Security Compliance
VirgoCX offers $1 Million in crime insurance coverage with Coinbase Custody. Should the exchange be compromised, VirgoCX could potentially refund any customers’ stolen coins.
VirgoCX’s crypto assets are held in cold storage with Coinbase Custody and only a small amount are kept on the platform for trading. All fiat assets are held with their Canadian banking partner, though it is not mentioned who the partner is. However, we always recommend transferring all the funds to your own Canadian crypto wallet.
Beaver Bitcoin is non-custodial by default, which means your Bitcoin is sent directly to your personal wallet, and the exchange never holds your funds. This minimizes exchange risk and gives users full control.
VirgoCX, on the other hand, holds most assets in cold storage through Coinbase Custody and provides $1 million in crime insurance coverage. Fiat is stored with a Canadian banking partner. While VirgoCX offers strong custodial protections, Beaver Bitcoin’s self-custody-first approach is inherently safer for those prioritizing security.
Regulatory Compliance
VirgoCX is registered with FINTRAC and PIPEDA. Therefore, it is fully compliant in Canada. VirgoCX also has regular audits which prove that its reserves exist.
Both exchanges are registered with FINTRAC as Money Services Businesses, meaning they must comply with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). VirgoCX additionally follows PIPEDA regulations for data protection and undergoes regular audits. Both are subject to federal oversight, and clients must complete KYC verification to use their services.
Customer support
If you need help, you can contact VirgoCX’s support team via email or live chat 24/7. They also offer multi-language support. Not many exchanges offer live chat.
Beaver Bitcoin provides customer support via its website form and email, suitable for its focused, simple service. VirgoCX offers more comprehensive support with 24/7 live chat, email, and even multi-language assistance. This makes VirgoCX more responsive, especially for beginners or users with urgent needs.
Conclusion
Both Beaver Bitcoin and VirgoCX are good options for Canadians, but they serve different needs. VirgoCX appeals to those who want a wide variety of cryptocurrencies, extra features like an NFT marketplace, and robust customer support. Beaver Bitcoin, however, comes out on top for its transparent flat fees, Bitcoin-only simplicity, and self-custody-first design. For Canadians who value security and clarity above all else, Beaver Bitcoin is the winner.
We recommend choosing Beaver Bitcoin over VirgoCX for your cryptocurrency trading needs. By opting for Beaver Bitcoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Beaver Bitcoin nor VirgoCX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
