QuadrigaCX is an advanced trading platform that simplifies the process of buying and selling Bitcoins. Based in Vancouver, the cryptocurrency exchange provides Canadians with access to Bitcoin, Ethereum, Litecoin, and other digital assets. The largest volume cryptocurrency exchange, QuadrigaCX is also an accessible way for beginners to enter the world of trading.
What Is Quadrigacx and How Does It Work?
According to its website, QuadrigaCX is the most convenient way to trade Bitcoins. The 100 percent Canadian company has its headquarters at 223-2055 Commercial Drive, Vancouver, British Columbia V5N 0C7. QuadrigaCX was founded in December 2013 by Gerald Cotton who is QuadrigaCX’s CEO.
While you can use QuadrigaCX from almost anywhere in the world, you have more transfer options if you live in Canada. CAD and USD are the only supported fiat currencies. Canadian residents only can choose to purchase retailer gift cards directly from their QuadrigaCX accounts. Options include a selected number of retail stores.
QuadrigaCX claims to provide deeper liquidity than competitors. The strongest liquidity lies with trades that involve the CAD/ETH and CAD/XBT Canadian dollar trading pairs which account for 80 percent of QuadrigaCX’s trades. USD/XBT and XBT/ETH, which are the less popular Canadian dollar trading pairs, provide you with lower liquidity.
You can withdraw funds any time. QuadrigaCX initiates all withdrawals within 24 hours.
Issues with QuadrigaCX
Last year, QuadrigaCX withdrawals were taking longer than usual. In some cases, traders had to wait three weeks to receive their funds. That was because the CIBC bank chose to freeze $28 million in funds that were tied to QuadrigaCX’s processor. QuadrigaCX had to search for other ways to pay their traders, and this caused long delays. You can read more about the dispute here.
Eventually, QuadrigaCX sued the CIBC to court and won the case. QuadrigaCX traders ultimately were able to receive all of their funds.
Security, too, is a priority with QuadrigaCX. It is above the industry standard. The company uses encrypted cold storage to store most of its funds. You can use two-factor authentication to protect your account. To activate this feature you just have to click on profile settings, and then you can either Google Two-Factor Authentication or Email 2FA. You can even activate both of them for maximum security.
There is collective intelligent threat detection, and Cloudflare provides collaborative security, SSL encryption for security, and DDoS mitigation to prevent cyber attacks. QuadrigaCX also provides SPAM protection.
They also have a referral program offering you 10 percent of all trading fees from any user who has used your referral link to create an account. The offer is valid only for new signups. You may have just one QuadrigaCX account, and you may not refer yourself. Also, you are not allowed to bid on keywords that represent any of QuadrigaCX’s brand names. You can use social media to drive sign-ups.
QuadrigaCX is growing in popularity in Canada. It usually ranks among the top 35 exchanges with regard to its 24-hour trading volume. To trade Canadian dollars for cryptocurrencies at a relatively inexpensive flat fee, and to make free or inexpensive deposits and withdrawals, QuadrigaCX may be one of the best options.
It is simple to get started. All you have to do is register for an account and provide your name, birth date, country of residence, and email address. Then you will have to verify your identity.
If you’re Canadian, you can choose one of two verification methods. You can upload your identification and proof of your address. Alternatively, you can complete questions about your identity based on the information in your credit report with Equifax. You are not providing Equifax with any personal information. You are simply confirming the identifying information Equifax already has.
Once you fund your account with either fiat or cryptocurrencies, you can start trading.
QuadrigaCX provides email support in case you have any questions. You can also reach them via Twitter and Facebook. If you are interested in high volume trades, QuadrigaCX will support you. However, there is no phone support, nor is there a live chat option. There is a ticket system which you may find frustrating.
Trading With Quadrigacx
Trading is simple. To begin trading, you just log into your account. Click on the “Trade” tab which you will find on the upper part of the page. All you need to know is how much BTC/crypto you want to purchase. QuadrigaCX’s website calculates how much you will need to pay, including fees, in total.
QuadrigaCX’s system provides you with the latest price information for the BTC exchange value. You will see a screenshot that shows the price, and the price will change according to the current BTC price.
Place your trade order. Whether it is a buy or sell order, you’ll find it below under the “Open Orders” tab. Below the “Open Orders” tab.
You can see the “10 Most Recent Trades.” That will show you how the market is progressing, and you will know whether to buy or sell crypto.
Also, you can click on the “Market Overview” tab to view a current snapshot of the market. That will allow you to see the price evolution over the past 60 days. You may also choose to do nothing based on the information you find.
QuadrigaCX’s charges you between a 0.2 percent and 0.5 percent fee depending on your 30-day volume. There is a .5 percent fee on BTC/CAD, BTC/USD, and ETH/CAD trades, while there is a .2 percent cost for ETH/BTC. These fees apply only to completed trades and do not apply to open orders.
You may pay other fees, too, for deposits and withdrawals. You can use either U.S. or Canadian currency to make your trades. To deposit or withdraw funds, you have several options. Some require a fee, while others are free.
You can choose to use money orders, drafts, or bank wires for deposits and withdrawals. Express bank transfers make it easy to withdraw funds. Also, some methods carry restrictions in the form of maximum and minimum deposits and withdrawals. Each method of deposit and withdrawal requires a different amount of waiting time. Here are the specifics:
That said, QuadrigaCX provides ways for you to deposit or withdraw money for free. Each of these methods carries restrictions. They include:
How It Compares
QuadrigaCX doesn’t have the highest volumes regarding BTC or ETH, but they seem to be the only cryptocurrency exchange that focuses on the Canadian market. Their offices are registered, and located, in downtown Vancouver, British Columbia. You can drop by their offices if you happen to be in the area and make an appointment to talk with one of their customer service representatives.
Well established, QuadrigaCX seems to be preferred among its Canadian peers such as Canadian Bitcoins, Morrex, and Quebex, and among foreign companies, such as Kraken, that offer services in Canada.
Compared to other exchanges such as Bitstamp, Poloniex, and Gemini, QuadrigaCX charges relatively high trading fees. In addition, QuadrigaCX charges fiat currency transfer fees for some of deposit and withdrawal methods.
Also, there is a meager amount of cryptocurrencies that are available for you to trade. QuadrigaCX also offers only basic features that may, or may not, be adequate for you.
While QuadrigaCX may be one of the best options for Canadian traders, your transfer options are limited if you live outside of Canada. For some transfer methods, withdrawal times can be slow. Also, you may find that platform trading features are more limited than competitors’ offerings.
Coinbase vs. QuadrigaCX
Coinbase is another leading digital assets platform. Based in San Francisco, California, Coinbase focuses on the United States, rather than Canadian, market. Coinbase created a Global Digital Asset Exchange (GDAX) in 2014 as a platform for trading digital assets and exchanging Bitcoin and Ether for fiat currency. Whereas QuadrigaCX is aimed at general traders, GDAX targets professionals with higher trade volumes.
Verifying your Coinbase account can take a few days. The company will need a government-issued identification document and your taxpayer identification number to reach the fourth level of verification. You will also have to answer a few questions to verify your identity.
Coinbase offers higher trading limits. If you live in the U.S., you will have a daily trading limit of $50,000. If you reside in Europe, you will have a daily trading limit of 30,000 EUR.
Their fee structure is very different, too. Instead of charging fixed amounts, Coinbase charges percentage fees on trades. Also, Coinbase doesn’t have separate deposit and withdrawal fees. Cryptocurrency deposits and withdrawals are free.
It costs 1.49 percent to make a U.S. bank transfer, and your funds will be available in between five and seven days. If you live in the U.S. and you add a credit card as a backup payment method, you will be entitled to use Coinbase to instantly buy up to $1,000 worth of BTC each week.
In Canada, Europe, the U.K., and the U.S., credit or debit card payments cost 3.99 percent of the sum transferred. You can access your money is available right away.
There is a European SEPA transfer fee of 1.49 percent, and your money will be available within three days. If you reside in Singapore, Xfers transfers also cost 1.49 percent. However, you can access your money immediately.
Unlike QuadrigaCX, Coinbase provides instant live chat support during U.S. business hours. They also guarantee a 24-hour email response time, and you may hear back from them even more quickly than that during weekdays. You may be frustrated, though, by automatic responses that don’t help you resolve your issue.
Traders who use cryptocurrency exchanges have their personal preferences. QuadrigaCX’s trading features may be more limited than some of their competitors’. Then again, QuadrigaCX’s offerings may be all that you need.
If you are new to cryptocurrency, you may be most concerned about how easy it will be to cash out. You’ll find that most online reviewers have had little or no difficulty with receiving their funds. However, to ease your mind, you may want to withdraw a small sum of money to see how the process works.
You will pay a fee to discover how comfortable you are with QuadrigaCX’s cashing out procedure. However, that may be a worthwhile expense if the experience will bring you peace of mind. If the withdrawal method you choose is too slow, you will have the option to choose a different withdrawal option next time.
What We Think
Traders may have been anxious because of QuadrigaCX’s recent dispute with the CIBC bank. However, in our opinion, QuadrigaCX handled the problem appropriately, and there should no longer be any reason for concern.
QuadrigaCX could do a better job with providing customer service. Also, trading in cryptocurrency is an unregulated industry. You assume the risk if you want to get involved with it.
If you have decided to explore cryptocurrency trading, QuadrigaCX is a secure, well-respected option. If you are Canadian, QuadrigaCX is probably your best choice.