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It is difficult to overlook how vital it is to select the most reliable cryptocurrency exchange, particularly in the early stages or even during your cryptocurrency investment journey. Due to the fact that there are many different options to choose from, selecting the most reliable cryptocurrency exchange in Canada can be pretty tricky for you to do.
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Last Updated: Sep 21, 2023
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VirgoCX is a cryptocurrency exchange platform that is based in Canada. This is a company that facilitates cryptocurrency trading and has its headquarters in Ontario. If you are considering opening a VirgoCX account but are unsure whether doing so is the best course of action, then reading this article can help you learn more about if VirgoCX is for you.
VirgoCX is a highly regulated cryptocurrency exchange platform used for trading cryptocurrencies in Canada. Its mission is to make trading cryptocurrencies simple, secure, and accessible to Canadians of all income levels. The platform is committed to making trading easier for its customers thereby providing them with cutting-edge technology, outstanding liquidity, and exceptional safety measures.
VirgoCX was established in 2018 and is currently recognized as a Money Service Business (MSB) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In the first half of 2021, it transacted more than $300 million in total trade volume.
The value that it offers to traders is contributed to by its fee structure, speed, and security. VirgoCX does not charge any fees for trading and deposits. It also offers minimal withdrawal fees, strong liquidity, and all of the security procedures and features crypto enthusiasts look for. Additionally, it differentiates itself from other cryptocurrency exchanges by providing competitive features, such as advanced trading analytics and various payment options.
The VirgoCX platform does not offer pre-authorized withdrawal wallets. Pre-authorized withdrawal wallets are highly vulnerable and can be easily hacked. If this were to happen, the hacker’s sole option would be to transfer your cryptocurrency to one of your other wallets. This protective function can be integrated into several cryptocurrency exchanges and trading platforms.
VirgoCX is a cryptocurrency exchange that provides Canadians access to free cryptocurrency trading platforms. It offers several other services that are uncommon among its rivals. In addition, the exchange provides a trustworthy currency exchange rate and a quick, inexpensive option to convert money, both of which are excellent for international trade.
To use VirgoCX for the purchase of cryptocurrencies, all that is required of you is to create an account on either its website or the Android or iOS mobile apps. To swiftly get verified, you must supply certain fundamental information (such as your email address, password, and referral code, among other things).
After verifying your identity, you can fund your account through Interac e-Transfers or wire transfers, depending on your preference. Another option you can use to fund your account is by moving any existing crypto coins into your VirgoCX account. You won’t be required to pay a deposit fee, regardless of your chosen payment method.
Now that you have funds in your account, you are free to explore the cryptocurrency market and begin purchasing. Used are not charged fees to start trading any available cryptocurrencies on VirgoCX.
VirgoCX customer support team is reachable at any time of the day or night. There is no need to be concerned if English is not your native tongue because VirgoCX offers real-time help in other languages.
VirgoCX cryptocurrency exchange gives customers access to a trading terminal that supports multiple trading pairings, including crypto-crypto and crypto-fiat.
The following is a list of some of the cryptocurrencies that can be traded on the exchange:
The two categories of Trading options on VirgoCX are quick trade and advanced trade. Quick Trade is tailored to meet the needs of first-time traders, and it can handle orders of a relatively small to moderate scale. Advanced trading gives an experienced trader access to additional contexts, such as technical analysis and charting methods, recent transaction histories, and order book depths.
One of VirgoCX’s numerous advantages is that it accepts traders of all experience levels. VirgoCX offers a range of minimum trade sizes for various trading pairs; the bulk of them are below $5. If you experience any problems when trading, you can contact the VirgoCX customer support team at any moment via live chat, email, or phone.
An Over-The-Counter (OTC) trade desk is provided for trades that are more than $30,000 on the VirgoCX platform, which serves as a catering service for institutional buyers and sellers.
Over-the-counter (OTC) trading is the pseudonymous trading of crypto assets directly between two parties in the cryptocurrency industry. This type of trade can take place from fait to crypto or from fiat-crypto to crypto.
On VirgoCX, over-the-counter services are offered in two different forms:
The VirgoCX OTC desk acts as a connecting mechanism between the cryptocurrency markets and more conventional forms of financial service. While using the OTC service, a trading fee is not required. They have specialized OTC account managers that provide individualized service. They can offer deep liquidity pools because they facilitate extensive volume trading of cryptocurrencies without allowing prices to drop.
You can totally avoid any price volatility that may occur between the time of your order and the time that your trade is executed. When compared to trading on other platforms, avoiding price spillage enables you to realize savings of up to 2 percent. Because of the strong relationships, it maintains with the institutions with which it collaborates, VirgoCX can offer settlement times for converting fiat currency to cryptocurrency.
The cryptocurrency exchange has two referral programs: one for socially engaged customers and another for customers who trade on the OTC desk.
In the first referral program, the owner of a connection link that brings in a new exchange client will receive the following:
A user may use his referral link to encourage an unlimited number of people to join the platform. Within a user’s account, comprehensive statistics as regards the efficiency of links, referrals, and payments can be viewed at any time.
The second referral package is targeted toward traders who execute transactions worth more than $30,000 each time they trade. In this particular scenario, the application is sent in by the applicant via the call center.
The exchange specialist sends a referral link to the customer based on the interview findings. The following are the types of payments that can be received through the referral program:
Additionally, there is no limit to the number of referrals an exchange customer may earn money from through this program.
VirgoCX’s affiliate program is a rewards system that is comparable to that of the referral program. The affiliate program is tailored to social media influencers who have a following that is significantly larger than the typical user of the platform.
Users can earn incentives through the VirgoCX affiliate program if they sign up for it through a link provided.
To participate in the program, a user should meet some requirements such as:
The cryptocurrency exchange could turn down your request to acquire an affiliate link if you don’t comply with specific requirements. A user will have access to the affiliate link and the reporting associated with it once the application has been approved. Affiliates will receive a commission of 10 dollars for each user who is verified and 20 dollars if the user deposits more than one hundred Canadian dollars.
Through its trading service, VirgoCX entered the Non-Fungible-Token (NFT) market. Traders that use VirgoCX’s marketplace have the advantage of being able to buy NFTs without first having to participate in an auction or a bid. NFTs are non-fungible tokens that are managed on a network using blockchain technology.
NFTs include art, music, collectibles, trading cards, and games. Unfortunately, only current OTC and institutional clients can use the VirgoCX NFT brokerage service.
VirgoCX provides a learning platform, which is available to both inexperienced traders who are trying to get their feet wet in the cryptocurrency market and more seasoned traders who are interested in expanding their knowledge. There, users have access to a variety of resources that can assist them in learning a lot about cryptocurriences and recent news about VirgoCX.
VirgoCX makes it easy and quick for individuals in Canada to fund their accounts with a variety of deposit and withdrawal options that are tailored to their needs. Both Canadian Dollars and United States Dollars are used for deposits and withdrawals. VirgoCX also makes available cryptocurrency wallets for each of the assets it supports, making it easier for users to make deposits and withdrawals.
You can add funds to your VirgoCX account via any one of the different methods made available. One method involves the use of fiat currency. Other forms of payment that the company acknowledges are wire transfers and Interac e-Transfers in US and Canadian dollars. You can also decide to fund your account using various digital currencies.
Only the digital currencies supported by VirgoCX’s platform are accepted by it. Interac e-Transfers are convenient for making smaller purchases because the transactions are processed almost instantly. The maximum amount is restricted to $10,000, but it does not have a minimum amount.
Two options are available to you when you want to withdraw money from your VirgoCX account. The first option is to withdraw Canadian Dollars via wire transfer. You simply need to select the “Canadian Dollar Withdrawal” option inside your dashboard account, click “Wire Transfer,” and then click the “Fund” tab on the left side of your account. Within one to three business days, processing your funds and the subsequent deposit into your bank account will be completed. The ideal choice for large deposits is to use a wire transfer, which has no limitations and will complete in 24 hours.
Another option is to make withdrawals in the form of cryptocurrency. To accomplish this, select the cryptocurrency from which you want to withdraw funds (for example, Dogecoin), navigate to the section of the page labeled “Withdrawal” on the right, copy and paste the address of the wallet into which you want to deposit your Dogecoin, and then enter the desired withdrawal amount.
You will receive a confirmation email on the email address you used while verifying your account on VirgoCX. The request is completed after you have confirmed the withdrawal by email. There are no transaction fees or maximum limits associated with this option; however, there may be a cost associated with outbound wallet transactions.
Next in our VirgoCX review, we’ll cover the fees associated with using their platform.
The absence of commissions on cryptocurrency trading as well as fees for Canadian Dollar deposits and withdrawals is a defining characteristic of VirgoCX. Individuals are able to purchase cryptocurrency by depositing Canadian dollars, and there are no associated trading fees. Transactions on VirgoCX are not subject to either a flat cost or a tiered fee structure.
Instead, it covers its operating expenses by charging a spread charge, which is based on the difference between the bid price and the ask price, and the market pays it through its liquidity partners. In addition, VirgoCX is responsible for paying the blockchain network charge on Bitcoin, Litecoin, Cardano, and any other assets that have a trading cost associated with them.
The only time you will be required to pay a charge is when you remove funds from your VirgoCX account. When you withdraw fiat currency, such as Canadian or American dollars, the fee you must pay is only 0.5 percent of the amount you remove.
Users are able to withdraw Canadian and American dollars directly to their bank accounts free of charge, just like they do when they deposit funds. The transfer of some cryptocurrencies from an internal wallet to an external one will incur a network fee. Outbound blockchain transaction fees for Bitcoin, Litecoin, Ethereum, and some other assets have been covered by VirgoCX.
VirgoCX is a trading exchange that operates in the fiat-to-crypto currency pair. It is driven by the technologies used for crypto trading on a worldwide scale. This platform has been registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), and it offers its services to both retail customers and institutional customers. The traders are able to trade fiat currency and cryptocurrencies legally.
All user-sensitive data, such as user passwords, is encrypted by VirgoCX, which uses numerous levels of security procedures to protect itself. Users are required to employ a two-factor authentication method in order to access their accounts. VirgoCX puts 95% of its users’ fund in cold storage (supplied by Coinbase Custody), making it out of hackers’ reach, while the remaining 5% is held in hot wallets primarily for convenience when making trades and withdrawing money.
The long-term objective of VirgoCX is to become the world’s leading and most dependable crypto exchange trading platform. In order to achieve this aim, VirgoCX engages trusted third parties to carry out regular audits for the purpose of ensuring its security. In addition, the platform uses numerous security levels, including SSL (Secure Sockets Layer) encryption, to safeguard all users’ sensitive data.
VirgoCX provides various support channels through which users can communicate with the company’s customer service team. The main options are a ticket system or sending an email directly to the customer care address. You can get in touch with the staff immediately by calling the provided phone number or by using the live chat tool, which supports multiple languages and is open around the clock.
Next in our VirgoCX review, we’ll go over some pros and cons about the experience.
Let’s start with the VirgoCX pros:
VirgoCX’s straightforward cost structure is completely transparent, and the company does not charge any hidden fees or commissions. VirgoCX is a good exchange for anybody who is just starting in the cryptocurrency market because there are zero costs required for depositing funds and making trades here.
Among them are electronic wire transfers, Interac e-Transfers, and transfers from other cryptocurrency wallets.
A large number of cryptocurrencies and coins are available for trade, in addition to two fiat currencies, which are the United States Dollar and the Canadian Dollar.
VirgoCX makes it possible for Canadians to buy and sell cryptocurrencies in a way that is both convenient and safe. They protect your personal information and financial resources using cutting-edge technology, and traders and investors can utilize their accounts securely to purchase cryptocurrency without fear of losing their money.
It is not necessary to first convert your Canadian dollars into US dollars in order to purchase cryptocurrency. The procedure is streamlined and uncomplicated, making it possible for you to obtain your cryptocurrency as quickly as possible.
With its clean and up-to-date user interface, the mobile application is equally as user-friendly and straightforward to understand as the desktop website. It enables you to make deposits and trades remotely, so even if you are away from your computer, you won’t lose out on any opportunities.
In our VirgoCX review we found only a couple of areas for improvement about the experience:
VirgoCX is not yet available in all countries.
Not convinced VirgoCX is right for you? You might consider using another crypto exchange, such as:
Thanks for checking out our VirgoCX review!
It’s time to wrap up our VirgoCX review. VirgoCX has structured itself to become a one-of-a-kind cryptocurrency trading platform in Canada, one that not only leads the way but also serves as an example for others to follow. VirgoCX is a Canadian cryptocurrency exchange that is user-friendly for beginners.
Both the trading site and mobile app are intuitively designed and easy to operate. Because of its extensive features, VirgoCX is a fantastic choice for experienced investors, and its OTC Desk is ideal for traders who wish to conduct large-scale transactions. Additionally, VirgoCX adheres to high-quality security protocols, so you can be certain that your funds are in safe hands at all times. Thanks for checking out our VirgoCX review.
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Yes. VirgoCX places a high priority on maintaining its customers' privacy and safety. In addition to adhering to the protocols of Canada's AML (Anti-Money Laundering), it also makes an effort to confirm the identity of all of its users. VigoCX adheres to Canada's Personal Information Protection and Electronic Documents Act (PIPEDA) and will never sell or share your information unless it is forced to do so by law. If you're curious about how your data is saved, your data is stored securely on servers with a leading cloud provider in Canada. The Ledger Vault provided by VirgoCX serves to safeguard the assets of its users. They have insurance coverage of up to one million Canadian dollars to protect the customers' crypto assets that are in their custody against loss, damage, or theft, as well as other potential catastrophes.
Yes it is. In Canada, VirgoCX is a trusted platform for exchanging cryptocurrencies. It complies with all of its Know Your Customer, Anti-Money Laundering, and Counter Terrorist Financing obligations and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Any cryptocurrency trader or investor in Canada, especially those who are just starting in the cryptocurrency market, should seriously consider signing up for an account with VirgoCX. VirgoCX adopts a more preventative strategy by adhering to regulatory requirements and the relevant laws that come along with them. VirgoCX is one of the first Canadian cryptocurrency trading platforms to file its initial application to the OSC (Ontario Securities Commission) in order to be registered as a limited dealer dealing with crypto assets.
Yes, to keep your cryptocurrency in a secure environment, VirgoCX is an excellent option. VirgoCX has several security procedures and precautions in place to help protect your funds. Ledger Vault safeguards the assets that are stored on VirgoCX, thereby protecting it from hackers. Ledger Vault is an essential part of the Ledger company, a pioneer in terms of providing protection for blockchain applications and cryptocurrencies
Yes, VirgoCX is currently exclusively offered on the Canadian market. You must ensure that you have a bank account set up in Canada before using it. Additionally, VirgoCX conducts marketing occasionally, which concentrates on the distribution of monetary prizes. You need a proof of identity to show that you are a Canadian, a permanent resident of Canada, or a temporary resident of Canada in order to be eligible for those rewards.
Unfortunately, there is no info concerning the originator of this exchange as well as its institutional history.
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