- 1 Features
- 1.1 Open to Residents of All Countries Except the United States
- 1.2 Support for Multiple Fiat and Cryptocurrencies
- 1.3 Support for Bitcoin Forks
- 1.4 Strong Security Features
- 1.5 Multiple Funding Options
- 1.6 Multiple Withdrawal Options
- 1.7 Refund Policy
- 1.8 Referral Program
- 1.9 QuadrigaCX API
- 1.10 Limited Customer Service Options
- 1.11 Relatively High Fees
- 1.12 Limited Options for Experienced Traders
- 2 Conclusion
Based out of Vancouver, British Columbia, QuadrigaCX is Canada’s leading cryptocurrency exchange with a daily trading volume of $4.94 million as of March 14, 2018. At the time of writing, the Canadian exchange is ranked the 8,649th most popular website in the world and the 374th most popular website in Canada.
Users who sign up with QuadrigaCX can buy or sell top cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Bitcoin Gold.
Canada’s foremost cryptocurrency exchange has a ton of features that make it the frontrunner in the Canadian cryptocurrency space (and some that don’t).
Open to Residents of All Countries Except the United States
Although QuadrigaCX is Canada-based, its services are available to citizens of all countries, except those of the United States. User verification with international IDs is supported.
Support for Multiple Fiat and Cryptocurrencies
Although it’s based out of Canada, QuadrigaCX also lets users buy and sell Bitcoin with United States dollars (USD). While other trading pairs that involve cryptocurrency and fiat currency on QuadrigaCX use Canadian Dollars (CAD) for the fiat currency, QuadrigaCX still offers users multiple cryptocurrency to cryptocurrency pairs if they don’t have CAD or USD.
The full list of trading pairs on QuadrigaCX as of March 14, 2018 is the following:
- Bitcoin / CAD
- Bitcoin / USD
- Ethereum / CAD
- Ethereum / Bitcoin
- Litecoin / CAD
- Litecoin / Bitcoin
- Bitcoin Cash / CAD
- Bitcoin Cash / Bitcoin
- Bitcoin Gold / CAD
- Bitcoin Gold / Bitcoin
Support for Bitcoin Forks
Although Bitcoin forks or splits such as Bitcoin Cash and Bitcoin Gold have been very divisive for the Bitcoin community, that doesn’t change the fact that such forks are free money for holders of Bitcoin.
While many exchanges opposed (at least initially) forks like Bitcoin Cash and Bitcoin Gold, QuadrigaCX showed support for both.
This meant that the exchange’s users were able to sell or withdraw Bitcoin Cash and Bitcoin Gold from their QuadrigaCX wallets when the forks happened instead of never receiving their newly forked coins or waiting to withdraw them to a different cryptocurrency wallet, which could have meant losing some potential profit if the coins’ prices dropped in the interim.
Strong Security Features
Encrypted Cold Storage
QuadrigaCX keeps customers’ funds in “cold storage” or offline, which ensures that in the case of an online attack, customer’s funds are safe. Not only that but funds stored in cold storage are encrypted as well.
Two-Factor Authentication (2FA)
QuadrigaCX provides two-factor authentication, or 2FA for short, for user logins, which means that in addition to a username and password, users can add an extra layer of security to the login process by necessitating the requirement of a 2FA code received by email or a 2FA application like Google Authenticator or Authy in order to access their account.
Security Collaboration with Cloudflare
Cloudflare is a US company that provides a variety of Internet-related services such as distributed denial-of-service (DDoS) mitigation, other Internet security services, a content delivery network (CDN) and distributed domain name server services. Cloudflare’s customers include the likes of Fitbit, OkCupid, and Uber.
QuadrigaCX works with Cloudflare to ensure the security of its website.
Collective Intelligent Threat Detection
Another security feature that QuadrigaCX employs is Collective Intelligent Threat Detection, or the combination of cybersecurity threat information from various sources to better protect against malicious online attacks.
Global Load Balanced Network
In order to improve website availability and reliability, QuadrigaCX uses global server load balancing. This means that QuadrigaCX’s website traffic is distributed across server resources in more than one geographical location.
As such, if network or server outages occur, website availability and reliability are improved since website traffic does not go through a single point of failure.
Multiple Funding Options
It can be hard taking advantage of price swings and volatility in the cryptocurrency market when funding cryptocurrency exchange accounts takes days or even longer.
At QuadrigaCX, you can fund your QuadrigaCX account with options like Flexepin Voucher, INTERAC Online, Bank Wire, Crypto Capital, QCX Voucher and the cryptocurrencies supported by QuadrigaCX (Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Bitcoin Gold). Some of these funding options are very fast or near instantaneous.
Flexepin Voucher is a funding option for CAD and has a minimum transaction limit of $20 CAD and a maximum transaction limit of $500 CAD. The 24-hour funding limit for Flexepin Voucher using CAD is $2,500 CAD. Funding is instant, incurs a 2.5% fee, and requires ID verification.
INTERAC Online is another CAD funding option that has a minimum transaction limit of $50 CAD and a maximum transaction limit of $2,000 CAD. $4,000 CAD is the 24-hour funding limit and, like Flexepin Voucher, funding is instantaneous with certain exceptions where funds are held for up to 24 hours by QuadrigaCX’s security team at the request of the INTERAC network. Fees for INTERAC Online funding are 1.5% with a minimum of a $5 CAD fee. ID verification is required.
Bank wire is a funding option offered by QuadrigaCX that can be used with either CAD or USD. For CAD, the minimum is $50,000 CAD and the maximum is $500,000 CAD. The maximum funding limit for 24 hours is $500,000 CAD and funds can take up to 5 business days to arrive depending on the financial institution from which they are sent. Fees are 1% and ID verification is necessary.
For USD bank wires, the minimum transaction is $25,000 and the maximum is $500,000. As with CAD bank wires, the 24-hour funding limit is $500,000 (but in USD), and wire funds can take up to 5 business days to arrive depending on the financial institution. For USD bank wires there are no fees, but ID verification is required.
Crypto Capital is available as a funding option for CAD. The minimum is $500 CAD and the maximum is $500,000 CAD. The 24-hour limit for Crypto Capital CAD funding is $500,000, with funds becoming available the next business day. There are no fees and verification is required.
In addition to CAD, Crypto Capital is available for USD funding as well. The minimum is also $500 but the maximum is $250,000. 24-hour limits are $250,000 and funds are available the next business day. There are also no fees, and verification is required.
The last fiat currency funding option on QuadrigaCX is QCX Voucher, QuadrigaCX’s very own voucher system. Users can withdraw CAD or USD in their accounts to QCX Vouchers (either mailed physically or instantly issued digitally).
These vouchers can be applied to the user’s QuadrigaCX account or the account of any other user on the exchange. Transaction limits are $5-5,000 CAD, 24-hour limits are $5,000 CAD, funding is instantaneous and there are zero fees. The same parameters apply for USD but with all limits of course being in USD and not CAD.
As mentioned, users can also fund their accounts with cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Bitcoin Gold.
For Bitcoin, the minimum transaction limit is 0.001 Bitcoin. There is no 24-hour funding limit or ID verification required (this goes for all cryptocurrency funding methods).
Funds are available after 4 block confirmations (after 4 blocks or series of transactions, including the one that the transaction is part of, are mined) and there are no fees.
Ethereum funding has a minimum of 0.001 Ethereum. Funds are available after 12 block confirmations and there are no fees.
Litecoin also has a minimum funding limit of 0.001 Litecoin with funds becoming available after 6 block confirmations. Fees are also zero for this funding method.
Bitcoin Cash funding has a minimum of 0.001 Bitcoin Cash. Bitcoin Cash funds become available after 4 confirmations and there are no fees.
The last funding option, Bitcoin Gold, also has a minimum of 0.001. After 4 confirmations, funds are available for use and fees are non-existent.
Multiple Withdrawal Options
As extensive as the funding options for QuadrigaCX are, the withdrawal options are just as plenty, if not more so.
Users can withdraw their funds via options like Express Bank Transfer, Cash Delivery, Direct Bank Transfer / EFT, Bank Wire, Crypto Capital, QCX Voucher, Gift Card, Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum and Litecoin.
With Express Bank Transfer, the minimum withdrawal is $500 CAD and the maximum is $100,000 CAD. A limit of $100,000 CAD is placed on withdrawals every 24 hours and transfers usually take between 1-3 business days. Fees are 2% of the withdrawal amount and verification is necessary.
For Cash Delivery of CAD, the minimum is $500 CAD and the maximum is $5,000 CAD. The 24-hour withdrawal limit is $10,000 CAD and cash deliveries take up to 3 business days. The fees are 2% of the withdrawal amount and an additional $20 CAD. Verification is required.
Direct Bank Transfer / EFT is yet another CAD withdrawal option with a minimum of $50 CAD and a maximum of $100,000 CAD. A maximum of $100,000 CAD can be withdrawn every 24 hours using this method and Direct Bank Transfer / EFT takes up to 10 business days.
While the withdrawal is slower than that of Express Bank Transfer and Cash Delivery, there are no fees for users who aren’t in a rush. ID verification is also required.
Gift card is the last CAD-exclusive withdrawal limit and gift cards are issued in $100 CAD amounts. Gift cards are delivered within 7 business days and incur a fee of $5.85 CAD. Verification is required.
Yet another withdrawal method is the tried and tested bank wire, which has a minimum amount of $100 CAD and a maximum of $500,000 CAD. If withdrawing to USD, the minimum is $500 and the maximum is $500,000.
24-hour limits for bank wire withdrawals are $500,000 for both CAD and USD. Bank wire withdrawals become available within 10 business days for both currencies, and there are no fees for either. Verification is necessary.
Crypto Capital withdrawals are available for both CAD and USD. For CAD, the minimum withdrawal is $500 CAD and the maximum withdrawal is $500,000 CAD. The minimum for USD is the same but the maximum is $250,000.
The 24-hour limit for CAD is $500,000 and $250,000 for USD. For both currencies, withdrawal funds become available the next business day. There are no fees for both currencies, but verification is required for both.
The final fiat currency withdrawal method is QCX Voucher. The minimum withdrawal in CAD is $10 CAD and the maximum is $5,000 CAD, whereas the minimum and maximum withdrawal amounts for USD are $10 and $3,000 respectively.
The 24-hour withdrawal limit for CAD is $5,000 CAD and for USD it is $3,000. Both CAD and USD QCX Vouchers are issued instantly, have no fees, and require verification.
For cryptocurrency withdrawals, the minimum withdrawal is 0.001 for all QuadrigaCX-supported cryptocurrencies (Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, and Litecoin) and all have no fees for withdrawal.
Although purchases of Bitcoin and other cryptocurrencies are non-refundable due to the irreversible nature of most cryptocurrency transactions, QuadrigaCX does offer refunds for fiat currency fundings of member accounts to the original fiat currency funding method, such as through a bank account, given that the funds haven’t already been spent.
Partial refunds are also available if only part of the funds have been spent. Refund requests must be submitted within 7 days of the original funding.
One of the main reasons that QuadrigaCX has grown to become what it is is its referral program, which pays users who refer new users to the platform. Not only does QuadrigaCX get bigger but users who promote the exchange also are rewarded financially for their efforts – a win-win situation for everyone.
QuadrigaCX pays users who refer new users to the exchange 10% of all trading fees incurred by the new user(s). QuadrigaCX even offers free advertising banners to users who want to participate in the program.
For developers who want to integrate QuadrigaCX with other applications such as charting programs, trading applications, point of sale systems and so on, Quadriga CX offers an application programming interface (API) for developers to do so.
Limited Customer Service Options
While QuadrigaCX does have a lot of things going for it, its customer service leaves much to be desired as they only have an email ticket system for submitting inquiries in an age where live chat (and of course the classic phone call) are important with people growing more and more impatient by the day.
Relatively High Fees
QuadrigaCX’s fees aren’t too high and never cross the 1% mark on any of its trades. Depending on what cryptocurrency you are buying or selling, QuadrigaCX charges a 0.2 to 0.5% fee on trades.
However, these fees are still relatively high in the cryptocurrency exchange world, where many competitors charge almost nothing. Moreover, higher fees make QuadrigaCX less than ideal for day traders and result in lower trading activity in general, which can lead to lower liquidity.
Trading Ethereum to and from Bitcoin has a fee of 0.2% per trade or transaction whereas every other trading pair has a fee of 0.5%.
Limited Options for Experienced Traders
Though QuadrigaCX’s interface is pretty intuitive and easy to use, it does not have many of the features that more experienced traders will want.
For example, QuadrigaCX only offers spot trading and does not offer trading on margin, which might turn off experienced traders looking for some leverage.
Furthermore, there is no technical analysis or similar charting tools for traders and investors that want to take a more in-depth look at price movements.
Also, QuadrigaCX does not offer a mobile app (though the platform can be used on mobile browsers) for users that want to make trades on the go when time is of the essence.
As of now, QuadrigaCX is one of the best, if not the best, cryptocurrency exchanges in Canada. These are some of its main advantages:
- Most of the top cryptocurrencies are supported
- Security features are strong
- There are multiple funding and withdrawal methods
- They have a refund policy
- The referral program offers generous payouts
- There is an API are available for developers
However, customer service is lacking, trading fees are relatively high, and advanced options are scarce for power users.
Moreover, there have been recent reports on Cryptocompare and Reddit of users complaining about very slow withdrawals. The exchange has no physical address in Vancouver, British Columbia, Canada and is unregulated, which are causes for concern. Some have even voiced concerns that the exchange is planning an exit scam.
Nevertheless, such claims are probably unfounded as most cryptocurrency exchanges are experiencing similar problems due to the drastic influx of new user signups as well as the increasingly hostile stance towards cryptocurrencies from mainstream financial institutions such as banks.
All in all, QuadrigaCX is still amongst the best Canadian cryptocurrency exchanges for buying and selling popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Bitcoin Gold.