In this guide, we will concentrate on VirgoCX fees. We will analyze the costs paid when utilizing VirgoCX’s most popular products so you know what to expect in terms of pricing from the platform.
Canada-based VirgoCX is a cryptocurrency trading platform that focuses on security and compliance. The firm, founded in 2018, has continued to advocate the secure custody and storage of cryptocurrency for its clients.
By the same token, it is a preeminent trading platform for crypto assets dedicated to simplifying trading and empowering customers with advanced technology, excellent liquidity, and the highest levels of security.
During the first half of 2021, the Canadian-regulated firm achieved a record-breaking increase in trade volume and user base, with a total volume of more than 300 million Canadian dollars.
For more information on the platform and its primary products, read our extensive VirgoCX review.
Introduction to VirgoCX fees
In general, large cryptocurrency trading and depositing rates on crypto platforms may limit your earnings; however, VirgoCX clients can rest assured that their expenses will be waived when it comes to depositing and trading.
Crucially, VirgoCX provides low fees and, more importantly, complete transparency to its clients. The trading platform’s completely regulated service has zero deposit fees and quick fiat payment.
When it comes to cryptocurrency platforms, VirgoCX has some of the lowest rates, and its fee structure is transparent, plain, and easy to understand.
Generally, since fees are levied on each trade, they may rapidly mount up; consequently, traders consider their expenses when selecting a platform.
VirgoCX fees explained
In order to access the detailed information on fees and account funding, scroll down to the resources section on the VirgoCX home page.
First, it is essential to distinguish between ‘Transactions’ and ‘Trades’ before delving into the costs of the trading platform.
An asset deposit or withdrawal from a User Account is referred to as a “transaction.” VirgoCX cannot reverse transactions once a deposit or withdrawal to an invalid wallet address or an address that the intended recipient does not own; for example, it is not reversible and will result in the indefinite loss of the funds.
VirgoCX is under a broker-dealer model meaning users will trade with the Canadian firm, not with other users. Trades are not reversible.
VirgoCX imposes no trading costs, free deposits as well as competitive spreads and pricing that compares favorably to other top platforms in terms of overall buying prices. However, keep in mind that spreads change regularly, so do not consistently anticipate the same rate.
Executed trades are subject to the then-current trading costs, which are collected in the settlement amount for a specific trade. Each transaction’s fees, including the current trading fees, are shown on the site and disclosed prior to the user completing the transaction or trade.
Buying and Selling
VirgoCX’s minimum trade size differs according to the trading pair. The following is a list of all trading pairs, along with their minimum trade sizes. Trading fiat and digital currencies on the VirgoCX platform is possible once your account has been approved and funded.
A trading function can be divided into two categories:
For example, it enables you to easily buy and sell Bitcoin and Ethereum at the current market price. This option is designed specifically for beginner traders who place modest to medium-sized orders.
As an illustration: if you want to buy Bitcoin, go to Dashboard and select “Quick Trade.” Enter the amount of CAD you want to spend on purchasing BTC or the quantity of Bitcoin you want to buy. Examine the number, and when you’re satisfied, click “Proceed” to finish the purchase.
VirgoCX will apply the following trading spreads across three tiers of assets, to the bid and ask prices for each trading pair, in addition to the standard daily transaction fees. Prior to confirming your order, you may check the trading spread that will apply.
It is designed for experienced traders, as it includes a charting tool, technical analysis, limit order, stop limit order, recurring buy and grid trading, as well as recent transaction history, and so forth.
How to use Advanced Trade
There are more possibilities for purchasing and selling with Advanced Trade for experienced traders. Through Advanced Trade, you may examine real-time market deals while placing limit orders.
Steps for placing a limit order:
Step 1: The system will take you to the Advanced Trading site if you log into your account and click on “Advanced trade”;
Step 2: From the upper left corner of the screen, you may pick the trading pair you want to use;
Step 3: As soon as you have entered your limit price and the quantity of currency you intend to exchange, click the Buy/Sell button to place your trade.
VirgoCX’s OTC Desk provides direct market access to cryptocurrencies with excellent price execution to facilitate the smooth execution of large block transactions above $30,000 Canadian dollars with 24/7 institutional liquidity for cryptocurrency.
Since VirgoCX provides its clients with access to a vast pool of crypto and fiat money, it connects traditional financial services and the cryptocurrency markets.
To provide direct market access and outstanding price execution for cryptocurrency, VirgoCX also aggregates liquidity from a range of other sources.
By routing each large block order through their liquidity pools, users may save money on their market orders. Consequently, OTC account managers and trade desk assistants are accessible 24/7 to assist institutions with larger orders.
Virgo customers who are linked to Virgo OTC Direct may perform large block trades immediately. Institutional clients may also take advantage of the broker’s simplified process, which allows for efficient execution and flexible post-trade settlements.
OTC Chat Broker
In order to carry out large block transactions, institutions have access to customized services. Your company’s trade requests will be handled by the OTC Chat Broker trade team at VirgoCX.
More institutional and high-net-worth clients are attracted to VirgoCX’s OTC request for quote (RFQ) system because it provides a crypto trading platform that is of a professional standard.
VirgoCX OTC Clients
- Institutions: VirgoCX allows institutional investors to invest in cryptocurrencies in a flexible way. It is possible for institutions to access the market easily with the digital system and chat brokering alternatives. Flexible settlements allow clients to obtain funds from tier 1 banks when they need it, in addition to speedy execution of transactions.
- Trading Firms: Using VirgoCX’s extremely liquid USDT/CAD on/off ramps, proprietary trading businesses benefit from the OTC desk by being able to hedge risk efficiently. As a result, clients are able to hedge additional risks and maximize their cryptocurrency trading methods through assistance to settle their transactions.
- Miners: VirgoCX OTC allows cryptocurrency mining companies to optimize their working capital by reducing their requirements. In order for their clients to be able to hedge and pay expenditures, they provide speedy settlement for customers.
- High-Net-Worth Individuals: As with VirgoCX market commentary, their high-net-worth clients enjoy VIP treatment in terms of having access to a thorough picture of cryptocurrency markets.
Each cryptocurrency’s price is displayed in detail, along with the asset’s worth, so that customers may verify pricing before buying.
Suppose a customer wants to buy Bitcoin; they could do it in three easy steps:
- Create an account with VirgoCX and verify your identity;
- Swiftly fund your account using an Interac e-Transfer or a wire transfer;
- You can buy Bitcoin in a matter of minutes.
VirgoCX deposit fees and withdrawal fees
Using wire transfers or Interac e-Transfer to deposit Canadian dollars is free. Interac e-Transfer allows clients to fund their accounts fast and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, USDC, Litecoin, Dogecoin, and others, within minutes of funding their account.
Note: Interac allows you to transfer money between personal and business accounts at Canadian banks and other financial institutions that accept Interac e-Transfer as a payment option.
Wire transfers are free, likewise, Interac e-Transfers are free for withdrawals in Canadian and US Dollars. Deposits in US Dollars are likewise free, although there is a $500 minimum.
Last but not least, all cryptocurrency deposits are free, and the processing time is instantaneous. Concerning withdrawal costs, each cryptocurrency has its unique withdrawal charge and minimum withdrawal amount.
In particular, VirgoCX has no withdrawal fees for Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Cardano (ADA), Ethereum (ETH), EOS (EOS), Cosmos (ATOM), Avalanche (AVAX), Filecoin (FIL), Litecoin (LTC), Solana (SOL), and Stellar (XLM) as well as all non-ERC-20 coins.
Bitcoin (BTC), for example, has a minimum withdrawal of 0.0004 BTC, whereas Ethereum has a minimum withdrawal amount of 0.001256 ETH.
For all ERC-20 coins, VirgoCX covers up to $6 CAD of the network fee for each transaction (fees vary per coin) and sidechain support to reduce the trading cost.
Trading charge commissions are completely free. It must be noted that there are just two currencies accepted by VirgoCX: Canadian and US dollars. For the time being, other fiat currencies aren’t supported.
Visit the VirgoCX Fees & Funds page for more information on other cryptocurrencies and their fees.
How to deposit and withdraw
Once you have logged into your account, on the main dashboard, you can fund your account by selecting the ‘Fund’ icon on the left margin. From here, you will be able to deposit into your account.
Fund account with Canadian Dollars
To fund your account with the Interac e-Transfer, follow these steps:
Step 1: Start the e-Transfer procedure by logging into your Canadian Financial Institution’s online banking site;
Step 2 Enter your VirgoCX account, click “Fund” on the left dashboard, then “Interac e-Transfer”, copy the information supplied, and complete your banking transaction;
Step 3: To save the information, click on the copy icon on the right side of each entry and paste it into your banking system. Retyping information from memory might result in mistakes.
Funding your account via a wire transfer is as easy as clicking “Wire Transfer” and following the instructions on the screen in order to complete the Wire transfer successfully.
To withdraw Canadian Dollars
By clicking “Fund” on the left side of your dashboard, locate Canadian Dollar Withdrawal and click “Wire Transfer” to withdraw by wire transfer. Then click “Confirm”. It will take 1 to 3 business days for the funds to be processed and transferred into your bank account.
Fiat rejection fees
Unauthorized transactions, third-party transactions, transactions that exceed relevant limitations, and any other behavior that violates VirgoCX’s terms of service may result in rejection fees.
Fiat Rejection Fees:
- Incoming (deposit) CAD wire/EFT rejection fee of $40 CAD;
- Incoming (deposit) USD wire/EFT/ACH rejection fee of $40 US;
- CAD wire/EFT rejection charge of $40 CAD for outgoing (withdrawal) transactions;
- USD wire/EFT/ACH rejection charge of $40 USD for outgoing (withdrawal);
- Rejection charge for Interac E-transfers (both incoming and outgoing): $10 CAD.
VirgoCX facilitates foreign currency exchanges; they are 5X less expensive than banks. The minimum for this service is $20,000 CAD.
You may contact Virgo for a no-obligation exchange rate quote. Once you have locked in your spot exchange rate, you will get a trade confirmation before making your cash transfer to secure your rate.
To begin, send your funds through wire or bank transfer; the converted funds are then sent to your bank account.
The VirgoCX trading platform is one of the most secure and safe trading platforms available on the Canadian market. It has an unblemished hacking record, evaluates new cryptocurrencies before allowing them on its platform, and adheres to strict laws and regulations to make trading and the exchange process as safe as possible.
To protect your data and any personal information and maintain the confidentiality of trade activities, the firm employs the most recent advancements in contemporary technology, completes private audits, and keeps the highest possible technological standards available in the industry.
All in all, investing in crypto on VirgoCX is easy since the platform’s fee structure is straightforward and transparent; it offers commission-free trading and depositing and low fees for withdrawals and purchases, which makes it stand out from the crowd.
Individual and institutional traders alike may buy, sell, and trade Bitcoin, Ethereum, and other major digital currencies using VircoCX’s high-performance trading platform safely and securely.
In addition to competitive pricing, liquidity, and institutional-grade custodianship, retail and institutional clients can trade fiat money and cryptocurrencies. Finally, VirgoCX is a FINTRAC-licensed Money Services Business (MSB) and approved as a restricted dealer with the Canadian Securities Administrators (CSA).