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VirgoCX Review: A Powerful Crypto Exchange for Canadians
With the relentless rise of Bitcoin and other cryptocurrencies, there is a global race toward providing the requisite infrastructure for buying, selling, and trading these digital assets. One such infrastructure is cryptocurrency exchanges, but the problem is most of them are located in or originate from the United States.
However, in recent years, other countries are coming up with their own digital currency exchanges with world-class products and services. In this article, we shall review VirgoCX, one of Canada’s most trusted cryptocurrency trading platforms.
Pros
Great selection of different cryptocurrencies for Canadians
Streamlined sign-up process to get new users familiar with crypto
Attractive fee structure that includes 0% fees on trading and wire transfers in addition to low withdrawal fees
Fully regulated exchange with untarnished record of security
Cons
Not available worldwide
Relatively small amount of liquidity compared to sites like Coinbase or Binance
What is VirgoCX?
VirgoCX is Canada’s top-regulated cryptocurrency trading platform, and it aims to make crypto trading easy, safe, and affordable for Canadians. The exchange is devoted to simplifying the trading experience and empowering clients with cutting-edge technology, superior liquidity, and exceptional security.
VirgoCX aims to provide affordable and easy access for all Canadians to buy/sell more than ten different cryptocurrencies, including:
The platform has a surprising (and quite honestly) unique fee structure, and it charges zero trading fees, zero deposit fees, and low withdrawal fees. Furthermore, they offer the best buy/sell prices in Canada, supported by superior liquidity and competitive spreads. In terms of customer support, they offer 24/7 multilingual live chat support to address all your concerns.
How to Buy Crypto on VirgoCX
To buy cryptocurrencies on VirgoCX, you just need to register an account on its website or its Android or IOS Mobile apps.
Thereafter, you need to provide some basic information (email address, password, referral code, etc.) and quickly get verified.
At this stage, you can fund your account with INTERAC e-Transfer, wire transfer, etc., and buy your intended cryptocurrency.
VirgoCX Fees
As mentioned before, VirgoCX has a surprising fee structure. They charge 0% fees on all trades. In terms of funding your account, if you’re interested in funding it through wire transfer with Canadian dollars, you again pay 0% fees for a minimum transfer of $3000 CAD.
And for withdrawals, clients should pay only 0.75%. All deposits in cryptocurrencies are free of charge. And below, you can see a complete list of fees for withdrawing and depositing in CAD:
VirgoCX OTC Service
In the crypto sphere, Over-The-Counter (OTC) trading is defined as the anonymous trading of crypto assets directly between two parties, either from crypto-to-crypto or from fiat-to-crypto. VirgoCX OTC desk bridges the gap between the cryptocurrency markets and traditional financial services. All OTC trades are by nature large-scale trades, and the VirgoCX OTC desk only processes transactions above $30,000 CAD.
Using VirgoCX OTC desk, you don’t need to pay any trading fees (0%). Furthermore, using this service, you can completely eliminate slippage (price fluctuation between the time of order and execution of trade) and save up to 2% compared to trading on other exchanges.
Other advantages of utilizing an OTC desk are:
- Best Pricing in Canada – VirgoCX’s liquidity pools allow it to provide one of the most competitive prices in Canada for trading BTC, ETH, USDT, etc.
- Access to Foreign Currencies – VirgoCX has unique market access via digital assets, allowing it to provide competitive pricing for other foreign currencies.
- Personalized Services – OTC account managers are available 24/7 to facilitate every request for your business or trading needs.
- Rapid Settlement – VirgoCX OTC Desk provides same-day, no-limit settlement for USD and CAD trades. This also applies to Bitcoin, Ethereum, USDT, and any other cryptocurrency.
VirgoCX Referral Program
Through the VirgoCX referral program, you can introduce a friend to VirgoCX, where each of you earns 30 dollars. Via utilizing this method, clients can earn hundreds of dollars, as more referrals mean more money. To find your referral link, all you need to do is:
- Log into your VirgoCX account
- Click Invite on the left navigation bar
- Find your unique referral link
- Copy your referral link to your friends
When your friend signs up and makes his/her first fiat deposit, you both get $30 as a reward.
Is VirgoCX Safe?
VirgoCX takes security very seriously. The exchange verifies all account-holders’ identity conducting financial transactions, and it complies with Know Your Client (KYC), Anti-Money laundering, and anti-terrorist financing policies. Furthermore, they made two-factor authentication mandatory for all account holders.
Additionally, they encrypt all the sensitive information such as user passwords with multiple layers of security measures, ensuring that no leakage of sensitive data can occur. The platform keeps a small portion of clients deposited crypto on a hot wallet for regular business trading and withdrawals, while the majority of crypto on the platform (at least 95%) is transferred to a cold wallet.
Deposits & Withdrawals
There are several ways you can deposit money on your VirgoCX account. One is through fiat currencies. Currently, the company only accepts US and Canadian dollars via Interac e-Transfer or wire transfer. Another method of funding your account is through digital currencies. VirgoCX only accepts digital currencies that are available on its platform, such as BTC, ETH, and PAXG. It should be pointed out that the exchange doesn’t require a minimum deposit amount.
To withdraw from your VirgoCX account, you have two options. One is to make a $CAD withdrawal by wire transfer. You just need to click “Fund” from the left of your dashboard account, locate the Canadian Dollar Withdrawal option, and click “Wire Transfer.” Your fund will be processed and deposited into your bank account within 1-3 business days.
Another method is to make cryptocurrency withdrawals. To do that, you need to choose the cryptocurrency you wish to withdraw (for example, Ethereum), click “Withdrawal” from the right, paste the address you want to deposit your Ethereum into, and enter the amount you wish to withdraw. A confirmation email will be sent to your registered email address. The request will be processed only when you confirm the withdrawal from your email.
Buying/Selling Cryptocurrencies on VirgoCX
After verifying and funding your account, you can start trading digital and fiat currency on the VirgoCX platform. There are two types of trading functions for beginners and experienced traders: quick trade and advanced trade. Quick trade is specifically designed for novice traders and for small to medium size orders.
Advanced traders, on the other hand, provide more sophisticated tools such as technical analysis, charting tools, recent transaction history, order book depth, and more. And consequently, it is more suitable for advanced traders. As mentioned before, VirgoCX charges no trading fees.
VirgoCX has various minimum trade sizes for different trading pairs but most are around $5 CAD.
VirgoCX Frequently Asked Questions
Yes, to fund your account with Canadian dollars, you can use Interac e-Transfer. In fact, VirgoCX recently added instant funding so customers will be able to access their funds right away.
Yes, VirgoCX allows you to buy, sell, and trade Ethereum and ten other cryptocurrencies.
Each one has its advantages. They all allow you to buy/sell commission-free on your phone and desktop. Coinberry offers a wider variety of cryptocurrencies (15 different digital assets), while VirgoCX offers 11 cryptocurrencies, and ShakePay only works with two—Ethereum and Bitcoin.
Unfortunately, there is no information regarding the founder and institutional history of this exchange. It’s still a privately-held company, like most crypto exchanges in Canada.
Yes, VirgoCX works with 11 different cryptocurrencies, and Stellar Lumens is one of them.
Yes, by using the VirgoCX referral program, you can earn $30 CAD for each referral. To do that, you just need to send your unique referral code to your friends.
Although VirgoCX exchange doesn’t directly feature gold buying, the platform offers PAXG/CAD pair. PAXG or PAX Gold is a digital token, and each token represents one fine troy ounce of a London Good Delivery gold bar.
