VirgoCX Australia Review + $20 Bonus

What Is VirgoCX?

VirgoCX is a crypto exchange that launched in 2018. Known for its clean iPhone and Android apps and easy-to-use web interface, VirgoCX is one of my best-rated Australian exchanges for buying and selling cryptocurrency.

VirgoCX supports more than 50 crypto assets, follows all Australian regulations, and is registered with both FINTRAC in Canada and the Australian Transaction Reports and Analysis Centre (AUSTRAC) in Australia. It also recently began supporting NFTs and offering foreign exchange services, two items that set it apart from other Australian crypto platforms.

To kick off this VirgoCX review, let's take a deeper look at some of VirgoCX's top features.

VirgoCX Features

1. Intuitive Desktop Platform

The VirgoCX trading platform is very user-friendly (more so than Binance), and its straightforward dashboard is ideal for people new to the world of crypto investing. You'll have zero issues with the platform, even if you haven’t used a crypto exchange before, and you'll be able to buy and sell crypto with zero fees, excellent liquidity, and tight spreads to boot.

VirgoCX allows users to set up recurring purchases, which means you can automatically buy crypto on your terms and quickly visualize the ups and downs of the crypto token you're interested in through the platform's charting tools.

VirgoCX also has an over-the-counter (OTC) trading platform that enables users to make large crypto-to-crypto and fiat-to-crypto trades above $30,000. You won't have to pay any trading fees when using their OTC platform, making it a cost-effective way to buy large amounts of cryptocurrency at once.

2. VirgoCX Mobile App

VirgoCX’s Android and iOS mobile apps are as simple to use as its web platform, making trading on the go a breeze. Whether you're on an iPhone or Android, you can buy and sell any of the coins that VirgoCX offers with just a few taps, in addition to being able to use the OTC desk and the Recurring Buy feature.

Users can also deposit and withdraw funds from the VirgoCX app via Interac e-Transfers, wire transfers, and crypto transfers, as well as analyze the fluctuations in price between cryptocurrencies through the platform's charting.

3. VirgoCX Security Features

VirgoCX has many industry-standard security features that will keep your account and your funds safe. For starters, the platform is 100% compliant with Know Your Customer (KYC), anti-terrorist financing and anti-money laundering policies, and they conduct extensive identity verifications for all accounts that want to register on the platform. Additionally, 2-factor authentication (2FA) is supported and, unlike most crypto exchanges, it's a mandatory security feature that you can't disable, which increases its inherent safety.

VirgoCX keeps 95% of its users' funds in cold storage (provided by Coinbase Custody) away from the reach of hackers, while the other 5% is kept in hot wallets for speed and convenience when conducting trades and withdrawing funds. Additionally, the platform employs multiple layers of encryption (including SSL encryption) to protect all users' sensitive information, and it even goes through regular security audits to spot vulnerabilities and further improve its security measures. If all else were to fail and your funds ended up being stolen, VirgoCX offers an insurance policy up to $1 million for your funds.

VirgoCX also has a great track record in terms of regulation: it's registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), making it a safe, excellent choice for trading crypto in Australia.

4. 24/7 Customer Support

If you were to encounter any problems as you use the VirgoCX platform, you’ll also have access to their excellent customer support available 24/7, reachable through live chat or email at any time. They also offer an extensive FAQ section on their website, which answers many of the questions you might have about your account, funding options, and a lot more.

• Email: [email protected] (24 hours)
• Live chat: Available

If you prefer to reach VirgoCX through social media, they maintain active accounts on Twitter, Reddit, Facebook, LinkedIn, YouTube, and Instagram.

5. NFT Marketplace

VirgoCX is the only major Australian crypto exchange to offer non-fungible tokens (NFTs) as well as cryptocurrency. This is a major plus if you're looking to invest more deeply into crypto, and gives VirgoCX a unique leg up on other exchanges.

Here are the fees associated with buying and selling NFTs with VirgoCX:

• Transactions Over 5 ETH: 2% + no gas fees
• Transactions Over 1 ETH: 2% + gas fees
• Transactions Under 1 ETH: 5% + gas fees

6. VirgoCX's Referral Program

As a VirgoCX user, you can refer friends to the platform and get rewarded for it. For every friend that completes the registration process, you and your friend will both receive $10. Once they make their first fiat deposit of $100 or more, you'll both get an extra $20 deposited directly into your account.

Alternatively, if you use our VirgoCX referral code YOREOYSTER and deposit $100 or more, you'll receive a $30 bonus right away without any wait.

Cryptocurrencies On VirgoCX

VirgoCX currently supports more than 50 crypto tokens, and they're regularly adding more:

VirgoCX Fees

VirgoCX charges zero deposit fees and zero trading fees, keeping more of your money in your pocket. Of course, VirgoCX charges spreads just like the rest of the industry, but those are very reasonable, too.

Here's a breakdown of the current spreads VirgoCX charges on a few of the most popular cryptocurrencies:

Even after accounting for spreads, VirgoCX is still the cheapest Australian exchange, especially compared to other popular choices like Swyftx.

Keep in mind that VirgoCX's spreads change dynamically in reaction to market conditions, so they may be slightly lower or higher than this when you go to make a trade.

As for other fees, VirgoCX only charges withdrawal fees on some cryptocurrencies, and fiat withdrawals are free. Withdrawal fees for ERC20 tokens are dependent on the network and can be monitored in real-time on VirgoCX's site.

For ETH and ERC20 transactions, VirgoCX covers up to $6 of the network fee for each transaction. To optimize ERC20 coin withdrawals, VirgoCX has enabled multichain support for select coins.

Despite being a popular payment method today, VirgoCX doesn't allow you to buy crypto with PayPal.

How To Withdraw From VirgoCX

In order to withdraw funds from your VirgoCX account, you'll need to follow these steps:

1. Fiat Withdrawal

1. Click “Fund” from the left of your dashboard account.
2. Locate the Australian Dollar Withdrawal option.
3. Click “Wire Transfer” or “Interac e-Transfer.”
4. Input the amount you wish to withdraw and confirm the withdrawal.

2. Crypto Withdrawal

1. Choose the cryptocurrency you wish to withdraw.
2. Click “Withdrawal” from the right.
3. Paste the address you want to deposit your digital assets into.
4. Enter the amount you wish to withdraw.
5. A confirmation email will be sent to your registered email address.

In Summary

VirgoCX is one of our best-rated Australian cryptocurrency exchanges. It operates an extremely secure platform and has the lowest fees in Australia. VirgoCX also offers some features (like its NFT marketplace) not available with any other Australian crypto exchange and doesn't charge any fiat deposit or withdrawal fees, either.

SPECIAL OFFER: From now until April 27, 2024, VirgoCX is offering a $20 signup bonus when using my referral link below and my promo code YOREOYSTER. I've personally used VirgoCX for more than a year now, so I'm confident in recommending it as Australia's best crypto exchange.

VirgoCX Review FAQs

Is VirgoCX safe & secure?

Yes, we believe VirgoCX is a safe cryptocurrency exchange to use. The platform validates each account holder's credentials whenever they make financial transactions and follows Know Your Customer (KYC), Anti-Money Laundering, and anti-terrorist financing laws. Two-factor authentication is mandatory for all VirgoCX account holders, which helps to keep your account secure.

VirgoCX encrypts all sensitive information with a variety of security safeguards (SSL encryption, etc.), minimizing the possibility of data leaks. VirgoCX maintains a 95% cold storage policy, keeping the vast majority of its users' crypto in cold storage with the industry leader, Coinbase Custody.

Is VirgoCX legal in Australia?

Yes, VirgoCX is a legal, regulated and legitimate cryptocurrency exchange in Australia, given that it's registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). VirgoCX is proactively complying with legal and regulatory guidelines to ensure users can fund their accounts and buy crypto with confidence.

Is VirgoCX trustworthy?

Yes, VirgoCX is a trustworthy exchange for several reasons: it's registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and regularly undergoes voluntary third-party security audits.

Does VirgoCX verify accounts instantly?

Yes, VirgoCX does verify most accounts instantly. If your account needs to go through the manual verification process for some reason, these are the documents VirgoCX's team will request of you:

• A picture of an Australian driver's license, passport, or original Australian utility bill.
• A picture of either an Australian utility bill, bank or credit card statement, or loan account statement.

Is VirgoCX good for Australians?

Yes, we believe VirgoCX is a great exchange for Australians interested in crypto investing. Considering its ease of use, support for 50+ cryptocurrencies, and zero trading fees, we're confident in recommending VirgoCX as one of the best crypto exchanges in Australia.

How well is VirgoCX reviewed on Reddit?

Reddit has mainly positive reviews of VirgoCX, though as with all crypto exchanges, some Redditors have good things to say while others don’t. Of course, Redditors are known for their brutally honest opinions, so anything you find on Reddit should be taken with a grain of salt.

Can I buy Dogecoin with VirgoCX?

Yes, you can buy Dogecoin with VirgoCX without having to worry about trading fees (though you will have to pay a spread of around 0.90%).

Is VirgoCX insured?

Yes, VirgoCX's crypto holdings are insured up to $1 million in crime insurance. Their specific policy covers crimes, including theft and damages.

Does VirgoCX have a referral code?

When you sign up for VirgoCX using the link above and the referral code YOREOYSTER, you'll receive a $20 signup bonus after depositing $100 or more.