Quebex Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this Quebex Review.
Quebex Review
Quebex is a Canadian P2P cryptocurrency trading platform, founded in 2016 and based in Montreal.
On Quebex’s platform clients can exchange Bitcoin, Litecoin and Ether for CAD, using payment methods like Interac (Online and e-transfer), PayPal, bank deposits or others, preferred by the counterparty. Additionally, Quebex’s registered users can instantly buy up to CAD 2,950 of bitcoin per day using Interac Online.
Quebex advantages
– Coins. The majority of P2P cryptocurrency exchanges such as LocalBitcoins, for example, only offer one coin – Bitcoin, whereas Quebex has a somewhat larger selection of three of the largest cryptocurrencies. It is still not enough, but is at least something.
– Regulation. As per Quebec law, companies providing money services businesses, must be registered with the local regulator – Authorité Des Marchés Financiers – and Quebex is duly licensed. Additionally, the exchange is registered with Canada’s FINTRAC. Both licenses guarantee that the exchange is compliant with regulations and requirements and is reliable and relatively safe.
– Instant buy. As we have already mentioned, Quebex registered users can instantly buy bitcoin worth up to CAD 2,950 per day via the Interac Online payment portal, which is rather convenient.
– “Sanity rate”. Quebex has put in placea sefguard called “sanity rate”, which prevents client losses in case of a flash crash or high volatility. The feature halts automatic trading in case the current price is lower or higher than the lowest or the highest price in the last 24h, to reduce the risk. The Sanity rate is 25% for BTC, 18% for LTC, and 18% for ETH.
– Anonymity. Usually we deem the lack of anonymity a disadvantage, but this is not the case with P2P exchanges, as the risk of fraud on such platforms is high. Some exchanges use an escrow service to prevent fraud, but Quebex has chosen a different path and requires the clients to verify themselves.
– PayPal. This payment option is not provided by that many cryptocurrency exchanges
Quebex disadvantages
– Fees. Quebex’s trading fees of 1% are somewhat high in general, but trading on the platform is cheaper than on other similar decentralized exchanges. Additionally, there are the network fees for transferring cryptocurrencies, but Quebex does not have control over them.
– Credit Cards. Quebex does not accept payments with credit cards, but does offer other convenient payment methods.
– Security. We could not find information about other security features, besides the user verification requirements.
– Countries. Even though Quebex does not specifically say it is only accessible in certain countries, judging by the fact that it only accepts Canadian and UK phone numbers for verification, we take it the service is only available in those two countries.
– Platform. Being unable to verify our mobile number (because it is not Canadian or UK), we could not get access to the trading platform and cannot say anything of substance about it.
– Leverage. Due to the nature of its service, Quebex, like most crypto exchanges in fact, does not offer leveraged trading on cryptocurrencies. Usually this type of service is offered by regulated forex brokers who offer CFDs with cryptocurrencies as an underlying asset for trading on margin.
Quebex has some nice features such as the “sanity rate” and the user verification to prevent fraud, but the availability only in Canada and the UK does not make it very attractive. Besides, we suspect that UK clients have to convert their GBP into CAD and make international bank transfers, which makes trading on Quebex quite complicated and slow. For Canadian clients, however, the platform is convenient and attractive.
Quebex Review Conclusion
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