VirgoCX Review 2022: Buy Crypto Fast in Canada

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by Enoch Omololu

Updated

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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.

Visit VirgoCX.

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)
AAVECurve DAO (CRV)Kyber Network (KNC)
Synthetic (SNX)ATOMEOS
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 0.50%.

The platform has no extra commission fees and fiat deposits/withdrawals are also free.

Funding MethodWithdrawalFeesProcessing Time
Interac e-Transfer$10 minimum; $10,000 maximumFreeInstantaneous
Wire Transfer (CAD)$3,000 minimum; No maximumFreeUp to 24 hours (typically within 24 hours)
Wire Transfer (USD)$500 minimum; No maximumFreeUp to 24 hours (typically within 24 hours)

Some fees apply when you make crypto withdrawals. A few examples include:

CryptoFeeMinimum Withdrawal
Bitcoin0 BTC0.001 BTC
Ethereum0.002394 ETH0.006 ETH
Litecoin0 LTC0.04 LTC
Bitcoin Cash0 BCH0.01 BCH
EOS0 EOS0.5 EOS
Stellar0 XLM0.02 XLM
Dogecoin0 DOGE40 DOGE
Uniswap1.126615 UNI1.2 UNI
Curve4.919524 CRV7.5 CRV
Polkadot0 DOT0.2 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:

  • 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

Cons:

  • 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:

  1. Copy your VirgoCX referral link from your dashboard and share it with friends
  2. When they sign up for a new account, you both get $10 CAD
  3. If they go on to fund their account with $100 CAD or more, you both receive an extra $20 CAD
  4. 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.

Visit VirgoCX

VirgoCX vs. Competitors

VirgoCX does very well when compared with its competitors including Newton, Shakepay, and NDAX.

Crypto PlatformsVirgoCXShakepayNDAXNewton
Coins offered35+ coins2 coins30+ coins60+ coins
Funding optionsInterac e-Transfer, wire transfer, cryptoInterac e-Transfer, wire transfer, cryptoInterac e-Transfer, bank draft, wire transfer, cryptoInterac e-Transfer, bank wire, crypto CAD
Fiat supportedCAD and USDCADCADCAD
FeesSpread up to 0.50%; free deposits, 0.5% on fiat withdrawalsPrice spread up to 3%0.20% trading fee; free deposits; $25 flat fee for withdrawalsPrice spread up to 0.70%; free deposits and withdrawals
CIPF/CDIC insuranceNoNoNoNo
Security2FA; cold storage2FA; cold storage2FA and cold storage2FA and cold storage
PromotionGet up to $30 per referral$30 bonus when you trade $100$10 bonus when you deposit $100$25 bonus after trading $100

VirgoCX FAQs

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.

Related:

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
4.5

Summary

VirgoCX is a top cryptocurrency exchange in Canada. This VirgoCX review covers how it works, trading fees, and whether it is legit.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $30 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$30 instant bonus when you deposit $100.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

2 thoughts on “VirgoCX Review 2022: Buy Crypto Fast in Canada”

  1. ontario securities commission says its not registered, have print of companys registered for crypto, can you explain this

  2. 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

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