Highlights
What Is VirgoCX?
VirgoCX is an easy place for Canadians to buy and sell 60+ cryptocurrencies with low fees and free e-Transfers. It also supports beginner and advanced trading features and users can enjoy both CAD and USD trading pairs.
They were founded in 2018 and have some of the lowest fees you'll find in Canada. They make money by charging a spread, which ranges from 0.5% to 2.5% according to their website. However, this fee can be lowered based on your 30 day trading volume.
Things To Know
Key Features & Benefits
The key selling points for VirgoCX are its 60+ cryptocurrencies, free deposits and withdrawals, and $6 off crypto withdrawal fees. Here is more info on what they offer:
Other Features
Security Measures
VirgoCX is a fully compliant and regulated crypto business in Canada. They are a registered Money Service Business (MSB #M19955733) with FINTRAC, a restricted dealer registered with the Canadian Securities Administrators (CSA) and a registered crypto asset trading platform with the Ontario Securities Commission (OSC).
Additionally, they have been operating since 2018 with a good track record and no hacks. They hold crypto in cold storage using Coinbase Custody and users can protect their account with 2FA and address whitelists.
On the other hand, VirgoCX has not released a proof of reserves and like all crypto platforms, your funds are not CDIC insured. They also hold a $1 million crime insurance policy, but that seems like a very small amount. Overall though, VirgoCX should be considered a safe platform but it doesn't replace storing your crypto on a hardware wallet. You can view more on their security page.
VirgoCX Fees & Spread
One of the only fees you'll find on VirgoCX is their trading spread, which is how they make money. "Tier 1" coins like BTC and ETH are relatively cheap to buy with trading spreads advertised between 0.50% and 1.75% (although Bitcoin currently sits at 1.80%). Tier 2 and Tier 3 assets, where most coins fall under, have spreads between 0.8% and 2.5%.
Almost everything else if free, including fiat deposits and withdrawals and most crypto assets are free to withdraw as well, making VirgoCX a low cost platform for Canadians. Additionally, the spread fees are always disclosed on the app making VirgoCX more transparent than most places.
During my personal tests, VirgoCX had an all-in fee of 0.66% to buy Bitcoin. Out of 18 platforms tested, it was the second cheapest place to buy Bitcoin in Canada. However, the fees fluctuate a lot. Currently, it sits at 1.80% for Bitcoin which is a lot higher.
Fee Discounts
VirgoCX also uses a tiered rewards program, offering up to 90% off spread fees based on your 30 day trading volume. Only whales who trade above $6M per month can get 90% discounts. However, there are 10 VIP levels and you can get 10% off with just $3k in trading volume and 20% off with 10K in trading volume.
Deposit & Withdrawals
VirgoCX has fast and free deposit and withdrawals for Canadian dollars and US dollars. Crypto withdrawals are also free for many coins which is fantastic. Take a look at their different options below:
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 |
VirgoCX Reviews According to Reddit
Redditors show concerns about VirgoCX raising their spreads without notice, making it more expensive than other CEXs. Other online reviews like on Google Play and the App Store have issues with the mobile app not working correctly and a poor KYC process.
Overall, some of the concerns are warranted, especially the fees increasing which currently sit at 1.60% for Bitcoin. However, most of the reviews about the platform seem to be positive.
VirgoCX Review
VirgoCX is an easy and safe way to buy 60+ cryptos in Canada with relatively low fees. It has free e-transfers, transparent trading spreads, and free crypto withdrawals for most coins. However, the spreads are high on smaller altcoins and recently, trading spreads on Bitcoin have doubled from 0.80% to 1.60%.
Overall, VirgoCX is one of the leading crypto platforms for Canadians but keep an eye on the trading spreads if they increase. For the cheapest and best places in Canada, you should compare VirgoCX with my other top choices like NDAX and Kraken.
Pros & Cons
Get $30 free when you deposit $100
VirgoCX Alternatives
VirgoCX is one of Canada's top platforms because of its variety of coins, free crypto withdrawals, and relatively low fees. I've reviewed over 30 exchanges and these are currently my top picks for the majority of Canadians:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
