VirgoCX review

By   |   Verified by Andrew Boyd   |   Published 19th April 2022

  • VirgoCX is a cryptocurrency exchange in Canada, founded in 2018.
  • VirgoCX provides safe, easy and affordable access for Canadians to buy and sell cryptocurrency.
  • Streamlined features and best-in-class security make the platform suitable for individual novices and seasoned traders with special services for institutional traders and experts.

With so many crypto exchanges to choose from, VirgoCX is trying to attract new users in a hyper-competitive space. But are they right for you?

Find out more about the company itself, what you can trade on their exchange, and who it's designed for. Scroll down for more.

VirgoCX

On VirgoCX's website

VirgoCX

Highlights

  • Get $10 when you sign up and get verified and an additional $20 when you deposit over $100.
  • Competitive buy and sell prices with excellent liquidity and tight spreads.
  • Enjoy commission-free trading and 24/7 live support.

About VirgoCX

Founded in 2018, VirgoCX is a regulated cryptocurrency trading platform based in Canada with best-in-class security, an intuitive trading experience, and 24/7 live chat support.

Institutional buyers and sellers on VirgoCX have access to deep liquidity pools, reducing price slippage. Dedicated VirgoCX Wealth account managers offer personalized service for each institutional customer from start to finish.

Is VirgoCX safe?

Having personally spoken with and emailed the company's representatives on several occasions, I have no doubt in the legitimacy of VirgoCX.

VirgoCX Inc. (MSB M19955733) is registered with the Financial Transactions and Reports Analysis Centre of Canada, FINTRAC, the national financial intelligence agency. As such, VirgoCX must meet all its legal obligations, including Know Your Customer (KYC), anti-money laundering (AML), and anti-terrorist financing (ATF) disclosures.

VirgoCX uses Ledger Vault, a multi-authorisation digital asset wallet management solution, for cold storage of 95% of its users’ digital assets. They are covered for up to $1 million of losses from criminal theft and damage, enabling customers to trade with confidence.

Proof of reserve audits are carried out on a regular basis. These have shown that VirgoCX holds cryptocurrency equal to or more than their customer liability. Audits are performed by a third-party auditor, in this case, Huayan CPA Professional Corporation of Onatrio.

Who is it designed for?

The intuitive, easy to use platform makes VirgoCX ideal for new traders. Its fee schedule means it is affordable for all traders. Large volume traders can benefit from the over-the-counter trade desk.

Tradable assets

You can trade more than 20 cryptocurrencies on VirgoCX including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), EOS, Dogecoin (DOGE), Polkadot (DOT), and Cardano (ADA).

VirgoCX also has an NFT brokerage where you can buy and sell NFTs. Fees are competitive with Opensea. Although this is one of the only Canadian exchanges where you can buy NFTs, it is not open to everyone just yet. You’ll need to be an existing OTC or institutional client to have access.

VirgoCX NFT brokerage

If you wish to trade in non-fungible tokens (NFTs), you can use the VirgoCX NFT Brokerage to find and trade in unique art pieces and other collectables.

Buying NFTs

  • Use the VirgoCX NFT Brokerage alerts to learn about potential mints for new NFTs.
  • Browse the exclusive “NFT Pulse” newsletter and the VirgoCX NFT Inventory to find interesting NFTs.
  • To buy the desired NFTs, load your VirgoCX account with the necessary funds.
  • Account managers will help source the NFTs of choice and get the settlement process started.
  • VirgoCX will deduct the balance from your account and once the transaction is complete, place the NFT in your Wallet.

Selling NFTs

  • Begin the process by contacting an account manager after you have completed onboarding with VirgoCX.
  • A curator will examine the NFT in order to determine its eligibility and value.
  • Once this is determined, an account manager will make you an offer.
  • Once you approve the offer, VirgoCX takes possession of your NFT and in exchange sends the funds to your designated bank account.

Unfortunately, the VirgoCX NFT brokerage service is only available to existing OTC and institutional clients. I expect this to change in future.

Fees

  • Trading fees: Free
  • Deposit fees: Free
  • Fiat withdrawal fees: 0.5% on withdrawals
  • Cryptocurrency withdrawal fees: Free or discounted, depending on individual coins

Pros and cons

  • Zero trading and deposit fees. Low fees on crypto withdrawals.
  • Trade more than 20 coins — including the most popular currencies — in CAD and USD.
  • FINTRAC registered with cold storage policy and insurance.
  • 24/7 live chat and email support.
  • Intuitive, user-friendly platform with a simple dashboard providing an overview.
  • A choice of ways to deposit funds, including wire transfer, Interac e-Transfer, and from another crypto wallet.
  • Over-the-counter trade desk for large trades with access to deep liquidity.
  • Mobile apps available for iOS and Android devices.
  • Only accepts CAD and USD as fiat currencies.
  • Other exchanges list more coins for trading.
  • A fee on fiat currency withdrawals.
  • NFT brokerage is not available to all.

Alternatives

A number of VirgoCX alternatives are available if you’re looking for a change.

  • Bitbuy. A convenient way to trade digital assets. Founded in 2013 and is registered as a Money Service Business.
  • NDAX. A cryptocurrency exchange based in Canada. Offers a versatile platform for both beginner traders as well as experts. Yield rewards with crypto staking.
  • CoinSmart. This popular Canadian exchange offers users an easy way to trade in a range of cryptocurrencies, including many altcoins.
  • Coinberry. A refined crypto exchange for easy trading supported by excellent educational material for new and seasoned investors.
  • Newton. FINTRAC-registered, Canadian platform with an easy to use excellent interface.

Comparisons

Verdict

Anyone interested in trading crypto in Canada could give VirgoCX a serious look.

New crypto traders will feel at home thanks to the intuitive user experience and reassurance of 24/7 support. Seasoned investors, large-volume traders, and institutional investors will find their OTC trade desk (for transactions over $30,000), deep liquidity, and the dedicated Wealth Account Managers an attractive proposition.

Having spoken with them, their foray into NFTs should give you an insight into where this exchange is going. The world of DeFi beckons for VirgoCX.

On VirgoCX's website