You’ve probably heard of Bitcoins or cryptocurrency or even seen advertisements on various web and social media platforms around them. Well, cryptocurrency is a virtual or digital currency that can be used as a medium of exchange just like a US dollar or any other denomination is used for various transactions. Bitcoin was the first cryptocurrency to begin trading in 2009 and since then a variety of other cryptocurrencies have emerged, each of them having a different value compared to the other.
What is QuadrigaCX?
- QuadrigaCX is an online digital currency marketplace where one can easily and efficiently buy and sell different cryptocurrencies for other digital currencies or for fiat money such Euro or US dollars in a neutral and open market.
- QuadrigaCX was founded by Gerald Cotton who wanted to circulate Bitcoins across Canada. He first began in November 2013 performing local trades in the area but later in December launched the online trading platform. It has grown immensely and now boasts of thousands of users worldwide and in Canada.
- QuadrigaCX is based in Vancouver, Canada and its one of the best and most efficient way to trade Bitcoins in the country.
- QuadrigaCX is supported in a majority of countries around the world but it offers more exchange options in Canada.
How does QuadrigaCX work?
- To begin using Quadriga CX you first create an account on the user-friendly site and submit the required credentials necessary for identifying you.
- Then you fund your account in either fiat money using the numerous funding options provided below or using any of the supported cryptocurrencies. Verification is compulsory when funding your account with fiat money which is either US dollars or Canadian dollars.
- QuadrigaCX will then suggest the best cryptocurrency buying options available for you at the current market rate. You’ll then place an order which will be fulfilled once a seller accepts to sell a given currency at the rate you’ve agreed to buy.
- Similarly, when selling currencies, the user funds his/her account and then places a selling order in the open market. When a buyer agrees to pay the selling price, the order will be processed instantly and the seller can withdraw money in Canadian dollars using the numerous withdrawal options supported.
Which trading options does QuadrigaCX offer?
- Currently, there are five cryptocurrency options that one can trade in which include;
- Fiat money currencies used are US dollar (USD) and Canadian dollar (CAD).
- Some of the buying pairs are ETH/CAD, BTC/CAD, ETH/BTC, BTC/USD and much more which can be bought or sold interchangeably.
- QuadrigaCX intends to offer more cryptocurrencies in the future especially Dogecoin to their web platform in order to offer a wide range of options for clients to choose from.
What payment methods offered by QuadrigaCX?
- QuadrigaCX stands apart due to the numerous funding and withdrawal options it offers.
- You can fund your account in CAD using INTERAC online which is updated instantly.
- Bank transfer using Canadian banks is another funding and withdrawal option in CAD.
- INTERAC E-transfer in CAD which takes one business day.
- One can use Crypto-transfer which is free and takes one day to be processed.
- QuadrigaCX also strongly advised its users to adhere to the limits stipulated when buying or selling of currencies using their platform which will greatly avoid any inconveniences.
- Clients using the platform have expressed their satisfaction in regards to funding their accounts using cryptocurrencies but the only hitch is that payment in fiat money takes longer due to the nature of banking services in the country which is beyond the scope of the company.
What are the verification requirements set by QuadrigaCX?
- QuadrigaCX has a rigorous client verification process which involves an email address, country of residence, Identification selfie and bank account verification. All these allow for proper service delivery to its clients and faster and efficient transactions through integrated bank systems.
- However, it also allows users to have an unverified account which has limited capabilities and trading options compared to a fully verified user who enjoys all the benefits and services that the platform offers.
- Quadriga CX charges fees on buying and selling of currencies on its platform and also on selected funding and withdrawal options offered.
- It is also worthy to note that fees on trading are charged upon completed trades and hence fees do not apply to open buying or selling orders.
- For trading purposes, a fee of 0.5% is charged for BTC/USD, BTC/CAD, ETH/CAD and a fee of 0.2% for ETH/BTC trades. Additional fees are also charged for funding and withdrawal transactions carried out on a user’s account.
- These fees are deducted before money is sent to a client’s account. Therefore, it is important for users to ensure the amount of money they intend to exchange caters for the fees and transaction costs for both trading and payment charges. This has been the reason for QuadrigaCX scam allegations and hence it should be clearly understood before trading in the platform.
- The following table illustrates the additional fees charged on account deposit and withdrawal transactions and their corresponding limits.
|Transfer Option||Fees Charged||Transaction Limit||Transaction Period|
|Bank Wire(USD, CAD)||Free||$500 – $500,000||5 days
|Crypto Capital(USD, CAD)||Free||$500 – $250,000||1 days
|Bank Transfer(CAD)||2.5%||$250 – $10,000||5 days
|Interac E-Transfer(CAD)||2% + $5||$500 – $2,000||1 day
|Interac Online(CAD)||1.5%||$50 – $2000||Immediate
|Transfer Option||Fees Charged||Transaction Limit||Transaction Period|
|Bank Wire||Free||$100 – $500,000||10 days
|Crypto Capital||Free||$500 – $250,000||1 day
|Bank Transfer||Free||$50 – $20,000||7 days
|Interac E-Transfer||2% + $5||$100 – $5000||2 days
|Cash Delivery||2% + $20||$500 – $5000||3 days
|Rapid Bank Transfer||5%||$1000 – $5000||1 day
|Express Bank Transfer||2%||$500 – $100,000||3 days
Is QuadrigaCX safe?
- Generally, QuadrigaCX user community is well satisfied with the services they receive and have offered positive reviews in regard to this. QuadrigaCX is also very proactive in allegiance to government laws and regulations which makes them trustable to any regular user.
What security features does QuadrigaCX offer?
- Deposits made to their site are stored in an encrypted cold storage. Users can also protect their accounts using the two-factor authentication whereby users head on to their account and then click on the Profile settings section on the page.
- Quadriga CX also uses Cloudflare for offering collaborative security to its users.
- They also have a collective intelligent threat detection and a global load balanced network which ensures the safety of all transactions and services.
- QuadrigaCX does not have a live customer support headline but it does have a comprehensive support page on their website that contains an FAQ section and a thorough documentation with regards to various functionalities offered by the site. This may be disadvantageous especially to people who do not like to read long sections of text and it’s an area the company needs to improve on.
- Processing speeds for crypto-based transactions are relatively faster compared to transactions based on fiat money.
How to use QuadrigaCX?
- Load on to the website and set up an account there by following the procedures.
- Once you’re logged in click on the top right corner of the page and click verify.
- After verification which may take some time, deposit money into your account in either Canadian or US dollars using the various payment options.
- For instance, if you want to change Canadian dollars into bitcoins, you input the amount you intend to use to buy bitcoins and then click purchase.
- This will purchase the bitcoins at the current market rate and your new bitcoin amount will be reflected on top of your page on the site.
- You will then create a bitcoin wallet which will allow you to move the bitcoins from your account by withdrawing it to your wallet. This procedure varies in processing time depending on the volume of bitcoins you are transferring.
QuadrigaCX Review Summary
“Can I trust QuadrigaCX?” Well, QuadrigaCX is an established digital marketplace that has been ranked among the top 35 best platforms in the world for cryptocurrency trading. Hence, it’s a reliable, simple and efficient platform committed to making cryptocurrencies available to the average person. Therefore I would recommend this website to you and also encourage you to check them out and read more about what they have to offer.
Pros of using QuadrigaCX
- It accepts both cryptocurrencies and fiat money.
- A user-friendly website that is easy to use.
- Provides robust security measures for its clients.
Cons of using QuadrigaCX
- A limited number of cryptocurrencies one can trade in.
- Has limited trading and transfer options in regions out of Canada.
Thank you for reading this article, we hope it was helpful. Make sure to visit our website more often and stay updated with everything crypto.