Canada’s largest volume cryptocurrency exchange.
In This Guide
- Why I Use Them
- What is QuadrigaCX?
- What Cryptocurrencies Can I Buy/Sell?
- Available Countries
- Payment Methods Accepted & Deposit Fees
- Withdrawal Options & Fees
- Trading Fees
- Is it Safe to Use QuadrigaCX?
- Next Steps: How to Get Started
- Fund With Crypto
- Contact Information
- Most popular exchange available to Canadians that takes Canadian dollars
- Offers top crypto assets: BTC, ETH, LTC, BCH
- Lower funding fees than Coinbase
- Many deposit and withdrawal options
- Fast verification – I was verified within 24 hours
- High security (transaction PIN, email & Google 2 factor authentication)
- High daily funding limits
- High volume
- Good liquidity
- Long withdrawal times for some methods
- Verification is not automated & requires 3 separate documents
- Trading features not as advanced as other exchanges
- Customer support can be hit and miss
- 0.2-0.5% fee per completed trade higher than other exchanges
Why I Use Them
I switched from Coinbase to QuadrigaCX in order to be able to reduce the deposit fees I was paying (from 3.99% down to 1.5%) and to be able to sell my crypto for a good price in CAD in the future (for now I HODL). I now use them solely for transferring fiat (CAD) to digital currency (ETH/LTC) and vice versa and use Binance to trade between different alt coins.
What is QuadrigaCX?
Founded in 2014 and operating out of their headquarters in Vancouver, British Columbia, Canada, QuadrigaCX is the the largest and fastest growing digital currency exchange in Canada.
|Name||Description||Founded||Supported||Deposit Methods & Fees||Trading Fees||Withdrawal Methods & Fees|
|Canada's largest digital currency exchange. Next day deposits and withdrawals available.||2014||BTC, ETH, LTC, BCH, BTG||CAD, USD & supported cryptos Free - 2.5%||0.2-0.5% on completed trades||CAD, USD & supported cryptos Free - 2%|
What Cryptocurrencies Can I Buy/Sell?
You can buy and sell the following cryptocurrencies using these trading pairs. This will also give you an idea of what the trading volumes are on QuadrigaCX:
You can trade the following:
- Canadian dollars (CAD)
- US dollars (USD)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ether (ETH)
- Litecoin (LTC)
QuadrigaCX is available in most countries around the world, including Canada. It is not available in the United States.
Payment Methods Accepted & Deposit Fees
Currently the best option for deposits as low as $50 and up to $2000 with a daily limit of $4000. I’ve used it a couple of times since it offers the lowest fee of 1.5% and the funds are available in my account very soon after requesting the transfer.
Unfortunately, this option is not available to CIBC/Simplii bank accounts or debit cards that double as a Visa or Mastercard. In this case an Electronic Funds Transfer is the next best option or if you’re doing a larger amount (>$2000), an Interact e-Transfer offers the lowest fees.
Interac e-Transfer: This is the best option if you are unable to use INTERAC Online and want to deposit more than $2000. With a fee of 2% plus $5, the total fee for the minimum transaction size of $2000 is 2.25% and 2.1% for the maximum transaction size of $5000.
Electronic Funds Transfer (EFT):
This is the best option if like above you are unable to use INTERAC Online and want to deposit $250 to $2000 or if you want to transfer between $5000 and $10000 in one day. I used this the first couple of times and it worked smoothly. However, it takes 5 business days and a lot can happen in crypto in that timeframe.
Quadriga’s fee is 1%, but most banks charge their own fee of $20 – $40 on top of that, so this option is best for deposits larger than the minimum of $100,000 that cannot be split up into smaller deposits over a period of time.
While Crypto Capital appears to be the best option at first glance since there is no fee, they are a third party money transferring company that has their own set of fees. I didn’t look into them further since I wanted to keep things simple by sending money directly to QuadrigaCX.
There are no fees for depositing US dollars. I haven’t personally deposited USD, but you can deposit $500 to $500,000 via Bank Wire that will be available within your account within 5 business days.
Bitcoin, Bitcoin Cash, Bitcoin Ether, Litecoin
There are no fees for depositing any of these cryptocurrencies. The minimum transaction size for each is 0.001.
Withdrawal Options & Fees
Unless you need your money within the next couple of business days, the far best withdrawal option for most people is the Direct Bank Transfer (EFT) which allows you to withdraw anywhere from $50 to $100000 per day for free and you received the funds within 7 business days. I have used it several times and received the funds within a week without any issues.
Bitcoin, Bitcoin Cash, Bitcoin Ether, Litecoin
There are no fees for depositing or withdrawing any of these cryptocurrencies. The minimum transaction size for each is 0.001. Transaction times for funding with digital currencies are as follows: BTC & BCH: 4 confirmations, LTC: 6 confirmations, BTG: 10 confirmations, ETH: 12 confirmations.
Quadriga charges a 0.5% fee on all completed trades for the following trading pairs: BTC/CAD, BTC/USD, ETH/CAD, LTC/CAD & BCH/CAD. Completed trades of Ether to Bitcoin or vice versa are charged 0.2%.
Is it Safe to Use QuadrigaCX?
According to their website, QuadrigaCX uses some of the most stringent security protocols that exist. The majority of user’s digital currency is stored in offline cold storage using some of the most secure cryptographic procedures possible. It’s servers use custom software and operating systems for added security. Their website is protected by SSL encryption and is protected from DDos and spam attacks by CloudFlare.
Next Steps: How to Get Started
1) Sign Up
Click the button above to sign up for QuadrigaCX now. You will be asked to enter your name, email, date of birth and country of residence and to create a password and secret transaction pin:
2) Get Verified or Fund With Crypto
Verification is only required to fund your account with CAD or USD.
Verification is NOT required to fund your account with any of the supported cryptocurrencies or to withdraw fiat (CAD or USD) or cryptocurrency from the exchange.
The first verification option is an automated identity verification through Equifax by answering a few simple multiple choice questions like what is your address, date of birth, etc.
The second verification option is a bit more involved. It requires a photo or scan of your Passport or Driver’s license, bank statement or utility bill (showing name and full address) as well as a photo of yourself holding the ID you provided previously as well as a piece of paper with a note on it saying “ID Verification for QuadrigaCX.com”.
NOTE: ID & Address verification gain access to INTERAC® Online and those who complete both methods of verification unlock additional access to Electronic Funds Transfer funding.
Fund With Crypto
Once you’ve signed up, go to the Member Dashboard, select the digital currency in the drop down at the top right and click the FUND button to deposit that cryptocurrency – no verification required.
To fund your account with one of the supported digital currencies you have elsewhere, Quadriga will provide a unique wallet address to send coins to and a QR code if you prefer that:
3) Deposit CAD
On the dashboard, click the FUND button in the “Available Canadian Dollars (CAD)” box at the top left:
Quadriga offers a number of ways to deposit funds into your account. The best option for most people is the INTERAC Online which has a low 1.5% fee and provides near instant access to your funds so you can start buying crypto quickly. However, the minimum fee is $5, so your fee is only as low as 1.5% if you deposit more than $333. The fee on a $50 deposit is 10% ($5).
For deposits between $250 and $333, you can save on fees by using the Electronic Funds Transfer. To minimize fees on deposits smaller than $250, you ask a friend who has a QuadrigaCX account to send you a Voucher.
It’s important to note that while INTERAC Online is the best option for most people, it is only supported by the following banks. So if you’re with CIBC/Simplii, you’re out of luck and will have to use one of the other payment methods.
Next you have to wait until you see the funds you deposited in the Available Canadian Dollars box on the Member Dashboard.
4) Buy Cryptocurrency
Once your CAD or USD is available in your account, the next step is to select the cryptocurrency you would like to buy using the drop down in the top right side of the page:
Finally, enter the amount in CAD you would like to buy of the digital currency you selected and click the buy button:
You can reach QuadrigaCX via email, Twitter or Facebook.
223-2055 Commercial Drive
Over to You
We’re interested to know – have you had a good or a bad experience with QuadrigaCX? Let us know by leaving a comment below!
Disclaimer: This review of QuadrigaCX should not be interpreted as a recommendation to invest. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risk.