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QuadrigaCX Review - is it scam or safe?

QuadrigaCX Review - is quadrigacx.com scam or good cryptocurrency exchange?

RATING: 1.3 / 6 REVIEWS ForexBrokerz QuadrigaCX

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Trading accounts and conditions

Account type Leverage Fees
Standard 1:1 0.5%*

*Trading fees vary between 0.2 and 0.5%

 

QuadrigaCX is a Canadian cryptocurrency exchange that offers spot trading of a relatively limited number of coins: Bitcoin, Ether, Litecoin for USD or CAD. There, however, is no leveraged trading.

 

Even though most cryptocurrency exchanges offer only spot trading in coins, there are some like KrakenbitFlyerCoincheckBitfinex and Quoinex who offer trading on margin, but the percentage is relatively low. There are other exchanges like Lykke and BitMex who offer a leverage of up to 1:100.

 

There are also increasing numbers of forex brokers who provide the option for speculative leveraged trading on cryptocurrency CFDs or other instruments. Some of them are IGHYCM, easyMarketsGrand CapitalFXTM, XTB, FxOpen, VantageFX, Admiral Markets, Ava Trade, etc. All of them are licensed by reputable regulators and provide better client protection.

 

The Company. Security of Funds

 

Company Country Regulation
QuadrigaCX Canada None

 

QuadrigaCX is a wholly Canadian company from British Columbia and claims to be the largest Canadian cryptocurrency exchange. It seems to be a decentralized exchange, where users buy and sell to from other users and QuadrigaCX does not have control over the price on the marketplace.

 

Its volumes are not comparable to those of the exchanges operating on big cryptocurrency markets like Japan, South Korea and China, but are decent for Canadian standards.

 

QuadrigaCX is not regulated, but currently there are no specific legal requirements for this type of service. The Canadian Securities Administration (CSA) – the umbrella organization of all provincial financial regulators – has stated that the Initial Coin Offerings (ICOs) may be subject to the local securities laws. The CSA Notice also confirms that the same laws are potentially applicable to cryptocurrencies and related trading and marketplace operations, but no enforcement measures have been taken yet. The document also mentions that Canada has already amended some laws regarding the record keeping, money laundering, terrorist financing and identity verification requirements for cryptocurrency marketplaces. Additionally, Quebec’s the Autorité des marchés financiers requires such exchanges and virtual currency ATMs to be licensed as money services businesses.

 

In terms of security features, Quadriga appears to be offering the usual fare of encrypted cold storage, two-factor authentication and several other measures, including a collaborative security with Cloudflare, collective intelligent threat detection and global load balanced network.

 

According to client posts, QuadrigaCX has a rigorous customer identification process with an ID selfie and bank account verification, but those procedures allow for easier and faster funding and deposit through integrated Canadian bank accounts. There, however, is also the option to use an unverified account with limited features.

 

Overall, the clients appear to be satisfied with the service provided. Their only gripe is that payments in fiat currencies take longer, but this is mostly due to the nature of the speed of banking services and is hardly the exchange’s fault.

 

Trading platform

 

QuadrigaCX offers a web-based exchange platform. It has a simple and intuitive interface and includes an order book. Additionally, there is a chart of the price movements of the three cryptocurrencies available for trading, but it is for purely informative purpose. There are neither technical analysis, nor additional charting tools.

 

Unlike some larger cryptocurrency exchanges like Coincheck, Quadriga does not offer bespoke trading applications for mobile devices, but considering that the turnover of the two cannot be compared, there is hardly a need for that. According to the FAQ on the site, the platform can be used on mobile browsers, offering the same features as the desktop version.

 

QuadrigaCX also offers an integrated e-wallet, but users are free to use other e-wallets of their liking.

 

Methods of payment

 

Like an increasing number of cryptocurrency exchanges, QuadrigaCX also accepts fiat currencies - USD and CAD, through bank wire (takes 2-5 business days), electronic funds transfer (2.5% fee and takes five business days), Crypto Capital (takes 24 hours), Interac, a voucher and the three cryptocurrencies: Bitcoin, Ether and Litecoin.

 

For withdrawals QuadrigaCX provides several additional options like cash delivery and rapid, express and direct bank transfer. According to a post on the exchange’s official facebook page, there is also the option for withdrawals in Bitcoin Cash.

 

Conclusion

 

QuadrigaCX is a Canadian exchange that provides what we could describe as the most basic features of a cryptocurrency exchange, but it seems reliable, well established and preferred among its Canadian peers like Quebex, CanadianBitcoins and Morrex, or foreign companies offering services in Canada, like Kraken.

 

The trading fees QuadrigaCX charges appear somewhat high, compared to other exchanges like GeminiPoloniex or Bitstampand they should be added to the fiat currency transfer fees for some of the methods, so trading on Quadriga is not very cheap. Besides, the number of cryptocurrencies available for trading is quite meager. The same can be said about the additional features offered by the exchange.

 

Pros Cons
Canadian company Small number of coins
Accepts cryptocurrencies and fiat currencies High fees
Multiple security features  

 

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Traders` reviews for QuadrigaCX

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Unable to send Bitcoin from quadrigaCX to another wallet

I bought Bitcoin for $450 and until now they won't allow me send the Bitcoin to anyone. I am frustrated and don't even know what to do because I don't have cash on me. Quadriga should fix this as soon as possible.

Bonnie 01/17/2019

QuadrigaCX Scam

: i made a deposit to this site like 2 weeks ago direct bank transfer said 7 days it was pending for 8 and now its been completed for a while then i get a generic email from them saying



Thank you for your patience during this trying time, I can advise that we have received our settlement and have begun paying out or backlogged amounts. This type of settlement is contained within bank drafts which do take a week to clear within the bank.

Most importantly we are building a priority payment list for our back logged amounts and cross referencing each amount in preparation for the settlements that go out.

Please respond back and provide the list of payments you didn't receive so that we can cross-reference against our database. Doing so will greatly help speed up the process of settlements of your backlogged payments.

We truly appreciate your patience during this process as work we tirelessly to get these funds returned and resume normal withdrawals timelines.



how is this even applicable to my situation my funds had no part in this i sorta feel like i am being scammed here

matt 01/06/2019

Scam!!! Just like CIBC

They took $6500 and I have not seen it in my bank since then!!!

Good luck

Yawar Syed 11/08/2018

Big trouble

Canadian company...
https://sedar.com has no data on them.
www.securities-administrators.ca has no data on them.
BBB has numerous complains: https://www.bbb.org/ca/bc/vancouver/profile/virtual-currency/quadriga-cx-0037-1281832/complaints#62455327
BC security commission has no data on them.

No withdrawal possible for like 4+ month now. They claim to have legal battle with CIBC for holding the company funds but no detailed info and no updates on the situation. Everything smells very bad now.

Do not try to withdraw fiat if you are a customer. Withdraw crypto and use other exchange to get your fiat.

Ãlex 10/30/2018

QuadrigaCX: Least Professional Service - SLOOWWWWW

They won't execute your money transfers, going in or out. It has been 2 months now that I requested a withdrawal with a Direct Bank Transfer (or ETF) and it's still not in my account. Through a few emails, they've promised me two additional dates when my funds would arrive and it still was not executed, why make additional lies. Their trading platform is ok, the volume and spread is mostly fine but their funding and withdrawal in Canadian dollars suck ass. Plus, their contact information is super hard to find on their website, so hidden that you would think they are an illegitimate company tending on the scammy side. Terrible communication... I cannot wait for a more decent canadian crypto trading exchange.

And it is NOT Coinsquare, they have the worst imcomprehensible trading platform, lacking so many basic functions, it is clearly showing they are a scammy company (ironic with their commercial ad saying they are not a con...)

Will anyone save us with a decent quality exchange.

Moondance 05/15/2018

It works be patient

I sold my boat through Z coin shapeshiftered to Litecoin then exchanged at QuadrigaCX to $Canadian it was a 3 week process involving substantial cash BUT IT WORKED FLAWLESSLY you just have to be PATIENT I would recommend QuadrigaCX to anyone it took 3 weeks but worked fine

Nicholas Morison 04/04/2018

QuadrigaCX is a scam, if you use them, you'll be scammed out of your own money

I tried to convert some of my BTC into fiat, and chose their Cash Delivery Service, with a 3 day service guarantee. 4 days went by, and I heard nothing, not a simple, we've processed your transaction, you can expect your cash to be delivered by ...
Nothing at all. Zero communication from QuadrigaCX. I sent a complaint, and they sent me a canned response... something to the fact that it takes them 3 days to have the cash picked up by Canada Post. I complained some more, and all of a sudden they sent me some Tracking numbers. Except for, the tracking numbers would take 24 hours to show up. I thought WTF??? I live 10 minutes away from their office. Well, it's now been 48 hours, and their tracking numbers state "we could not find this tracking number".
So, my money is gone as far as I'm concerned. They stole it.

Chris 03/21/2018

QuadrifaCX stole my $4000

I sold some of Etherium on their side and initiated two transfer requests totalling around 3,950 CAD on February 16th and 18th 2018. The money didn't arrive my bank account yet and today is March 14, 2018. They do not answer their phone, they do not reply back with areal human looking into the problem. They simply steal my money and I can't do anything. I will try to escalate but can't find where.

Bora Kizilirmak 03/15/2018

Impressed with speed of depositing my fiat

I’ve had very good experiences using quadraCX.
The first time you etrsmsfer $ it takes a day. After that, it only takes a minute. I’ve deposited and bought cryptos several times. Much faster and cheaper than using Kraken. My purpose is to buy eth or BTC and transfer to another exchange to buy alts. Recommended for Canadians.

Steve 03/15/2018

Stolen litecoins

i had over 40 litecoins stolen from my account at quadrigacx in february 2018. quadrigacx will not assist or consult with me to determine the cause of the theft.

jack 03/03/2018

QuadrigaCX Account Suspended

Account Suspended, Unable to Fund, No reason provided, Two Tickets raised, one response to the effect that they are "working flat out to deal with tickets, raising more tickets just lengthens the response queue. No obvious contact method ???????

Michael Beveridge 02/20/2018

Legal recourse against QuadrigaCX for not transferring my funds

The wire transfer to my account was advertised to take up to 10 business days. It is 19 days and counting. They have "offered" to hold on to my funds because they have had increased demand for processor's payout services. Clearly they have some scam going. I am wondering if there is legal recourse to ensure they actually transfer my funds.

r. cameron 02/15/2018

Garbage service

Quadrigacx is garbage, terrible service. I have sent a bank wire over a week ago and the funds still haven't been credited to may account. I have sent numerous messages asking about the matter. Have received nothing but an auto reply. There simply garbage. No customer service go somewhere else. Anywhere else

Chad 01/26/2018

Waiting for cash money

can u believe that they send Canada cash through Canada post..
and now its been 11 days still waiting..

keturakis 01/16/2018

Works for me

Not one problem with me, would like to see more coins available, but otherwise I have had a flawless experience dealing with them.

Pat 01/13/2018

Quadrigacx the worst company to deal with collect personal data and cancel your account after

Beware!!! Quadrigacx closed my account for no reason and after collecting my personal identity including bank info and statements, and now I can't even get in contact with them to ask them to remove my info for safety. It took three weeks to get through the process of verifying my ID, because it took so long for them to get back to me through each step. Then they asked me to confirm my address, which I kept confirming but it kept coming back not accepted, so I sent a trouble ticked and waited another week only to find out my account is closed. Absolutely no communication about it - just that they closed the ticked... FYI You can only contact them with a trouble ticket - no phone or email... So Now I have to wonder what they did with my ID, because it feels like some kind of scam on some level. Incredibly terrible experience. I will never trust them again!!!


Adam 12/12/2017

No customer service and Bank Wire cost me 150$ to be cancelled

Really a bad exchange !
No customer service and Bank Wire cost me 150$ to be cancelled
1 month and half after and they don't want to answer me at all

martin 11/13/2017
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