Home  >  Crypto Exchanges  >  VirgoCX

VirgoCX Logo

VirgoCX

69

Coins 

Free

Trading Fee 

Toronto

HQ

Last Updated Dec 7, 2023  |  Affiliate Disclosure

  • Review

  • Details

  • Compare

Highlights

  • VirgoCX is a crypto broker for Canadians based in Toronto. They are fully compliant and regulated in Canada.
  • Canadians can easily buy and sell 60+ coins using interac e-Transfer, wire transfer, debit, and other payment methods. They have trading tools for both beginner and advanced users.
  • My tests showed that VirgoCX had the 2nd lowest fee to buy Bitcoin in Canada (18 platforms tested). NDAX was the cheapest overall. 

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

  • Free deposits and withdrawals from your bank account
  • Buy and sell 60+ coins with CAD or USD
  • Spreads range from 0.50% to 2.50% and up to 90% discounts are available
  • VirgoCX covers the first $6 in crypto withdrawal fees
  • Most crypto's like Bitcoin and other are free to withdraw
  • Beginner and advanced trading features
  • Compliant and regulated in Canada (see security below)

Key Features & Benefits

VirgoCX Web App Home

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:

  • 60+ Coins: VirgoCX offers a variety of popular cryptocurrencies with both beginner and advanced trading tools.
  • Transparent Fees: VirgoCX discloses their spreads and how much money they make. BTC, ETH and large tokens are relatively cheap but keep in mind that spreads can be over 2.5% on smaller altcoins. For the best rates and access to thousands of coins, you may also want to find an altcoin exchange.
  • Free Deposits and Withdrawals: E-transfer, wire transfer and bill payment let you quickly and cheaply buy crypto in Canada. You also have the choice to use credit and debit cards but those have a 3% to 7% fee.
  • $6 Off Crypto Withdrawals: Most cryptocurrencies will be free to withdraw. This is great if you regularly send crypto to your wallet or send funds to other exchanges like altcoin exchanges. Currently, Bitcoin and Ethereum withdrawals are free and USDC costs just $0.86.

Other Features

  • Grid Trading: Set up automated trading strategies based on custom parameters.
  • Recurring Buys: Automatically buy crypto on a regular basis for dollar-cost averaging.
  • USD Trading Pairs: Canadians can also deposit, trade and withdraw US dollars.
  • Tiered Rewards: VirgoCX rewards frequent and high volume traders with up to a 90% discount on spreads. You can get discounts starting with just $3,000 in 30 day trading volume.
  • Referral Program: Like most places, VirgoCX will pay you cash for inviting your friends.
  • VirgoCX Wealth: For institutions and transactions above $50,000 CAD, you can join the OTC program to get more liquidity, tools, and customer support. 
  • Foreign Exchange: VirgoCX FX lets you "save up to 5x" on exchange rates for 35 fiat currencies. While I haven't used this, I found Wise to be the cheapest place to exchange any currency and open bank accounts in any country for free.

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.

  • One user on Reddit wrote, "Did anyone noticed that the spread went up magically? It used to be 0.80% and now it shows 1.60%? And there are tiers now as well. I compared market price to other exchanges and now is not longer worth to use this exchange."
  • Another Redditor also acknowledged the fee increase, "Used to be my go-to as the cheapest cex for under $1000 buys. May have to ditch them now because of this."
  • A satisfied user on Google Play said, "Transactions are fast. Fees are the lowest. They have made many improvements over 1 year such as design, security, and use for dollar cost averaging."

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

  • One of the cheapest places to buy large-cap cryptos like BTC and ETH in Canada
  • Spreads and fees are transparently shown
  • Free crypto withdrawals on most coins
  • Free CAD deposit and withdrawals
  • Lots of discounts starting at $3K trading volume
  • Recently, spread fees have increased from 0.80% to 1.60%
  • Spreads on small altcoins are even higher
  • User interface can be improved
  • Limited selection of cryptos compared to altcoin exchanges
VirgoCX

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.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


Compare Canada's

Crypto Exchanges

Save hours of research. We signed up for every crypto exchange and brokerage so you don't have to.