- Trading Fees : 0.2-0.5%
- Order types: Market, Limit
- venture capital: $850,000 (CAD)
- Office location : Vancouver
- Telephone : 1-647-491-2708
- US Customers Accepted? : No
- Institutional Accounts? : Yes
- Top exchange by volume in Canada for bitcoin and Ethereum
- Local deposit options and merchant solution
- Good platform, decent fees, wallet security by bitgo
- Can at times be slow with verification
QuadrigaCX is a user-friendly exchange targeting the Canadian market. A variety of local payment options are integrated into the product, and the exchange boasts a sizable amount of CAD/BTC and CAD/ETH liquidity. Quadriga, aided by healthy VC backing and their expected public listing on the Canadian Securities Exchange, looks set to wrest underachieving incumbent Cavirtex from its Canadian bitcoin exchange throne. For Canadian-based traders looking for a local exchange, Quadriga is a great option.
Quadriga offers both telephone and email two factor authentication for client-side security, as well as a four digit pin required to complete any transaction. There is an optional PGP (pretty good security) encryption mechanism available for all Quadriga emails, which can be set up in the profile settings.
Server side, Quadriga states that bitcoin is held in cold storage "using some of the most secure cryptographic procedures possible", though they do not specify these procedures, nor the percentage of customer bitcoin held in cold storage.
QuadrigaCX is primed to become the world's first publicly traded bitcoin exchange, after announcing in March the approval of its listing with the Canadian Securities Exchange, under the ticker XBT. This is a coup from a PR perspective and should provide the exchange an injection of capital to scale operations. Just as importantly, Quadriga will be required to undergo complete financial and security audits prior to its flotation, which will provide great transparency into the veracity of its operations, a welcome development for existing and potential customers.
Though it seems a relatively small amount, the $850k Canadian dollars raised by Quadriga makes them the most well-financed Canadian bitcoin exchange in the market. The executive team is comprised of well-known and public personalities, and the office is publicly listed and available to visit.
Opening an account
The registration process is quickly done. KYC requirements are pretty standard, and approval is generally granted within 1-4 business days.
The Quadriga Bitcoin Exchange
The Quadriga product is nicely and intuitively designed. Users are greeted with their personal dashboard, which provides a snapshot of all pertinent account information including fiat and bitcoin balances, open orders and recent trades, and a quick trade box, allowing a one-click bitcoin buy or sell market order. Three tabs allow the user to toggle between Canadian Dollar, USD and, perhaps a first in the market anywhere, gold bullion. Yes, for those of your waiting for a bitcoin exchange to accept the gold you've been hoarding beneath your floorboards, look no further than Quadriga. Gold Bullion is accepted - by mail or in person - and there is a actually an exchange available, albeit it with low liquidity.
Speaking of the exchange, Quadriga offers a nuts and bolts product, offering limit and market orders in CAD and USD against both bitcoin and ethereum, and the two currencies against one another as well. The Canadian exchange is the most active in Canada. Ocassionally relatively wide spreads spreads are offset by low fees.
Quadriga merchant services
Quadriga also provides merchant services for Canadian-based business looking to accept bitcoin payments. The services offered are similar to what is described here, with iOS and Android solutions offering easy POS systems offline, while bitcoin can be integrated to existing shopping carts online with a bit of technical tinkering. Merchants can choose to instantly convert bitcoin into fiat, which is paid out in direct deposit, cheque or wire transfer, or keep earned bitcoin in their Quadriga wallet. Quadriga charges a 1% fee on all transactions.
Quadriga has a flat 0.5% trading fee. Please find below the deposit and withdrawal fee schedule.
Though perhaps not reflective of the overall support at Quadriga, our one interaction with support left a bad taste. A technical glitch was preventing me - and I assume anyone - from completing registration with Quadriga. After reporting this to the support team, I heard nothing for 24 hours, after which I followed up. Ten hours later, received the response - "The issue has been resolved".
Leaving aside the 34 hour wait time for a response (initial email sent on a Wednesday), you would think that normal etiquettes such as an introductory remark - "Hi David/Sir/whatever", and a "thank you for reporting this issue", or "thanks for contacting us" or "our QA sucks, appreciate you doing it for us" and, "Best, Quadriga", would be standard practice. This of course could be an isolated incident, but it smacked a bit of a disrespect you would hope not to find amongst public-facing representatives of the company.
Quadriga has emerged as a serious player in a Canadian exchange market that has been neglected by Cavirtex. With lower fees, a superior product, and the impending flotation of the company on the Canadian Securities Exchange, it will soon surpass Cavirtex in terms of liquidity. However, it remains to be seen if Quadriga will be able to fend off international exchanges, like Kraken, who have decided to enter strategically the Canadian market.
Exchange Articles of Interest
Bitcoin Price (USD): 853.48