VirgoCX Review: Is It the Best Crypto Exchange for you
Cryptocurrency trading has gone interstellar. There are now so many cryptocurrency exchange platforms that it can be difficult to choose. VirgoCX is a particularly compelling option because it is based in Canada and therefore can cater better to Canadian users.
In this VirgoCX review, we will cover the basics of using the platform, compare it to other leading competitors, take a look at VirgoCX’s fees and show you where to download the VirgoCX app.
What is VirgoCX?
VirgoCX is a Canadian cryptocurrency exchange. Founded in 2018 by Adam Cai, it has its headquarters in Toronto, Ontario. Its stated mission is to make crypto trading safe, affordable and easy for Canadian users.
The company is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). It was recently approved as a Restricted Dealer in crypto assets in all of Canada by the Canadian Securities Administrators.
VirgoCX offers 60+ forms of cryptocurrency to trade in and also hosts an NFT brokerage service and foreign currency exchange.
Large trade can be personally handled by a chat broker over a web service VirgoCX provides.
Our review of VirgoCX
ViroCX is a good choice for Canadian users due to its wide variety of cryptos and high security. VirgoCX is covered up to 1 million CAD in crime insurance for crypto and is PIPEDA compliant. VirgoCX uses encryption and 2FA to protect crypto accounts and assets are secured using Ledger Vault.
VirgoCX has a 95% cold storage policy, guarding almost all of its users’ assets in cold storage with Coinbase Custody.
VirgoCX distinguishes itself among the cryptocurrency exchanges for Canadian users. We love that VirgoCX has chosen to concentrate on Canadians rather than chase the masses of crypto traders across the globe. This offers a boutique experience, tailor-made for Canadian traders.
Some of the practical reasons why VirgoCX is a great trading platform is that the interface is uncomplicated and intuitive. Trades can be made quickly in just a few simple steps. This allows you to react quickly to changes in the market. The VirgoCX phone app allows you to trade and get on top of changes in the market even when you're out and about. It is the focus on the user experience for the trader that makes VirgoCX a good choice for traders who want to stay mobile and sensitive to shifts in the market.
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Advantages and disadvantages
With so many competitors, it can be bewildering to choose the right crypto trading platform for you. To make the process easier we have compiled a list of pros and cons for VirgoCX which you can see below:
- Cash deposits and withdrawals via Wire Transfer and Interac e-Transfer are free on the VirgoCX trading platform.
- Depositing Crypto into your VirgoCX account is free
- VirgoCX offers a wide variety of cryptocurrencies
- Caters to Canadians specifically
- No commission on trades
- 24/7 support
- More than 60 crypto coins are available
- Asset security is provided by Coinbase Custody
- The VirgoCX platform has never been hacked
- Rejection fees for fiat currency are higher than some competitors.
- Only accepts fiat USD and CAD
- Not available outside of Canada
Note: If any of your deposits are rejected you could pay from $40 to $60 in penalties
What cryptocurrencies are available on VirgoCX?
As of the time of writing, the following cryptocurrencies are available through VirgoCX:
- ANG Network
- Basic Attention Token
- Bitcoin cash
- Convex Finance
- Cosmos Curve
- Dogelon Mars
- Enjin coin
- Kyber Network
- PAX Gold
- Shiba INU
How much are VirgoCX fees?
VirgoCX charges no commission on deposit and withdrawal of CAD and USD. Likewise, crypto deposits carry no charge.
Some cryptocurrencies do have withdrawal charges. Use our table below to see which currencies are affected and what the rates are:
|Cryptocurrency||Withdrawal fee||Minimum withdrawal|
|Bitcoin||0 BTC||0.0001 BTC|
|Ethereum||0 ETH||0.00046 ETH|
|USDC||0.847506 USDC||1.695012 USDC|
|Cardano||0 ADA||10 ADA|
|Dogecoin||0 DOGE||40 DOGE|
|Polkadot||0 DOT||0.4 DOT|
How do I start a trading account with VirgoCX?
VirgoCX has a trading app for mobile that can be downloaded for Apple and Google Play.
You can set up an account online on the VirgoCX signup page and make USD and CAD deposits using Interac e-Transfer and Wire Transfer. VirgoCX's 24/7 customer support can help guide you through the process
Having signed up and registered your identity you can immediately begin trading. For beginners, there is a simplified interface with 1-click buy and sell orders. For traders who are already familiar with crypto, there are price charts, market orders and limit orders.
Start trading with VirgoCX