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Now that Quadriga is essentially gone...

CoinGuyCoinGuy Administrator
edited February 1 in Buying/Selling Bitcoins
So let’s assume Quadridga is gone and what they say is true in their latest update. What do you think will happen next?

Who are you trusting now as a Canadian exchange? Is it Coinsquare or are you looking at Bitvo or NDAX, or someone else? What exchange will be your CAD ramp?

Let’s keep this free of attacks on Gerry and his family. I really want to have an honest talk about moving forward.
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Comments

  • BruceWayneBruceWayne Member Plus
    What can possible go right with this exchange?
  • CoinGuyCoinGuy Administrator
    @BruceWayne I am not sure, but this has always been a sensible space for discussion when others weren’t
  • CoinGuyCoinGuy Administrator
    @dubber09 you mentioned layoffs at coinsquare- do you have a source?
  • BruceWayneBruceWayne Member Plus
    I mean things started to look downhill when they sent tens of thousands of ETH to that unrecoverable contract, then they had service problems with fiat withdrawals, until they had their bank accounts frozen, then the chairperson dies, and now this. I get that things go wrong, but this is one massive string of bad events happening.
  • CoinGuyCoinGuy Administrator
    Honestly, had no issues until December. I just dont know how the search was done for the wallets. The wife is relying on people who don’t have customer best interest at heart. That’s my main concern. Guess we’ll see.
  • barehunterbarehunter Member Plus
    Canadians have little luck with home grown exchanges. How many have tried and failed? Quadriga was the only one to hang on from the early days. My sincere sympathy to those who have assets tied up with Quadriga.

    In fact, its getting to be a struggle for Canucks out of the country. Bitstamp was my main exchange for years. It changed hands last fall and is no longer Canadian friendly.

    Kraken is our last stand for a Canadian friendly exchange. Low liquidity for CAD trading but at least funding and withdrawals are easy.
    I'm talking established and relatively safe referring to Kraken. Canadian choices that remain are too risky for me at this time.

    I
  • CoinGuyCoinGuy Administrator
    edited February 1
    I want the see more about Bitvo. Low volume, but by far the most transparent In terms of team and location, ect

    I agree though. It’s slim pickings. Harder to recommend an exchange now more than ever.
  • I stopped using then after it took a month for a check that was I was supposed to get in 3 days... after that, I took my btc out. Also, their customer service sent me a long email speaking badly of the bank system...
  • BruceWayneBruceWayne Member Plus
    There are other options in Canada but a lot are low liquidity. Kraken's liquidity isn't as bad as it used to be. Hell, at times it was even higher liquidity than Quadriga (and I really wish I knew about margin trading on BTC/CAD for the times Kraken's book was crushed for a few minutes after a huge dump). I think the thing which killed me was when I realized Quadriga used Payward as their payment processor, which is Kraken's owned payment processor. You know things are bad when you have to ride the coat-tails of a competitor's property.

    I think we all kind of knew this bear market would take out a bunch of exchanges (Liqui recently decided to just stop trading altogether). Layoffs were inevitable since it's not 2017 and everyone isn't screaming how they can't get funding to an exchange because they're stretched beyond capacity.

    And I'm honestly not even very happy with % based fee structures. Once prices start really going up then that 0.2% fee is actually a really huge price swing to gain a profit on the buy/sell trade. Exchanges are flush with money then have to start laying off staff once the bear market kicks in then you start wondering who's going to survive. If you were to have a flat-fee structure like say $10/trade (or equivalent in crypto) then you have a better base of trading revenue and potentially higher trade volume since you don't need x% just to scrape a profit as a user.

    Me getting on my soapbox when I'm debating writing an exchange. The last thing the world needs is another exchange. Technically speaking writing an exchange is probably the easiest part of the entire thing. The hardest part is securing regular fiat transfers.
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