This VirgoCX review covers how it works, the coins offered, trading fees, whether it is legit, and alternatives.
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 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 the VirgoCX crypto exchange shines.
Let’s dig in.
What is VirgoCX?
VirgoCX is a cryptocurrency exchange in Canada that offers 30+ popular coins and various 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 Tokens (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, and 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 35+ 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) |
Synthetic (SNX) | ATOM | EOS |
Decentraland (MANA) | Enjin Coin (ENJ) | Pax Gold (PAXG) |
Ethereum Classic (ETC) | SushiSwap (SUSHI) | Chiliz (CHZ) |
Kusama (KSM) | The Graph (GRT) | Loopring (LRC) |
Amp (AMP) |
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.
VirgoCX Fees
Looking for no-commission trading fees for crypto? VirgoCX has got you covered with competitive spreads up to 2.50%.
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:
Crypto | Fee | Minimum Withdrawal |
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
Pros:
- 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
Cons:
- Fiat funding only in CAD and USD
- Operates only in Canada
- Price spread can be high
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 $20 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 $5 CAD
- If they go on to fund their account with $100 CAD or more, you both receive an extra $15 CAD
- You earn up to $20 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
VirgoCX does very well compared to its competitors like Newton, Shakepay, and NDAX.
Crypto Platforms | VirgoCX | Shakepay | NDAX | Newton |
Coins offered | 50+ coins | 2 coins | 30+ coins | 70+ 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 2.50%; free fiat deposits and withdrawals | Price spread up to 3% | 0.20% trading fee; free deposits; $4.99 flat fee for withdrawals | Price spread up to 2.20%; free deposits and withdrawals |
CIPF/CDIC insurance | No | No | No | No |
Security | 2FA; cold storage | 2FA; cold storage | 2FA and cold storage | 2FA and cold storage |
Promotion | $20 bonus after $100 deposit | $10 bonus when you trade $100 | – | $25 bonus after trading $100 |
VirgoCX FAQs
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.
VirgoCX has one of the largest selections of coins in Canada, with 50+ coins listed as of February 2023.
VirgoCX applies a price spread of up to 0.50%. Fees may apply when you withdraw fiat or crypto.
You earn up to $20 for every referral that joins VirgoCX and funds their account.
Related:
- 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 Review
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Ease of use
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Trading fees
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Deposits and withdrawals
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Customer support
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Coin selection
Overall
Summary
VirgoCX is a top cryptocurrency exchange in Canada. This VirgoCX review covers how it works, trading fees, and whether it is legit.
Pros
- Large selection of coins and tokens
- Free fiat deposits and withdrawals
- Supports Canadian and U.S. dollars
- Good referral program
- Supports NFTs
Cons
- Price spread can be high
ontario securities commission says its not registered, have print of companys registered for crypto, can you explain this
i have tried to register, its cumbersome, i sent in pdf of licence both sides, two utility bills , they say i have to send copies of the utility bills down loaded from computer, checked with securites commission and fintrac, and they said it was fine, they are making a bigger deal out of this than is necessary, monies would be also deposited from a bank , which has my info about me, have thousands invested in a brokerage account , there process is ridiculous, cant even coverse by phone, if there is anything you could do it would be helpful