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QuadrigaCX was incorporated as an independent company in 2013 and is currently based in Vancouver, British Columbia, Canada. The team’s mission is to enable everyone to buy key cryptocurrencies for Canadian dollars and, if it is necessary, to make reverse transactions. The trading volume is small compared to the world’s crypto-trading leaders, at around 600 BTC per day. However, for Canada, the project QuadrigaCX is a clear leader.
Specifics of Work on QuadrigaCX
Its first and main feature is a full package of licensing and permits for brokerage activities in Canada. This approach defined the project as a “high-flying bird”, which was confirmed during the IPO, through which the project entered the market. The stated amount of 380,000 CAD was more than doubled to 850,000 CAD. This was not only because of the credibility of the licensed company in the eyes of ordinary investors, but also because of the support of four major Vancouver brokerage firms:
- Haywood Securities;
- PI Financial;
- Capital Markets;
- Wolverton Securities.
Trading on the exchange is carried out by a small number of assets:
Trading pairs are opposed only to the Canadian dollar and Bitcoin. BTC is also traded against USD, but truly little. Most likely, this pair is introduced to compare rates between exchanges without additional conversions.
Registration on QuadrigaCX
The process, which is typical for most sites of this type, is slightly different for QuadrigaCX, in particular the large number of fields to be filled out and the need to select an account type. If you choose “Business”, you will need to undergo mandatory verification, the list of which will include copies of founding documents, as well as the licenses and permits required for trading activities.
For a private account. The working conditions do not differ from those generally accepted in the industry. Any country of residence may be chosen, and the list of documents, which may be used for verification, depends on it. Incorrect country can be the reason for rejection of verification. The second step is to specify the password and a special operational PIN code, which is required as confirmation every time you withdraw money from the project.
It also requires familiarization with the terms and conditions of the project, which are subject to the requirements of securities regulators in Canada and the financial community. The rest contains standard industry information. After entering all the data, the window to complete registration opens, which specifies the customer ID, which acts as a login for authorization.
Authorization and verification of your identity is required by the Canadian regulatory authority, as well as the rules and regulations of international trading organizations and major global regulatory bodies. Trading without verification is only possible if cryptocurrencies are used as deposit/withdrawal assets. Due to their anonymity, disclosure of identity is not required.
QuadrigaCX implements two verification formats:
- ID and address. Customers send scans of their IDs and place of residence/location. This step opens more serious trading limits;
- Confirmation via Equifax. This is an international credit history service that sends a kind of questionnaire to the customer, containing questions about recent transactions on accounts. After this stage deposits and withdrawals via card and bank transfers become available.
The verification procedure is done manually by the support team, so it can take up to 72 hours. Also messages may come to the mail with clarifying questions or requests to redo the quality of certain scans.
Deposit and Withdrawal from QuadrigaCX
Deposits are supported in all cryptocurrencies listed above, as well as in USD and CAD. Fiat currencies are available for deposit only after both verifications, but withdrawal in them, if a transaction was made from crypto to fiat, is allowed to electronic payment systems. Cryptocurrencies are deposited by the traditional method of direct transfer to the wallet address generated by the site. The fee for cryptoassets immediately includes the cost of the transaction and is calculated a case-by-case basis depending on the amount.
For fiat currencies, the list of deposit methods is longer. This menu immediately displays the deposit limits, depending on the degree of verification passed, as well as the types of payments, their terms and fees for each option.
Because the project is accountable, the duration of the withdrawal of fiat money includes verification of its legitimacy from the moment of input, then clarification on what methods were used to obtain additional amounts, if the withdrawal is made by a larger amount than the input and only after that there is a payment. The period of validity of this payment method is up to 10 days.
Trading and Exchange
Every trading pair is divided into a separate market marked in the drop-down menu in the upper right corner. You can trade directly from the DashBoard user panel or through the “Transactions” tab. The latter provides a price stack, displaying upcoming offers, as well as a short history of transactions.
Bids can be market bids, i.e. indicated at the current price and processed by counter bids. The second option is pending, designed for price movement in the future. Besides trading, the QuadrigaCX site offers nothing, neither news, nor analytical calculations or a minimum of tools for analyzing price behavior. Even the history of price behavior covers only the last few days. The fee per trade is fixed at 0.25%.
Security on QuadrigaCX
QuadrigaCX is doing great here. The most important guarantor of safety is the Canadian government since all licensed companies pay contributions to the appropriate insurance funds. In case of force majeure, balance sheet funds will be refunded in full.
The second benefit, which has become standard for new crypto-exchanges, is the cold storage of cryptocurrencies. That is, all coins received into accounts are not stored in the software wallet but are moved to hardware or local cold wallets to increase security. The necessary minimum is left for internal operation.
Also, two-factor authorization via email. The first technical threshold for scammers when trying to access a project through a customer’s account. Confirmation codes for all key operations, from login, to requests for the payment of funds, are sent to the email address.
There is also two-factor authorization through Google Authenticator. Another add-on that works through an app on your smartphone. 128-bit encryption of all data packets exchanged between the site and the customer, and vice versa. On the background of many larger companies, QuadrigaCX’s list of security systems looks very impressive, not surprising that its popularity is constantly growing, despite the obvious inconvenience for those who do not know English.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.