Security Compliance
Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.
Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.
As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.
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.
Binance places a high priority on security and implements stringent measures to ensure the safety of user accounts and funds. These include the use of two-factor authentication (2FA) for added account protection, cold storage to secure customer funds offline, and collaborations with reputable cybersecurity firms to ensure the platform's resilience against potential threats. Binance has a strong reputation for security.
VirgoCX takes security seriously and offers $1 Million in crime insurance coverage with Coinbase Custody. The exchange stores most crypto assets in cold storage with Coinbase Custody and conducts regular audits. VirgoCX is registered with FINTRAC and PIPEDA, ensuring compliance in Canada.
Regulatory Compliance
Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type.
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.
Binance operates globally and complies with relevant regulations in various jurisdictions. In 2021, the Ontario Securities Commission (OSC) raised concerns about the compliance of certain crypto exchanges, including Binance, with securities regulations in the province. While Binance decided to halt operations in Ontario and comply with the request, there have been no updates or changes since then. As a result, residents of Ontario are currently unable to use Binance. However, there are no restrictions in other Canadian provinces and territories, and Binance continues to be available to users outside of Ontario.
VirgoCX is a fully regulated Canadian exchange and is registered with FINTRAC and PIPEDA. The exchange adheres to Canadian compliance standards and conducts regular audits to ensure regulatory compliance.
Customer support
Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.
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.
Binance ensures round-the-clock customer support, offering convenient channels such as live chat and an extensive help center. Users have easy access to a wide range of resources and assistance, enabling them to promptly address any queries or concerns they may have.
VirgoCX offers customer support through email and live chat, available 24/7. The exchange provides multi-language support, which is a valuable feature for users.
Conclusion
In conclusion, both Binance and VirgoCX are reputable cryptocurrency exchanges that cater to the needs of Canadian users. They offer a range of features, security measures, and user-friendly platforms. However, if we were to choose a winner, Binance emerges as the preferred option. Binance stands out due to its extensive global user base, user-friendly mobile and desktop apps, emphasis on security, and continuous efforts to comply with regulatory requirements. Furthermore, Binance's wide range of trading options, low fees, and excellent customer support contribute to its superiority in the crypto exchange landscape.
Initially, we recommended choosing Binance over VirgoCX for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over VirgoCX.
If you find that neither Binance 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.
