How are my fees calculated (Trading fees, Instant buy & sell fees, Withdrawal fees, Deposit fees)
Trading fees on Quidax are divided into maker and taker fees. Thus, for every order that is placed, the fee (maker or taker) is charged on the receiving amount. What this means is that if you exchanged Naira for Bitcoin, you would be charged a maker or taker fee in Bitcoin. But, if you exchange Bitcoin for Naira, you will be charged fees in Naira.
Instant Buy/Sell Fees
For instant buy and sell, similar to the trading fees, we charge instant buy and sell fee from the amount you receive.
There is a flat rate of N200 withdrawal fees charged from your balance. That is, if you want to withdraw N1,000 and your current balance is N1,500, N1,200 will be deducted from your account, so your withdrawal of N1,000 will be received and the fees of N200 will be deducted from the balance in your account. If your balance is insufficient for the fees, the transaction won't go through.
It is free to make bank deposits to Quidax bank accounts, however, card deposits cost 1.4% but the fee has a max cap of N2,000. This fee is charged by the payment processor as an addition to the amount you want to deposit.