Our Review
VirgoCX is one of the best Canadian crypto platforms. It has 70 coins, free Interac e-Transfers, and many coins have free withdrawals. It's also one of the cheapest exchanges. The total BTC purchase fee was 0.66% which was 2nd place.
Where It Shines
Where It Falls Short
Overview
Coins Offered | 70 |
Total BTC Purchase Fee | 0.66% (🏆 2nd place) |
Total BTC Selling Fee | 0.44% (🏆 3rd place) |
BTC Spread | 1.11% (9th place) |
Trading Fee | Free |
Funding Methods | e-transfer, wire transfer, USD wire transfer |
CAD Deposits | Free |
CAD Withdrawals | Free |
BTC Withdrawals | 0 BTC (Free) |
Notable Features | Top 3 lowest fees in Canada, beginner & advanced trading, free crypto withdrawals for many coins, USD support |
Don't want to read? Watch the video review published on Mar 16, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.
What Is VirgoCX?
VirgoCX is a Toronto-based cryptocurrency exchange founded in 2018. On the platform, you'll find beginner and advanced trading for some of the lowest fees in Canada.
Background
- Founded in 2018
- Headquartered in Toronto 🇨🇦
- 35+ employees according to LinkedIn
User Interface
Key Features & Benefits
List of Features:
- iOS, Android and Web app
- 70 cryptocurrencies
- Instant Buy and Sell
- Advanced Trade
- OTC (over $30,000)
- VirgoCX Wealth (instituions)
- NFT Brokerage
- Foreign Exchange
- Affiliate/Referral Program
VirgoCX Walkthrough
1. Home Dashboard
2. Quick Trade
3. Advanced Trade
4. NFT Brokerage
5. Customer Support
VirgoCX offers a live chat customer support that's available 24/7. You can also contact them via email directly or use their help center to read articles and FAQs.
Fees & Spread
All fees considered, VirgoCX is one of the cheapest places for Canadians to buy crypto. VirgoCX had a 0.66% total fee to buy Bitcoin (2nd place), a 0.44% total fee to sell BTC (3rd place), and a 1.11% BTC spread (9th place) when tested. NDAX was first place in Canada with a 0.49% total fee to buy Bitcoin.
VirgoCX Fees | Amount |
|---|---|
*Total BTC Purchase Fee | 0.66% (🏆 2nd place) |
*Total BTC Selling Fee | 0.44% (🏆 3rd place) |
Trading Fee | Free |
CAD Deposits | Free |
CAD Withdrawals | Free |
BTC Withdrawals | Free |
Other Fees | Fiat Rejection Fee: $40 CAD for wire transfer rejections and $10 CAD for e-transfer rejections |
Price Test & Spread
Price Test (On Mar 2, 2022) | Prices |
|---|---|
BTC Spread | 1.11% (9th place) |
BTC Buy Price | $56,141 |
BTC Sell Price | $55,527 |
Ref. Price Difference | Buy: +0.66% Sell: -0.44% |
Reference Price (Google) | $55,774 |
We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.
- Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
- Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference
You can compare all platforms from the price test on this page.
Deposit & Withdrawals
VirgoCX has fast and free deposit and withdrawals for Canadian dollars and USD as well. Crypto withdrawals are also free for many coins which is fantastic. Overall, VirgoCX is one of the best Canadian platforms for funding and withdrawals at low costs.
Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | Near Instant | $0 Min - $10,000 Max |
Wire Transfer | Free | 0-1 Days (typically 45 minutes) | $3,000 Min - No Max |
USD Wire Transfers | Free | 0-1 Days (typically 45 minutes) | $500 Min - No Max |
Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | Near Instant | $10 Min - $10,000 Max |
Wire Transfer | Free | 0-1 Days (typically 45 minutes) | $3,000 Min - No Max |
USD Wire Transfers | Free | 0-1 Days (typically 45 minutes) | $500 Min - No Max |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0 BTC (Free) | 0.0001 BTC |
Ethereum | Dynamic | Dynamic |
USDC | Dynamic | Dynamic |
Litecoin | 0 LTC (Free) | 0.04 LTC |
Bitcoin Cash | 0 BCH (Free) | 0.01 BCH |
Stellar | 0 XLM (Free) | 0.02 XLM |
Security
Overall, VirgoCX is considered a safe crypto exchange. They hold your crypto in cold storage, have never been hacked, and are FINTRAC and OSC regulated. You can also use 2FA and other security features in your account.
Although VirgoCX is considered safe, it's still a centralized platform and doesn't replace the need for a private wallet. You should definitely use a hardware wallet like the Ledger Nano S, Keystone Pro, or many others on the market.
Company Security Features
- Founded in 2018 and has never been hacked
- Crypto held in offline storage through Coinbase Custody
- $1 million insurance policy for assets held with Coinbase Custody. Covers crimes such as theft and damages.
- FINTRAC Registered: #M19955733
- Constantly monitoring for suspicious activity
- See more on their security page
User Security Features
- 2FA for login and withdrawals (SMS or authenticator app)
- Set up trading password (optional)
- View login history (date, IP addresses, locations) to detect suspicious logins
- Whitelist crypto addresses
- View site status in real-time
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
