VirgoCX Review

VirgoCX Ratings at a Glance

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VirgoCX aims to become the trusted full-service solution for all things cryptocurrency to all Canadians. VirgoCX is a rapidly growing trading platform that transacted more than $300 million in total trade volume in the first half of 2021. The firm is headquartered in Toronto, Canada. Its fee structure, speed and security contribute to its value for traders.

An example of a feature that benefits Canadian cryptocurrency traders is its fee model. VirgoCX does not charge trading fees, which especially benefits cryptocurrency traders who perform a larger amount of transactions. 

VirgoCX provides limit order trading to its customers so that you can select the price that you want to buy or sell your cryptocurrencies. If the price of a cryptocurrency goes up or down and reached your limit order, the crypto will be automatically bought or sold on your account. 

VirgoCX allows its Canadian customers to instantly purchase cryptocurrencies using Canadian dollars, so you don’t need to convert CAD to USD before purchasing crypto. This feature helps provide Canadian customers a frictionless purchasing experience. Fund your VirgoCX account instantly with Interac e-Transfer, and trade crypto within minutes of funding your VirgoCX account. 

VirgoCX is a secure cryptocurrency trading platform. The platform has never been hacked in its history. The firm undergoes regular third-party audits, and it has insurance in case of a hack. The firm is Financial Transactions and Reports Analysis Center of Canada (FINTRAC)-registered and is on the road to obtaining additional compliance licenses. 

A major con is that the firm has higher-than-average withdrawal fees for ERC20 tokens even with its $6 subsidy. It should be noted ERC20 token withdrawals are expensive to begin with due to Ethereum's network gas fee. VirgoCX has gone above and beyond the industry standard to subsidize $6 CAD for withdrawals. VirgoCX does not profit off of the ERC20 withdrawal fees, they pay to cover the $6 per withdrawal.

The negative of this feature is that the platform would not be ideal for investors who wish to purchase and use their cryptocurrencies with an external wallet. The strategy of using Ether tokens within decentralized finance (DeFi) has become more popular over the last two years, as it provides ways to earn interest on your holdings. This trading platform is ideal for those looking to keep their assets on the platform but may not be ideal for Web3 users. However, the platform does offer free withdrawals for non-ERC20 tokens, such as Bitcoin. Users also have the option to cash out tokens for free through fiat withdrawals.

VirgoCX is only available for Canadian residents who are over the age of the majority of their province.  

The VirgoCX platform does not provide pre-authorized withdrawal wallets, which function as a technique in place in case of a hack. In this situation, the hacker would only be able to send your cryptocurrencies to another wallet of yours. This safety feature can be found in several major cryptocurrency exchanges and trading platforms. Gemini is an example of a major cryptocurrency exchange that offers this feature.

How VirgoCX Works

VirgoCX allows Canadians to purchase a large selection of available cryptocurrencies, including Bitcoin, Ethereum, Cardano and Solana through their retail platform. In the recent years, VirgoCX launched institutional services: VirgoCX Wealth and their NFT Brokerage – one of the first to do so in Canada.  

The NFT Brokerage service allows users to discover, trade and collect NFTs from several different projects. In addition to individuals, VirgoCX aims to serve institutional investors with trade desk for transactions over $30,000 and provides many features which institutional investors will find beneficial. Institutional traders can access OTC Direct and Chat Broker services through the VirgoCX Wealth platform.

VirgoCX Wealth offers deep liquidity pools that fill large crypto orders without price slippage — a true benefit because large orders on many decentralized exchanges can have a negative impact on the price of the cryptocurrency being purchased. For example, Uniswap executes large trades at exponentially worse rates than smaller ones. Additionally, the platform provides personal account managers. Through OTC Direct, clients are able to execute large trades instantaneously 24/7. 

VirgoCX provides customers with 24/7 live chat support in multiple languages. You can reach a VirgoCX representative via email and an online contact form. Chat Broker services are also available through VirgoCX Wealth. Additionally, the company has a strong social media presence on Twitter, Reddit, Facebook, LinkedIn, YouTube and Instagram.

VirgoCX provides competitive buy and sell prices that are supported by excellent liquidity and tight spreads. The company saw over $300 million dollars worth of transaction volume in the first half of 2021. The liquidity of a platform can be determined by the trading volume.

VirgoCX charges no fiat and crypto deposit fee, no fiat withdrawal fees, no withdrawal fee for all non-ERC20 coins and subsidizes $6 for all ERC20 coin withdrawals.

VirgoCX offers its customers a mobile application to trade cryptocurrencies from anywhere. The user interface is intuitive and easy to understand. The application is available on both the Apple app store as well as the Google Play store. Since cryptocurrency prices can change at any time, it is crucial that users have an easily accessible way to trade cryptocurrencies.

VirgoCX offers many valuable user benefits. With instant funding, you can fund your account conveniently with Interac e-Transfer. Commission-free trading and tight spreads lower user expenses and maximizes profit. The platform’s strict compliance and security measures allows a worry-free experience for all users. Integrated services like its OTC service and NFT brokerage ensure a seamless trading experience.

Get $30 for FREE when you verify and fund your VirgoCX account with over $100CAD. 

VirgoCX provides an intuitive user interface. Beginner-friendly and easy to navigate, you access comprehensive instructions to join the platform. The platform’s dashboard showcases your balance and the current market prices side by side in an easy-to-understand manner. You can access a Quick Trade section that allows the users to purchase cryptocurrencies instantly with ease. The advanced trade section provides experienced traders with sophisticated tools to place market or limit orders for their cryptocurrency purchase.

VirgoCX vs. Competitors

VirgoCX faces competition from major exchanges such as Crypto.com, Coinbase and Binance. 

Although VirgoCX handles a large volume of transactions relative to the Canadian cryptocurrency market, its volume pales in comparison to these major international exchanges. 

VirgoCX receives an overall rating of five stars because of its excellent ability in serving a very specific demographic. VirgoCX is designed so that all features work well together in serving cryptocurrency traders. VirgoCX provides more value to cryptocurrency traders and has a competitive advantage over other exchanges due to its focus on serving this demographic. 

The secure VirgoCX trading platform is run by a highly qualified management team. VirgoCX has never been hacked in its history and has many safety measures in place to ensure that this stays true. It provides excellent customer support, and processes a high amount of transaction volume relative to the Canadian cryptocurrency market. 

Frequently Asked Questions