Our review of VirgoCX crypto platform: 4.6/5

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VirgoCX in brief

Our opinion of VirgoCX

VirgoCX offers a user-friendly and cost-effective platform, making it an attractive option for Canadian traders. The zero deposit fees and competitive trading costs allow users to trade efficiently without excessive fees. Fast CAD deposit and withdrawal options, particularly Interac e-Transfer, ensure seamless funding and withdrawals, a key advantage for Canadian users.

Security and regulatory compliance are key strengths, as the platform is registered with FINTRAC and operates under CSA guidelines, ensuring a safe and legally compliant trading environment. Additionally, the integrated NFT marketplace makes it easy for users to buy and sell digital collectibles without needing an external platform. Customer support is another positive aspect, with live chat and email assistance providing direct and responsive help when needed.

However, the platform does not offer staking or lending, limiting passive income opportunities compared to some competitors. The absence of a crypto card means users cannot easily spend their digital assets for everyday transactions. More advanced trading tools, such as margin trading or futures contracts, are also missing, making it less suited for professional traders looking for leveraged trading options.

Who is VirgoCX best for?

VirgoCX is an excellent choice for Canadian traders seeking a secure, low-cost platform with a strong cryptocurrency selection and NFT integration. While it may not provide advanced trading features or passive income opportunities, it remains a reliable and well-regulated exchange for those looking to trade safely and efficiently.

Let's find out more about our test results on VirgoCX.

Reliability and Security 4.6/5

Founded in 2018, VirgoCX is a Canadian cryptocurrency exchange that has gained a reputation for offering a secure and cost-effective trading experience. The platform has thousands of active users and is recognized for its user-friendly interface, competitive fees, and NFT marketplace. VirgoCX has been included in rankings of top Canadian crypto exchanges, highlighting its growing influence in the market.

For Canadian traders, VirgoCX is a fully regulated platform, registered with FINTRAC as a Money Services Business (MSB). It complies with Canadian Securities Administrators (CSA) and Ontario Securities Commission (OSC) guidelines, ensuring it operates within a legally compliant framework. However, it does not have direct registrations with BCSC or ASC, though it follows national compliance standards.

Security is a key focus, with features such as two-factor authentication (2FA), cold storage for digital assets, and insurance protection for crypto holdings. These measures help protect user funds from cyber threats and unauthorized access.

Cryptocurrencies Available 4.2/5

VirgoCX offers a well-rounded selection of cryptocurrencies, catering to both beginner and experienced traders. The platform provides access to major cryptocurrencies, a variety of altcoins, and an integrated NFT marketplace, making it one of the few Canadian exchanges to support NFT trading. While the selection is solid, it remains more limited than global platforms, which typically offer a wider range of assets, including DeFi tokens and niche altcoins.

Below is a comparison of VirgoCX’s available assets against the market average:

Our opinion on VirgoCX's offerings

VirgoCX offers a strong variety of cryptocurrencies and altcoins, along with direct NFT trading, which sets it apart from many Canadian exchanges. However, its total crypto selection is smaller than global platforms, which typically support a wider range of DeFi tokens and emerging assets.

Services and Tools 4/5

VirgoCX provides a secure and user-friendly trading platform, but its range of additional services is more limited compared to some global exchanges. While it offers essential features such as fiat on-ramp and an NFT marketplace, it lacks options for staking, lending, and advanced trading tools.

• NFT Marketplace: ✅ – Users can trade NFTs directly on the platform, making it one of the few Canadian exchanges with this feature.
• Advanced Trading: ✅ – The Pro mode offers advanced charting tools, limit orders, and better market tracking for experienced traders.
• Fiat Deposits & Withdrawals: ✅ – Supports Interac e-Transfer and wire transfers, ensuring easy fiat transactions.

Fees and Commissions 4/5

VirgoCX positions itself as a cost-effective exchange for Canadian traders, offering zero deposit and withdrawal fees and commission-free trading. Instead of charging explicit trading fees, the platform applies a spread—the difference between the buying and selling price of a cryptocurrency. This spread varies depending on market conditions, liquidity, and trading volume.

While this model makes trading feel more straightforward, the spreads can sometimes be higher than the maker-taker fees charged by competitors.

Below is a comparison of trading costs for some of the most traded cryptocurrencies on VirgoCX versus the market average:

Note: Spreads fluctuate based on market conditions and liquidity.

Other Fees on VirgoCX

• Deposit Fees: Interac e-Transfer is free. Wire transfers are free. Credit card deposits range from 3.99% to 6.99%. Debit card deposits range from 2.99% to 5.99%.
• Withdrawal Fees: Interac e-Transfer withdrawals are free. Wire transfers are free. Crypto withdrawals are network-dependent.
• Conversion Fees: Applied when converting fiat-to-fiat or crypto-to-crypto; rates vary by currency.
• Inactivity Fees: None.

Our opinion on VirgoCX's fees and commissions

VirgoCX stands out with its zero-fee deposits and withdrawals, making it an attractive option for Canadian users looking to avoid additional costs. However, the spread-based model can lead to higher trading costs compared to exchanges that charge fixed maker-taker fees. While the absence of inactivity fees is a plus, credit/debit card funding is expensive.

Customer Reviews 3.7/5

VirgoCX has a Trustpilot rating of 3.7/5, based on a small number of user reviews, reflecting a generally positive experience but with limited feedback available. Users appreciate the low fees and ease of use, though some mention areas for improvement, such as customer support response times and liquidity for larger trades.

Here are some recent reviews from Canadian users (we've also included reviews for the overall VirgoCX platform considering the lesser number of comments):

• Michael R (January 8, 2024): "I’ve been using VirgoCX for about six months now, and overall, it’s been a smooth experience. Deposits via Interac e-Transfer are processed quickly, usually within an hour, and the trading interface is easy to navigate. I also like that there are no deposit or withdrawal fees for CAD. The only issue I encountered was with a withdrawal that took longer than expected—about four days instead of the usual one or two. Support eventually responded, but I wish it had been faster."
• Stephanie L (March 12, 2024): "I signed up with VirgoCX because I wanted a Canadian platform with strong security and compliance. The onboarding process was straightforward, and my account was verified in less than 24 hours. I appreciate the NFT marketplace since it lets me buy digital collectibles directly without using an external wallet. That said, the crypto selection is decent but not as extensive as some international exchanges. If they added staking, I’d definitely use it more often."
• Jason T (February 2, 2025): "VirgoCX is a great option for buying and selling crypto in Canada, especially with the free deposits and withdrawals. The spreads can be a bit high at times, so I usually check prices before placing large trades. I had an issue with my two-factor authentication and had to contact support, which took a few days to get back to me. They eventually resolved the issue, but I think having live phone support would improve the experience. Still, it’s one of the better platforms I’ve used in Canada."

How does VirgoCX compare to other Crypto brokers?

VirgoCX competes with some of the top cryptocurrency exchanges by offering low fees, regulatory compliance, and an integrated NFT marketplace. Below is a comparison of its key features against three other major brokers.

Conclusion of our analysis of VirgoCX

VirgoCX offers a low-cost trading experience with free deposits and withdrawals, making it a strong choice for those looking to minimize transaction fees. The NFT marketplace is a standout feature, allowing users to trade digital collectibles without relying on external platforms. However, the lack of staking, lending, and a crypto card limits its functionality, especially for users seeking passive income options or spending solutions.

With a secure and regulated trading environment, VirgoCX remains an accessible and cost-effective platform, but it may not be the best fit for those looking for advanced trading tools, staking rewards, or DeFi lending services.

Before opening an account, compare the best crypto brokers and platforms in Canada.

What types of accounts are available with VirgoCX?

VirgoCX offers different account types designed to cater to both individual traders and institutional clients, ensuring a seamless experience based on specific trading needs. Below is a comparison of the available account types and their key characteristics.

VirgoCX ensures that both individual and institutional traders have tailored account options to match their trading volume, liquidity needs, and business requirements.

Personal Account

The Personal Account is designed for everyday traders and investors looking for a simple, secure, and cost-effective crypto trading platform. With no minimum deposit required, users can fund their accounts via Interac e-Transfer or wire transfer. The trading interface is intuitive, with zero deposit/withdrawal fees and spread-based pricing instead of fixed maker-taker fees.

Business Account

The Business Account is tailored for corporate users and institutions that need higher liquidity, specialized support, and customized fee structures. This account allows for higher transaction limits, making it ideal for businesses looking to invest in or accept cryptocurrency payments. Business clients get priority support, ensuring a smooth experience when managing larger trades.

OTC Account

The OTC (Over-the-Counter) Account is designed for high-net-worth individuals and institutional traders who need to execute large-volume trades with minimal price impact. Users gain access to personalized quotes, deeper liquidity pools, and VIP-level customer support. This account is available for traders handling transactions of $50,000 CAD or more and requires wire transfers for fiat funding.

VirgoCX provides account options suited for different types of traders, ensuring flexibility for both retail and institutional clients in a regulated and secure trading environment.

How do deposits and withdrawals work with VirgoCX?

VirgoCX offers multiple deposit and withdrawal methods to ensure smooth fiat and crypto transactions for Canadian users. Below is a breakdown of the available options, including supported currencies, processing times, and fees.

VirgoCX stands out with zero deposit and withdrawal fees for CAD transactions, making it a cost-effective choice for Canadian traders. Interac e-Transfer ensures fast funding, which is an advantage over some competitors that only offer slower bank transfers. While crypto withdrawals are network-dependent, this is standard across most exchanges.

Compared to global platforms that charge withdrawal fees for fiat transactions, VirgoCX provides a more cost-efficient and convenient deposit and withdrawal structure for Canadian users.

Does VirgoCX offer crypto staking?

VirgoCX does not currently offer staking services on its platform. Unlike some competitors that allow users to earn passive income by locking up their cryptocurrencies, VirgoCX focuses on spot trading and NFT transactions. Users looking for staking opportunities will need to transfer their assets to an external staking platform.

VirgoCX also does not provide crypto lending services, meaning users cannot lend their digital assets to earn interest or borrow against their holdings. This may be a limitation for traders looking for additional ways to generate passive income from their crypto investments.

How are revenues generated by VirgoCX taxed?

Taxation of Crypto Trading on VirgoCX in Canada

Income generated from cryptocurrency trading on VirgoCX is subject to taxation under Canadian law. The Canada Revenue Agency (CRA) classifies crypto earnings as either capital gains or business income, depending on how frequently a person trades and their intent.

• Capital Gains Tax: If crypto trading is occasional or for investment purposes, 50% of the profit is taxable at the individual’s marginal tax rate. This applies when buying and holding crypto before selling at a profit.
• Business Income Tax: If trading is frequent, speculative, or structured as a business activity, 100% of profits are taxable as business income. Frequent day traders, arbitrage traders, and those using bots for trading often fall into this category.

How to declare crypto Income in Canada

• Keep Track of Transactions: Record all trades, including purchase price, sale price, transaction dates, and trading fees. VirgoCX allows users to export their transaction history to help with tax reporting.
• Determine Taxable Income: Classify earnings as capital gains or business income based on trading habits.
• Report on the Tax Return:
• Capital gains should be declared on Schedule 3 of the T1 General Tax Return.
• Business income must be reported under self-employment income on Form T2125.
• Include Other Crypto Earnings: Any income earned from airdrops, staking, or mining (if applicable through other platforms) must also be reported as taxable income at the time of receipt.

Watch out!

Failing to report crypto earnings correctly can result in penalties, audits, and additional interest charges by the CRA. Using crypto tax software or consulting a tax professional can help ensure compliance and accurate reporting.

Contact: How to contact VirgoCX customer service?

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.