Update: After the tragic and sudden death of Quadriga’s CEO, QuadrigaCX has “lost” the keys to its cold storage, and along with it ~$190 MM in customer funds. We are surprised and horrified that this has happened to Quadriga’s customers. This is another reminder never to leave bitcoin in an exchange wallet – make sure you control your own private keys.

QuadrigaCX is Canada’s number one bitcoin exchange, and it is not even close.  They lap the field in terms of liquidity, offering the narrowest spreads on bitcoin, bitcoin cash, ethereum, and litecoin against CAD.  They are an entirely local outfit, with offices in Quebec, local support, and all the local deposit options.  This singleminded focus on Canada is why Quadriga has remained the top exchange in the market, while bigger international brands like Coinbase have been unable to compete and, ultimately, withdrew from the market.

Security

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.

Gravitas

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 comfortable product, with limit and market orders on all the crypto-CAD markets. The Canadian exchange is the most active in Canada, but it’s almost entirely Canadian clientele means spreads get wider outside of local trading hours.

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 Mobile

Quadriga has an excellently designed web-based mobile product. All desktop functionalities can just as easily be completed from any IOS or Android device.

Quadriga Fees

Quadriga charges a trading fee between 0.2-0.5%. Please find below the deposit and withdrawal fee schedule.

Bottom Line

Quadriga has emerged as a serious player in a Canadian exchange market that has been neglected by the competition. With low fees, a superior product, and a singular focus on delivering a localized product, Quadriga should remain tops in the Canadian market. This has been pretty decisively proven as Quadriga fended off challenges by both Coinbase and Kraken, neither of whom were able to dethrone Quadriga from market king.