This VirgoCX review takes a deep look at the services and features of this Canada-based cryptocurrency platform.
The importance of choosing the best crypto exchange can’t be overemphasized especially if you’re just getting started. Unfortunately, you may find it a little challenging to pick the best crypto exchange in Canada due to the multiple options available.
So if you’re looking to open a VirgoCX account but are not sure whether that’s the right move, this article will clear all your doubts.
In this VirgoCX review, I provide a detailed explanation of what the crypto platform provides and how it compares with other top Canadian crypto exchanges.
Overview of VirgoCX
To ease your understanding of VirgoCX, let’s start with a highlight of the exchange’s key features.
| Founded in | 2018 |
| Operating status | Money Service Business (MSB) |
| Headquarters | Toronto, Ontario |
| Regulator | FINTRAC |
| Custodian | Coinbase Custody |
| Fiat currencies | CAD and USD |
| Supported coins | 64 |
| Minimum investment | N/A |
| Trading platform | Web portal and mobile app |
| Trading fees | $0 |
| Deposit fees | $0 |
| Withdrawal fees | No fee for non-crypto withdrawals. Fees apply on selected crypto withdrawals |
| Funding options | Interac e-Transfer, bank wire and crypto |
| Welcome bonus | $20 |
What is VirgoCX?
VirgoCX is a Toronto-based crypto platform that was founded in 2018 to offer Canadians a safe, easy and affordable crypto trading experience.
Registered by FINTRAC as a Money Service Business (MSB) with the number M1995573, VirgoCX offers multiple services beyond what’s available on some other Canadian crypto exchanges.
Besides crypto trading, the exchange also offers Canadians access to the NFT marketplace and OTC trading in order to achieve its mission of becoming a one-stop shop for cryptocurrency.
Even more interesting is the fact that Canadians can exchange 64 crypto coins on VirgoCX with CAD or USD without deposit, withdrawal and trading fees.
In summary, VirgoCX is one of the best crypto exchanges or brokers in Canada for anyone looking for a place to trade multiple digital coins.
How Does VirgoCX Work?
If you’re familiar with how other crypto exchanges in Canada work, then you’ll have no problem using VirgoCX. However, VirgoCX not only allows you to trade cryptocurrency but NFT and access to crypto OTC market for large trades.
All you need to get started is to sign-up to the exchange by providing your personal information and identification. Once you’re approved, you can then fund your account with any amount using Canadian or US dollars (via Interac e-Transfer or bank wire).
You can also fund your account by transferring your existing crypto coins to your VirgoCX account. Regardless of the method you used, you will not be charged a deposit fee on VirgoCX.
And once you fund your account and the payment is processed, you can start trading any of available coins on VirgoCX without trading fees.
In the end, you can leave your coins in your VirgoCX account or withdraw them for free as cash or pay a variable fee on crypto withdrawals.
Is VirgoCX Safe?
VirgoCX is safe as any of the other crypto exchanges in Canada. As a FINTRAC-regulated Money Service Business (MSB), VirgoCX complies with the industry’s best practices in securing your assets and information.
The exchange implements the provisions of the Personal Information Protection and Electronic Documents Act (PIPEDA) in protecting your information on its platform.
In addition, VirgoCX is one of the few Canadian crypto exchanges that offer insurance coverage on cryptocurrencies. It insures your coins with C$1 million crime insurance coverage through its custodian, Coinbase Custody.
Besides that, Coinbase Custody stores your assets in a cold storage wallet, giving you maximum comfort as your assets are locked-in offline.
With multi-factor authentication and SSL protocols, you can be sure that you’re dealing with one of the most secure crypto exchanges in Canada.
VirgoCX Supported Coins
VirgoCX currently has some of the highest collections of coins in Canada. The following are some of the coins you can trade on the exchange:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Avalanche (AVAX)
- Polkadot (DOT)
- Solana (SOL)
- SHIBA INU (SHIB)
- Dai (DAI)
- Cosmos (ATOM)
- USDC (USDC)
- Polygon (MATIC)
VirgoCX has been increasing its collection of coins since its inception in 2018, with more added regularly.
VirgoCX Funding Options
As of the time of writing this VirgoCX review, the platform supports funding through Interac e-Transfer, bank wire and crypto.
The interesting part is that you can fund your account through any of these methods for free on VirgoCX.
That said, the transaction limits of VirgoCX’s funding methods vary. Below is a highlight of CAD and USD deposit and withdrawal limits on the platform.
Deposit and withdrawal limits for CAD:
| Funding Method | Minimum | Maximum | Processing Time |
|---|---|---|---|
| Deposit: | |||
| Interac e-Transfer | N/A | $10,000 per 24 hours | Instantly |
| Wire Transfer | $3,000 | Unlimited | Within 45 minutes to 24 hours |
| Withdrawal: | |||
| Interac e-Transfer | $10 | $10,000 per 24 hours | Instantly |
| Wire Transfer | $3,000 | Unlimited | Within 45 minutes to 24 hours |
Deposit and withdrawal limits for USD
| Funding Method | Minimum | Maximum | Processing Time |
|---|---|---|---|
| Deposit: | |||
| Wire Transfer | $500 | Unlimited | Within 45 minutes to 24 hours |
| Withdrawal: | |||
| Wire Transfer | $500 | Unlimited | Within 45 minutes to 24 hours |
Note: All crypto deposits and withdrawals are processed immediately on the exchange.
VirgoCX Additional Services
Besides offering Canadian access to free crypto trading platforms, VirgoCX also offers additional services that are rare among the competition. Let’s take a quick look at each of them.
- NFT Marketplace: VirgoCX NFT marketplace allows you to buy and sell NFTs with ease. The exchange was the first to offer this service in Canada. With robust collections of some of the unique NFTs out there, VirgoCX helps you diversify your crypto investment.
- OTC Direct: If you’re looking to execute large volume of trades, you can save cost and simplify the process through VirgoCX’s OTC Direct. This platform gives you access to a dedicated account manager that helps you trade over 40+ cryptocurrencies with the best execution and rapid settlement.
- Foreign Exchange: According to VirgoCX, it offers a competitive foreign exchange service that’s 5x cheaper than the rate of banks. This makes it a cost-effective platform for foreign currency transactions.
VirgoCX Fees
As of the time of writing, VirgoCX has the following fee schedule:
- Trading fees: $0
- Deposit fees: $0
- Withdrawal fees: No fee for non-crypto withdrawals. Fees apply on selected crypto withdrawals
The applicable fees on crypto withdrawals are relatively low and fees are waived on some coins as shown below:
- Bitcoin: 0 BTC
- Bitcoin Cash: 0 BCH
- Ethereum: 0ETH
- Litecoin: 0 LTC
Overall, the VirgoCX fee schedule is low compared to those at many other Canadian crypto exchanges.
VirgoCX Promotions
New VirgoCX users get up to a $20 welcome bonus when they sign-up on VirgoCX using this link or referral code, m0bt8Y4C. To claim this bonus, all you need is to complete the following tasks:
- Verify your account and earn a bonus of $5
- Deposit a minimum of $100 fiat currency to earn $15
When you join VirgoCX, you will be assigned a unique referral link and code. Each person that you refer to the exchange through your referral link or code will earn you up to $20.
However, your referral must also perform the above tasks to claim the bonus.
Learn more: VirgoCX Referral Code
VirgoCX Pros and Cons
Here are the VirgoCX pros and cons:
Pros
- Multiple coins
- No minimum investment requirement
- No deposit and trading fees
- No cash withdrawal fees
- Generous welcome bonus
- Accepts both CAD and USD currencies
- Unique services (OTC, NFT, FX)
- Auto deposit and withdrawals
- C$1 million crime insurance coverage
- Instant Interac e-Transfer funding
- Beginner-friendly
Cons
- Charges fees on selected crypto withdrawals
How to Open a VirgoCX Account
Opening a VirgoCX account takes only a few minutes as the process involves the following simple steps:
- Visit the sign-up page through this link
- Enter your email address
- Create a password (8-15 characters with at least one letter and one number)
- Consent to VirgoCX’s Terms of Service and Privacy Policy
- Confirm your email
- Provide your personal information
- Verifying your identity
There you go! Once you verified your account whether automatically or manually, you can fund your account to start trading on VirgoCX.
VirgoCX vs Newton vs Wealthsimple Crypto vs Shakepay
The following is a highlight of how VirgoCX compares with some of the best crypto exchanges in Canada.
| Profile | VirgoCX | Newton | Wealthsimple Crypto | Shakepay |
|---|---|---|---|---|
| Launched in | 2018 | 2018 | 2020 | 2015 |
| Headquarters | Toronto | Toronto | Toronto | Montreal |
| Regulator | FINTRAC | FINTRAC | FINTRA & OSC | FINTRAC and AMF |
| Number of coins | 64 | 71 | 50+ | 2 |
| Minimum investment | N/A | N/A | N/A | $5 |
| Funding options | Interac e-Transfer, Wire transfer & Crypto | e-Transfer, Wire transfer, Bank account & Crypto | Bank account & Crypto | e-Transfer, Wire transfer & Crypto |
| Deposit fees | $0 | $0 | $0 | $0 |
| Trading fees | $0 | $0 | $0 | $0 |
| Withdrawal fees | No fee for non-crypto withdrawals. Fees apply on selected crypto withdrawals | No fee for non-crypto withdrawals. Variable fees for crypto withdrawals | None | None |
| Welcome bonus | $20 | $25 | $25 | $ |
VirgoCX vs Newton
VirgoCX and Newton are both Toronto-based crypto exchanges in Canada founded the same year (2018).
Regulated by FINTRAC, both VirgoCX and Newton don’t have minimum investment requirements, deposit fees, trading fees and withdrawal fees. However, they charge variable fees on crypto withdrawals.
With 71 crypto coins, Newton also has some of the highest collections of crypto coins in Canada like VirgoCX.
The bottom line is that Newton could be your best VirgoCX alternative if you’re looking for a crypto exchange with more robust coin collections and lower fees.
Learn more: Newton Review
VirgoCX vs Wealthsimple Crypto
Wealthsimple Crypto, Wealthsimple’s crypto trading platform, is recognized as one of the leading crypto exchanges in Canada.
Regulated by both FINTRAC & OSC, Wealthsimple Crypto helps you save more on your crypto trading by not changing deposit fees, trading fees and withdrawal fees.
With no minimum investment requirement, you can start trading any of Wealthsimple Crypto’s 50+ supported coins for as little as $1.
While VirgoCX offers a maximum of $20 welcome bonus, Wealthsimple Crypto offers $50 helping you boost your investment fast. Learn more about Wealthsimple Crypto Referral promotion.
Notably, VirgoCX outshines Wealthsimple Crypto in terms of coin selection and funding options. Nevertheless, Wealthsimple Crypto is a worthy alternative to VirgoCX.
Learn more: Wealthsimple Crypto Review
VirgoCX vs Shakepay
Shakepay is the last but not the least VirgoCX alternative on my list. The exchange is also worth checking out especially if you’re looking for a low-cost crypto exchange in Canada.
Both VirgoCX and Shakepay offer a $5 welcome bonus and allow you to make free deposit, trading and withdrawals.
However, VirgoCX charges variable fees on crypto withdrawals while Shakepay charges no fee on all withdrawals.
Even more interesting is the fact that you can convert your coins to make purchases and earn rewards with the Shakepay Visa prepaid card.
That said, it’s worth noting that you can only trade Bitcoin and Ethereum on Shakepay with a minimum of $5. If this means nothing to you, then you have another top alternative to consider.
Learn more: Shakepay Review
Some FAQs on VirgoCX Review
Yes, VirgoCX is regulated as a Money Service Business (MSB) by FINTRAC. The exchange also complies with the provisions of PIPEDA.
VirgoCX is a legit crypto exchange with unique services that compete significantly with some of the best crypto trading platforms in Canada.
As a FINTRAC-regulated Money Service Business (MSB) with C$1 million crime insurance coverage, VirgoCX is both legit and safe.
The following are the step-by-step processes on how to buy crypto on VirgoCX:
Create a VirgoCX account and get verified
Fund your account with a minimum of $1 (via Interac e-Transfer, wire transfer or crypto)
Navigate to the VirgoCX “Market” section to buy your favourite coin
The following are the step-by-step processes on how to withdraw your coin from VirgoCX:
Login to your VirgoCX account
Navigate to the withdrawal section
Select the crypto you want to withdraw
Enter the amount and withdrawal method (cash or crypto)
Provide the address or account you’re withdrawing the crypto to
Confirm your order
Verdict on VirgoCX Review
This VirgoCX review is positive. VirgoCX has positioned itself as a unique crypto trading platform in Canada that sets the pace for others to follow with several unique services. With no deposit and withdrawal fees and good selection of available coins to trade, VirgoCX is top place to buy crypto in Canada.
Hopefully, you now have all the information you need to decide if VirgoCX is right for you and how it compares to other popular crypto apps in Canada like Shakepay, Newton and Wealthsimple.
If you liked this VirgoCX review, kindly check out our other crypto content to improve your knowledge about the best crypto products and services out there.
VirgoCX Review
Summary
VirgoCX is a multi-service crypto exchange founded in 2018 and based in Toronto to offer Canadians a safe, easy and affordable crypto trading experience.
