VirgoCX exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
VirgoCX offers 68 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polkadot.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Unavailable |
| Solana (SOL) | Available |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Available |
| Polygon (MATIC) | Available |
| Cardano (ADA) | Available |
| Litecoin (LTC) | Available |
| Tether (USDT) | Unavailable |
In contrast, Gemini has over 100 cryptos on its platform, while Wirex lists more than 250. However, compared to its competitors, VirgoCX has a low minimum deposit of $20 to start trading.
Payment methods
You can deposit and withdraw in CAD. The Interac payment method has a $10,000 daily deposit limit and $10,000 daily withdrawal limit, while wire transfer has no limits. Although you can deposit $5,000 a day and $10,000 a week using credit or debit cards, withdrawals aren’t available for credit or debit cards.
Deposit limits
| Payment method | Limits |
|---|---|
| Interac daily limit (buying in FIAT) | $10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily limit (buying in FIAT) | No limits |
| VISA limit (buying in FIAT) | $5,000 a day or $10,000 a week requires KYC verification, ID check and a selfie |
| MasterCard limit (buying in FIAT) | $5,000 a day or $10,000 a week requires KYC verification, ID check and a selfie |
Withdrawal limits
| Payment method | Limits |
|---|---|
| Interac daily withdrawal limit | $10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily withdrawal limit | No limits |
BitPay requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
On the other hand, Gemini requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, Canadians need to provide a social insurance number.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at VirgoCX.
Trading fees
There are no withdrawal fees but you need to pay an extortionately high 3.99% deposit fee for credit cards and 2.99% for debit cards, as well as differing rates of trading fees for cryptos. Unlike most other crypto exchanges, VirgoCX provides a range instead of a flat percentage for its trading fees but does note on its website that they are applied in order to cover insurance expenses charged by Coinbase Custody.
Trading fees 1
| Cryptocurrency | Trading fee |
|---|---|
| Bitcoin | 0.5%-1.75% |
| Tether | 0.5%-1.75% |
| Dai | 0.5%-1.75% |
| Ethereum | 0.5%-1.75% |
| Litecoin | 0.5%-1.75% |
| Solana | 0.5%-1.75% |
| Dogecoin | 0.5%-1.75% |
| Cardano | 0.5%-1.75% |
| Polygon | 0.5%-1.75% |
| Stellar | 0.5%-1.75% |
| Polkadot | 0.5%-1.75% |
| Shiba Inu | 0.5%-1.75% |
| Avalanche | 0.5%-1.75% |
| Bitcoin Cash | 0.5%-1.75% |
Trading fees 2
| Cryptocurrency | Trading fee |
|---|---|
| Algorand | 0.8%-1.95% |
| Apecoin | 0.8%-1.95% |
| Decentraland | 0.8%-1.95% |
| Ethereum Classic | 0.8%-1.95% |
| Filecoin | 0.8%-1.95% |
| The Sandbox | 0.8%-1.95% |
| Eos | 0.8%-1.95% |
| Cosmos | 0.8%-1.95% |
| Polygon | 0.8%-1.95% |
| Kyber Network | 0.8%-1.95% |
| Celo | 0.8%-1.95% |
| Tezos | 0.8%-1.95% |
| The Graph | 0.8%-1.95% |
| Compound | 0.8%-1.95% |
| Maker | 0.8%-1.95% |
| Kusama | 0.8%-1.95% |
| Synthetix | 0.8%-1.95% |
| Curve Dao | 0.8%-1.95% |
| Loopring | 0.8%-1.95% |
| Optimism | 0.8%-1.95% |
| Chiliz | 0.8%-1.95% |
| Aave | 0.8%-1.95% |
| Dydx | 0.8%-1.95% |
| Chainlink | 0.8%-1.95% |
| Ocean Protocol | 0.8%-1.95% |
| Axie Infinity | 0.8%-1.95% |
| Storj | 0.8%-1.95% |
| Sushiswap | 0.8%-1.95% |
| Uniswap | 0.8%-1.95% |
| Gala Games | 0.8%-1.95% |
| Aptos | 0.8%-1.95% |
| Fetch Network | 0.8%-1.95% |
| Lido Dao | 0.8%-1.95% |
| Arbitrum | 0.8%-1.95% |
Trading fees 3
| Cryptocurrency | Trading fee |
|---|---|
| Livepeer | 1.2%-2.5% |
| Fantom | 1.2%-2.5% |
| Enjin | 1.2%-2.5% |
| Quant | 1.2%-2.5% |
| Ankr | 1.2%-2.5% |
| NuCypher | 1.2%-2.5% |
| Near Protocol | 1.2%-2.5% |
| Crypterium | 1.2%-2.5% |
| Mirror Protocol | 1.2%-2.5% |
| Hedera | 1.2%-2.5% |
| Immutable | 1.2%-2.5% |
| Thorchain | 1.2%-2.5% |
| Convex Finance | 1.2%-2.5% |
Trading fee discount
| Tier | Trading volume | Trading fee discount |
|---|---|---|
| VIP 1 | $3,000 | 10% |
| VIP 2 | $10,000 | 20% |
| VIP 3 | $50,000 | 30% |
| VIP 4 | $100,000 | 40% |
| VIP 5 | $500,000 | 50% |
| Wolves | $1,000,000 | 65% |
| Titans | $3,000,000 | 80% |
| Whales | $6,000,000 | 90% |
Staking
VirgoCX doesn’t offer a staking program.
Is VirgoCX exchange safe?
As a regulated Over-the-Counter (OTC) exchange, VirgoCX has been in operation since 2018 but hasn’t disclosed the amount of users it has. The company has advanced security measures in place that offer a high level of security for users, from securing servers with firewall technology to holding 95% of customers' assets offline in a proprietary cold storage system.
VirgoCX isn’t listed on Trustpilot but has great Google reviews. In addition, the company raised $8 million in 2022 during a Series A funding round and hasn’t been involved in any known scandals.
| 3 star |
The most common issues raised on Google reviews are related to account and customer service concerns. However, people praise them for their mobile app and trading fee discount program.
Security
VirgoCX has a range of advanced security measures in place such as annual network audits, servers being secured by firewall technology, Secure Sockets Layer (SSL) data encryption, adherence to Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), holding 95% of customers' assets offline in a proprietary cold storage system, registered with the Canadian Securities Administrators (CSA) as a Restricted Dealer and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, VirgoCX maintains third-party insurance coverage for the digital assets it holds on behalf of customers via Coinbase Custody.
| Safe coins storage | 95% deposits are held in geographically distributed cold storage systems. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at VirgoCX. |
| Information security | Secure Sockets Layer (SSL) data encryption for user information such as credit/debit card details. |
| Platform security | Servers are secured by firewall technology. |
| Network security | Annual network audits. |
In contrast, BitPay has industry-leading security measures in place such as multi-signature wallets and a bug bounty program to secure its web network. The company passed its security and compliance audit known as the Service Organization Control 2 (SOC 2), which is a renowned criteria developed by the American Institute of CPAs. In addition, BitPay is regulated by the De Nederlandsche Bank as a payment service provider, pursuant to Section 23b (1) of the Money Laundering and Terrorist Financing Prevention Act..
Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, as well as 256-bit AES data encryption. The majority of assets deposited onto the platform are held in multi-signature cold storage vaults and Wirex adheres to both Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines. The company is a licensed e-money issuer with the UK’s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.
How to start trading at VirgoCX exchange?
Registration
You need to create an account in order to register with VirgoCX this can be done by:
- Visiting the homepage and inputting your full name and email address so you can create a password and start the process.
- You then need to verify your email address.
- After verifying your email address, you need to enter your country of residence.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as a $20 referral bonus or the ability to earn trading fee discounts through a tiered program.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
VirgoCX offers a Help Center displaying FAQs, email address and 24/7 live chat but no phone support.
| Live chat | Available |
| Phone support | Unavailable |
| support@virgocx.ca | |
| FAQs | Available |
VirgoCX uses a ticketing system where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there’s no direct way to speak with customer service on the phone.
Conclusion
VirgoCX is recommended to users who are looking for a regulated exchange that upholds advanced security measures and also offers a Wealth service with large liquidity pools and a personal account manager for high-volume traders. However, there’s high fees for credit and debit card deposits, no staking program, only four payment methods that don’t include digital options such as Google Pay or Apple Pay and no phone support.
But if you don’t mind this, VirgoCX can still be a great option if you’re looking for digital asset insurance coverage or the ability to earn a $20 bonus when referring friends to family to the service, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by offering phone support or introducing a staking program.
Alternatives of VirgoCX
- Low trading fees
- Staking program
- Tradeview feature
- Top-rated mobile app
- Phone support available
- Modern interface
- Low number of cryptos
- Limited number of payment methods
- Low trading fees
- A personal account manager for high-volume traders
- Regulated in Canada
- Mobile app available
- Corporate account solutions
- Referral bonus
- Low number of cryptos available to trade
- Only four cryptos in the staking program
- No live chat or phone support
- Debit or credit cards not accepted
- Low trading fees
- Staking program
- NDAX Wealth Desk feature
- Live chat and phone support
- Advanced security measures
- No deposit or withdrawal limits
- Learn Centre with free educational resources for traders
- Low number of cryptos available to trade
- Only five cryptos in the staking program
- Credit or debit cards not accepted
Bitstamp maintains $100 million insurance coverage for the digital assets it holds on behalf of customers via Bitgo, which includes holding such assets in bank-grade Class III vaults through the Bitgo Custody service. The company offers a referral bonus whereby if you refer the Bitstamp exchange to any of your friends or family and they deposit at least $100 in their account upon opening, you can earn a cash bonus of $20. In addition, you can stake 10 cryptos with APYs of 2.5% for Ethereum, 2% for Bitcoin and 4.4% for Tether.
Bitbuy maintains an undisclosed amount of insurance coverage for the digital assets it holds on behalf of customers via Bitgo, which includes a Financial Insurance Bond (FIB) over all FIAT deposits. The company offers a referral bonus whereby if you refer the Bitbuy exchange to any of your friends or family and they deposit at least $250 in their account upon opening, you can earn a cash bonus of $20. In addition, you stake four cryptos with APYs of 4.87% for Ethereum, 4.88% for Polygon, 4.28% for Solana and 10% for Polkadot.
NDAX maintains $13 million insurance coverage for the digital assets it holds on behalf of customers, which includes $5 million insurance for cold wallets, $3 million insurance for hot wallets and $5 million insurance against insolvency. The company offers a referral bonus whereby if you refer the NDAX exchange to any of your friends or family and they deposit at least $10 in their account upon opening, you can earn a cash bonus of up to $25. In addition, you can stake five cryptos with APYs of 5% for Ethereum, 3.5% for Cardano, 8% for The Graph, 5% for Polygon and 12% for Polkadot.
FAQs
Yes, because VirgoCX has been in operation since 2018 and has developed a good standing with community members.
Yes, but while you can deposit $5,000 a day and $10,000 a week using credit or debit cards, withdrawals aren’t available for credit or debit cards.
Yes, VirgoCX maintains third-party insurance coverage for the digital assets it holds on behalf of customers via Coinbase Custody.
Yes, but to be eligible you must have a trading volume of at least $30,000.
Yes, VirgoCX uses Secure Sockets Layer (SSL) data encryption for user information such as credit/debit card details and also adheres to Canada’s Personal Information Protection and Electronic Documents Act.
Once you refer the VirgoCX exchange to any of your friends or family and they pass KYC verification, you can earn a cash bonus of $5. After they deposit at least $100 into their account, you can earn another cash bonus of $15.
Specification: VirgoCX exchange review
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