Opening an account at QuadrigaCX is the best way for Canadians to buy and sell cryptocurrencies such as bitcoins, ethereum, and litecoin. If you are a Canadian who wants to begin trading or investing in cryptocurrencies on a safe Canadian based bitcoin exchange then you’ll need to open and verify your QuadrigaCX account. It might seem daunting at first, to give QuadrigaCX your personal information, but this is for your own safety since QuadrigaCX is complying with all Canadian money laundering law (AML) so you can be sure you’re following all relevant Canadian laws by using QuadrigaCX.
To verify your QuadrigaCX account, you can either connect your Equifax account, or you can upload your identification manually. The information required includes:
- A Photo or scan of a Passport or Drivers license – must be in colour
- A Photo or scan of a bank statement or utility bill showing your name and full address
- A Photo of yourself holding the government issued ID that you have provided
When I registered, I took a picture of my drivers license from my phone, I downloaded a copy of my phone bill from Rogers.com, and I took a picture of myself holding my drivers license. A few minutes later, a representative from QuadrigaCX called me to confirm my identity, and even asked me to confirm some credentials listed on my LinkedIn profile.
Here are some common verification questions:
How long does ID & Address verification take?
ID & Address verification is processed manually by the QuadrigaCX Fraud & Compliance team and they aspire to process all new applicants within 72 hours. However, during times of incredible demand for crypto-currencies, there may be delays.
What do you require for ID & Address Verification?
QuadrigaCX uses a manual process performed by members of their Fraud & Compliance team.
– Photo or scan of a Passport or Driver’s license – must be in colour
– Photo or scan of a bank statement or utility bill showing your name and full address
– Photo of yourself holding the government issued ID that you’ve provided. In the same picture have a note that reads “ID VERIFICATION FOR QUADRIGACX.COM” along with today’s date. Make sure your face will be clearly visible and that all ID details are clearly readable.
– Business accounts are required to provide an extra document that supports you are in control of the company, such as articles of incorporation and corporate resolutions.
All of these requirements must be uploaded via the secure file upload within the verification section.
Does QuadrigaCX accept international IDs?
Yes, QuadrigaCX accepts IDs from almost all countries with the exception of the Unites States of America. Canadian Money Service Business (MSB) laws prohibit QuadrigaCX from servicing clients within the Unites States of America. QuadrigaCX will not service US citizens or clients utilizing bank accounts domiciled within the Unites States of America.
Do I need to be verified to trade on QuadrigaCX?
Verification is not required if you plan to fund your QuadrigaCX account with bitcoin, ether, or litecoin and then trade on the exchange for any other fiat or crypto currency.
How does the verification process work?
For Canadian users, QuadrigaCX offers two methods of verification. To become verified, users must complete at least one of the two verification methods:
- ID & Address verification where you securely upload copies of your ID and proof of address.
- Instant verification in partnership with Equifax where you are served multiple choice questions based on information within your credit file.
By completing either form of verification you enable numerous funding options. Users who complete ID verification gain maximum Interac Online limits and those who complete both methods of verification unlock additional access to EFT (Electronic Funds Transfer) funding.
Do I need to be verified to withdraw?
Verification is not required withdraw any fiat or crypto currency from the exchange. Verification is only required to fund your account with CAD or USD.