VirgoCX Cryptocurrency Exchange Go to site
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VirgoCX is a useful exchange for all levels of crypto investors. Its intuitive and easy-to-navigate UI makes it attractive to newbies, while its advanced charting options make it great for seasoned traders.
The exchange enables you to buy over 60 cryptocurrencies on the spot market instantly, and it’s available in all Canadian provinces and territories.
VirgoCX doesn’t charge a fee for CAD deposits using bank transfer although credit and debit cards incur a fee. Trading fees vary depending on the exact coin but range from around 0.5% – 2.5%, which is a little high compared to some competitors.
You can take advantage of features like Recurring Buys and Grid Trading to help automate your trading and implement strategies like Dollar-cost averaging.
As for security, 80% of digital assets are held in cold storage with Coinbase Custody.
VirgoCX is a Canadian trading platform founded in 2018 and based out of Toronto, Ontario.
In its five-year history, the exchange has become one of the most popular and trusted in Canada.
And in 2022, VirgoCX broadened its customer base, as it registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) and launched in Australia.
VirgoCX supports over 70 cryptocurrencies, but some notable assets are missing. Namely, Binance USD, BNB and LEO Token, which are in the top 20 cryptos by market cap. In total, 12 of the top 20 cryptos are available on VirgoCX.Popular assets on VirgoCX
VirgoCX doesn’t charge a fee for crypto and most fiat deposits. The exchange only charges a fee when you deposit fiat using a debit card.Deposit methods
|Deposit funds||Cryptocurrency - Free (blockchain network fees still apply)
Interac e-Transfer - Free
Wire transfer - Free (CAD$3,000 minimum)
Debit card - 2.99% (CAD$1 minimum)
Wire transfer - Free (US$500 minimum)
|Withdraw funds||Cryptocurrency - Varies depending on cryptocurrency (blockchain network fees still apply)
Interac e-Transfer - Free (CAD$10 minimum)
Wire transfer - Free (CAD$3,000 minimum)
Wire transfer - Free (US$500 minimum)
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
VirgoCX charges a spread fee ranging from 0.5% to 2.5%, depending on the crypto being traded.
What is a spread fee?
The spread is the difference between the bid and ask prices of an asset. For example, if one person bids $9.90 for an asset and another asks $10.00 for it, then the spread is 1%. In the case of such a trade, the spread fee would be $0.10.
The spread can be seen in advanced trading options on the right-hand side of the website interface under the cryptocurrency you are looking to trade.
The VirgoCX app offers the same trading tools, fee structure and funding options as the web interface version of the exchange.
The app is available for both Android and iOS devices, and you can download it through the Google Play or Apple App store.
Disclaimer: No crypto exchange is 100% safe.
To reduce your counterparty risk — or the risk that the platform with which you’re engaging won’t fulfill its contractual obligations — it’s best to only use exchanges to buy, sell and trade crypto.
When you leave your crypto in the custody of an exchange, your balance on the exchange is just an IOU for the assets, and that IOU is only as good as the solvency of the exchange.
To truly take ownership of the assets that you purchase on an exchange, it’s best to move the assets from the custody of an exchange into a non-custodial wallet for which you hold the private keys. Hardware wallets are one the safest versions of non-custodial wallets.
VirgoCX is compliant with PIPEDA (Personal Information Protection and Electronic Documents Act) and registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and licensed by CSA (Canadian Securities Administrators).
The exchange has also been audited by accredited accountants. Approximately 80% of crypto assets are held in cold storage in Coinbase Custody.
VirgoCX has never been hacked.
VirgoCX engages in full audits conducted by trusted third-party auditors.
In December 2020, it underwent a financial audit by DW LLP – a chartered professional accounting firm based in Ontario.
The exchange also completed a reserve audit by Huayan CPA Professional Corporation and an AML audit by MNP LLP around the same time.
Approximately 80% of VirgoCX customer assets are held in cold storage with Coinbase Custody Trust Company LLC. The remaining 20% are held in hot wallets by VirgoCX.
Coinbase Custody holds approximately 80% of user assets and is licensed with the New York Department of Financial Services. It maintains US$320 million of insurance although this is shared among all of its institutional clients, not just VirgoCX.
VirgoCX then has an additional CAD$1 million insurance policy that specifically covers its users assets held with Coinbase Custody.
VirgoCX has a few different customer service options that you can take advantage of.
The first option is to go through the automated support bot. The support bot generates responses based on frequently asked questions and is located to the bottom right of the web browser version of the exchange. If you have an issue that is not covered or only partially answered through the support bot, you can try live chatting with customer support.
The exchange also provides a number of email addresses that you can use to contact its staff.
|Downloads on Google Play||5K+ downloads|
|Downloads on Apple Store||76 reviews, 3.8 stars|
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