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VirgoCX Review

Last Updated: Aug 9, 2022  |  Published: Mar 27, 2022


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Our Review 

VirgoCX has 50+ coins, zero-commissions, free e-transfer deposits, and free crypto withdrawals on many coins. The total BTC purchase fee was 0.66% (2nd overall) and it’s one of the cheapest platforms for Canadians in 2022.

Overall, VirgoCX is one of the best platforms for Canadians to buy crypto. 

Where It Shines:

  • One of the Cheapest Platforms in Canada: Had a 0.66% total purchase fee (2nd place) and 0.44% total selling fee (3rd place)
  • Low Fees All-Around: Also has free e-transfer deposit/withdrawals and free crypto withdrawals for some coins
  • Beginner & Advanced Trading
  • Supports USD & CAD

Where It Falls Short:

  • User-Interface: Competitors like Newton and NDAX have a better looking platform

VirgoCX

Overview

Updated: Mar 27, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

50+

Total BTC Purchase Fee

0.66% (πŸ† 2nd place)

Total BTC Selling Fee

0.44% (πŸ† 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


Video Review

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 Some info in the video could be outdated so refer to the rest of the blog post as well.


VirgoCX

About VirgoCX

Updated: Mar 28, 2022

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.

Some Stats:

  • Founded in 2018
  • Headquartered in Toronto πŸ‡¨πŸ‡¦
  • 35+ employees according to LinkedIn

User Interface

Updated: May 6, 2022

  • Mobile app

  • WEB App


Fees & Spread

Updated: Mar 28, 2022

More Information

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

Newton Fees

Amount

*Total BTC Purchase Fee

0.66% (πŸ† 2nd place)

*Total BTC Selling Fee

0.44% (πŸ† 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

What We Found

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.


Deposit & Withdrawals

Updated: Mar 28, 2022

CAD 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

πŸ‡ΊπŸ‡Έ USD Wire Transfers

Free

0-1 Days (typically 45 minutes)

$500 Min - No Max

CAD 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

πŸ‡ΊπŸ‡Έ 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

What We Found

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.


Platform & Features

Updated: Mar 28, 2022

List of Features:

  • iOS, Android and Web app
  • 50+ cryptocurrencies
  • Instant Buy and Sell
  • Advanced Trade
  • OTC (over $30,000)
  • VirgoCX Wealth (instituions)
  • NFT Brokerage
  • Foreign Exchange
  • Affiliate/Referral Program

1. iOS, Android and Web App

2. Instant Buy & Sell

3. Advanced Trade

4. OTC

5. Wealth

6. NFT Brokerage

7. Foreign Exchange

8. Affiliate/Referral Program


Security

Updated: Mar 28, 2022

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

Can You Trust Them?

Overall, yes, VirgoCX is considered a safe crypto exchange. They hold your crypto in cold storage, have never been hacked, are FINTRAC regulated in Canada and offer 2FA plus other security features in your account.

⚠️ Although VirgoCX is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.


Customer Support

Updated: Mar 28, 2022

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.

VirgoCX Customer Support

VirgoCX Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


VirgoCX

VirgoCX

Get $60 FREE When You Trade $100

Best Crypto Exchanges Canada 2022

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX