What is QuadrigaCX?
QuadrigaCX is one of Canada’s longest running cryptocurrency exchanges. Based in Vancouver, Quadriga aims to be a secure and user-friendly way for Canadians to get involved in trading cryptocurrencies. They are one of the most liquid exchanges in Canada, and consistently have the highest volume among the Canadian exchanges. Quadriga is a ‘fiat gateway’, meaning you can deposit Canadian dollars directly onto their website, to be exchanged for digital currency.
Pros
+ High liquidity and volume for a Canadian exchange
+ Largest selection of withdrawal options, some with no fees
+ No withholding periods after funding
+ Multiple options for account verification
Cons
– Account verification time is inconsistent among users
– Withdrawals can take longer than expected
– Funding options are limited if you can’t use Interac Online
– Trading platform feels dated compared to other exchanges
Supported Cryptocurrencies
Quadriga supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Bitcoin Gold (BTG). Their platform trades in both Canadian and US dollars, although the only US dollar pairing is with Bitcoin. Please note that Quadriga symbolizes Bitcoin as XBT on their platform, instead of BTC.
Security
Quadriga uses advanced security measures to protect their exchange and user’s funds. This includes cold storage to hold funds, collective intelligent threat detection, encrypted user accounts, and servers with custom operating systems and software. Both of Quadriga’s website and API are protected from attacks through their partnership with CloudFlare, one of the internet’s leading online security firms. For increased account security, Quadriga has the option to add two-factor authentication (2FA) to user accounts, through Google 2FA and Email 2FA. Overall, we believe that Quadriga is a safe exchange to trade on.
Verification Process
You must verify your account on Quadriga before you can deposit funds and start trading. While Quadriga tries to process verifications in 72 hours, many users report waiting much longer than that. The actual time it takes for accounts to be verified seems to be inconsistent. Some are able to get verified in days, but it seems that many experience waiting weeks, and sometimes even months. There’s no denying that this can be very frustrating experience. Quadriga has added other verification options to help speed up the process, such as ‘Instant Equifax Verification’ and ‘Canada Post In-person Verification’, but these don’t necessarily unlock all available funding options. Only users who complete two methods of verification will unlock every available funding options.
Based on our experience, the account verification process on Quadriga is slower than the other Canadian exchanges, and seems to be a major pain point for it’s users. The Equifax and Canada Post options help, but there are many people who still wait far too long to be able to fund their account.Please note that no verification is required if you plan to fund with, trade, or withdraw cryptocurrencies.
Trading Platform
While Quadriga aims to be an easy to use platform, we feel as though it may be a bit intimidating for beginner level traders. This may be due to the fact that the web-based trading platform looks more outdated than some of the other Canadian cryptocurrency exchanges, primarily Coinsquare and Bitbuy. Experienced traders should be fine right away, but the user experience may take some getting used to for the newbies out there.
The features Quadriga offers are not far off from other Canadian players. On your dashboard, you will find a ‘Quick Trade’ box, allowing you to market buy or sell crypto in one click. In the ‘Trade’ tab, you will be able to place buy and sell limit orders, while seeing a live feed of recent trades. There are also graphs and charts available in the ‘Market Overview’ and ‘Live Trades’ tabs.Quadriga doesn’t have it’s own mobile application, but the website is optimized for mobile browsers. All of the features you would find on a web-based browser are available on the mobile version. Personally, we preferred to use the web-based version of the Quadriga platform, but the mobile version works well if you’re not near your computer.
Deposit/Withdrawal Options
There are multiple ways to fund your account on Quadriga, but it may be harder for you to do if you do not have access to Interac Online. Without it, you are limited to Flexepin (maximum deposit of $500 ), bank wire (minimum deposit of $50,000), and an intermediary service called Crypto Capital. Currently, there is no option to use Interac e-Transfer. Something unique that Quadriga offers is the ability to deposit funds in US dollars, which can be done with a bank wire or Crypto Capital.
For withdrawals, Quadriga has the most options we have come across for a Canadian exchange. There are the standard withdrawal options, such as receiving a bank wire or electronic funds transfer (EFT), as well as unique options like receiving a cheque or cash delivery. Verification is required for all funding and withdrawal options.
Fees
For the most part, the fees on Quadriga are on the low side. For deposits, using Interac Online comes with a 1.5% fee, and bank wires have a 1% fee. Flexepin has a fee of 2.5%, which is pretty standard for the service. There are also no fees for depositing in US dollars.Withdrawal fees are where Quadriga really stands out among the competition. EFTs and bank wires are both free, while other exchanges can charge up to 2% per withdrawal. The free withdrawals are a big incentive for serious traders, as even a 1-2% fee will add up to large amounts of money saved/lost over time. Withdrawing via cheque or cash delivery come with a 1% and 2% respectively, and express bank transfers come with a 3% fee. We definitely recommend taking advantage of the free withdrawals if you’re using Quadriga. Something to note however, is the fact that many users complain about delayed EFT withdrawals. So keep in mind you might be waiting longer than expected for you free withdrawals.Although it is not displayed in their fee section, there are trading fees on Quadriga. Any trade with a CAD or USD pairing has a trading fee of 0.5% and any crypto-to-crypto pairings (ie. ETH/BTC) has a trading fee of 0.2%. These trading fees are similar to the ones on the other Canadian exchanges.There are no fees for withdrawing cryptocurrency, meaning you can send your crypto to a private wallet, free of charge.
Conclusion
Trading on Quadriga can be a frustrating experience at times, but there are definitely some benefits to using their platform. We recommend it to serious traders who can take advantage of the high liquidity and zero withdrawal fees. However, if you are looking for something quick and easy, one of the newer exchanges might be better suited for you.