It seems to have better pricing than other Canadian p2p competitors, but verification is like a trip to the proctologist. Quebex takes the privacy out of p2p.
- Bank Draft, Paypal, interac
- Good pricing
- Lots of Interac offers available
- Less likelihood of fraud perhaps
- Intrusive KYC
- Volumes not as high as competition
- Support is absent
Quebex is a peer-to-peer bitcoin exchange focused entirely on you, the Canadian bitcoin consumer. Quebex is an entirely local version of localbitcoins, which by the way also offers local Canadian p2p services. There are two big differences between localbitcoins and Quebex.
The first difference is that Quebex has, generally speaking, better pricing. The spread can sometimes get up to 3X narrower between the buy and spread orders available. The second difference is that Quebex does away entirely with the anonymity at the center of p2p trading. Their onboarding is more intrusive than the online exchanges – they go as far as to run a credit check, and require a video conference call. While this definitely helps keep the network free from fraud, it also does away with the main reason why many p2p users choose to go the p2p route – they want to maintain a high level of privacy.
So let’s imagine that you fall into the category of customer that is ok with the heightened KYC process due to the better pricing. What would make Quebex preferable to, for instance, Canadian bitcoin exchange leader Quadriga? Quadriga has better better with much higher volumes. User verification is less burdensome. Theoretically Quebex offers Paypal, but in practice it is too expensive to use – and they seem to be missing bank wire. And while they do offer Ethereum and Litecoin, the markets are insignificant. And of course, the whole trading process is much simpler at Quadriga.
QuadrigaCX single-minded focus on the Canadian market has made them the top bitcoin exchange by volume, price, and customer satisfaction.
- Top volume by far in CAD markets
- Local deposit and withdrawal options at cheapest price
- Best pricing in market
- Bitcoin Cash
- Credit Card, Bank Wire, Bank Draft, interac, Cash, Flexepin
That leaves one reason, as far as we can see it, to choose Quebex over Quadriga: and that is Quebex’s lack of custodial wallet services. The seller ships it directly to your third party wallet and you need never entrust your coin to anyone. Perhaps this does it for you; for us, it really doesn’t. Quadriga has proven a very secure exchange over the years, and besides, they cover all fees when transferring coin to your third party wallet.
That being said, Quebex does have a decent amount of p2p trading volume, so perhaps we are missing something.
Using the Platform
All users, both sellers and buyers are verified using equifax and with live video chat. Assuming Quebex is satisfied with your credit check, you will be able to buy and sell up to $950 of bitcoin per day.
Selling at Quebex
Selling bitcoin requires sending the total amount to a Quebex wallet. When a buyer confirms he would like to take up the seller offer, the money is transferred directly to the seller’s Interfac account, most likely. Once the money hits, the seller must confirm through the platform, which releases the money to the buyer’s wallet.
Buying at Quebex
Works the opposite way as selling. Once you take up someone on their sell order, simply transfer the money to their account and notify that it has been sent. Once the seller receives the money, the coin will be released into your specified wallet. In the event of a dispute, contact Quebex.
For a more in depth description of how the process works, check out our analysis of local bitcoins. Quebex replicates the flow.
Support is meant to be there to help facilitate verification and to act as dispute arbiter if needed. We have been unable to get in touch with support. When checking around the internet, the universal opinion seems to be that support is entirely inadequate. Emails often go unanswered. We would be very happy to hear opinions on this, please leave feedback on Quebex below.
They do have better pricing in Canada than Local Bitcoins – but the product is inferior. We do not really recommend going with them at the current time, but would be happy to hear additional feedback.