxful was created to give everyone, wherever, equitable access. By providing access to roughly 400 different payment methods for the purchase, sale, and trading of Bitcoin and other digital currencies, Paxful promotes financial inclusion.
Is Binance or Quidax more secure?
Both Binance and Quidax are secure cryptocurrency exchanges that have implemented several measures to protect users’ funds. Binance has a more extensive security system and has not suffered any significant security breaches since its launch. However, Quidax is also secure and has not suffered any major security breaches.
Is Binance or Quidax better for beginners?
Quidax may be a better option for beginners due to its simple user interface and quick buy/sell option.
Which platform has lower trading fees, Binance or Quidax?
Binance has lower trading fees compared to Quidax.
Which platform has better security measures?
Both Binance and Quidax have strong security measures in place to protect user funds.
Which platform offers more cryptocurrencies?
Binance offers a wider selection of cryptocurrencies compared to Quidax.
Can I use fiat currency to trade on Binance or Quidax?
Both platforms support fiat currency deposits and withdrawals, but the availability may vary depending on your country of residence.
Both Binance and Quidax are trustworthy trading platforms for cryptocurrencies that provide a number of features and advantages. Quidax features an easy-to-use interface and is better suited for novices while Binance has a larger range of cryptocurrencies and reduced trading costs.
The decision between Binance and Quidax ultimately comes down to your individual needs and tastes. Binance might be a better choice if you’re an experienced trader seeking for cutting-edge trading capabilities. Quidax might be a better option, though, if you’re a newbie searching for a straightforward and user-friendly platform.
Whichever platform you decide to use, it is imperative to conduct your research and only invest money you can afford to lose.