A Licensed African Exchange with Low Reach
Quidax launched in 2018 from Nigeria, later relocating its HQ to Malta. It became the first crypto exchange to secure a Nigerian SEC license in 2024. The platform focuses on NGN/USDT pairs, staking, and local fiat access.
What It Offered
- Spot trading with NGN, GHS, and ZAR support
- Staking and savings programs via the QDX token
- Self-service token listings and instant swap functionality
- Competitive fees (~0.10% maker, ~0.30% taker)
In its early years, Quidax processed billions in transactions, peaking in 2022 with over $3.2 billion volume.
Where It Stands in 2025
The exchange remains active but with low visibility. Daily trading metrics are unclear, and token activity is limited. Social engagement is weak, with most community channels quiet. The platform serves mostly regional users in West Africa.
Trust and Transparency
Quidax holds licensing and enforces KYC. It partnered with Fireblocks for custody, but proof of reserves and independent audits are not publicly available. Trust indicators remain mixed despite regulatory compliance.
Quick Facts
| Feature | Status / Details |
|---|---|
| Founded | 2018 (Nigeria) |
| License | Licensed by Nigeria SEC (DAE) |
| Fiat Support | NGN, GHS, ZAR |
| Token | QDX - staking, governance |
| Trading Volume | Low; QDX daily volume ~$200K |
| 2022 Activity | >$3.2B traded |
| Transparency | Licensed but no public reserves |
| Community | Low engagement |
Final Thoughts
Quidax carved out a niche as Africa’s regulated exchange, offering local fiat access and QDX token perks. But by 2025, it struggles with low liquidity, minimal updates, and limited growth. It works for regional users but lacks the depth and trust global traders expect.