Is VirgoCX the Best Cryptocurrency Exchange in Canada?

People in Canada looking for a reliable crypto exchange need to look no further than VirgoCX. VirgoCX is a crypto trading platform and NFT marketplace best for beginners and experienced users looking to invest in or trade crypto. This article discusses VirgoCX, its features, pros and cons, and what makes it one of the best cryptocurrency exchanges Canada has.

What is VirgoCX?

VirgoCX is a popular cryptocurrency exchange platform. Canadian users looking for a one-stop-shop for all their crypto trading needs can opt for this regulated crypto exchange which is on its way to becoming the best crypto exchange in Canada. VirgoCX does not charge any fee on trading and deposits, offers low withdrawal fees, high liquidity, and all security protocols and features crypto enthusiasts look for, making it an excellent platform for the Canadian market. Founded in 2018, VirgoCX is Canada’s leading regulated cryptocurrency trading platform committed to providing Canadian traders with a safe, hassle-free experience. The Toronto-based cryptocurrency exchange offers high liquidity and has adopted multi-layered security measures to keep users’ funds secure. 

Furthermore, it offers competitive features such as advanced trading analytics and various payment solutions that set it apart from other cryptocurrency exchanges. The following sections take a detailed look at VirgoCX’s features and aspects that make it one of the best crypto exchanges in Canada.

Crypto assets available on VirgoCX

VirgoCX offers Canadian users a lot of versatility and supports a long list of cryptocurrency altcoins and stable coins. The most popular ones of these include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Shiba Inu coin (SHIB), Solana (SOL), Polkadot (DOT), Cardano (ADA), Ethereum Classic (ETC), Axie Infinity (AXS), Polygon (MATIC), etc. The entire coin list can be found by clicking on the dropdown menu in the top-left corner.

Payment methods offered by VirgoCX

How do you turn your Canadian dollars into crypto? Funding your VirgoCX account is a breeze. There are two ways you can add funds to your account:

Bank transfers

VirgoCX accepts payments in both Canadian & US dollars by wire transfer or Interac eTransfer. For Wire Transfers, you may need to visit your closest bank branch and present the information so the bank can help you complete the wire transfer, and it may take up to 24 hours. On the other hand, for Interac eTransfer, you may need to log in to your online bank account, start the eTransfer process, and enter the amount you wish to send. At this time, only Canadian dollars (CAD) can be funded via Interac eTransfer. The e-Transfer is usually processed immediately.

Crypto funding

You can also fund your account from your crypto wallet. VirgoCX accepts all crypto tokens that are available on the exchange as payments. Visit their website to find a quick guide on funding your VirgoCX account with cryptocurrency.

How can you set up an account on VirgoCX?

VirgoCX offers a quick and easy way to set up an account on its platform. The steps involved are:

1. Email Verification: All users need a working email to set up an account on VirgoCX. The email address is verified the first time you make an account. The exchange then prompts the user to complete the verification process. 
2. Basic Information: VirgoCX requires you to fill in your personal information to complete your “User Profile.” This information includes your legal name, employment details, residential address, and contact information.
3. Preferences: This step involves submitting more information about you and the nature of your account. These include details on the purpose of your account, nationality, sources of added funds, etc.
4. User Agreement: After submitting all personal information and preferences, you have to agree to the Terms of Service and the Privacy Policy of VirgoCX.
5. ID & Photo Verification: VirgoCX also requires verification of accounts with a government-issued ID such as a driver’s license, passport, etc. You have to upload your ID along with a recent photo to complete the verification process.

Once you have submitted the ID and photo, it takes 1-2 days to complete the verification process and authenticate your account.

Fees charged by VirgoCX 

VirgoCX is also among the best crypto exchanges in Canada when it comes to fees. Here are the details on the fees it charges:

• No fee on deposits for both transfers and crypto wallets.
• No fee on trading.
• Free withdrawal of funds in Canadian or American dollars

There is a small fee on crypto withdrawals. You can find details on VirgoCX’s fee structure by visiting their website. 

Services available on VirgoCX 

Some crypto enthusiasts like to buy cryptocurrency and hold on for dear life (HODL). Others choose different strategies, such as actively trading cryptocurrency like day traders trade stocks. VirgoCX stays ahead of its competition by offering the following services to Canadian users:

Trading service

VirgoCX offers access to over 30 cryptocurrencies and stable coins. It enables you to place both market orders and limit orders. A market order allows you to buy or sell the crypto asset at the current market price, and a limit order allows you to buy or sell a crypto asset at your preferred price. The platform also offers referral rewards. For every person you refer who opens and funds their account, users earn up to $30 CAD. 

Over the counter trading service

VirgoCX offers clients a seamless trading experience where they can make large transactions with just a few clicks. The website claims to have long-standing relationships with their partner banks to provide customers with the immediate settlement of crypto trades upon confirmation of the trade details. The service is for clients wanting to trade with superior liquidity, privacy, and lower costs. Clients who want to transact more than $30,000 CAD can opt for their over the counter (OTC) platform. There are two OTC services available on VirgoCX:

• OTC Direct: Allows institutions to carry out massive block transactions through a secure process to ensure the smooth execution of settlements.
• OTC Chat Broker: Allows institutions to transact huge block transactions with personalized service by VirgoCX’s OTC trade team.

The VirgoCX OTC Referral Program offers users who refer to OTC traders a one-time reward of C$200 CAD for their first trade.

Non-fungible tokens marketplace

The popularity of Non-Fungible Tokens (NFTs) is spreading to Canada as well after the incredible response NFTs have received in 2021 from investors, collectors, and creators around the world. They are prepared to handle Canadian users’ NFT needs as it provides users with an NFT marketplace to find, trade, and buy NFTs. VirgoCX is also Canada’s first crypto platform that provides an NFT Marketplace to its customers.

Learning service

For beginners looking to get started with the crypto market or experienced investors who wish to expand their knowledge, VirgoCX offers a learning platform. There, users have access to resources to help them learn all about crypto.

Is VirgoCX easy to use?

The platform provides a smooth user interface and an easy-to-use platform. The trading platform provides real-time charts and graphs with advanced indicator tools for a smooth trading experience. You can easily place a market or limit order to buy or sell from the right side of the screen. 

The bottom, or footer, of the screen, provides users with information about current Open orders and the Order Book. The charts are adjustable and provided by TradingView for a hassle-free user experience. The exchange has an intuitive interface and a mobile application that can also be used by people with no experience in cryptocurrency trading. VirgoCX provides its users with a mobile application available both on Android and iOS to provide trading on the go. The application is just as smooth and easy as the web platform and integrates with your biometrics to provide additional security. 

How does VirgoCX guarantee account safety?

VirgoCX secures accounts on its platform with Secure Sockets Layer (SSL) and Two Factor Authentication (2FA). They also have multi-layered security levels to protect personal data and security policy provided by Ledger Vault and other trusted Canadian banking and payment partners. Here is a more detailed look at how VirgoCX guarantees user account security.

• Information Security: VirgoCX never shares your personal information with third parties. They are compliant with PIPEDA (Privacy Act in Canada for protection of personal data).
• Regulated: VirgoCX has another edge over other crypto exchanges as it is regulated. The exchange is FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulated and ensures the integrity of its platform by adhering to the law.
• Assets Protection: VirgoCX protects its user assets with the Ledger Vault. They are insured for up to 1 million CAD to safeguard users’ crypto assets under its custody to protect you from theft and other worst-case scenarios.

Does VirgoCX provide good customer support?

VirgoCX takes excellent care of its customers and handles issues quickly. It provides a 24/7 live help support team with support for multiple languages to ensure user satisfaction and swift query resolution. You can contact their customer support team at: support@virgocx.ca

VirgoCX pros & cons

VirgoCX has the following pros, making it one of the best cryptocurrency exchanges in Canada:

• Supports over 30 cryptocurrencies.
• FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulated.
• Offers robust security.
• There is no deposit or trading fee.
• The sign-up and verification process is quick and hassle-free.

Some aspects that may seem disadvantageous to some users are:

• The fewer number of cryptocurrencies to trade compared to its global peers.
• Only CAD and USD are supported fiat currencies for small-scale traders.