VirgoCX Review

Updated: Oct 14, 2021 | Published: August 10, 2021   

By: Alex Dabek

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The Bottom Line: VirgoCX is an inexpensive platform with lots of security features. They have 25+ coins, free deposits, zero trading fees, and competitive spreads in Canada. The total fee to buy BTC was 0.66% when tested. This was 3rd out of 15 platforms for buying Bitcoin cheaply. The downsides are 0.5% fees for fiat withdrawals and higher crypto withdrawal fees.

I would rank VirgoCX 4th place out of 15 Canadian crypto exchanges.

VirgoCX Exchange

VirgoCX Overview

Overall:

3.9

Cryptocurrencies

25+ (BTC, ETH, USDT, LTC, BCH, EOS, USDC, PAXG, XLM, DOGE, DAI, UNI, LINK, CRV, AAVE, SNX, KNC, BAT, COMP, DOT, ADA, MATIC, FIL and more)

Trading Fees:

Free

Deposit Options:

E-transfer (free - instant)

Wire transfer (free - up to 24 hours)

Crypto Withdrawal Fees

0.0005 BTC

Pros & Cons

  • Cheap to buy crypto - 0.66% total fee to buy Bitcoin when tested. Has zero trading fees and low spreads (see fees section)
  • Beginner and advanced features
  • Lots of security settings
  • 24/7 live support
  • 0.5% fee for fiat withdrawals
  • Mobile app U/X could be better
  • Not the cheapest crypto withdrawal fees
  • Low ratings on Google Play app
  • Fiat rejection fees ranging from $10-$40

About VirgoCX

VirgoCX was founded in 2018 and is based in Toronto, Canada. It is a cryptocurrency exchange committed to making crypto trading safe, easy, and affordable for Canadians. They pride themselves on transparency, competitive fees, and low spreads. Also, they charge zero trading fees and deposit fees.

VirgoCX has 20+ employees according to Linkedin. Their platform is great for beginners and has many useful features for advanced trading. Also, they claim to use Best-in-class security to keep their platform safe.

Is VirgoCX Regulated?

Yes, VirgoCX is a registered Money Services Business (MSB) with FINTRAC. The Ontario Securities Commission also regulates them.


Screenshots

VirgoCX App Screenshots
VirgoCX App Screenshots 2

Opening An Account

Setting up a VirgoCX account is very quick and simple. You can sign up for an account with just an email address and password, but you must verify your identity before funding your account. The whole process can take up to 1-2 days to get fully verified.

Who Is Eligible?

  • Canadian residents
  • People above the age of 18

Sign Up Requirements

  • Email address
  • Legal name, address, date of birth
  • Phone number for SMS verification
  • Answer "employment" and "source of funds" questions correctly
  • Government-issued ID

Funding and Withdrawals

VirgoCX lets you deposit and withdraw Canadian and US dollars. Fiat and crypto deposits are free but unfortunately, withdrawals have a fixed fee.

CAD Deposits

Method

Fee

Time

Minimum

CAD e-Transfer

Free

Instant

$0 - $10,000

CAD Wire Transfer

Free

Up to 24 hours

$3,000

Wire Transfer

Free

Up to 24 hours

$500

CAD Withdrawals

Method

Fee

Time

Minimum

CAD e-Transfer

0.5% ($5 min.)

Under 45 minutes

$10 - $10,000

CAD Wire Transfer

0.5% ($20 min.)

Up to 24 hours

$3,000

USD Wire Transfer

0.5% ($20 min.)

Up to 24 hours

$500

Crypto Withdrawals

Coin

Fee

Minimum

Bitcoin

0.0005 BTC

0.0015 BTC

Ethereum

0.007 ETH

0.05 ETH

Tether

15 USDT

20 USDT

Litecoin

0.02 LTC

0.1 LTC

Bitcoin Cash

0.001 BCH

0.01 BCH

Stellar

0.02 XLM

0.01 XLM


List Of Features

VirgoCX’s main focus is to provide an easy to navigate platform for both beginners and advanced traders. Their funding methods are also focused on Canadian banks, which means their main market is Canada. They offer free deposits and charge no trading fees. You can also trade up to 23 coins! Let's look at each feature in-depth:

iOS, Android and Web

VirgoCX is available on all major platforms. You can trade your favourite crypto from the comfort of your device. The user interface is easy to navigate and visually pleasing.

Quick Trade

For beginners, you can use Quick Trade in the main dashboard to quickly and easily buy and sell crypto assets.

Advanced Trading View

VirgoCX uses charts by TradingView to give you real-time market data and tools for technical analysis.

Multiple Order Types

Set instant market orders or limit orders.

Canadian Dollar and US Dollar Bank Accounts

VirgoCX lets you connect bank accounts and make trades in two fiat currencies.

Foreign Exchange

VirgoCX helps facilitate foreign exchange trades. They are 5X cheaper than banks and claim to offer the best rates in the market. The minimum for this service is $20,000 CAD. All you need to do is get in touch with them to secure the best rates.

24/7 Live Support

VirgoCX has a dedicated live support team to help users resolve any account issues they may have. They are available at any time of the day. You can contact their customer service agents through live chat or email, or phone support line for questions.

OTC

VirgoCX has an OTC service, where clients who want to trade more than $30,000 CAD get superior liquidity and privacy. They have dedicated OTC account managers to provide you with personalized service from start to finish.

Referral Program

VirgoCX has a referral program where users can earn up to $30 from inviting their friends to open an account using their unique link. When your friend opens an account, you both earn $10. And when your friend completes a trade worth $100, you both earn an extra $20. You can refer as many friends as you want to make more money.

OTC Referral Program

VirgoCX offers users who refer clients under OTC trading a one-time $200 CAD reward on the first trade. And a reward equal to 0.2% of the notional value of every subsequent trade.


Fees

VirgoCX charges 0.5% fees for fiat withdrawals and somewhat high crypto withdrawal fees. Other than that, they have zero trading fees, free deposits, and a tight spread which I tested on August 10, 2021.

Total BTC Purchase Fee

0.66% (Aug 10, 2021)

Trading Fees

Free

CAD Deposits

Free

CAD Withdrawals

0.5% (min. $5)

BTC Withdrawals

0.0005 BTC

Other Fees

Spread (Aug 10, 2021)

Spread

0.90%

BTC Buy Price

$57,573

BTC Sell Price

$57,058

Ref. Price Difference

Buy: +0.66%

Sell: -0.24%

Reference Price (Google)

$57,196

VirgoCX says they have competitive prices and spreads and based on my test, that is true. The total fee to buy Bitcoin was about 0.66% when compared to the price of Google. This means $100 will get you $99.34 of Bitcoin. Competitors like Newton would get you $99.31 and NDAX would get you $99.50 so VirgoCX stacks up well with the top platforms on total purchase fees.

Keep in mind these spreads change daily so shouldn't be taken exactly, but rather as a tool to compare each other. Also, VirgoCX was tested Aug 10 and the other platforms were tested Mar 01.


Security

VirgoCX's website says they offer  "best-in-class security." Let's see what systems they have in place to protect your funds.

Company Security

VirgoCX covers their security protocols in detail on their website. Here is some key info we found:

  • 95% of crypto held in cold storage via Ledger Vault
  • Ledger Vault covers up to $150m for theft that occurs on Ledger's side
  • Users personal info and passwords are encrypted
  • All fiat is held with multiple "trusted' top tier banks in Canada
  • Founded in 2018 and never been hacked
  • Registered FINTRAC business in Canada
  • Multiple levels of approval needed to move funds internally
  • All company computers have firewall and anti-virus protection installed

User Security Features

Users can add multiple layers of security to access your account. Most are optional and can be toggled on/off in your settings:

  • Email verification for withdrawals and editing account
  • SMS verification for withdrawals and editing account
  • Google authenticator for withdrawals and editing account
  • Set password for transactions
  • Account history and activity (see logins, devices, IP addresses, etc)
  • Whitelist crypto addresses
  • Session logout after a period of inactivity

Is VirgoCX Safe?

VirgoCX is probably safe to use, just as much as any other Canadian crypto exchange. They have never been hacked, they store 95% of crypto in cold storage through Ledger Vault and they are a registered FINTRAC business in Canada following all laws and regulations.

However, it's not ideal to hold large amounts of crypto on any crypto exchange. The safest way to store your crypto is on a hardware wallet.  


Support

VirgoCX Support

VirgoCX offers 24/7 customer support to its users. You can get in touch with them via a contact form, email, phone, or live chat on the application. They are always available! They are also quick to respond, as I tried emailing them to test this theory. They also have a list of FAQs to assist with any issues you may have.


VirgoCX vs. The Competition

Compare VirgoCX with other popular Canadian crypto exchanges. You can see all of the data here.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Best VirgoCX Alternatives

Newton is my #1 exchange for Canadians. It has very low purchase fees just like VirgoCX. However, it also offers a few more coins, cheaper withdrawal fees, and a better mobile app and U/X which would be easier for beginners. The downsides are Newton doesn't have advanced features or strong customer support.

NDAX is the closest Canadian alternative to VirgoCX with advanced features. It tested the cheapest place to buy BTC after all fees which was slightly lower than VirgoCX. The downsides are the mobile app is in beta and it also has expensive fiat and crypto withdrawal fees.

If you want 350+ altcoins and advanced features like margin, futures, interest accounts and much more, Binance is for you. The downside is it's not available in Ontario (check out Kraken then) and it's hard to deposit and withdraw Canadian dollars. The best option to fund your account is to deposit crypto from a Canadian exchange like VirgoCX or Newton.


Where It Shines

  • Low Purchase Fees - From my one test, a $100 purchase after all fees would get you $99.34 of Bitcoin. This is 2nd place out of all Canadian crypto exchanges I tested so far. VirgoCX has competitive spreads, free deposits, and zero trading fees making it pretty inexpensive.
  • Security Features - VirgoCX has many user security features and seems to take security very seriously based on what they say on their website

Where It Falls Short

  • Withdrawal Fees - 0.5% fiat and fixed crypto withdrawal fees exist which are higher compared to other top Canadian platforms. There's also fiat rejection fees of $10-$40 so be careful and make sure your transactions go through.
  • Variety Of Coins - VirgoCX has a decent number of coins out of the Canadian platforms but you will need multiple exchanges if you want hundreds or thousands of altcoins available. 
  • App User Interface - The Google Play app has low reviews and overall it's not the most user friendly compared to some of the competitors.

In Summary

VirgoCX can be a good platform if you want to buy 25+ cryptocurrencies cheaply. They also offer many security features which you can access in your settings to help keep funds secure. The downsides are it's crypto and fiat withdrawal fees as well as the mobile app which has low Google Play reviews and not the best U/X compared to competitors.

Who Should Use VirgoCX?

  • If you want some of the lowest total purchase fees in Canada
  • If you want to find multiple layers of security settings in your account

Who Should Not Use VirgoCx?

  • If you want cheap withdrawal fees for crypto or fiat (try Newton instead)
  • If you want the best app user interface
VirgoCX Exchange
  • Trade 25+ Coins
  • Beginner and Advanced Features
  • Get $30 free when you trade $100

FAQ

How Does VirgoCX Make Money?

VirgoCX offers zero trading fees but they make money from spreads, fiat and crypto withdrawal fees, fiat rejection fees, foreign exchange trades, OTC services, and probably some investments.

Is VirgoCX CDIC Insured?

On VirgoCX, your funds are not CDIC insured like a traditional bank account. If they lose your crypto, it's gone. The safest way to store your crypto is on a hardware wallet.

Has VirgoCX Ever Been Hacked?

No, VirgoCX has never been hacked. They were founded in 2018 and they store 95% of crypto assets with Ledger Vault which is crypto security built for crypto exchanges and enterprises.

Does VirgoCX Accept Credit Cards in Canada?

No, VirgoCX does not accept credit cards. However, funding options available for Canadians include Interac E-transfer and wire transfer. They are both fast and free.

Can I Store My Crypto on VirgoCX?

Yes, you can leave your crypto in VirgoCX. They have many security features and protocols to keep your funds safe. However, it's not recommended to hold large amounts of crypto on any exchange. This is because exchanges are big targets and can be hacked. The safest option is to store your crypto in a hardware wallet.

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