VirgoFX charges a 0.95% spread for trading BTC & ETH against USD or CAD. Trading other cryptocurrencies against these two incurs a 1.6% spread. For trading digital assets against USDC, there is a 0.5-0.6% cost for tier 1 coins/tokens.
VirgoCX Information & Regulation
Founded in 2018 by Adam Cai, VirgoCX Inc. is headquartered in the heart of Toronto at 4950 Yonge St, North York. Here's the lowdown on VirgoCX's regulatory credentials:
- Registered as a Money Service Business (MSB) under the number M19955733
- Operates under the supervision of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
- Registered with the Canadian Securities Administrators (CSA) under the number 72570
Although not directly registered with the BCSC or ASC, VirgoCX maintains adherence to national regulatory frameworks.
VirgoCX Exchange Key Specifications
The company operates based on a set of parameters in providing its crypto exchange services:
Exchange | VirgoCX |
Launch Date | 2018 |
Levels | Unverified, Verified |
Trading Fees | Varies |
Restricted Countries | Afghanistan, Iran, Iraq, North Korea, etc. |
Supported Coins | 90+ |
Futures Trading | None |
Minimum Deposit | $1 |
Deposit Methods | Interac e-Transfer, Bill Payment, and Credit/Debit Card for CAD, Wire Transfer for USD or CAD, Crypto |
Withdrawal Methods | Interac e-Transfer, Bill Payment, and Credit/Debit Card for CAD, Wire Transfer for USD or CAD, Crypto |
Maximum Leverage | 1x |
Minimum Trade Amount | Zero |
Security Factors | 2FA, PIPEDA Compliant, Fiat Assets Held Within Trusted Bank Partner, Cold Storage, 1M CAD Insurance, Proof of Reserve and Other Types of Audits |
Services | Virgo Boost Program |
Customer Support Ways | Email, Live Chat, Ticket |
Customer Support Hours | Monday to Friday, 10 AM to 6 PM ET |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | N/A |
Native Token | None |
Benefits and Drawbacks
Like any platform, VirgoCX has its strengths and weaknesses. Let's break them down:
Benefits | Drawbacks |
Decent Range of Cryptocurrencies | No Passive Earning Features |
Registered with CSA | Only Spot Trading Provided |
Various Security Measures | - |
VirgoCX Exchange User Levels
Based on the examinations done on the platform, it does not employ any user leveling system. Only two levels are available, which are Unverified and Verified; the former restricts users in some operations with the exchange.
Commissions and Costs in VirgoCX
The exchange has a complex structure when it comes to trading fees. The next sections review commissions in trading and in deposits/withdrawals.
Trading Fees
The table below discusses the spreads for CAD and USD to crypto market pairs:
Tier | Tier 1 Assets (BTC & ETH) | Tier 2 Assets (All Other Symbols) |
Fees | 0.95% | 1.6% |
For USDC to other cryptocurrency pairs, costs are as follows:
Tier | Tier 1 Assets | Tier 2 Assets | Tier 3 Assets |
Cryptocurrencies | ADA, ALGO, ARB, ATOM, AVAX, BCH, BTC, DOGE, DOT, ETH, FIL, LINK, LTC, MATIC, NEAR, RENDER, SHIB, SOL, XLM, XRP, POL | BONK, HBAR, ICP, ONDO, OP | ILV, JUP, PEPE, PRIME, WIF, WLD |
Commissions | 0.5%-0.6% | 0.6%-0.7% | 0.7%-1% |
Finally, there is a spread system for buying USD using CAD and vice versa:
Order Amount (CAD/USD) | Spread |
0 | 1.85% |
$50,000+ | 1.45% |
$100,000+ | 0.95% |
The company states that these spreads could increase to up to 2% "during weekends and statutory holidays regardless of the order size".
Deposit/Withdrawal Costs
For making fiat deposits, only credit card [3.99%] and debit card [2.99%] methods incur fees. There are no costs of any kind for fiat withdrawals.
Also, there are no commissions for crypto fundings; however, withdrawing cryptocurrencies from the exchange comes with a cost that varies based on the blockchain used.
List of Available Cryptocurrencies
With over 90 digital assets available for trading against USD, USDC, and CAD, VirgoFX claims that it offers one of the longest lists among Canadian exchanges. These assets are from various categories, including:
- NFT
- Gaming
- Metaverse
- Storage
- Infrastructure
- Data
- Scaling
Does VirgoCX Exchange Offer Futures And Margin Trading?
This company does not provide any futures and margin trading options, similar to many other Canadian crypto exchanges. Traders looking for leveraged profits should look elsewhere.
How to Open an Account and Verify
Signing up with VirgoCX is a quick and easy process. Here's our guide:
#1 Access Registration Portal
Visit VirgoCX’s official platform and click Sign Up to begin.
#2 Enter Credentials or Use Social Login
Provide your email and a strong password, or expedite signup via Google/Apple integration.
#3 Accept Terms & Conditions
Review and agree to VirgoCX’s policies to proceed.
#4 Verify Your Email
Check your inbox for a confirmation code and enter it on the platform.
#5 Complete KYC Verification
Submit required documents (ID, proof of residence) to activate full account privileges. Fast-tracked for traders.
Exchange Trading Platform and Applications
VirgoCX has developed a proprietary platform for executing orders with essential features and a TradingView-powered chart. The terminal offers a "Recurring Buy" option, enabling traders to automate buying cryptocurrencies. It is accessible via web browser and mobile apps that are downloadable via these links:
Safety and Security Measures
VirgoCX has mentioned several security implementations that have been done on its platform:
- Two-Factor Authentication (2FA): Additional security for the account
- PIPEDA Compliant: Adheres to Canadian privacy laws
- Cold Storage: Holds most assets in offline storage by Coinbase Custody
- 1M CAD Insurance: Additional protection against potential breaches
- Proof of Reserve: Regular audits to ensure user funds are fully backed
Based on the investigations, no recorded breaches or successful hacks exist in VirgoCX's operational history.
Payment Options on VirgoCX
The exchange offers a suitable set of payment methods to its users.
For CAD:
- Interac e-Transfer
- Wire Transfer
- Bill Payment
- Credit/Debit Card
For USD deposits/withdrawals, traders can only use wire transfers. Also, VirgoCX accepts crypto transactions.
Trust Ratings and Evaluations
When it comes to VirgoCX Trustpilot Score and other websites, there are few ratings:
- Trustpilot: 3.7/5 stars (only one review)
- ScamAdviser: 2.5/5 user score (based on 2 reviews), but 100/100 Trustscore
Since the number of scores is too low, we cannot consider these results reliable.
VirgoCX Features
The table below summarizes the additional benefits offered by the exchange:
Features | Availability |
Staking | No |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Gift Card | No |
VirgoCX Support: Contact Channels and Working Schedule
This exchange offers 3 options for contacting the support department:
- Email: support@virgocx.ca
- Live Chat: Available through the website
- Ticket: On “Contact Us” page
VirgoCX's live chat support team is available Monday to Friday, 10 AM to 6 PM ET.
Copy Trading and Passive Investment Features
If you're looking for copy trading or passive income options on VirgoCX, you might be disappointed. The platform currently doesn't offer these features.
VirgoCX Restricted Countries
Some countries in the world are internationally sanctioned or restricted for various reasons, and global companies including VirgoCX do not offer services to them. These regions include:
- Afghanistan
- Belarus
- North Korea
- Iran
- Iraq
- Jamaica
- Turkey
- Yemen
- And more
VirgoCX in Comparison With Competitors
The brokerage's performance is evaluated against some of the major players in the industry in this section:
Parameters | VirgoCX Exchange | Bybit Exchange | OKX Exchange | HTX Exchange |
Number of Assets | 90+ | 1300+ | 7800+ | 700+ |
Maximum Leverage | 1:1 | 1:100 | 1:12 | 1:200 |
Minimum Deposit | $1 | Varies by Cryptocurrency | N/A | $1 |
Spot Maker Fee | 0.5% - 1.85% | 0.005% - 0.1% | -0.01% - 0.14% | From 0.02% |
Spot Taker Fee | 0.5% - 1.85% | 0.015% - 0.1% | 0.03% - 0.23% | From 0.02% |
Mandatory KYC | Yes | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | No |
Staking | No | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
Writer's Opinion and Conclusion
VirgoCX, offering 90+ tradable cryptocurrencies and no-commission crypto deposits, does not charge traders for withdrawing fiat currencies. The platform hasn’t received many reviews, but has obtained a 100/100 Trustscore on “ScamAdviser”.