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Is VirgoCX Safe? What Beginners Should Know

Is VirgoCX Safe? What Beginners Should Know
Jordan
Major
Updated: 24 Aug, 2021
11 mins read

In this guide

This guide will go through the specifics of the VirgoCX cryptocurrency trading platform and detail whether it is a secure crypto platform to utilize. We’ll thoroughly analyze VirgoCX’s security procedures that are put in place to defend it from hackers and maintain the network’s security.

Additionally, you will learn about the company’s key products, trustworthiness, customer support, regulatory license, and security report.

For more information on the platform and its primary products, read our extensive VirgoCX review.

About VirgoCX

In the first half of 2021, VirgoCX, Canada’s top regulated cryptocurrency trading platform, announced a record-breaking rise in trading volume and user base. The company’s rapid development is being driven by its continual attention towards enhancing the trading experience and meeting expanding client demands in the wake of rising interest in the cryptocurrency space.

VirgoCX has simplified trading and funding, reduced entry hurdles and expenses to the crypto markets, verified and listed prominent digital assets after thorough due diligence to safeguard investors’ interests, and offered carefully selected material to educate the public about cryptocurrency.


VirgoCX core products and features

Supported cryptocurrencies

Since its establishment in 2018, the firm has worked hard to promote secure custody and storage of cryptocurrencies to its clients. At the moment, the users of the platform may trade up to 25 cryptocurrencies, including: 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Cardano (ADA)
  • Litecoin (LTC)
  • Chainlink (LINK)
  • Stellar (XLM)
  • Polkadot (DOT)

When you select “BTC/CAD” on the top navigation bar on the trading screen, a dropdown menu appears with all the available coins. The entire list may be seen here.

Trading platform

There are two kinds of trading screen operations for both novice and expert traders: quick trade and advanced trade. Quick trade caters to inexperienced traders with small to medium-sized orders. 

Technical analysis, charting tools, recent transaction history, limit order, and other gadgets, on the other hand, are better suited for more advanced investors.

VirgoCX Over-The-Counter (OTC) 

VirgoCX OTC is a full-service trade desk specialized in large block transactions, with a minimum of $30,000 per transaction, providing greater liquidity and anonymity. Clients have OTC account managers that will offer you customized care from beginning to end.

Foreign Exchange

VirgoCX provides a reliable currency exchange rate and a low-cost and rapid way of money conversion for institutions and people. 

VirgoCX assists in the facilitation of foreign exchanges; they are 5X less expensive than banks and claim to have the best market rates. The starting price for this service is $20,000 CAD. You may get a no-obligation exchange rate quotation from VirgoCX; contact them to obtain the best pricing.

iOS, Android and Web

VirgoCX mobile app is available for download from the App Store, Android Market, and Google Play for investors and traders.

VirgoCX mobile app. Source: VirgoCX.ca

Via the mobile app, users on the move will have access to the most advanced trading tools, financing options, and live price streaming. 

Experience mobile trading with no trading costs, high liquidity, and no deposit fees. Account setup is a matter of minutes, thanks to the trading platform’s user-friendly interface and automatic verification method.

VirgoCX Affiliate

Users that meet the criteria can monetize their traffic using VirgoCX’s affiliate link—earning a passive income by merely posting their affiliate link on social media and/or other platforms.

Referral program

As per VirgoCX’s referral program, if you bring a friend to VirgoCX, you will both get $30 CAD. Clients that use this method may earn hundreds of dollars since more recommendations mean more money.

VirgoCX Referral Program. Source: VirgoCX.ca

Key Security Measures

Trustability 

VirgoCX is one of Canada’s first crypto trading platforms to apply to the Ontario Securities Commission for registration as a Restricted Dealer in crypto assets (OSC). The site has verified and listed prominent cryptocurrencies to protect investors’ interests after conducting a thorough risk assessment. 

Furthermore, the platform is registered by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), which provides further investor safety. It is taking substantial measures to ensure that all applicable laws and regulations are adhered to.

In addition, the firm uses a trustworthy banking and payment partner to ensure the safe transfer of your fiat cash, while taking all essential measures, such as keeping the majority of money in offline wallets and encrypting any important data.

The Canadian platform has an unblemished track record of security; meaning since its inception in 2018 the platform has not been victim to any hacks.

VirgoCX Proof of Reserves and Security Report

VirgoCX hired Huayan CPA Professional Corporation to conduct a “Proof of Reserve” (PoR) audit on November 24th, 2020, to establish that VirgoCX held quantities of cryptocurrency higher or equal to outstanding customer liabilities.

The report examined every facet of the organization, including Ledger Vault, security measures, and the asset-liability ratio, to verify that VirgoCX was functioning as openly and compliantly as possible.

Huayan CPA also noted that VirgoCX’s holdings (crypto: ETH, BTC, USDT, PAX, USDC, EURS, LTC, BCH, EOS, and PAXG; fiat: CAD, USD) exceeded 100% of liabilities at the time of the assessment and was able to utilize the private keys to substantiate ownership and control.

Furthermore, all workers at VirgoCX, including the founders and executive team, have undergone criminal background checks. Thus, practical steps have been put in place to prevent or mitigate a breach of VirgoCX’s systems, customer data, and client assets.

Encryption

To safeguard users’ money and privacy, VirgoCX makes every effort to protect its systems in order to provide a secure trading environment, including Secure Sockets Layer (SSL) on top of assets being safeguarded by Ledger Vault security.

VirgoCX safe trading. Source: VirgoCX.ca

Whatsmore, customer personal information such as passwords are encrypted, and an advanced firewall and anti-virus software are in place to protect all company computers.

Licensing & Regulation

As previously mentioned, VirgoCX is a registered Money Services Business (MSB) with FINTRAC to operate with foreign exchange dealing, money transferring, and dealing in virtual currencies. By the same token, they are also regulated by the Ontario Securities Commission.

Account and Information Security

To protect your account, VirgoCX employs rigorous account security procedures. The trading platform complies with PIPEDA (Canada’s privacy statute for the protection of personal information); thus, the platform will never sell or disclose your data unless compelled by law. 

Regarding data, it is kept on servers in Canada with an industry-leading cloud provider that has partnered with VirgoCX. Your data and any personal information supplied to VirgoCX Inc., including during the registration process or in connection with the services is protected under their obligations.

Assets Security

All transactions are subject to institutional-grade control at VirgoCX. Additionally, all of the user’s fiat assets are managed by a respected banking partner in Canada. 

Insurance

VirgoCX has a $1 million CAD criminal insurance policy in place for cryptocurrency. The policy covers crimes including theft and damages, enabling customers to trade with confidence.

Audits

VirgoCX hires reputable third parties to do routine audits, such as proof of reserve audits, to demonstrate security and custody of the assets. DW LLP, one of Ontario’s chartered professional accounting firms, performed a financial audit, Huayan CPA Professional Corporation conducted a proof of reserve audit, and MNP LLP conducted an anti-money laundering audit.

VirgoCX customer security features

2-Factor authentication (2FA)

To protect your account, users can install various levels of security. The majority are optional and may be turned on/off in your settings: 

VirgoCX advocates utilizing 2-factor authentication to safeguard and secure your account, employing Google Authenticator to protect your account, prevent asset theft, and add an extra degree of protection. 

Google Authenticator requires you to enter a code from your mobile device before you can log in or make a trade on the VirgoCX website or app.

This extra security process guarantees that even if someone acquires your password, they will be unable to access your account unless they have access to your mobile phone.

How to set up Google 2FA step by step:

Step 1: To enable 2FA, you must first download the “Google Authenticator” app. You may get the application from the Apple App Store or the Google Play Store.

Step 2: Once you’ve created your “Google Authenticator,” log in to your account, choose “Account Settings” from the left dashboard, then “Security,” and look for the “Google Authenticator” at the bottom. To set up 2FA, simply click “Enable” and follow the steps.

Step 3: Open the Google Authenticator app, scan the QR code, and a 6-digit number or “token” will be generated. Enter the code to confirm. Every 30 seconds, this code is changed. If you can’t scan the QR code, you’ll need to utilize the Google Authenticator Key. 

Thus, if you lose your Google Authenticator, you can restore it by using the Google Authenticator Key you maintain in a secure location.

Know your client (KYC)

The trading platform validates the identity of every VirgoCX Inc. customer as part of their KYC (Know Your Client), AML (Anti-Money Laundering), and ATF (Anti-Terrorist Financing) procedures. The FINTRAC requires this method to protect the safety of clients’ accounts and protect financial transactions.

Verify your account prompt. Source: VirgoCX.ca

Transaction password

A transaction password is used to authenticate any trade activity, such as the purchase of Ethereum. One can set your transaction password by clicking “Security” in your account settings, then finding and clicking “transaction password” and selecting “set password”. 

An email verification code and a Google authenticator code are required to complete the setup of your account. Likewise, the transaction password can be changed or disabled at any time by logging into your account.

VirgoCX Customer support 

There is a support page, and a security page for online resources, and these should be your first point of contact if you have any questions about the platform or how to use certain features.

VirgoCX Support Security Page. Source: VirgoCX.ca

VirgoCX provides a dedicated live support team to assist users with any account difficulties they may be experiencing. They are available at all hours of the day and night. You may contact their customer care professionals for questions by live chat, email, or phone support line.

Equally, you may reach them by a contact form, email, phone, or live chat on the app. The firm’s multilingual support team provides live help to handle your concerns 24 hours a day, seven days a week. 

Users can submit a request by adding their email address and the topic, E-transfer Amount (optional), Transaction Hash (optional), and Attachments (optional) if they are unable to resolve whatever issue they are experiencing by first consulting the help advice page on the VirgoCX website. 

Inquiries: [email protected] 

Visit the Support Centre or send an email to [email protected] for assistance. 

Or additionally, visit the VirgoCX contact page.


Verdict 

VirgoCX is recognized as one of the most reliable cryptocurrency trading platforms on the Canadian market, a firm that complies with the country’s many regulatory frameworks. Whatsmore, the platform, which is forward-thinking and progressive, has grown significantly since its inception in 2018.

Today, the platform is among the top competitors in the crypto sector in terms of security, dependability, service quality, and functionality. The trading platform is suitable for both novice and experienced traders searching for exposure to well-known crypto assets and tokens. 

In our view, the VirgoCX trading platform is one of the safest and most secure platforms on the Canadian market. It has a spotless hacking record, assesses new cryptocurrencies before admitting them on its platform, and follows rigorous rules and regulations to make trading and the exchange process as safe as possible. 

The company uses the most recent developments in modern technology, the highest possible technological standards available in the industry to safeguard your data and any personal information, as well as to ensure the secrecy of trading operations.

Join VirgoCX’s social channels: Twitter, Facebook, Instagram, LinkedIn, and YouTube to keep up to speed on all of their activities surrounding their platform.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.