A VirgoCX Review for 2021
With cryptocurrencies getting on the radar of people from all walks of life worldwide, there’s been a surge in crypto exchanges.
Although most exchanges are located in or originate from the United States, many countries introduce their exchanges, with slightly different products and services from one another.
Let’s take a look at one of Canada’s most trusted crypto trading platforms in this VirgoCX review.
Table of Contents
VirgoCX Review: Overview, Fees, Accessibility, and More
Founded in 2018, VirgoCX is one of the best cryptocurrency exchanges in Canada as it aims to simplify the buy and sell experience while empowering both rookie and seasoned traders with cutting-edge technology, flexible liquidity, and flawless security.
The firm claims to offer the best buy and sell prices in Canada which has helped VirgoCX rise in popularity.
To give you a better understanding of how successful VirgoCX is, know that the fast-growing platform recorded more than $300 million in total trade volume during the first half of 2021.
VirgoCX supports more cryptocurrencies than some of its competitors. You’ll be able to trade not only Bitcoin and Ethereum, but also Tether, Litecoin, Stellar, USD Coins, Bitcoin Cash, and... Dogecoin!
VirgoCX: How It Works
VirgoCX works similarly to many other crypto exchanges. To get started, you have to register an account using your email address and get your identity verified.
After confirming your identity, you can fund your account using Interac e-Transfers or via wire transfer. With funds in your account, you’re free to explore and start buying crypto! In most cases, you only need CAD $5 to start trading. The cherry on top? It’s free to trade and deposit on VirgoCX.
VirgoCX is great in the sense that it caters to both novice and experienced traders. There are two types of trading functions on the platform: quick trade and advanced trade. Quick trade is specifically designed for beginners as it takes care of small to medium size orders.
Advanced trade, on the other hand, provides the seasoned trader with more context such as technical analysis, charting tools, recent transaction history, and order book depth.
For traders who are hoping to engage more than $30,000 CAD in transactions, VirgoCX Over-the-Counter (OTC) is here to help. This is a full-service trade desk that provides greater liquidity and anonymity. Traders at this level will have direct OTC account managers that offer customized care from beginning to end.
Besides crypto trading, VirgoCX also provides a reliable currency exchange rate and a low-cost and fast way of converting money, which is great for foreign exchange. To put things into perspective, VirgoCX is five times less expensive than banks and claims to have the best market rates. However, in order to use the OTC service, you’ll have to be ready to exchange at least $20,000 CAD.
If at any point you encounter any problems trading, you can contact VirgoCX’s customer support team via live chat, e-mail, or phone.
They’re available 24/7. Don’t worry if your first language isn’t English; VirgoCX provides live, multilingual support.
VirgoCX Pros & Cons
Pros: The Good Stuff
Extremely user friendly with a simple and intuitive dashboard
24/7 live chat and email support available
No deposit and trading fees
Access to 23 cryptocurrencies
Android and iOS mobile apps available
Over-the-Counter (OTC) trade desk available for large trades
Registered with Canadian FINTRAC with a spotless track record of security
Our Final Thoughts
With 23 cryptocurrencies available for trade, VirgoCX is one of the most sophisticated and user-friendly crypto exchanges in Canada.
Its intuitive interface and various features make it easy for beginners to get started in minutes.
Although the platform is only available in CAD and USD, it charges no depositing or trading fees (only a small withdrawal fee).
VirgoCX also follows top-notch security protocols so you can be sure that your money is in good hands.
Frequently Asked Questions
Yes. VirgoCX takes security very seriously. Not only does it comply with the Know Your Client (KYC) protocol and follow Canada's Anti-Money Laundering and Anti-Terrorist Financing policies, but it also takes the effort to verify all users’ identities. This is no easy feat as it takes time and top-notch technology to verify users’ identities.
To further protect your account, VirgoCX complies with Canada’s Privacy Statute for the Protection of Personal Information (PIPEDA) and will never sell or disclose your data unless compelled by law. If you’re wondering, your data is kept safe on servers in Canada with a top cloud provider.
On top of that, VirgoCX encrypts all sensitive data such as user passwords with multiple layers of security measures. Users also have to use 2-factor authentication to access their accounts.
The platform only keeps a small portion of funds online in hot wallets to minimize risks for unforeseeable disruption. The majority of the crypto assets on the platform — at least 95% — are stored in a cold wallet. Like many other things in life, your funds on VirgoCX are insured. The platform has a $1 million CAD criminal insurance policy in place for crypto, covering crimes like theft and damages. You can surely trade with confidence on VirgoCX!
Yes. VirgoCX is a legitimate Canadian crypto exchange platform that is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and meets all its KYC, AML, and ATF obligations. It is also one of Canada’s first crypto trading platforms to apply for registration as a Restricted Dealer in crypto assets with the Ontario Securities Commission (OSC).
Moreover, VirgoCX has been around since 2018 and the assets on there are protected by Ledger Vault, a multi-authorization digital asset wallet management solution that ensures all user funds are kept safe. If that’s not enough, know that Ledger Vault also provides up to $150 million in coverage for theft committed on Ledger’s behalf.
Yes, VirgoCX is only available in Canada at the moment. The platform only accepts wire transfers from Canadian financial institutions, so make sure you have a Canadian bank account set up.
From time to time, VirgoCX also holds marketing campaigns that give out monetary rewards. In order to receive those rewards, you have to be a Canadian citizen, permanent resident, or temporary resident and be able to provide proof of identity.
Depending on the nature of the campaign, you may also need a Canadian address to receive prizes. Given VirgoCX’s reputation, however, it may be available in other parts of the world one day.