Monica's automatic conversion versus Quidax's Nigerian exchange. We compare everything — fees, speed, supported coins, ease of use, security — so you can make the right choice.
Try Monica FreeMonica and Quidax represent two different approaches to crypto in Nigeria. Monica specializes in automatic crypto-to-Naira conversion, while Quidax is a full-featured cryptocurrency exchange built for the Nigerian market. Understanding what each platform does best is key to choosing the right one for your needs.
Monica is Nigeria's leading automatic crypto conversion platform with over 500,000 users and more than ₦400 billion processed. The concept is simple: deposit any supported cryptocurrency and it is automatically converted to Naira at the current market rate. No order books, no waiting for buyers, no price negotiations. Monica charges a flat $2 for BTC/ETH and offers free stablecoin deposits. Bank withdrawals are always free. The platform is SEC compliant and supports 7+ cryptocurrencies.
Quidax is a Nigerian-built cryptocurrency exchange that offers full trading functionality. Founded in 2018, Quidax provides an order book where users can buy and sell various cryptocurrencies against Naira and other pairs. The platform targets active traders with features like limit orders, market orders, and trading charts. Quidax supports multiple cryptocurrencies for trading and has built a solid reputation in the Nigerian crypto community. It also offers an instant buy/sell feature for users who want a simpler experience.
| Feature | Monica | Quidax | Winner |
|---|---|---|---|
| Platform Type | Automatic conversion | Crypto exchange | Depends on need |
| Cashout Speed | 5-40 minutes automatic | Hours (sell + withdraw) | Monica WINNER |
| BTC/ETH Fee | $2 flat | Percentage-based (varies) | Monica WINNER |
| Stablecoin Fee | Free (USDT/USDC) | Trading fees apply | Monica WINNER |
| Ease of Use | Very easy — deposit and done | Moderate — exchange interface | Monica WINNER |
| Supported Coins | 7+ for auto-conversion | More tradeable pairs | Quidax |
| USDT Networks | TRC20, ERC20, BEP20, Solana | TRC20, ERC20 | Monica WINNER |
| Buy Crypto | No | Yes | Quidax |
| Trading Features | No order book | Full order book | Quidax |
| Bank Withdrawal | Free, instant | May take time | Monica WINNER |
| User Base | 500,000+ | Growing, undisclosed exact | Monica WINNER |
| SEC Status | Compliant | Registered | Tie |
| Volume Processed | ₦400B+ | Significant, not disclosed | Monica WINNER |
The core difference between Monica and Quidax is their operating model. Monica is a purpose-built conversion tool. You deposit cryptocurrency, it is automatically converted to Naira, and you withdraw to your bank. There are no buy or sell buttons, no order books, and no trading decisions to make. This simplicity is Monica's greatest strength for users who just want Naira.
Quidax is a traditional exchange where you interact with an order book. You can place market orders (instant execution at the best available price) or limit orders (execute only when the price reaches your target). Quidax also lets you buy crypto with Naira, trade between different cryptocurrencies, and manage a portfolio. This flexibility makes Quidax more powerful for traders but more complex for casual users.
Speed is perhaps the most important factor for users who want to convert crypto to Naira. Monica's automatic system processes conversions in 5 to 40 minutes, depending entirely on blockchain confirmation time. Once the blockchain confirms your deposit, the conversion is instant and your Naira balance is immediately available for withdrawal.
On Quidax, the process involves multiple steps: deposit your crypto, wait for confirmations, place a sell order on the exchange, wait for the order to fill (market orders fill quickly, limit orders may take time), and then initiate a Naira withdrawal. The withdrawal processing itself can take additional time. The total process from crypto deposit to Naira in your bank can take several hours to over a day on Quidax, compared to under an hour on Monica.
Monica's flat $2 fee for Bitcoin and Ethereum is one of the most competitive in the Nigerian market. Whether you are converting $100 or $10,000, the fee remains $2. Stablecoin deposits (USDT and USDC) are completely free on Monica. This pricing model is transparent and heavily favors users making larger transactions.
Quidax charges percentage-based trading fees that vary based on your trading tier. The exact fee depends on your 30-day trading volume, but typical fees range from 0.2% to 0.5% for instant trades and less for order book trades. While Quidax's fees may be lower than Monica's $2 for very small transactions (under $100), they become more expensive for larger amounts. A $5,000 trade at 0.2% costs $10 on Quidax versus $2 on Monica.
Monica is designed for people who do not want to think about trading. The entire process is: create an account, get your wallet address, send crypto, receive Naira. There is no learning curve and no financial knowledge required. This makes Monica accessible to freelancers who receive crypto payments, family members receiving remittances, and anyone who simply wants to convert digital currency to usable cash.
Quidax has a more complex interface with trading charts, order books, market depth, and various order types. While Quidax does offer an "Instant" feature for simpler buying and selling, the full platform is designed for users comfortable with exchange interfaces. New users may find it intimidating initially, though the learning curve is manageable with some effort.
Quidax supports more tradeable cryptocurrencies than Monica, offering various trading pairs against Naira and other currencies. If you hold a diverse portfolio of altcoins and want to trade them on a Nigerian exchange, Quidax provides more options.
Monica supports 7+ cryptocurrencies for automatic conversion: Bitcoin, USDT (on TRC20, ERC20, BEP20, and Solana networks), USDC, Ethereum, Solana, Tron, and BNB. While the raw coin count is lower, Monica covers the cryptocurrencies that account for the vast majority of Naira conversion needs. Importantly, Monica's USDT support across four networks gives it a significant advantage for the most popular conversion coin in Nigeria.
Both platforms implement security measures including two-factor authentication, encrypted communications, and secure storage. Monica is SEC compliant with a proven track record of processing over ₦400 billion in transactions for 500,000+ users without security incidents. Quidax is also a registered platform that has built trust in the Nigerian community over several years of operation.
One consideration is that exchanges inherently carry more risk than conversion platforms because they hold larger pools of user funds and offer more complex functionality. However, both Monica and Quidax have maintained clean security records.
Monica offers value-added services beyond conversion, including airtime purchases, bill payments, and bank transfers directly from the app. These features make Monica more of a financial super-app for converting crypto into everyday Nigerian spending.
Quidax focuses on trading features with advanced charting, multiple order types, and portfolio management. Quidax also offers an API for developers who want to build automated trading systems. For technically inclined users, this is a significant advantage.
Are a beginner who wants the simplest possible crypto-to-Naira experience. Receive crypto payments and need Naira fast. Want transparent flat pricing. Primarily sell USDT, Bitcoin, or Ethereum. Need free stablecoin deposits. Want free instant bank withdrawals. Value speed over trading flexibility. Are a freelancer converting international crypto payments.
Are an active trader who wants an exchange. Want to buy crypto with Naira. Need advanced trading tools and charts. Hold diverse altcoins for trading. Want to place limit orders for better prices. Are comfortable with exchange interfaces. Need developer API access. Want to trade crypto-to-crypto pairs.
Monica is the better choice for anyone whose primary goal is converting crypto to Naira. It is faster, simpler, and cheaper for most transaction sizes. For active traders who want exchange features, Quidax is the better fit. But for the majority of Nigerian crypto users who just want their Naira, Monica delivers a superior experience.
The honest assessment is that these platforms serve different purposes. Monica excels at one thing — converting crypto to Naira quickly and affordably. Quidax excels at providing a full trading experience. If you are trying to decide between them, ask yourself: do I primarily want to convert or do I primarily want to trade? Your answer determines your platform.
For simply selling crypto and getting Naira, Monica is better with automatic conversion in 5-40 minutes and a flat $2 fee. Quidax is better if you want full exchange features to actively trade crypto. Monica is designed for conversion, while Quidax is designed for trading.
Monica charges a flat $2 for BTC/ETH and free deposits for stablecoins (USDT, USDC). Quidax charges percentage-based trading fees that vary by your trading volume tier. For most casual sellers, Monica's flat fee is more cost-effective and predictable.
Monica automatically converts crypto to Naira in 5-40 minutes with free instant bank withdrawals. Quidax requires you to sell on the exchange first, then withdraw Naira, which can take several hours to over a day depending on the process.
No, Monica does not offer trading features. Monica is purely for converting crypto to Naira automatically. Quidax offers a full exchange with order books, trading pairs, and buy/sell functionality. Choose based on whether you need to trade or simply convert.
Quidax supports more tradeable cryptocurrencies through its exchange. Monica supports 7+ coins for automatic Naira conversion including Bitcoin, USDT (on 4 networks), USDC, Ethereum, Solana, Tron, and BNB. For USDT network support specifically, Monica offers more options.
Quidax is a legitimate Nigerian cryptocurrency exchange that has been operating for several years. It implements standard security measures including 2FA. However, as with any exchange, there are inherent risks. Monica is SEC compliant with 500,000+ users and over ₦400B processed, demonstrating proven reliability.
Monica is significantly easier. You deposit crypto and it automatically converts to Naira — no trading skills needed. Quidax requires understanding of exchange trading, order types, and market dynamics. Beginners strongly prefer Monica's simplicity.
Join 500,000+ Nigerians who use Monica for fast, automatic crypto to Naira conversion. $2 flat fee. Free stablecoins. Free withdrawals.
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