QuadrigaCX is this a scam? Review and Customers Reviews

QuadrigaCX (the full official name – Quadriga Fintech Solutions) appears to be the largest and most popular trading platform for cryptocurrencies in Canada. To conduct transactions, the basic digital coins are available: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin. As for fiat money, the Canadian dollar is currently available and the US dollar has been recently introduced.

Certainly, as a potential client of this service, you’re eager to know for sure whether this company is another fraudster on your way to financial independence or it’s something reliable and trustworthy, enabling you to conveniently trade in digital coins and timely withdraw your earnings. You will find the exact answer here below.

The QuadrigaCX platform is currently considered to be one of the largest crypto exchanges in Canada. It was started in 2013. Before the official registration the founders received a full package of licensing documents as well as a brokerage license in Canada from the Canadian Financial Transactions and Reports Analysis Centre (FINTRAC). This step was highly appreciated by investors. As part of the IPO, the project managed to collect twice as much funds as originally claimed – 850,000 Canadian dollars instead of 380,000. Support was provided by such well-known brokerage companies from Vancouver as Wolverton Securities, PI Financial, Haywood Securities and Capital Markets.

First of all, the exchange was created for traders who would like to exchange digital currencies (the whole truth about cryptocurrencies is here) for Canadian dollars and vice versa. At the moment, an additional type of fiat money, the US dollar, has been introduced, so that it could be possible to make currency translation or transfers between exchanges without any difficulties. Of course, with respect to the world’s crypto leaders, the daily turnover of QuadrigaCX is quite modest (no more than 600 BTC). Nevertheless, in Canada, the given site is a true leader.

The most important features of the platform are:

• 5 available assets;
• All of the presented currency pairs are traded against Bitcoin (learn here how to earn a decent income on Bitcoin) and the Canadian dollar.

An additional feature is that it’s quite real to trade against the US dollar, but such transactions are available in much smaller amounts. We should note that operations with fiat money are available only to verified users.

As for the trading process in the personal cabinet of QuadrigaCX, it’s organized intuitively and conveniently for both a newcomer and an experienced trader. Each pair of digital coins can be picked separately. You can choose it from the drop-down list in the upper right corner. All operations can be conveniently carried out via the DashBoard panel or the Trades tab. Here you won’t see a standard and familiar web terminal. The developers have tried to simplify the process as much as possible. Well, the Trades tab contains two types of orders (Buy and Sell), a book of orders with current bid offers and a window with a history of transactions. The given interface enables you to immerse yourself in the work.

Replenishment and withdrawal of funds

Traders are welcome to work with 5 cryptocurrencies on the platform (here you can find out the current forecast for digital currencies for 2018). You’re free to deposit such assets to your account: digital coins and USD/CAD. It’s allowed to replenish the balance with fiat money only after the verification procedure. Cryptocurrencies can be deposited to the account of your personal cabinet by means of a direct transfer to the wallet’s personal address created by the exchange. The transaction immediately includes the site commission for the transaction.

Variants of replenishment include:

• Bank transfers;
• Electronic payment systems (InteracR Online, Crypto Capital);
• Crypto wallets.

For convenience of the trader in the account, one can see the limits for the replenishment (their values depend on the degree of passing the verification), the types of payment, the terms of their execution and the commission indicator.

The withdrawal of funds is carried out in the same way as the replenishment of the account. You can transfer your funds to electronic payment systems. Since the validation of transactions is done manually, the process can take up to 10 days, especially for large amounts.

When it comes to the withdrawal of your funds you can use the following options:

• Bank transfers;
• Electronic payment systems (InteracR Online, Crypto Capital, PayPal);
• Crypto wallets.

Complaints about QuadrigaCX

The QuadrigaCX exchange turns out to one of the leaders of the cryptocurrency market in Canada. Even before the official launch of the project, the platform was granted registration and a full package of permits, including a license for brokering from FINTRAC. The platform offers the most convenient conditions for traders: a large number of options for replenishment/withdrawal of funds, a simple trading interface, a small commission for transactions and a high degree of protection of transactions and information. That’s why you can see a huge amount of positive feedback about QuadrigaCX on the Internet.

Of course, traders also point to the evident downsides of the resource. The first and most important is the orientation to the local market. The exchange is ideal for users who are going to trade using the Canadian dollar. It can be considered to be a sort of advantage, as the company develops according to the plan worked out before the registration of the site. The second negative nuance is that the platform is available only in English, which further complicates the interaction of foreign users with it. Besides this, traders often complain about a complicated verification scheme, as well as additional difficulties in confirming personal data when the address of the residence permit is different from the address of residence.

In defense of the resource, let’s say that this approach once again proves the need to implement the maximum level of security of user information and trade operations. Unfortunately, the QuadrigaCX platform does not provide opportunities to carry out deep analysis of trades: there aren’t any tools to research the price dynamics. The platform lacks news and other useful materials. Trading is the main focus of the platform, and it makes the site even more narrow-minded, but at the same time it’s quite simple and intuitive. The third negative thing is a very small number of digital currencies available for trading (read here how to quickly earn on digital currencies). It’s because of the minimal volume of operations at the moment. We hope that over time the list of digital coins will be extended.

Regulation of QuadrigaCX

The QuadrigaCX platform is officially registered in Canada: Vancouver, British Columbia. The company fully complies with the legislation of this country. The service received a license and permission to carry out brokerage activities from FINTRAC. Under any force majeure (even in the event of complete bankruptcy of the exchange), the funds invested by traders will be completely returned.

For greater security, the digital coins received during the auction aren’t stored in the software wallet, but they’re automatically transferred to local or hardware cold storage. The only thing that remains available is the minimum required for trading.

A two-factor authentication system has been introduced: during the registration process it’s necessary to confirm the specified email address via the link provided. After this, traders receive notifications their email about all the main operations: logging in, password change and applications for payment of funds, etc. When registering on the site, the account is assigned a PIN code, which is utilized to confirm the withdrawal operations from the personal cabinet. The second stage of authorization is carried out through the Google Authenticator. Joint security is provided by Cloudflare (a service that provides protection from DDoS attacks). Another worthy feature is a collective intellectual threat detection (a system that monitors suspicious activity in real time, indicating a threat to the security of accounts).

Protection against hacking is provided for users of the service working with smartphones: it’s a 128-bit encryption of all data packets sent from the client side and from the site side. A sufficiently serious protection against hacker attacks is the verification process on the QuadrigaCX exchange. Since the platform adheres to the rules and norms of international trader organizations and world regulators (including Canadian ones), identification of a person is the number one condition for any operations on the site. By the way, it’s quite possible to trade without verification, but in this case the volume of transactions, withdrawal and replenishment of digital currencies will be significantly limited. You can’t replenish your balance with fiat money without verification.

The site offers two options for verification: via the address of residence or ID. The registered user is expected to send scanned documents for inspection, which include information about the trader’s identity and also the place of registration. The exchange also allows the confirmation of personal data through the international credit history service Equifax. After this, you will be able to make transfers from your personal account to credit cards and bank accounts. The verification process takes up to 3 days. In case of controversial situations, representatives of the exchange can send messages to the user with additional questions and requests to re-send scans in the best quality.

Read the Privacy Policy on the official website of QuadrigaCX

Is QuadrigaCX a fraudster?

Even before the official start of the exchange, QuadrigaCX gained attention of the crypto community due to the fact that it had issued all the necessary documents and obtained a license for brokerage activities. The project managed to attract an investment capital, which was 2 times higher than the declared amount and amounted to 850,000 Canadian dollars. Today it’s a very large platform and it’s one of the indisputable leaders in the niche.

This statement is confirmed by many facts. The exchange provides the customer with a convenient service: a simplified trading page and a clear interface – there aren’t any complicated charts and unnecessary information. The main cryptocurrencies – Litecoin, Bitcoin, Ethereum, etc., are available for trading. The exchange commission for operations is quite low. A high level of security is ensured at all stages of interaction with the service. There’s a wide choice of options for replenishment of the trading account.

The project was created specifically for the convenience of Canadian traders: it’s a full-fledged comfortable trading involving the national currency of the country. This platform is ideal for those speculators who appreciate the functionality of the platform, for those players who are just starting to explore the crypto market or prefer trading in small volumes.

Can we call QuadrigaCX a scam? The answer to this question is quite logical – no! This decision was influenced by a huge number of factors: a simple trading platform, low commissions, a large number of options for replenishment and withdrawal of funds, a high level of security, an intuitive interface, as well as positive feedback about the site from experienced and novice traders.

Conclusion

In general, QuadrigaCX happens to be a well-known and reliable platform, which offers profitable trading in cryptocurrencies with the active use of the Canadian dollar. The volumes of transactions here, although relatively small, are carried out without delays and complaints from traders, which is logical, as the platform is regulated by FINTRAC. The exchange occupies a leading position in the crypto market of Canada and it has good prospects for development. It’s confirmed by a large number of positive reviews from users of the exchange, simple and convenient functionality, a high level of security as well as minimal commissions for replenishment and withdrawal of funds.

The editorial office of the project Fraudbroker.com isn’t going to consider QuadrigaCX to be a fraudster. We are waiting for real comments by traders to this review. It will help interested folks to learn about the alleged problems of the site. Additionally, it will enable to change its rating on our website.