VirgoCX Review: How Do The Trading Fees Compare?

Posted: Nov 20th, 2021Updated: Dec 5th, 2021
virgocx review
VirgoCX is a safe and affordable crypto exchange in Canada that offers a unique point of difference in the market. Individuals can trade 29 digital currencies with zero fees. In this review, we assess and compare the main features of VirgoCX such as the supported cryptocurrencies, trading fees, CAD deposit and withdrawal fees, security and customer support.

VirgoCX

Trading Fees:Included in spread
Country:Canada
Currency:CAD & USD
Promotion:None available at this time

Key Features

  • Proudly Canadian owned and operated exchange
  • FinTRAC registered exchange that meets KYC/AML standards
  • Simple onboarding process to create an account and complete ID verification
  • 0% CAD and USD deposit and withdrawal fees
  • Supports wire transfers and Interac e-Transfer
  • Advanced charting engine powered by Tradingview
VirgoCX is a 100% locally founded and operated digital currency exchange based in Canada that offers an easy to use platform to buy, trade and sell 37 different cryptocurrencies. The exchange appeals to new traders with a modern and basic user interface and charting platform to trade CAD or USD pairs. Noteworthy features on VirgoCX include zero deposit, trading and withdrawal fees and a modern user interface that will suit all types of investors in Canada.

Key Features

  • Proudly Canadian owned and operated exchange
  • FinTRAC registered exchange that meets KYC/AML standards
  • Simple onboarding process to create an account and complete ID verification
  • 0% CAD and USD deposit and withdrawal fees
  • Supports wire transfers and Interac e-Transfer
  • Advanced charting engine powered by Tradingview
VirgoCX is a 100% locally founded and operated digital currency exchange based in Canada that offers an easy to use platform to buy, trade and sell 37 different cryptocurrencies. The exchange appeals to new traders with a modern and basic user interface and charting platform to trade CAD or USD pairs. Noteworthy features on VirgoCX include zero deposit, trading and withdrawal fees and a modern user interface that will suit all types of investors in Canada.
Ease of useStarStarStarStarEmpty Star
ReputationStarStarStarEmpty StarEmpty Star
Deposit methodsStarStarStarEmpty StarEmpty Star
FeesStarStarStarStarEmpty Star
This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

What Is VirgoCX?

VirgoCX is a cryptocurrency trading platform that was founded in 2018 to provide a simple and easy way to buy, trade and sell digital currencies in Canada. The platform offers a streamlined trading experience and mobile app for individuals to trade 37 cryptocurrencies such as Bitcoin, Ethereum, XRP, Dogecoin, Shiba Inu and others with Canadian Dollars (CAD).
The exchange offers zero CAD deposit, trading and withdrawal fees to make buying and selling crypto affordable to Canadian's. Combined with a minimal trading platform, bank-like security features and an OTC desk, VirgoCX is a premium crypto exchange in Canada.
Virgocx websiteVirgocx website

Is VirgoCX Legit?

VirgoCX is a registered Money Service Business (MSB) that is regulated by FINTRAC (M19955733), an entity of the Federal Government of Canada. The exchange promotes a zero-tolerance policy against fraud, money laundering and terrorist financing with its compliance to strict KYC/AML processes to provide a safe and trustworthy platform.

Is VirgoCX Safe?

A stable and reliable service to buy and sell crypto is an important consideration when choosing an exchange in Canada. VirgoCX features bank-like security measures to ensure customer personal information and funds are kept safe. These include 2 Factor Authentication, protection of assets by Ledger Vault and CAD 1 million insurance coverage for crypto against theft and damage. VirgoCX has never been hacked or compromised and is considered to be a safe place to safely and securely buy Bitcoin in Canada based on our experience.
Virgocx safety measuresVirgocx safety measures

VirgoCX Overview

Exchange NameVirgoCX
MarketSpot exchange
Fiat CurrencyCAD & USD
Cryptocurrency37
Trading FeesNone
CAD Deposit FeesNone
CAD Withdrawal FeesNone
Mobile AppYes

VirgoCX Compared

VirgoCX is a popular crypto exchange in Canada that offers zero trading fees to buy and sell assets. The exchange is ideal for beginners that are looking for a safe and reliable way to get involved in the crypto industry. Combined with a modern and fresh mobile app, VirgoCX is a great option for investors. For a selection of alternative exchanges like VirgoCX with similar features, refer to the comparison table below.

Features & Benefits

Suited For Beginners

VirgoCX features an advanced trading platform to exchange between fiat and cryptocurrencies. For beginners that are not familiar with using advanced trading tools and charting, VirgoCX has a Quick Trade service that lowers the barrier to getting started with crypto. Individuals can enter an amount to buy or sell with the estimated average price shown to rapidly buy and sell crypto.
VirgoCX quick tradeVirgoCX quick trade

Affordable Trading Fees

A hallmark feature with VirgoCX is the commission-free crypto trading and zero fees for CAD deposits and withdrawals. Individuals can deposit Canadian dollars to purchase crypto without any trading fee. VirgoCX also absorbs the blockchain network fee on Bitcoin, Litecoin, EOS Cardano and other assets which are included within the trading fee.
VirgoCX feesVirgoCX fees

Flexible Funding Methods

Funding an account with VirgoCX caters to individuals within Canada with simple and fast deposit and withdrawal methods. There is the option to deposit and withdraw using CAD and USD. The two options available are Interac e-Transfers and wire transfer which are free to use. Both payment methods are widely accessible to Canadian's with a local bank account. The option to deposit USD will appeal to certain investors and also has better liquidity compared to CAD pairs.
VirgoCX deposit & Withdraw methodsVirgoCX deposit & Withdraw methods

Supported Currencies

VirgoCX is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollar (CAD) and United States (USD) coming from Canadian banks and/or financial institutions. Therefore, Coinberry does not support payments in Euros, British Pounds or other currencies.
A benefit of VirgoCX being a broker is the selection of cryptocurrencies compared to other exchanges in Canada. 37 different cryptocurrencies that can be traded against CAD. For USD denominated trading, individuals can only trade against Bitcoin and Tether. In comparison to Bitbuy and NDAX, these exchange support 9 and 24 crypto assets respectively.
VirgoCX supported marketsVirgoCX supported markets

OTC Desk

The VirgoCX Over The Counter (OTC) desk has deeper liquidity than the spot exchange to allow large orders to be filled at the desired price with minimal slippage. The OTC desk is suitable for high net worth individuals and retail traders that want to buy, trade or sell more than CAD 30,000. VirgoCX aggregates liquidity from its providers to offer the best rates and trading fees.

Trade NFT's

VirgoCX has joined the Non-Fungible-Token (NFT) arena with its brokerage service. Traders on the platform can find, trade and collect NFT's such as art, music, collectibles, trading cards and games which are managed on a blockchain network. The benefit of using VirgoCX's marketplace is that traders can purchase NFT's without having to auction or bid. However, the benefit to experienced NFT traders is negligible and are better off directly buying and selling NFT's on Nifty Gateway, OpenSea or SuperRare.
VirgoCX NFT marketplaceVirgoCX NFT marketplace

Getting Started

To buy, sell, send and receive cryptocurrency using VirgoCX, users will need to create an account and be at least 18 years or older. There is no fees to create or maintain a VirgoCX Exchange account or wallet, however, all users to complete an ID verification process before depositing funds.

ID Verification

VirgoCX has a fiat-to-crypto gateway to accept traditional currencies. As such, the exchange must comply with the strict rules and regulations set by the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC). Therefore, all individuals that want to deposit CAD or USD must submit verification documentation such as a Canadian Passport or Canadian Driver's License.

Funding & Limits

Like most exchanges in Canada, VirgoCX supports wire transfers and Interac e-Transfers to fund an account using Canadian Dollars or US Dollars. For large investments, the best option is to use a wire transfer which has no maximum limits and will process within 24 hours. Interac e-Transfers are suitable for small purchases which near-instant to process. There are no minimum amounts, however, is capped at $10,000.
Payment TypeLimitsTransfer Speed
Interac e-TransferMin: $0; Max: $10,000Instant
Wire transferMin: $3,000; Max: NoneUp to 24 hours
VirgoCX offers crypto wallets for each of the supported assets to facilitate deposits and withdrawals. Users can transfer coins to a unique wallet address that can be converted into CAD. There are no maximum limits or fees, however, there may be an outgoing wallet transaction cost. Furthermore, users will need to also complete ID verification to deposit crypto.

Trading Experience

Selecting a cryptocurrency platform depends on the trading interface for many investors and traders. This is where the majority of time will be spent analyzing the charts and looking for trading opportunities. VirgoCX offers an advanced trading portal in addition to the Quick Trade feature to enable fiat to crypto trading. As VirgoCX is a broker, there is no recent trades or order book available.
VirgoCX trading user interfaceVirgoCX trading user interface
The user interface features a modern charting package provided by the reputable TradingView software. The arrangement and design of the trading platform are minimal, responsive and easy to navigate. The order entry box that enables users to place orders is restricted to limit and market orders only. These are the basic order types and will not suit experienced traders that rely on advanced orders such as stop-market and stop-limit.
For each trading pair, the buy and sell prices are shown which can be used to calculate the spread. Orders can be entered using pre-populated percentages of the available funds which is a useful feature. Active positions are shown underneath the charts. Overall, trading crypto on VirgoCX is very basic and is targeted at beginners only. Serious crypto traders will be disappointed with the selection of order types and lack of liquidity and are better off using a global exchange such as Binance, Crypto.com Exchange and Kraken.

Fees

Deposit Fees

VirgoCX accepts CAD deposits using a wire transfer and Interac e-Transfers. There are zero fees to fund an account using these payment methods. Depositing USD via wire transfers and crypto does not have fees. However, the respective blockchain network may apply outbound transaction and gas fees.

Trading Fees

VirgoCX does not have a flat or tiered fee structure on buy and sell transactions. Instead, it applies a spread fee on the bid and ask price at a premium to the market through its liquidity partners to cover its operating costs. The spread on VirgoCX to buy or sell Bitcoin is approximately 0.9% at the time of writing. This is competitive compared to exchanges such as Coinberry and Newton which have higher spreads, although is more expensive against NDAX.
Exchange NameBitcoin Spread (CAD)
Coinberry$2,273
Newton$998
VirgoCX$634
NDAX$91
For example, an individual that purchases 1 BTC with CAD and immediately converts it back to fiat money will pay a spread cost of $634 to VirgoCX which equates to approximately 0.9% for BTC. When compared to NDAX, the same transaction will incur a trading fee of CAD 280 and a spread of $91, totalling $371 at the time of writing.
In short, even though the exchange promotes zero-fee crypto trading, there are costs associated to buy and sell on VirgoCX which are hidden in the spread. This is a common fee model used by popular brokers in the world such as eToro and Uphold that advertise 0% commissions but include fees within the spread by charging a premium.

Withdrawal Fees

Similar to depositing funds, individuals on VirgoCX can withdraw CAD and USD direct to a bank account without fees or charges. A network fee will apply to withdraw certain cryptocurrencies to an external wallet. For Bitcoin, Cardano, Doge and several others assets, VirgoCX has absorbed the blockchain transaction fee for outbound transactions. This fee is covered by the trading cost.
VirgoCX withdraw crypto feesVirgoCX withdraw crypto fees

Affiliate Program

VirgoCX offers an affiliate program for markets to earn a passive income by referring new members to the exchange. The affiliate commission is $10 for every verified and $20 when they make a deposit greater than CAD 100.

Mobile App

VirgoCX offers its users an app that is available for download on iOS and Android devices. The app includes the majority of the features on the desktop version, including funding an account with Canadian Dollars. However, the app appears to suffer from frequent technical issues that prevent users from logging in with several reports of intermittent faults.
The VirgoCX app has a recent rating of 1/5 stars based on the most recent comments that have provided multiple negative feedback on the app. In short, the VirgoCX app is not useable, regularly updated and is a poor reflection on the trading platform.
VirgoCX mobile app reviewsVirgoCX mobile app reviews

Customer Support

VirgoCX offers several support channels to get in touch with the customer service team. The primary method is a ticket system or direct email to the customer support address. There is an option to contact the team directly via a phone number or using the live chat feature which is multilingual and available 24/7. Based on our experience, a live customer service operator responded within 2 minutes to assist with our query.
VirgoCX contact formVirgoCX contact form

Final Verdict

To conclude our review, VirgoCX provides a simple to use cryptocurrency exchange for Canadian's to buy, trade and sell 37 different assets. The platform is best suited for new investors that want to deposit CAD using a wire transfer or Interac e-Transfer without any fees. VirgoCX's unique selling point of zero trading fees is not 100% accurate as there are hidden fees involved.
Visit VirgoCX
The trading platform charges a premium spread fee to cover its operating costs. This can be verified by comparing the spread to other reputable exchanges. Furthermore, the lack of development and support for the mobile app is negative and should be improved. Overall, VirgoCX is a mediocre crypto exchange that is not recommended for experienced or serious crypto traders in Canada.
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Kevin GrovesKevin GrovesKevin GrovesKevin is the founder and chief editor at hedgewithcrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. A professional trader growing his portfolio since 2016, he has a strong understanding of investing in the market using exchanges, brokers and derivatives platforms. After leaving his full-time job at the start of 2021, his mission today is to share information guides on crypto and to find the best exchanges via hedgewithcrypto through detailed reviews and comparisons. To stay up to date with the latest exchange reviews and guides on Bitcoin, trading, DeFi, staking and more, follow us via our newsletter and social media channels.
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