I take a deep dive into this VirgoCX review to see what it offers, how it works, and whether it is legit.
Finding a cryptocurrency exchange to buy your crypto coins in Canada has never been easier. That said, finding a platform with all your crypto trading needs in one place can be a bit challenging.
Think low trading costs, price charts and technical analysis tools, OTC trading, NFTs, foreign exchange, and a variety of coins and tokens to choose from.
These are all areas where VirgoCX crypto exchange shines.
Let’s dig in.
What is VirgoCX?
VirgoCX is a cryptocurrency exchange in Canada that offers 30+ popular coins and a host of other crypto-related services.
It was founded in 2018 and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).
VirgoCX users can use its streamlined web interface to conduct transactions or download the VirgoCX mobile app which is available on the App Store and Google Play.
In 2021, VirgoCX added Non-Fungible Token (NFTs) brokerage services to its growing list of offerings.
How VirgoCX Works
The onboarding process for VirgoCX is pretty straightforward. To get started, sign up here.
Fill out your basic information and verify your email. To get the most out of the platform, you should also verify your identity.
Newbie traders can use “Quick Trade” to place one-click crypto buy and sell orders.
For experienced traders, the “Advanced Trade” platform offers price charts, market and limit orders.
Funding your new account can be done using Interac e-Transfer instant deposits, wire transfers, and cryptocurrency deposits.
Interestingly, the platform supports both CAD and USD fiat which adds a lot of flexibility when making deposits or withdrawals.
Coin Supported by VirgoCX
VirgoCX supports 30+ crypto coins and tokens, and is constantly adding more:
|Bitcoin (BTC)||Ethereum (ETH)||Tether (USDT)|
|Shiba Inu (SHIB)||Solana (SOL)||Polkadot (DOT)|
|Cardano (ADA)||Avalanche (AVAX)||Axie Infinity (AXS)|
|Polygon (MATIC)||Compound (COMP)||Chainlink (LINK)|
|Bitcoin Cash (BCH)||Uniswap (UNI)||DAI|
|Dogecoin (DOGE)||Filecoin (FIL)||Litecoin (LTC)|
|USD Coin (USDC)||Stellar (XLM)||Basic Attention Coin (BAT)|
|AAVE||Curve DAO (CRV)||Kyber Network (KNC)|
|Decentraland (MANA)||Enjin Coin (ENJ)||Pax Gold (PAXG)|
|Ethereum Classic (ETC)||SushiSwap (SUSHI)||Chiliz (CHZ)|
|Kusama (KSM)||The Graph (GRT)||Loopring (LRC)|
Other VirgoCX Services
VirgoCX offers more than just buying Bitcoin and Ethereum. You can also use the platform for:
OTC Trading: Easily place large crypto orders instantaneously and avoid costly slippage. You get access to a broker and same-day settlement.
NFTs: VirgoCX has an NFT marketplace where you can buy and sell NFTs and have them delivered to your Web3 enabled wallet.
Foreign Exchange: Looking to convert foreign currencies at rates up to 5x cheaper than banks? VirgoCX offers FX services as well.
Looking for no-commission trading fees for crypto? VirgoCX has got you covered with competitive spreads up to 0.50%.
The platform has no extra commission fees and fiat deposits/withdrawals are also free.
|Funding Method||Withdrawal||Fees||Processing Time|
|Interac e-Transfer||$10 minimum; $10,000 maximum||Free||Instantaneous|
|Wire Transfer (CAD)||$3,000 minimum; No maximum||Free||Up to 24 hours (typically within 24 hours)|
|Wire Transfer (USD)||$500 minimum; No maximum||Free||Up to 24 hours (typically within 24 hours)|
Some fees apply when you make crypto withdrawals. A few examples include:
|Bitcoin||0 BTC||0.001 BTC|
|Ethereum||0.002394 ETH||0.006 ETH|
|Litecoin||0 LTC||0.04 LTC|
|Bitcoin Cash||0 BCH||0.01 BCH|
|EOS||0 EOS||0.5 EOS|
|Stellar||0 XLM||0.02 XLM|
|Dogecoin||0 DOGE||40 DOGE|
|Uniswap||1.126615 UNI||1.2 UNI|
|Curve||4.919524 CRV||7.5 CRV|
|Polkadot||0 DOT||0.2 DOT|
There is no withdrawal fee for several coins including Bitcoin, Bitcoin Cash, Dogecoin, Cardano, EOS, Cosmos, Avalanche, Filecoin, Litecoin, Solana, and more.
For transactions involving ETH and ERC-20 coins, VirgoCX covers up to $6 CAD of the network fee for each transaction.
Pros and Cons of VirgoCX
- Competitively tight spreads
- Offers a large selection of coins and tokens
- Free fiat deposits and withdrawals
- Supports Canadian and U.S. dollars
- Giant for newbies and experienced crypto traders
- Robust referral program
- Versatile platform with support for OTC, NFT, and FX transactions
- Registered with FINTRAC
- Has a mobile app
- Fiat funding only in CAD and USD
- Operates only in Canada
Is VirgoCX Legit?
VirgoCX is a legitimate company in Canada.
As per its website, it is registered with FINTRAC as a Money Service Business with registration number: M19955733.
Also, it has 1 million CAD crime insurance coverage for crypto under its custody and is PIPEDA compliant.
VirgoCX uses encryption and 2FA to protect your account and crypto assets are secured using Ledger Vault.
VirgoCX Referral Program
Users of the VirgoCX platform can earn $30 CAD cash rewards when they refer others.
VirgoCX’s referral program works as follows:
- Copy your VirgoCX referral link from your dashboard and share it with friends
- When they sign up for a new account, you both get $10 CAD
- If they go on to fund their account with $100 CAD or more, you both receive an extra $20 CAD
- You earn up to $30 CAD per referral
In addition, when you refer someone to the OTC platform, you earn a one-term $200 CAD bonus after their first trade.
Subsequent trades get you a reward equivalent to 0.20% of the trade value.
VirgoCX vs. Competitors
|Coins offered||35+ coins||2 coins||30+ coins||60+ coins|
|Funding options||Interac e-Transfer, wire transfer, crypto||Interac e-Transfer, wire transfer, crypto||Interac e-Transfer, bank draft, wire transfer, crypto||Interac e-Transfer, bank wire, crypto CAD|
|Fiat supported||CAD and USD||CAD||CAD||CAD|
|Fees||Spread up to 0.50%; free deposits, 0.5% on fiat withdrawals||Price spread up to 3%||0.20% trading fee; free deposits; $25 flat fee for withdrawals||Price spread up to 0.70%; free deposits and withdrawals|
|Security||2FA; cold storage||2FA; cold storage||2FA and cold storage||2FA and cold storage|
|Promotion||Get up to $30 per referral||$30 bonus when you trade $100||$10 bonus when you deposit $100||$25 bonus after trading $100|
Is VirgoCX safe and secure?
As per its website, VirgoCX protects accounts on its platform using SSL encryption and 2FA. It also keeps coins in cold storage using Ledger Vault.
What coins are on VirgoCX?
VirgoCX has one of the largest selections of coins in Canada with 37 coins listed as of November 2021.
What are VirgoCX trading fees?
VirgoCX applies a price spread of up to 0.50%. Fees may apply when you withdraw fiat or crypto.
How much does VirgoCX referral program pay?
You earn up to $30 for every referral that joins VirgoCX and funds their account.
- How To Buy Bitcoin in Canada
- Best Crypto Trading Apps
- Best Crypto ETFs in Canada
- Best Crypto Wallets in Canada
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose.
VirgoCX is a top cryptocurrency exchange in Canada. This VirgoCX review covers how it works, trading fees, and whether it is legit.