A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of QuadrigaCX consists of four parts: general information, fees, deposit methods and security.
UPDATE 31 JANUARY 2019: PLEASE BE ADVISED THAT THIS EXCHANGE HAS CURRENTLY FILED AN APPLICATION FOR CREDITOR PROTECTION, FOLLOWING THE DEATH OF ITS FOUNDER (WHO HELD THE PRIVATE KEYS WITH ACCESS TO SUBSTANTIAL ASSETS OF THE EXCHANGE’S CUSTOMERS). ACCORDINGLY, IT DOES NOT ACCEPT ANY NEW CUSTOMERS. THE FOLLOWING IS WHAT YOU FIND WHEN ACCESSING THE WEBSITE:
QuadrigaCX is one of the many cryptocurrency exchanges from Canada – the land of hockey and maple syrup. The exchange is registered and located in the city of Vancouver (British Columbia, Canada).
Residents/citizens from the neighbouring country USA can unfortunately not trade here. If you’re an American, don’t be too sad though. There are many other cryptocurrency exchange sites that offer the same type of trading as this exchange does. Use our Exchange Finder to find out which alternatives you have.
One very interesting aspect with QuadrigaCX is their fast withdrawals. To start with, withdrawals of cryptocurrencies are not charged any fees (more about that below). Moreover, this exchange starts all withdrawal-processes within 24 hours from the withdrawal request. This is a strong advantage for this exchange.
QuadrigaCX also claim to be the “fastest growing Bitcoin Exchange in Canada” and also “one of the fastest growing exchanges in the world”. We have no data on historic trading volumes that can verify or reject that statement, but we note that at the day of writing this review (15 August 2018), QuadrigaCX is on place 96 on trading volume (approx. USD 90 million).
Also, this trading platform is not for people interested in the less established cryptocurrencies (Neutron Coin, Rebellious Coin, Tokenstars Coin, Trustnote Coin, XPA Coin, or coins of roughly the same size). If you want to sell or buy any of those, you’ll have to choose another trading platform.
QuadrigaCX Trading fees
It should be noted here that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. Also this exchange has this system in place. The fees listed below and in the comparison table excludes any such volume discounts.
QuadrigaCX doesn’t charge different fees between takers and makers. Their fee model is instead a “flat fee model”. The exchange’s flat fee is 0.50%. This fee is above the industry average (arguably around 0.25%).
QuadrigaCX Withdrawal fees
Here, the platform does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market and really distinguishes QuadrigaCX from most other top crypto exchanges. Many investors seem to think that this also outweighs the somewhat higher-than-average trading fees.
QuadrigaCX offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as QuadrigaCX accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
With respect to the deposits, the exchange also recommends the following speedy alternatives
- Interac Online Instant Funding; and
- e-Transfer Funding (executed within 24hrs).
QuadrigaCX seem to care deeply about security and highlights the following features designed for a secure trading platform:
- Encrypted Cold Storage
- Two-Factor Authentication
- Collaborative Security with Cloudflare
- Collective Intelligent Threat Detection
- Global Load Balanced Network
However, QuadrigaCX’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):