In this work we present the principles of a flexible quantum key distribution (QKD) system using quadraturephase-shift-keying (QPSK) base and symbol encoding and dualthreshold balanced homodyne detection (BHD) scheme. We give its security proofs and we compare its performance experimentally with a photon counting detection scheme. Keywords- quantum key distribution, quantum cryptography, balanced homodyne detection, QPSK modulation, BB84 protocol, photon counting, phase shift keying, unconditional security