For trading Bitcoin and other cryptocurrencies, Quidax and Paxful are two of the best-centralized exchange account platforms in Nigeria. Users can utilize the platforms to buy, sell, increase trading volume, or compare pricing, such as the price of Bitcoin.
All consumers seeking to trade cryptocurrencies are doing it with the intention of increasing their bank accounts, so they are all searching for the most reputable trading platform to use.
Making this decision might be difficult since, as a user, you must consider a trading platform’s safety as well as its customer service and trading fees.
These are just a few of the services that Paxful and Quidax offer, along with payment services, staking, peer-to-peer transactions, institutional services, etc.
The two exchange systems differ in ways that are intended to outgrow one other’s performance despite sharing many essential properties.
We will now study the two companies in the Quidax vs Paxful comparison in order to uncover a solution that would be the best for both a new client eager to start trading cryptocurrency and an experienced cryptocurrency enthusiast.
Let’s start by getting a deeper understanding of both platforms.
Is Quidax Better than Paxful for Crypto Trading in Nigeria?
For everyone, but especially for cryptocurrency newbies, selecting the best cryptocurrency exchange in Nigeria might be challenging.
There are many possibilities, and deciding which one is ideal for you might be challenging. To help you make an informed decision, we’ll break down the major exchanges in Nigeria and go over some of the things you should consider.
Coins that are supported: Since different exchanges support various cryptocurrencies, you should at the very least confirm that the exchange you choose is compatible with the coins you intend to trade.
A user-friendly interface is essential since it makes trading simpler and quicker. If you’re a more seasoned trader, though, you might favor exchanges with more intricate user interfaces and a wider range of alternatives.
Fees: Since every exchange has a distinct cost structure, it’s critical to evaluate them all to discover the best option for your needs. Generally speaking, lesser fees equate to better returns on your investments, whereas higher expenses reduce your profits.
Therefore, before considering which you should go between Quidax and Paxful, you should put these factors into consideration and know which is in your favor.
Let’s quickly look at these factors in detail below to determine if Quidax is actually better than Paxful.
Another platform that competes so well with Paxful and Remitano is TransferXO. TransferXO is a combination of all the features Paxful and Remitano has.
You may read our full evaluation and comparison of TransferXO and Quidax and TransferXO and Paxful to help you make an informed decision.
Other articles falling under this category are:
- Luno vs Quidax: Which is Best to Use in Nigeria?
- Paxful vs Yellow Card: Which is Best to Use in Nigeria?
- Paxful vs Luno: Which is Best to Use in Nigeria?
- Paxful vs Binance: Which is Best to Use in Nigeria?
- Binance vs Quidax: Which is Best to Use in Nigeria?
Quidax vs Paxful: Overview
Quidax Overview
Using fiat or local currency to purchase and sell cryptocurrencies is supported by the African cryptocurrency exchange Quidax.
Bitcoin, Ethereum, Ripple’s XRP, Litecoin, and Tether are all accepted in Nigeria on this exchange platform. Along with an order book exchange, it also features an Instant Buy/Sell facility that enables instantaneous purchases and sales of Bitcoin and other cryptocurrencies.
Pros of Quidax
The Quidax trading platform has a number of advantages, including:
- Advanced security safeguards like two-factor authentication.
- Possibility of cash withdrawals to nearby banks.
- Coins can be stored in the Quidax app as a wallet for a set amount of time.
- It is practical for Nigeria because it supports the naira.
- A user-friendly interface with many settings.
- Quick support staff and quick transactions.
Cons of Quidax
The following are a few of Quidax’s flaws:
- Trading in USD or EUR is not available because it is a regional exchange.
- Fast withdrawals typically incur extra costs.
- not having access to the world market for cryptocurrencies.
Paxful Overview
Buyers and sellers can connect and exchange bitcoins on the online marketplace Paxful. Similar to LocalBitcoins, Paxful provides a wide range of purchasing options and payment methods that are not present on standard exchanges.
Customers can buy Bitcoin using nearly any payment method through Paxful. Furthermore, the user interface is quite user-friendly.
Retailers can accept a variety of payment ways thanks to Paxful’s website payment processing solution. If you purchase Bitcoin on Paxful, you won’t have to pay any fees.
Nevertheless, based on your chosen payment method, many retailers could charge a fee or a premium. The business also gets a 1% commission from Paxful sellers.
Pros of Paxful
- Support is offered continuously.
- There are more than 300 different ways to pay.
- Borderless peer-to-peer commerce
- Peer-to-peer crypto trading
- No fee for buying crypto
- Wide variety of payment methods
- Sleek design
- Reputation system
Cons of Paxful
- Small cryptocurrency selection
- Risk of scams
- Trading can be difficult
- Limited support options
Quidax vs Paxful: How it Works
Quidax Verification & Opening Account
Making an account on Quidax is the first step toward utilizing it. Simply visit the Quidax website and select “Sign up” to get started.
It will be necessary for you to enter both your email address and password. Once you’ve done that, you’ll need to finish your profile and confirm your email address.
You must validate your account before you can start buying and selling cryptocurrencies on Quidax. You’ll need to submit some personal information, like your full name, birthdate, and address, in order to accomplish this.
A government-issued ID, such as a passport or driver’s license, must also be uploaded. Following your completion of this, Quidax will examine your application and confirm your account.
You can now add money to your Quidax wallet after having your account validated. The payment options accepted by Quidax include bank transfers, credit/debit card deposits, and cryptocurrency deposits.
Simply choose your preferred payment option and adhere to the supplied instructions to add money. You can start buying and selling cryptocurrencies as soon as your funds have been deposited into your Quidax wallet.
Paxful Verification & Opening of Account
If you’re ready to start trading cryptocurrencies, you’ll first need to create a Paxful account, so it’s a good thing that the process is clear-cut and straightforward. We’ll walk you through the process of making an account and verifying it step-by-step.
Paxful-account-create-websiteThe Paxful website can be accessed by opening your browser. When the home page loads, click the “Create Account” button in the upper right corner of the screen.
You must provide both your email address and a secure password that is at least six characters long and contains both upper- and lowercase letters, numbers, and special characters. Following your selection of the blue “Create Paxful Account” button, Paxful will email you an activation number.
On the Paxful website, open it up and enter the 6-digit code. A code must be entered within 30 minutes or it will become invalid.
Your account is now active and registered. However, you should verify your account if you want to access more features. To learn about the various stages of verification, continue reading.
By using KYC, Paxful account verification can help build confidence among market participants. Four levels of verification are available:
Level 1:
You are given a trading volume with a $1,000 limit at this level. This necessitates email and phone authentication in addition to sending money from your Paxful wallet.
Level 2:
The user’s trading volume limit has been raised to $10,000 at this level, and they have access to new trading strategies. You also have the choice to submit your own proposals. You must verify your ID in order to advance to level 2. Note: Level 2 verification is required for all transactions and money withdrawals if you reside in Canada, the EU, or the US.
Level 3:
At this level, your trading volume is unrestricted, and you are no longer required to have 0.02 Bitcoin on hand in order to make public crypto offers. You need to pass address verification in order to reach this level.
Level 4:
Enhanced Due Diligence, often known as Customer Due Diligence, calls for the use of additional verification techniques. The trading limit is raised to more than $50,000 at level 4, which is only accessible to high-volume corporate accounts.
Quidax vs Paxful: Features – A Detailed Comparison
1. User-Friendly Interface
Quidax offers an easy-to-use interface that makes it possible to move about the platform quickly. It is simple to buy and sell cryptocurrencies because of the platform’s excellent organization. With only a few clicks, you can access every feature, making it the perfect platform for beginners.
However, the Paxful platform is suited for users with varied levels of experience because it has an intuitive structure and simple instructions.
2. Multiple Payment Options
A number of payment methods are supported by Quidax, including bank transfers, credit/debit cards, and mobile money. This makes it simple for you to purchase and trade bitcoins, wherever you are.
Quidax can’t compete with Paxful’s array of payment methods, which includes cash payments, gift cards, bank transfers, and online wallets.
Paxful has an advantage in terms of simplicity and flexibility for Nigerian cryptocurrency traders thanks to this wide variety of payment options.
3. Multiple Supported Cryptocurrencies
Several other cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, are supported by Quidax. This enables users to trade multiple cryptocurrencies on a single platform and diversify their investment portfolios.
In order to serve the Nigerian market, Paxful primarily concentrates on Bitcoin trading and provides a wide range of payment options.
Users have access to a variety of methods for buying and selling Bitcoin, including bank transfers, cash deposits, gift cards, and even online wallets like PayPal.
Users can choose a payment option that best meets their tastes and accessibility thanks to the wide variety of payment alternatives available.
The available payment options number over 350.
4. 24/7 Customer Support
Users of Quidax have access to customer assistance around the clock, ensuring that any problems are quickly fixed. The support staff can be reached by phone, live chat, or email.
Additionally, Paxful offers a user-friendly interface that makes purchasing and trading Bitcoin easier. Additionally, they place a high value on the user experience and offer round-the-clock customer service to help users during their trading trips.
Quidax vs Paxful: Products & Services
Quidax Products & Services
The Quidax services fulfill all the requirements for a crypto enthusiast.
These are the services that are provided:
P2P
In reaction to the 2021 prohibition of cryptocurrencies in Nigeria, Quidax established a P2P exchange.
People will find it easier to fund their accounts with Naira as a result of this.
Quidax P2P only supports Naira.
Wallet
Quidax provides web wallets for all the cryptocurrencies it supports in addition to NGN wallets on the internet interface and mobile app.
You cannot use Quidax to access your private keys.
However, since users are unable to access their private keys on any other exchange, this is not rare.
Order Book
This is how the Quidax trading platform appears.
Makers and takers use the “market and limit order” in Quidax’s user-friendly marketplace to contribute liquidity to the exchange.
Additionally, the exchange features a simple trade chart from “TradingView” so users may see the price evolution of a cryptocurrency asset over time.
QDX Token
QDX is the name of Quidax Exchange’s native cryptocurrency.
Quidax API
Quidax has its own API to make third-party integration for automated trading easier.
Access to this is available to interest third parties that get in touch with Quidax customer care.
Quidax Vault
As a result, you can stake the QDX token and generate passive cryptocurrency income.
If you want to use the QDX vault, open the “QDX wallet” and choose “vault”. You have the option of staking your QDX.
You must have at least QDX 500.00 staked in your vault to be eligible for the free tokens.
Paxful Products & Services
Wallet:
You can use your wallet to accept, store, send, and spend bitcoins.
Create an Offer/Vendor Service:
When you publish an offer that is related to buying or selling in the market, you are regarded as a vendor.
Affiliate Program:
Paxful’s affiliate program enables it to pay users 10%–50% of the revenue it generates from any clients they send their way.
Crypto conversion:
By employing a covert cryptocurrency, such as BTC for ETH, you can swap one cryptocurrency for another.
Earn:
Paxful enables Bitcoin staking for opportunistic rewards. At the time of publication, the APY rate was 3.05 percent. Once a week, rewards are also given out.
Using more than 300 different payment methods, buyers and sellers can trade BTC, ETH, and USDT here.
Quidax vs Paxful: Fees and Trading Costs
Quidax Fees and Trading Costs
The structure of the Quidax transaction fee is open and transparent. These are the charges incurred when the cryptocurrency platform provides various services.
A 1.4% fee is applied to USSD and debit card deposits of Nigerian Naira on Quidax. However, bank transfers and direct bank deposits for cash are also free.
The site charges a 0.2% creator fee and a 0.3% taker fee in the meanwhile. On the other side, each purchase made through the instant buy/sell feature incurs a 1% fee.
Paxful Fees and Trading Costs
The pricing structure used by Paxful is decided by the platform’s individual sellers. Sellers determine their own exchange rates and fees because this is a peer-to-peer marketplace.
While this may result in some charge variation, it also gives users the opportunity to compare prices and locate the best deals.
The breakdown of Paxful’s fees is as follows:
- Bank Transfers: …………….0.1%
- Digital Currencies: ……………1%
- Online Transfers: ……………..1%
- Credit/Debit Cards: ………….1%
- Cash Deposits: …………………1%
- Gift Cards: For iTunes and Google Play gift cards, it charges 5% and 2% for every other gift card.
Quidax vs Paxful Fees and Trading Costs Verdict
The profitability of cryptocurrency trading can be considerably impacted by trading costs.
Both Paxful and Quidax impose fees for transactions made through their systems, although the cost schedules are different. Depending on the cryptocurrency being traded, Quidax charges a flat fee on trades.
On the other hand, Paxful gives sellers the freedom to choose their own prices and commissions, which may lead to a more lively marketplace.
It’s crucial to keep in mind that while Paxful might provide more wiggle room in cost discussions, it could also result in greater fees if sellers decide to charge more.
When contrasting the fee structures of the two platforms, traders should take their trading volume and preferences into account.
Quidax vs Paxful: Trading Methods
Quidax Trading Methods
In simple terms, Quidax engages in over-the-counter (OTC) cryptocurrency trading. This demonstrates that a transaction procedure only involves two parties—the user and Quidax.
A predetermined rate is used for trading during OTC trading. Users can instantly sell their cryptocurrency for the equivalent in cash by completing a few easy steps and pushing a few buttons, depending on the preset exchange rates.
Paxful Trading Methods
On Paxful, it can be difficult to buy and sell cryptocurrency. You must go through the available offers to locate one that meets your criteria for a fair price, a convenient form of payment, and a seller with a good feedback rating.
Once you’ve located an offer, you must read the guidelines and get in touch with the other user.
It’s important to note that a sizable number of Paxful’s users are from outside the United States, thus there may occasionally be a language barrier.
All of those problems can be solved if you wish to use Paxful.
Quidax vs Paxful Trading Methods Verdict
There are, however, better cryptocurrency exchanges with Quidax as well as a more favourable trading method if you’re seeking something quick and simple as opposed to Paxful.
Quidax vs Paxful: Security
Quidax Security
In order to protect user cash, Quidax takes security seriously. Industry-standard security procedures are used by the site, including cold storage for keeping cryptocurrency.
To protect user data, Quidax additionally uses 2FA and encryption techniques.
Quidax provides its users with a secure trading environment by upholding regulatory regulations.
Paxful Security
Paxful uses many layers of authentication to decide how much you can use in a single trade in an effort to reduce the number of fraudulent transactions.
To improve trade security, it recently implemented security deposits. Additionally, the platform provides an escrow feature that is intended to help safeguard assets up until the transaction is finished.
BitGo, a well-known wallet provider with a solid reputation for security, protects Paxful’s cryptocurrency wallet.
When you transfer cryptocurrency from your Paxful wallet to another wallet, exchange, or receiver, you must also utilize two-factor authentication.
Because Paxful complies with OFAC regulations, it can’t operate in those countries or accept users from those nations.
Quidax vs Paxful Security Verdict
When using Bitcoin exchanges, security is of utmost importance. Both Paxful and Quidax place a high priority on safeguarding user payments and private data.
To lessen the frequency of fraudulent transactions, Paxful uses many layers of verification to determine how much you can use in a single deal.
To protect user assets, Quidax uses cutting-edge security techniques like encryption, DDoS defense, and multi-signature wallets.
It’s important to remember that no exchange is totally risk-free, therefore users should always adhere to best practices to protect their accounts.
Quidax vs Paxful: Customer Support
Quidax Customer Support
Users can get rapid help from Quidax anytime they run into problems or have inquiries. Users can submit their questions via a support ticket system that they offer.
The support staff at Quidax works to ensure that users have a seamless trading experience by offering quick assistance.
Paxful Customer Support
Paxful’s customer care system isn’t the very best. There are only two support options to begin with: Send a ticket or use a chatbot. You cannot phone or engage in live chat with a representative.
You must first launch the chatbot in order to submit a ticket, and only then can you do so. This can be annoying because it means you have to respond to several chatbot prompts before you can write about your problem and send it to Paxful.
Quidax vs Paxful Customer Support Verdict
Both Quidax and Paxful provide customer care, although Quidax typically responds more quickly and offers more in-depth help.
Quidax vs Paxful: Which is Best to Use in Nigeria?
When comparing Quidax and Paxful in the context of Nigeria, a few regional variables may come into play.
Quidax has a significant presence in Nigeria and specializes in serving Nigerian users, which can lead to a more individualized experience.
The website offers localized customer assistance and accepts regional payment methods, giving Nigerian traders a sense of comfort.
Despite being a global platform, Paxful has a sizable user base in Nigeria and provides a variety of payment alternatives that are tailored to the needs of the Nigerian market. Both platforms are relatively easy to access, and trading on the go is made possible by mobile applications.
We may specifically state that your individual needs and tastes will determine which platform is ideal for you.
Nigerian cryptocurrency traders have access to useful tools and services through Quidax and Paxful.
Quidax specializes in offering an intuitive user interface, strong security precautions, and a broad selection of supported cryptocurrencies.
Paxful, on the other hand, stands out because of its many payment alternatives and track record for dependable customer service.
When choosing the platform to work with, take into account the elements we’ve highlighted, including user experience, security, supported cryptocurrencies, and fees.
Best Alternatives to Quidax and Paxful in Nigeria
1. TransferXO
You may send money to several different nations via the peer-to-peer Bitcoin trading network called TransferXO.
The platform offers reasonable prices and favourable currency rates, making it a cost-efficient option for cross-border transactions.
2. Kraken
Kraken does not provide wallet services, however, Coinbase and Paxful do.
Kraken is a more sophisticated trading platform that supports margin trading and the trading of futures. Kraken is a centralized platform, similar to Coinbase, as opposed to Paxful, which is peer-to-peer.
Kraken offers reasonable rates, albeit they might not always be the lowest.
Additionally, Kraken doesn’t accept credit cards or PayPal transactions in dollars. Kraken might be a wise choice for cryptocurrency traders looking for more sophisticated services.
3. BuyCoins Africa:
Buycoins makes it possible for you to participate in the open global financial system. Without the burden of finding traders to buy from or sell to, users can buy and sell cryptocurrencies directly through the app. Users can instantly trade cryptocurrency thanks to it.
4. Patricia:
With Patricia, you may acquire or trade cryptocurrencies of any value, store them in a wallet alongside your local money, and transfer between the two with ease to make routine transactions like data, phone, and cable subscriptions.
5. LUNO:
Luno has been operating in the cryptocurrency market for nearly as long as Bitcoin, with more than 21 billion dollars in completed transactions. Through Luno’s crypto wallet and trading exchange, buying cryptocurrencies is safe and secure.
Frequently Asked Questions
Is Paxful’s wallet safe?
Yes, using the Paxful wallet is quite secure, particularly thanks to its escrow feature. You have no chance of losing your money if you don’t use the site to make any payments. Additionally, you can secure your account by enabling 2FA. SMS confirmation codes and Google Authenticator are two additional security measures.
How do I add money to Paxful and withdraw it?
Paxful offers more than 300 different ways to deposit and withdraw money! In addition to bank transfers, cash, and gift cards, there are a variety of e-wallets available. We strongly advise utilizing Skrill and Neteller since they are reliable, secure e-wallets for which we can offer the finest sign-up terms.
How do I get in touch with Paxful customer support?
The button to start a live chat with customer care is found in the bottom right corner of the website. The customer service staff of Paxful is accessible 365 days a year, around the clock. They also have an extensive support page with solutions to many often-asked topics.
Which is safer, Paxful or Quidax?
Both Quidax and Paxful are safe cryptocurrency exchanges that have taken a number of precautions to safeguard users’ money. Since its launch, Paxful has not had any serious security breaches thanks to its security mechanism. Quidax, however, is safe and hasn’t experienced any significant security lapses.
Which is better for novices, Paxful or Quidax?
Due to its straightforward user interface and rapid buy/sell option, Quidax might be a better choice for newbies.
Which trading platform, Paxful or Quidax, offers lower trading fees?
Compared to Quidax, Paxful charges cheaper trading commissions.
Which platform’s security measures are more effective?
To safeguard user cash, Paxful, and Quidax both have wide security procedures in place.
Conclusion
Quidax and Paxful are reliable trading platforms for cryptocurrencies that offer a variety of benefits and features. While Paxful provides a wider selection of payment and trading methods, Quidax has an intuitive UI and is better suited for beginners.
It essentially boils down to your personal preferences and needs when choosing between Paxful and Quidax. If you are a seasoned trader looking for cutting-edge trading skills, Paxful might be a better option. If you’re a beginner looking for a simple and user-friendly platform, Quidax might be a better choice.
Regardless of the platform you choose, it is crucial to do your research and only invest money you can afford to lose.