QuadrigaCX Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
QuadrigaCX Review – is it scam or safe?
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 Kraken, bitFlyer, Coincheck, Bitfinex 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 IG, HYCM, easyMarkets, Grand Capital, FXTM, XTB, FxOpen, VantageFX, Admiral Markets, Ava Trade, etc. All of them are licensed by reputable regulators and provide better client protection.
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.
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.
QuadrigaCX Review – is it scam or safe? Conclusion
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