Introducing our new verification system for Nigerians.
Yes, we have now made account verification easier and quicker. You no longer have to jump through several hoops at once to get your account verified.
The new account verification is divided into 4 Levels/Tiers. Users across different tiers can perform the same function. The difference across all 4 Levels are the deposit and withdrawal limits.
Here’s an overview of what the different levels look like:
The Tier with no name
All new users will be on Tier 0, it is not an actual tier but it indicates that Quidaxians on this level have a maximum Naira deposit limit of NGN 20,000.00 and can buy, sell, receive and store cryptocurrency. Although, they 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, however, 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.
