Hello Newbie,

Great to have you on board.

With an unverified account, you have an all-time deposit limit of 20,000.00 Naira and you are able to buy, sell, receive and store cryptocurrency. Although, you will be unable to withdraw Naira or send cryptocurrency.

Verifying your account will increase your Naira deposit limits and enable you to send cryptocurrency as well as withdraw Naira.

At Quidax we have 4 account verification levels and here's what you need to know about each of them:

The Tier with no name

As a new user you are on Tier 0, it is not an actual tier but it indicates that you have a maximum Naira deposit limit of NGN 20,000.00 and can buy, sell, receive and store cryptocurrency. Although, you will be unable to withdraw Naira or send cryptocurrency. Upgrading to Tier 1 increases the amount of Naira you can deposit.

Tier 1: Basic Information Verified

At this level, you will be able to enjoy a higher Naira deposit limit of NGN 100,000.00. Like Level 1 you will be unable to withdraw Naira or send cryptocurrency. Although, you will still be able to buy, sell, receive and store cryptocurrency.

Information required to move to Tier 1 include Date of Birth, Address City, Zip Code and Country.

Tier 2: BVN Verification

If Tier 1 is not ideal for you based on the deposit/withdrawal limits and restrictions, then Tier 2 should do the trick. Tier 2 Account verification provides you access to the following limits:

• 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 withdraw limit: 1 BTC (or it's equivalent for other cryptocurrencies)
• Weekly Bitcoin withdraw limit: 5 BTC (or it's equivalent for other cryptocurrencies)
• Monthly Bitcoin withdraw limit: 10 BTC (or it's equivalent in other cryptocurrencies)

Upgrading to this level requires you to provide your Bank Verification Number (BVN) and the date of birth associated with your BVN. Sharing your BVN details with us is safe, as all information provided to us is securely encrypted and will not be shared with a 3rd party.

Tier 3: ID Document Verified

Of course, we know that the limits in level 2 might not be enough for you, that's why Tier 3 with more than double the limit was created:

• 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 withdraw limit: 2 BTC (or it's equivalent for other cryptocurrencies)
• Weekly Bitcoin withdraw limit: 10 BTC (or it's equivalent for other cryptocurrencies)
• Monthly Bitcoin withdraw limit: 20 BTC (or it's equivalent for other cryptocurrencies)

Getting to Tier 3 requires that you submit a Government-issued identity card as well as a picture of yourself holding a piece of paper with Quidax written on it as well as the current date. 

Here’s a list of accepted Government-issued identity cards

• Driver’s License
• National Identity Card
• Permanent Voters Card
• International Passport
• Residence Permit

Tier 4: Proof of Address Verified

Now Tier 4 which is the last but definitely not the least level blows your limits through the roof 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 withdraw limit: 5 BTC (or it's equivalent for other cryptocurrencies)
• Weekly Bitcoin withdraw limit: 20 BTC (or it's equivalent for other cryptocurrencies)
• Monthly Bitcoin withdraw limit: 40 BTC (or it's equivalent for other cryptocurrencies)

For your account to be Tier 4 verified you will need to provide proof of your address. Here’s a list of documents you can submit as proof of your address.

• Bank statement 
• Utility bill (Electricity, Internet, Cable bill)
• Insurance Certificate
• Tenancy agreement
• Mortgage statement
• Tax bill or Pension statement

For the above please note that your address must be shown in full and that the name on the document must be similar to what was in the Government-issued identity card you submitted for Level 3. Also, the document must have been done within the last 3 months.

If you max out your limits under Tier 4, kindly contact us. Although to qualify for this you need to have maxed out the limits under level 4 severally and provide some documents which we will request.