QuadrigaCX CFD Broker Review 72

There’s not much point in tiptoeing around the obvious, so let us put this out there right away: the user feedback concerning QuadrigaCX’s services is quite abysmal. Many do not hesitate to call the operation a scam and there are indeed a few things off about how it conducts its activity.

Overview

Normally, this “overview” section is where we dig into and share data on the corporate background of the exchange. Unfortunately, in this case, there is not a whole lot of solid information that we can indeed share, simply because QuadrigaCX seems to make a conscious effort to hide such data.

The About Us section of their site does mention that the brand is run by a Canadian (“100% Canadian”) company, based in Vancouver, but that’s about it. There is no address provided. The negative impression created by this state of affairs is not helped much by the fact that the “whois.net” information of the quadrigacx.com domain name is locked by “privacyprotect”, further adding to the mystery of just who really is running the exchange.

So why should you join QuadrigaCX, with the above in mind?

They promise high liquidity and trading volumes, they dangle Ether trading as their main selling point and they say security is one of their top priorities. Furthermore, they apparently support the most deposit and withdrawal options of any Canadian exchange.

All that sounds great, but it is really difficult to look past all the user complaints regarding the unnecessarily tedious nature of their verification process, and various deposit-related hiccups, due to which users simply see their bank transfers vanish in thin air.

In addition to lacking a proper physical, real-world address, the site apparently lacks a support email as well. In our opinion, in this day and age, that is simply unforgivable. Their support staff is not particularly keen on answering the questions/solving the issues they’re alerted about through their existing support system.

Other complaints include the closing of trader accounts when the account owners inquire about their monies, complete incompetence on several fronts and the utter lack of anything linked to CRA tax reporting.

Some users have even gone as far as to accuse the operation of being nothing more than a data-collection scam, never activating user accounts, but keeping the personal information provided over the course of the attempted registration.

Account Types

QuadrigaCX only offers a single account type, and it is a very basic one indeed. It offers no leverage, no margin trading and it features fees of 0.5%.

If all the above-detailed trader complaints are true though, there’s not much point in complaining about the basic nature of the trader account.

Trading Platform/Software

QuadrigaCX’s trading platform is a web-based one, and it too – like the rest of the operation – seems to be rather ad-hoc in nature. There’s an order book included, which can be accessed at a single click from the homepage of the official site, there’s a charting section, which is completely void of any tools focused on technical analysis though, and there is a Live Trades section, which gives us a pretty decent idea about the volume of trading happening at the exchange. Let us just say that it’s nothing to write home about.

As far as mobile trading apps go, QuadrigaCX simply does not have them. They do say though that their web-based platform works on mobile browsers too, so there’s that…

Deposit Options

Deposits can be made through a wide range of channels indeed – at least in theory. Users have complained about that fact that most of the allegedly supported methods do not actually work.

In addition to making wallet-to-wallet transfers in BTC, ETH and LTC, USD and CAD deposits are accepted too. In this regard, Bank Wire is supported, together with electronic funds transfer, Crypto Capital, and Interac.

In the way of withdrawals, direct bank transfer and cash delivery are also supported. According to traders though, getting any money out of QuadrigaCX is an undertaking bordering on the impossible.

Markets

The number of tradable crypto coins is very small at QuadrigaCX. They support BTC, ETH and LTC, in addition to BCH and BTG. The supported fiats are – as mentioned above – USD and CAD.

Customer Support

QuadrigaCX has a Support Centre, which is essentially a searchable database of FAQs. That’s about it.

Safety

Based on user feedback, the safety score we would give this Canadian exchange is very low.

Final Thoughts

No matter how we turn this one around, it just does not look like a worthwhile destination. Its trading volumes are low, fees are high and its reputation is down the drain. Everything accounted for, we cannot recommend QuadrigaCX.

Pros

  • “100% Canadian”
  • Security features
  • Supports fiats as well as cryptos

Cons

  • Abysmal reputation (often called a scam)
  • Poor support
  • High fees
QuadrigaCX Overview
Regulation: No Regulation
Assets offered: Cryptocurrency Exchange
Minimum Deposit: No Minimum Deposit
Deposit Options