qTrade Exchange Review

qTrade is an exchange platform that was founded in Kansas, USA in April 2018. It’s a relatively new platform, which explains why there is not a lot of information about it online. Additionally, the exchange also bears the same name as the Canadian online brokerage platform QTrade, which could confuse certain users when researching the exchange platform. qTrade uses the domain name of qtrade.io. The exchange aims to revolutionize the cryptocurrency industry by implementing new ideas that will integrate it into daily life and technology. They pride themselves on the exchange’s innovative nature.

The exchange offers different fees for takers and makers. Makers are charged an appealing fee of 0%, while takers are charged a fee between 0.5%-0.15%. The fee for makers is drastically low, as it is practically free. However, considering the fact that the global industry average is 0.25%, the fees for takers is not so attractive. This could deter certain users from using the platform, as 0.5% is a fee that is double the industry average. As for withdrawal fees, there are different fees for different currencies. The respective list explaining withdrawal fees for different currencies is available on the exchange’s website.

The exchange hosts a lot of cryptocurrencies, including the most popular ones such as Bitcoin, Litecoin, Dogecoin, etc. However, their website also features a section where the exchange discusses some other cryptocurrencies that they support. qTrade argues that these coins will change “the way we think about distributed ledger technology.” Such coins include SnowBlossom, Nyzo, and Bismuth.

For enhanced security, the exchange makes use of the standard two-factor authentication system. Once users register with an account, they are asked to provide a phone number that will be used for two-factor authentication once they wish to conduct any activity on the platform. Identification is also verified upon registering to the platform. This means that users wishing to trade anonymously will not find what they are looking for in this platform.

qTrade’s website is quite simple and the design isn’t necessarily modern. The homepage is quite elementary, though it does the job. There also doesn’t seem to be any language options other than English. This could be pointing to the fact that the exchange does not necessarily aim to provide service to all potential users, but rather just the English-speaking world, mainly the US.

Though qTrade has not received any negative comments online, it is alarming that not much information is given about the team behind the exchange, or just the platform in general on their website. As the website is very simple, it only has links to the markets on the platform and that is it. Though there is an “About Us” page, it only talks about the exchange’s aims and provides very general information about the team. Not knowing the specific people behind the exchange could mean that users should approach this platform with caution, as users will not know who to hold accountable in the case of fraudulent activity. It is also interesting that there are barely any reviews and comments about the platform online. There is a huge lack of user comments online, which shows that not a lot of people are using the platform. This could also be because certain users might have confused “qTrade" the cryptocurrency exchange platform with the Canadian brokerage platform.