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February 05, 2018, 02:11:53 AM |
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Hello everyone, I started this topic because I feel something is going on at one of the larger Canadian crypto exchanges "Quadrigacx".
For a while now it has not been possible to deposit funds to "Quadrigacx" through conventional methods.. Yes if you go to their funding page you will see a variety of options (all except one with significant deposit fees) However if you attempt to use them you will get the following error message.
"(funding method) funding is currently unavailable. In the meantime, please consider Interac Online or USD Bank Wire funding."
Both methods are fairly difficult to use, (I myself attempted to get an interact online debit card from Scotiabank to no avail, (despite them saying they have the service on their website, even if I was to eventually gain access to this funding method the limit is a paltry 2000 per transfer up to 4000 per day.(and pay 1.5% for the service))
Sure I could fund with a USD bank wire (to a Canadian exchange?) and lose significantly on the illiquid USD/BTC rate offered but that's not really an option.
Basically, we have a situation where its exceedingly difficult to get fiat onto the exchange.
However, Quadrigacx has proved themselves more than competent at getting fiat withdrawn from the exchange during this time of deposit restrictions.
Earlier I deposited crypto, sold and withdrew via EFT, within a few days the money showed up in my bank account, despite some transfers being over 10,000$.
In Conclusion we have an exchange where it is EASY to sell crypto, withdraw funds from the exchange. But VERY DIFFICULT to deposit fiat to purchase crypto. What do you think is going to happen to the price when you allow anyone to sell crypto, but essentially restrict 95% of the potential investors from getting their fiat onto the exchange to make purchases.
I, therefore, think that whilst potentially unintentional Quadrigacx is forcing the price of crypto's on their platform down. Does anyone have any thoughts on this?
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