128

VirgoCX Review 2021 | Fees, Pros, Cons | Bitcoin Trading Platform

VirgoCX Review 2021 | Fees, Pros, Cons | Bitcoin Exchange
Jordan
Major
Updated: 12 Sep, 2021
13 mins read

Introduction

In this review, we will explore VirgoCX, one of Canada’s most reputable cryptocurrency trading platforms. The development of Bitcoin and other cryptocurrencies has created a need to provide the necessary infrastructure for purchasing, selling, and trading digital assets safely; thus, VirgoCX’s mission “is to become the trusted full-service solution for all things cryptocurrency; to all Canadians.”

VirgoCX, founded in 2018, is Canada’s leading regulated cryptocurrency trading platform, committed to providing customers with innovative technology, exceptional liquidity, and top-notch security. It’s worth noting that during the first half of 2021, the rapidly growing platform recorded more than $300 million in total trade volume.

Why users choose VirgoCX trading platform

Firstly, VirgoCX prioritizes making the platform a secure digital currency trading platform that provides both retail and institutional investors with a solid trading experience for cryptocurrencies and stablecoins.

On top of being a fully regulated cryptocurrency trading platform, the firm offers Canada’s lowest prices backed up by excellent liquidity and competitive spreads. Indeed, the platform offers commission-free trading and free deposits along with low withdrawal rates.

Using Interac e-Transfer, customers may fund their account quickly and within minutes have the facility to trade various cryptocurrencies, including Bitcoin, Ethereum, USDC, Litecoin, Dogecoin, and others.

Note: Interac e-Transfer is a service that allows you to transfer cash between personal and business accounts at partnering Canadian banks and other financial institutions.

VirgoCX offers a highly competitive OTC service for crypto-traders wanting to conduct large transactions. Designed for both aspiring and experienced crypto traders, VirgoCX makes it simple and affordable for Canadians to buy and sell cryptocurrency.

The trading platform’s growth and general adoption among Canadian crypto investors and traders may be attributed to several factors, including those listed below:

  • Security: VirgoCX enables Canadians to purchase and trade cryptocurrencies conveniently and securely. They use cutting-edge technology to safeguard your funds and information. Thus traders and investors can use their account and purchase crypto with confidence;
  • Fairness: VirgoCX’s trading platform offers competitive spreads and liquidity, in addition to what they claim “the best prices in Canada for any investor to trade their cryptocurrency”;
  • Transparency: The Canadian firm does not levy any trading or deposit fees. Furthermore, the withdrawal fee structure is straightforward, so you know precisely how much you spend and how much you receive;
  • Professionalism: VirgoCX is externally audited, and it adheres to the highest levels of legal compliance, corporate behavior, and ethical standards.

VirgoCX trading platforms features and products

Trading platform

For both beginner and experienced traders, there are two types of trading screen operations: quick trade and advanced trade. Quick trade is geared towards inexperienced traders with modest to medium-sized orders.

On the other hand, advanced trade is better suited for more active investors; it offers more complex features such as technical analysis, charting tools, recent transaction history, limit order, and other devices.

VirgoCX trading screen. Source: VirgoCX.ca

After validating and funding their account, users can begin exchanging digital and fiat currencies on either VirgoCX platform function.

VirgoCX Over-The-Counter (OTC)

VirgoCX OTC is a full-service trade desk specializing in large block transactions, only executing transactions worth more than $30,000.

Over-the-counter trading is the anonymous exchange of crypto assets between two parties, either crypto-to-crypto or fiat-to-crypto. Strictly speaking, clients are provided with access to a huge pool of crypto and fiat currencies in order to fulfill large orders at the right market price. 

In addition, VirgoCX combines liquidity from a variety of different sources in order to provide direct market access and excellent pricing execution to cryptocurrencies.

Consequently, users will save money on their market order by routing your large block order through their liquidity pools for the best execution.

Moreover, the OTC account managers and trade desk assistants are available to assist institutions with larger orders, thus creating a smooth trading experience 24/7.

VirgoCX offers a conditional same-day settlement; because of its excellent relationships with its collaborating banks, its fiat to cryptocurrency settlement times are among the most competitive in Canada. Over and above that, VirgoCX will keep all onboarding data in a safe location, and the account signup usually takes less than a day.

OTC Direct

Electronically, you can have access to deep liquidity at any time. VirgoCX clients may conduct large block transactions instantly by being connected to VirgoCX OTC Direct. Moreover, the broker’s streamlined procedure enables institutional clients to benefit from optimal execution and flexible post-trade settlements.

OTC Chat Broker

Institutions can access personalized services for carrying out colossal block transactions. VirgoCXs OTC trade team will help with any trade requests you may have for your company.

VirgoCX OTC RFQ system provides an institutional-grade crypto trading platform attracting more institutional and high-net-worth clients.

Foreign Exchange

VirgoCX offers a solid currency exchange rate for your money, a low-cost and quick method of converting money for institutions and individuals as banks are five times more expensive.

To receive a no-obligation exchange rate quotation, you can call VirgoCX. While to ensure your rate, you will get a trade confirmation before initiating your cash transfer once you have locked in your spot exchange rate. 

To initiate, send your money by wire or bank transfer; the money that has been converted is then transferred to your bank account.

VirgoCX Resources

Prices

The prices page gives a rundown of each cryptocurrency along with the information about the assets value, therefore users have an option to check prices before purchasing them.

For example, if a user wanted to go ahead and purchase Bitcoin, they could in 3 simple steps:

  1. Register with VirgoCX and get verified (Note: check our in-depth step-by-step VirgoCX KYC guide to know more);
  2. Fund the account without incurring any costs. You may quickly fund your account with an Interac e-Transfer or a wire transfer;
  3. Purchase Bitcoin in minutes at the best price with no trading costs.
VirgoCX dashboard Bitcoin Quick Trade price. Source: VirgoCX.ca

Fees & Funding

First and foremost, VirgoCX offers low fees and, more importantly, full transparency to its customers. As previously mentioned, there are zero deposit fees and efficient fiat payment on its fully regulated service.

VirgoCX fees screen. Source: VirgoCX

Note: Depositing Canadian dollars is free both via Wire Transfer and Interac e-Transfer. To know more about VirgoCX’s trading fees be sure to check our VirgoCX Fees Guide.  

Withdrawal fees

Withdrawal into Canadian Dollars is a 0.5% fee with Wire Transfer ($20 minimum), whereas Interac e-Transfer is a 0.5% fee ($5 minimum).

With regards to withdrawal fees in crypto, each coin has its own withdrawal fee and minimum withdrawal amount. For example, the most popular digital asset by market cap, Bitcoin (BTC), has a 0.0003 BTC fee and a minimum withdrawal of 0.0015 BTC; on the other hand, Ethereum (ETH) withdrawal fee is 0.0035 ETH, and the minimum withdrawal amount is 0.05 ETH.

VirgoCX Deposit and Withdrawal fees. Source: VirgoCX.ca

Deposit fees

Deposits with US Dollars are also free, but with a $500 minimum US Dollar, however, withdrawal via Wire Transfer incurs a 0.5% fee with $500 minimum though the withdrawal amount is unlimited and it can take up to 24 hours to process, but it typically clears within 45 minutes. Moreover, all cryptocurrency deposits are free, and the processing time is immediate. Lastly, trading fee commissions are, of course, free.

For more information about other cryptocurrencies and their fees, visit VirgoCX Fees & Funds page

Mobile App

Investors and traders can download the VirgoCX Mobile App from the App Store, Google Play, and Android.

VirgoCX mobile app. Source: VirgoCX.ca

VirgoCX customers on the go will have access to the most advanced trading tools, funding methods, and live price streaming through the mobile app.

Enjoy trading on your mobile device with no trading fees, great liquidity, and no deposit fees. Thanks to the Canadian trading platform´s user-friendly design and automated verification procedure, you can open an account in minutes.


Referral program

The referral program at VirgoCX means if you refer a friend to VirgoCX, you will both receive $30 CAD. Clients may make hundreds of dollars by using this approach since more referrals equal more money.

To get access to your unique referral link:

  1. Log in to your VirgoCX account, then click “Invite” in the left navigation column to see your unique referral link;
  2. Simply copy and paste your referral link to your friends;
  3. Refer a friend, and both of you will get $10 CAD. There is no need for a deposit;
  4. When the referred friend signups and makes their first fiat deposit of $100 CAD or higher, you will both receive an additional $20 CAD.

VirgoCX Affiliate

VirgoCX assists you in monetizing your traffic; if you meet the requirements, you can become a VirgoCX Affiliate who can earn a passive income by spreading the word about their affiliate link on social media and /or other platforms simply through sharing.

The following incentives are available to you: 

  • $10 for every verified user on their platform;
  • $20 when they make their first fiat deposit of $100 or more CAD;
  • A 0.08% commission split on all trading quantities.

Please note: There is no limit to how much one can make.

How to open a VirgoCX account (step-by-step guide)

Step 1

To join VirgoCX, just create an account on its website or use its Android or iOS mobile apps.

VirgoCX registration screen. Source: VirgoCX.ca

Step 2

Following that, you must enter some general information (email address, password, referral code, etc.), carefully read through, and agree to the Terms of Service and Privacy Policy, and you will soon be verified.

Step 3

Once you have reached this stage, one can deposit into their account with INTERAC e-Transfer, wire transfer, or other methods and purchase their desired cryptocurrency.


VirgoCX-supported cryptocurrencies

VirgoCX is dedicated to making cryptocurrency trading secure, simple, and inexpensive for Canadians. Therefore, VirgoCX supports 25 different coins and plans to add more to its platform in the future. 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.

The platform offers access to over 10 of the best and well-known cryptos, including:

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

Is VirgoCX safe?

VirgoCX is Canadian FINTRAC registered; the platform provides you all the tools you need to safeguard your assets. Your cryptocurrency is safe owing to a combination of two-factor authentication (2FA), Secure Sockets Layer (SSL), and the fact that assets are protected by Ledger Vault security. Furthermore, the company has a reliable banking and payment partner to ensure the safe transfer of your fiat currency.

VirgoCX safe trading. Source: VirgoCX.ca

The majority of the digital assets on the VirgoCX trading platform are stored in an offline wallet, while the remainder are kept online to allow normal business trading and withdrawals.

Furthermore, the Canadian firm also strongly advises enabling Google Authenticator to keep your account as secure as possible. 

The trading platform validates the identification of all account holders undertaking financial transactions and adheres to Know Your Client (KYC), anti-money laundering, and anti-terrorist financing rules.

Furthermore, all account holders are now required to use two-factor authentication. Technically speaking, VirgoCX encrypts all sensitive information, such as user passwords, using several levels of security protections, guaranteeing that no sensitive data leakage occurs. 

Note: For a full breakdown of the ins and outs of all the platform’s security measures and features, read our ‘Is VirgoCX Safe‘ guide.

VirgoCX Customer Support

Live Help is available 24/7; the firm’s multilingual support team is available 24 hours a day, seven days a week, to resolve your issues.

Users can submit a request by including their email and the subject, E-transfer Amount (optional)

Transaction Hash (optional), Attachments (optional), if they are unable to solve whatever issue they face by first checking the support guidance page on the VirgoCX website.

General Inquiry: [email protected]

Customer Support: Visit the Support Centre or email them at [email protected]cx.ca

In order to find out more about the platform, check out VirgoCX’s social pages: Twitter, Facebook, Instagram, LinkedIn,  and Youtube.

VirgoCX Pros and Cons

Pros

  • There is a wide range of cryptocurrencies to choose from;
  • Canadian FINTRAC fully registered trading platform with a spotless track record of security;
  • Minimal Fees: zero trading and deposit fees, and cheap withdrawal rates;
  • Smooth sign-up procedure to familiarize new users with cryptocurrency;
  • Suitable for beginners, experienced traders as well as both retail and institutional investors.

Cons

  • Not accessible in every country;
  • In comparison to platforms like Coinbase or Binance, there is a smaller level of liquidity.

Final thoughts

Overall, individual and institutional traders can all buy, sell, and trade Bitcoin, Ethereum, and other major digital currencies safely and securely using VircoCX’s high-performance trading platform.

Retail and institutional clients can legally trade fiat currency and cryptocurrencies with a FINTRAC-registered MSB while benefiting from competitive pricing, liquidity, and institutional-grade custodianship.

Lastly, VirgoCX is expanding in tandem with the industry’s rapid evolution providing innovative crypto products. These ongoing service and product enhancements will pave the road for VirgoCX’s future worldwide expansion in response to market demand.

FAQ’s about VirgoCX

Is VirgoCX legitimate?

Yes, the platform has vetted and listed popular cryptos following a thorough risk assessment to protect investors’ interests. Furthermore, it is Canadian FINTRAC registered trading platform, providing more investor protection. It is taking proactive steps to ensure that all applicable rules and regulations are followed. VirgoCX is one of Canada’s first crypto trading platforms to apply for registration as a Restricted Dealer in crypto assets with the Ontario Securities Commission (OSC).

Is VirgoCX safe?

The FINTRAC-registered trading platform has an immaculate security track record, having taken all necessary precautions such as storing the majority of funds in offline wallets, encrypting all sensitive information, two-factor authentication (2FA), Secure Sockets Layer (SSL), and ensuring that assets are protected by Ledger Vault security.

Can you store your crypto on VirgoCX?

Yes, VirgoCX is a safe place to store your cryptocurrency. They have several security measures and processes in place to protect your funds. However, holding significant sums of cryptocurrency on any trading platform is not recommended. Since platforms are prime targets for hackers and may be hacked, storing your cryptocurrency in a hardware wallet such as Ledger is the safest solution.

Is there a referral program on VirgoCX?

Yes, a first-time users referral and bonus program rewards users with up to $30 CAD for depositing and referring other users to the platform; the more you refer, the more you can earn.

Be first to rate

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

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.