QuadrigaCX is a cryptocurrency exchange based in Canada that allows spot trading of a moderately limited number of digital coins like Bitcoin, Etherum, Litecoin for fiat currencies like USD or CAD.
The company QuadrigaCX is a solely Canadian company located in Vancouver, British Columbia and boasts of being the largest cryptocurrency exchange in Canada. It appears to be a decentralized exchange, where users buy and sell to from other users, and QuadrigaCX does not have any influence over the price on the marketplace.
Even though its volumes are decent for Canadian standard, they aren’t comparable to those exchanges in the world-leading cryptocurrency markets like Japan, South Korea, and China.
QuadrigaCX is not a regulated exchange, but at the time of writing this review, there are no specific requirements for this type of service in the Canadian legal system. The CSA (Canadian Securities Administration), an organization responsible for monitoring all financial market activities in Canada has declared that the ICOs (Initial Coin Offerings) are subjected to the local securities law. The CSA notice affirms that the same laws apply to cryptocurrencies and related marketplace operations and trading, but no enforcement measures have been taken yet.
The document also states that Canada has already revised some laws in respect to the record keeping, terrorist financing, money laundering, and identity verification terms for cryptocurrency exchanges. Consequently, Quebec’s the Autorité des marchés financiers demands all virtual currency ATMs and exchanges to be licensed as money services businesses.
The customer identification process at QuadrigaCX is a rigorous one, which requires clients to upload a selfie taken with their ID, and to give their local bank account details for verification.
Those procedures, however, allow for more comfortable and faster funding and deposit via integrated Canadian bank accounts.
Also, it does accept international IDs for verification purposes except for the United States. Primarily because of the MSB laws and regulations that prohibit the company from providing service to users from the US. This means that they cannot service US citizens and use bank accounts from within the US. However, QuadrigaCX has an option for clients who want to trade with an unverified account but with limited features.
The exchange platform offered by QuadrigaxCX is web-based and has an intuitive, user-friendly interface that includes an order book. Additionally, there is a chart of the price changes of the three digital currencies available for trading, but it is purely for informative purpose. The platform, however, does not have a technical analysis or additional charting tools.
Unlike some top exchanges like Binance, QuadrigaCX does not offer mobile trading app but considering that two have incomparable turnover, there is rarely any need for that. But according to a piece of information on the website’s FAQ section, the platform can be accessed on mobile browsers, offering the same features as the desktop version.
It also offers an integrated e-wallet, but users are free to use the preferred e-wallets.
QuadrigaCX charges fees only on every successful order taken. This means that all executed trades are charged 0.5% fee of the total currency used in trading. This is for BTC/CAD, BTC/USD, ETH/CAD, LTC/CAD, and BCH/CAD pairs. For ETH/BTC pair the fee is at 0.2% per trade.
Deposits and Withdrawals
Just like most digital currency exchanges, QuadrigaCX accepts fiat currencies – USD and CAD, through bank wire, electronic funds transfer, Crypto Capital, Interac, a voucher and the three digital coins: Bitcoin, Ether, and Litecoin.
QuadrigaCX provides several additional options such as cash delivery and rapid, express and direct bank transfer for withdrawals. There is also the option for withdrawals in Bitcoin Cash, as per a post on the exchange’s official FB page.
Is QuadrigaCX safe?
Most of QuadrigaCX’s clients have claimed the service provided is quite satisfactory. Their only complaint is that payments in fiat currencies take longer, which is mostly because of the nature of the speed of banking services and is rarely the exchange’s fault. The double security system is also a plus. However, we would not recommend this exchange straight up and would advise you to read more about it before investing.