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Finding a trustworthy Canadian crypto exchange is time-consuming. However, the VirgoCX trading platform has made headlines as an affordable trading platform. But how does it compare to other popular exchanges in Canada? Throughout our VirgoCX review, we'll dive into the exchange's features, fees, ease of use, and overall performance to help our readers decide whether it's the right option for them.
VirgoCX is one of the few regulated Canadian crypto exchanges. While it lacks support for certain major cryptocurrencies, its range of assets has increased substantially recently. However, Its tiered pricing structure will negatively impact altcoin traders wishing to speculate on smaller assets. Therefore, VirgoCX is best for new traders looking for a regulated exchange.
- No Deposit/Withdrawal Fees
- Regulated Canadian exchange
- Beginner-friendly platform
- Lack of support for major assets
- High spread fees
- No Deposit/Withdrawal Fees. Unlike most platforms we've reviewed, VirgoCX charges zero fees for depositing or withdrawing fiat currency through wire transfer or Interac e-transfer.
- Regulated Canadian exchange. VirgoCX is licensed by multiple Canadian authoritative bodies, meaning residents of the country can enjoy increased protection.
- Beginner-friendly platform. VirgoCX does offer advanced candlestick charting, but it’s bundled within a simple platform, making VirgoCX a strong choice for people looking for advanced features in a beginner-friendly package.
- Lack of support for major assets. Unfortunately. VirgoCX lacks support for major cryptocurrencies like BNB, Tron, and Monero.
- High fees. VirgoCX charges a spread fee that varies based on asset tier. Unfortunately, this fee structure lacks transparency and significantly reduces profits for users.
VirgoCX Compared and Alternatives
VirgoCX is a popular Canadian exchange, but if its features don't suit your needs, you may prefer one of the VirgoCX alternatives below:
VirgoCX At A Glance
Founded in 2018 and headquartered in Canada, VirgoCX is a Canadian crypto exchange enabling users to buy and sell crypto without much technical knowledge. The company is a FINTRAC-registered Money Services Business (MSB) and a Canadian Securities Administrators (CSA)-registered Restricted Dealer, adding a great deal of security.
|Features||Quick Trade, Recurring Buy, Grid Trading|
|Accepted Fiat Currencies||CAD, USD|
|Deposit Methods||Crypto, Credit/Debit Card, Bank Transfer|
|Customer Support||Help Center, Email, Live Chat|
|Security Measures||Insurance Fund, 2FA|
|Mobile App||Yes (Android and IOS)|
Review of the Top VergoCX Features
A commonly overlooked feature is the ability to buy crypto with fiat currency. Thankfully, VirgoCX's Quick Trade feature lets you instantly buy crypto using CAD, either deposited to your VirgoCX account or via debit/credit card. All trades are processed as a market order at the current rate to ensure purchases go through quickly.
VirgoCX displays the spread fee, your trade limit, and the current price of an asset in CAD for transparency. Many exchanges we've previously reviewed are not transparent regarding their spread fees, particularly on instant-buy tools, so it’s great to see VirgoCX being upfront with its customers.
Recurring buys are another feature we love to see included on cryptocurrency trading platforms. Anyone with a verified account can automatically purchase crypto daily, weekly, bi-weekly, or monthly. The tool highlights your VIP level, and the estimated spread ask, so it's easy to determine how much of your purchases will be lost to fees.
We tested the recurring buy tool for our VirgoCX review. While it's useful, we were disappointed to learn it only lets you conduct purchases using your VirgoCX account balance - not any alternative payment method. While not a true Dollar-Cost-Average (DCA) tool, VirgoCX's recurring buy can streamline the investing process.
VirgoCX Grid Trading
VirgoCX enables users to create automated crypto trading bots using its grid trading tool. While customers don't get much in the way of customizability, the service is at least widely accessible, as users only have to enter a couple of details to begin grid trading.
As grid trading often involves frequently taking small profits, VrigoCX's high spread fees eat into any accumulated profits. With a spread fee of 1.60% on the BTC/CAD pair (higher on less popular pairs), you must set your grid bot only to take a trade if it'll yield a profit of over 1.60%. However, due to poor customizability, precisely dialing in a VirgoCX bot is challenging.
VirgoCX Account Verification
To use VirgoCX's features, you must create an account by providing/confirming an email address and password. To trade, deposit funds, or access advanced trading tools, you must complete Know-Your-Customer (KYC) verification by setting up Two-Factor Authentication (2FA), providing your information, confirming an acknowledgment statement, and submitting a photo ID (passport, driver's license).
Supported Fiat Currencies and Deposit Methods
You have three options to fund your VirgoCX account: cryptocurrency, Interac e-Transfer, or wire transfer. Although the exchange accepts CAD and USD deposits, they must be from a Canadian bank. Some exchanges, like Binance and eToro, lack local currency deposit methods, so it's good to see VirgoCX offering multiple options.
VirgoCX offers a selection of 47 cryptocurrencies, up from 37 several months ago. Its assets are denominated primarily in CAD. However, eight USD-denominated pairs are available, elevating the number of trading pairs to 55. Compared to other Canadian crypto trading platforms, like Bitbuy (24 cryptos) or NDAX (13 cryptos), VirgoCX offers a wider selection which will appeal to altcoin traders.
Although VirgoCX is technically a commission-free crypto exchange, it charges a variable spread fee on every transaction. Charges for each transaction vary based on market conditions and an asset's tier. Unfortunately, this approach makes it difficult to accurately estimate fees before registering on VirgoCX.
There are also a couple of funding limits to be aware of. Wire transfers take around 24 hours and require a minimum of $3,000 but have no maximum. Conversely, Interac e-transfers are instant and have no minimum with a $10,000 maximum.
|Asset Tier||Cryptos in Tier||Estimated Spread||Actual Spread (During our Testing)|
|1||USD, BTC, ETH, DOGE, ADA, etc||0.50% to 1.75%||1.60%|
|2||ALGO, ATOM, DYDX, LINK, AAVE, etc||0.80% to 1.95%||1.80%|
|3||ENS, RUNE, HBAR, PEPE, etc||1.2% to 2.5%||1.9%|
Compared to other exchanges, the VirgoCX platform is fairly expensive. While cheaper than Bitbuy's 2% trading fee, VirgoCX is still far more expensive than platforms for seasoned traders, like Kraken, which boasts maker/taker fees of 0.16% and 0.26%.
When it comes to deposit fees using a wire transfer and Interac e-Transfers, there are zero fees to fund or withdraw fiat currency. However, blockchain network fees will apply for people depositing or withdrawing cryptocurrency.
VirgoCX Ease of Use
Trading digital assets on VirgoCX is accessible to beginners yet feature-rich enough for more seasoned traders. The platform utilizes an intuitive interface highlighting key features. Furthermore, critical details like estimated prices and spread fees are displayed, so even a complete novice is unlikely to face unexpected charges.
Beginners will prefer the quick trade feature as it lets you buy crypto without worrying about charting or creating an order. However, experienced traders will appreciate the advanced platform’s TradingView integration, letting users access a treasure trove of analysis tools and technical indicators.
Unfortunately, only market and limit orders are available to traders, making it challenging to take a position when using certain strategies. Additionally, no stop orders are available, leading to increased customer risk.
While suitable for novices wishing to acclimate to a more advanced way of trading, the lack of order types or an order book will be off-putting to experienced individuals who prefer a fully featured Canadian exchange, like Kraken and Newton.
VirgoCX’s mobile app is available on iOS and Android devices. It boasts an average rating of 4/5 based on over 100 reviews. While some users complained of long verification times or a lack of response, others praised the app's simple design and intuitive trading process.
The VirgoCX app contains every feature available on the desktop platform, Quick Trade, Advance Trade, Grid Trading, and Recurring Buy. You can seamlessly swap between line or candle charts, making charting simpler. During testing for our VirgoCX review, we could not access technical indicators or drawing tools on mobile, so you'll need external charting software to trade crypto effectively.
We found the VirgoCX mobile app stable and simple to use during testing. Key features are all available and easily accessible. While unstable as a standalone trading app if you're looking for analysis tools, the VirgoCX mobile app is ideal for quick, on-the-go investments.
VirgoCX Customer Support
VirgoCX offers a comprehensive help center for users. However, if you require tailored help, you can reach the support team via live chat (Mon-Fri 10 am to 6 pm ET) or email. While VirgoCX previously offered a phone support line, it's since rescinded the service. During testing, we found customer service to respond within a few minutes.
To keep its users safe, VirgoCX adheres to strict regulations designed to protect user information. The company also stores all fiat assets in a Canadian banking partner. Moreover, VirgoCX boasts CAD 1 million of crime insurance to protect its crypto assets in Coinbase's custody. VirgoCX has never been hacked or compromised.
Frequently Asked Questions
VirgoCX is a registered Money Service Business (MSB) regulated by FINTRAC (M19955733), a Federal Government of Canada entity. The exchange promotes a zero-tolerance policy against fraud, money laundering, and terrorist financing.
VirgoCX is a safe exchange that protects its users with strict verification requirements, a CAD 1 million insurance policy, and 2FA. Moreover, the platform has never been subject to an exchange hack.
Final Verdict and Ratings
Despite targeting beginners, VirgoCX provides several features you'd expect exclusively on advanced trading platforms, vastly improving its usefulness. During testing for our VirgoCX review, we were impressed by the grid trading and recurring purchase features, as both help to automate the investing/crypto trading experience, giving users more time to find profitable opportunities.
However, we were disappointed by the platform's extremely high spread trading fees and lackluster support for major crypto assets like Tron. While suitable for new crypto traders looking for a platform to grow their skills at their leisure, better options, like Kraken, are available for more experienced crypto enthusiasts searching for a true, order-book-based exchange with many cryptocurrencies.
|Review Criteria||HedgewithCrypto Rating|
|Features||4.5 / 5|
|Supported Fiat and Deposit Methods||4.4 / 5|
|Supported Crypto & Trading Pairs||3.5 / 5|
|Fees||2.4 / 5|
|Ease of Use||4.3/ 5|
|Customer support||4.5 / 5|
|Security Measures||4.4 / 5|
|Mobile App||4 / 5|