VirgoCX Review (Dec 2022) + $20 Bonus

November 19, 2022
Reviews
VirgoCX Review

VirgoCX is our #1-rated Canadian cryptocurrency exchange, both because it operates an extremely secure platform and because it has the lowest fees in Canada. VirgoCX also offers some features (like its NFT marketplace) not available with any other Canadian crypto exchange, and doesn't charge any fiat deposit or withdrawal fees, either.

SPECIAL OFFER: From now until December 10, 2022, VirgoCX is offering a $20 signup bonus when using my special referral link and our promo code YOREOYSTER. I've personally used VirgoCX for more than a year now, so I'm confident in recommending it as Canada's best crypto exchange.

What Is VirgoCX?

VirgoCX is a Canadian crypto exchange that launched in 2018. Known for its clean iPhone and Android apps and easy-to-use web interface, VirgoCX is our #1-rated Canadian exchange for buying and selling cryptocurrency.

VirgoCX supports more than 50 crypto assets, follows all Canadian regulations, and is a registered Money Service Business by FINTRAC. It also recently began supporting NFTs and offering foreign exchange services, two items that set it apart from other Canadian crypto platforms.

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

Why you should trust me

  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
  • Unbiased
    All of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
  • Deep Research
    My team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
My top pick →

VirgoCX Features

1. Intuitive Desktop Platform

The VirgoCX trading platform is very user-friendly, 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 a registered Money Services Business (MSB) with FINTRAC, and has been registered as a Restricted Dealer by the Canadian Securities Administrators (CSA) across all of Canada.

Earn $347 From Our First Email

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: support@virgocx.ca (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 Canadian 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:

Bitcoin (BTC)Aave (AAVE)Solana (SOL)OMG Network (OMG)
Ethereum (ETH)Maker (MKR)Shiba Inu (SHIB)TerraUSD (UST)
Litecoin (LTC)Synthetix (SNX)Axie Infinity (AXS)Terra (LUNA)
Bitcoin Cash (BCH)Kyber Network (KNC)Avalanche (AVAX)Fantom (FTM)
EOS (EOS)Basic Attention Token (BAT)Ethereum Classic (ETC)The Sandbox (SAND)
USD Coin (USDC)Compound (COMP)Kusama (KSM)Ocean Protocol (OCEAN)
PAX Gold (PAXG)Polkadot (DOT)The Graph (GRT)Ankr (ANKR)
Stellar (XLM)Cardano (ADA)Chiliz (CHZ)Livepeer (LPT)
Dogecoin (DOGE)Filecoin (FIL)SushiSwap (SUSHI)Audius (AUDIO)
Dai (DAI)Polygon (MATIC)Amp (AMP)Dogelon Mars (ELON)
Uniswap (UNI)Enjin Coin (ENJ) Loopring (LRC) 0x (ZRX)
Chainlink (LINK)Decentraland (MANA)Gala (GALA)dYdX (DYDX)
Curve (CRV)Cosmos (ATOM)Quant (QNT)Storj (STORJ)
Alchemy Pay (ACH)Algorand (ALGO)API3 (API3)Smooth Love Potion (SLP)
NuCypher (NU)Ethereum Name Service (ENS)

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:

CryptoFee
Bitcoin0.80%
Ethereum0.90%
Litecoin0.95%
Dogecoin0.90%

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.

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 Canadian 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 our #1-rated Canadian cryptocurrency exchange, both because it operates an extremely secure platform and because it has the lowest fees in Canada. VirgoCX also offers some features (like its NFT marketplace) not available with any other Canadian crypto exchange, and doesn't charge any fiat deposit or withdrawal fees, either.

SPECIAL OFFER: From now until December 10, 2022, VirgoCX is offering a $20 signup bonus when using my special referral link and our promo code YOREOYSTER. I've personally used VirgoCX for more than a year now, so I'm confident in recommending it as Canada'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 Canada?

Yes, VirgoCX is a legal, regulated and legitimate cryptocurrency exchange in Canada. It's registered as a Money Service Business (MSB) in the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), making it completely legal to use in Canada. 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 a registered Money Services Business with FINTRAC, it's a registered Restricted Dealer with the Canadian Securities Administrators (CSA), and it 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 a Canadian driver's license, passport, or an original Canadian utility bill.
  • A picture of either a Canadian utility bill, bank or credit card statement, or loan account statement.

Is VirgoCX Good For Canadians?

Yes, we believe VirgoCX is a great exchange for Canadians 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 Canada.

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.

VirgoCX Referral Code

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

Does VirgoCX report to the CRA?

Yes — as a Money Services Business registered with FINTRAC, VirgoCX is required to report to the Canada Revenue Agency (CRA). With that said, VirgoCX is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

Earn $347 From Our First Email