On the 28th of February, crypto traders in Nigeria were left in shock as Binance (the world’s most traded crypto exchange) delisted & ended its p2p trading feature for the Naira on its platform.
After this unforeseen event, crypto trading in Nigeria took some significant hits. Various crypto exchanges like Kucoin and Coinbase were also restricted from allowing Nigerians to trade on its platform.
Many Nigerians like myself took to other platforms to easily continue trading crypto.
Among these crypto exchanges were Roqqu and Quidax, which are indigenous crypto exchanges designed to meet the trading needs of Africans, especially Nigerians.
After using these crypto exchanges to trade for some months, I am ready to share my brutally honest review on these exchanges. If you want to know which is better to use as a Nigerian (or African), keep reading.
An overview of both exchange
Roqqu
I found out about Roqqu some months ago from a friend who was also into crypto trading like I was. I immediately downloaded the app and was intrigued by its features.
Roqqu is a Nigerian crypto exchange which launched in 2019 and is headquartered in Lagos, Nigeria. It also has a presence in Ghana. Within five years, Roqqu has gathered over 1.5 million users on its platform, with over 600,000 daily active users.
The platform is very simple and user-friendly. After downloading the app from the Google app store, I went straight to sign up on the app. It was a seamless process.
Roqqu takes security very seriously, so I had to complete my KYC requirements, make a strong password, and choose my preferred username. After doing all this, I logged into my account, and I automatically had my crypto wallet where I could quickly deposit my funds.
This crypto exchange has a very simple user interface and allows users to use the app in multiple languages including in local languages like Igbo, Yoruba & Hausa. Also, the features on the platform are not clustered together, and anyone can easily navigate this exchan
On its home page, you can see all the cryptocurrencies listed. Roqqu has over 100 cryptocurrencies listed on its platform. Users can easily buy and sell USDT, BTC, ETH and many other cryptocurrencies on the platform.
Users can also buy crypto in multiple currencies like Naira, Dollars, Cedis, Pounds, and Euros via their credit card or through bank transfers.
You also get to see the top gainers and losers in the crypto market and the most traded coins in the market.
Below is the menu button where you can click to see Roqqu’s main features. Within its Menu page, you have the:
“Trade” section. Here, you can see the buy crypto, Sell, and swap features.
Then, there is a “Fiat” section where you can deposit, withdraw, or transfer your fiat currencies.
The “Earn” section comes next, and with this, you can save your crypto for massive rewards thanks to its savings feature.
You can also win crypto rewards with its GameFi feature called Roqqu’n.
The last section on the menu page is the ”Web3” section, where users can pay bills, get crypto loans, access the Roqqu hub and generate a payment link, which can help you receive money fast from anywhere in the world.
This is great if you have a business with customers around the world.
Roqqu also provides good customer care services to its users. Its customer care is not available 24/7, however, you can reach them via email, WhatsApp, or in-app.
You should also know that trading on Roqqu comes with minimal cost. To withdraw your crypto assets on the platform comes with a little charge, and this largely depends on how large the crypto amount is and where it will be sent.
Quidax
Quidax is also a Nigerian crypto exchange which launched in 2018. It has its headquarters in Lagos, Nigeria and is available in over 50 countries, including Ghana. Within five years, Quidax has gathered over 600,000 active users on its platform.
Just like Roqqu, Quidax is very simple and straightforward to use.
To get started on the app, you need to download it from either Google Play Store or Apple App Store. Then, you will be required to sign up & complete your KYC requirements.
I was asked to create my password and choose my preferred username and avatar before logging in. Once logged in, I was automatically given a crypto wallet where I could trade and deposit my funds.
This crypto exchange has a very simple user interface; however, there are no options to use the app in multiple languages. The features on the platform are clear, and anyone can easily navigate this exchan
On the app’s home page are the options to swap, deposit or save in crypto. Then, below, you can see different coins listed on the exchange and how much it trades for. You also get to see the top gainers and losers in the crypto market in real time under the “Markets” feature on the app.
You should know that Quidax has over 70 cryptocurrencies listed on its platform. You can easily buy and sell USDT, BTC, ETH and many other cryptocurrencies on the platform.
Users can buy crypto in Naira or Dollars. They can also receive crypto through internal transfers from other Quidax users via their username or by receiving crypto via their wallet address.
Below is the menu bar where you can see Quidax’s main features. There, you have the “Markets” page/feature, which I spoke about earlier.
Next is the “Trade” Feature/section where you can instantly swap two assets—for example, you can swap BTC to USDT or USDT to ETH. You can even swap any fiat currency for crypto and vice versa.
Also within this feature is the “Order book” tool. With this tool, you can trade any cryptocurrency you choose in real-time. However, you should get expert training before using this tool.
Then, there is a “Wallets” feature, which shows you how much you have in your Naira or USD wallet. It also shows you how much crypto you have and the Naira equivalent.
Finally, under the “More” section is the products and services feature, where you can see the savings and price alert options, among others.
This crypto exchange also provides good customer care services to its users. Like Roqqu, Its customer care is not available 24/7, however, you can reach them via email, WhatsApp, or in-app.
It is worth knowing that Quidax has its crypto token called “QDX”. According to Techpoint the launch of QDX marked a first for the African crypto space, and this token offers unique benefits to its buyers. Alongside, Quidax launched the QDX Vault, Quidax’s staking service. With this staking service, users can stake their QDX and earn rewards.
Their strengths & weaknesses
As a crypto trader, I personally like both crypto apps because they have met my needs at different points in time; however, from my perspective, these are their strengths & weaknesses.
Roqqu
Strengths
- The mobile app is very clean and user-friendly.
- You can use the app in multiple languages.
- You can send & receive money instantly in global currencies like pounds, euros and dollars apart from Naira & Cedis.
- While trading on the app, the transaction fees are very low.
- Roqqu is big on security, making it a highly secured crypto exchange.
- You can trade a wide range of cryptocurrencies with ease, including memecoins & altcoins.
- The Roqqu savings feature is one of the best tools to make money while saving your crypto.
- You can pay utility bills, take crypto loans, and receive payment for your business instantly.
- You can buy crypto via your credit card or through bank transfers.
Weakness
- Although it supports multiple languages, it is only available in Nigeria & Ghana.
- You can’t stake crypto on the platform.
- It has limited features compared to global exchanges like Bybit.
- You can’t trade spots or derivatives on the app.
- It doesn’t have the order book tool for advanced crypto trading.
- Compared to Quidax, it doesn’t have its own native cryptocurrency.
Quidax
Strengths
- The exchange is colourful and very user-friendly.
- While trading on the app, the transaction fees are very low.
- Quidax is a highly secured crypto exchange.
- You can trade a wide range of cryptocurrencies with ease, including meme coins & altcoins
- This crypto exchange is available in 50+ countries, including Ghana.
- Quidax allows you to stake your crypto for rewards on the platform.
- Its order book feature is excellent for real-time crypto advanced trading.
- Quidax has its own native cryptocurrency, QDX, which users can earn rewards from when they trade the token.
Weaknesses
- It only supports Naira & USD as the only fiat currencies to trade on the exchange.
- It doesn’t support multiple languages, just the English Language.
- Its crypto savings feature is not as excellent as that of Roqqu.
- Unlike Roqqu, you can not pay utility bills, take crypto loans, and receive payment for your business instantly on this exchange.
- It also has limited features compared to global exchanges like Bybit.
- You can’t trade spots or derivatives on the exchange.
My opinion
Both crypto exchanges are pretty similar to me. I love how simple it is in navigating the features of both exchanges. However, I feel that they can be better.
Although they were created to meet the trading needs of Nigerian crypto traders, I think they should include the p2p trading feature and other trading features like Margin trading, futures trading, spot trading etc..
These features will make them similar to global exchanges like Binance & Bybit.
For day-to-day crypto trading, I will go with Quidax. However, Roqqu is an excellent crypto exchange for business folks who want to receive payments worldwide, and its savings & loan feature sets it apart from any other Nigerian crypto exchange.
I use both apps simultaneously, which is excellent if you want the best of both exchanges.
Credit: This article was first published here by PreciousRuby Okeke, a content writer and content marketer with 3+ years of experience working with companies across several industries, including Web3, B2B, Tech, and Marketing.
