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Binance vs. VirgoCX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In this comparison, we will explore two prominent cryptocurrency exchanges in Canada: Binance and VirgoCX. Binance is a globally recognized exchange known for its extensive features and security measures, while VirgoCX is a Canadian-focused exchange that offers simplicity and compliance. Let’s examine the intricacies and discover the distinctions between these two exchanges.

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.

Description

Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types.

VirgoCX is based in Ontario, and offers Canadians an easy way to trade crypto. They have an NFT marketplace, OTC services to trade large amounts of crypto, and a foreign currency exchange should you wish to convert your fiat. 

Coins

400+ including BTC, ETH, XRP, DOGE, USDT

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

  • Free CAD deposits and withdrawals
  • Free crypto deposits
  • High spreads

Pros

  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • Free deposits and withdrawals
  • Interac e-Transfer available
  • OTC Desk
  • NFT marketplace
  • Insurance for crypto assets
  • Fully regulated in Canada
  • USD and CAD accepted
  • Crypto education portal
  • Advanced trading features
  • Quick Trade available

Cons

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • Advanced trading platforms can be confusing for beginners
  • Relatively higher spreads than other exchanges

Account Limits

N/A

  • Interac e-Transfer deposit maximum is $10000/day (same for withdrawals)

Methods to buy

Credit/debit, SWIFT bank transfer with USD

  • Interac e-Transfer
  • Wire Transfer
  • Bill Payment
  • Credit & Debit card

Security

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • $1 Million in crime insurance coverage
  • Cold storage
  • All fiat assets are held with their Canadian banking partner
  • FINTRAC and PIPEDA compliant

Mobile and Desktop Trading

Binance presents a user-friendly mobile app accessible on iOS and Android devices, garnering a commendable rating of 4.7 stars on the App Store and 4.4 stars on Google Play. Binance also provides a robust desktop trading platform with advanced charting tools and various order types.
VirgoCX provides a mobile app designed for both iPhone and Android users, offering convenient access to their services. It has a rating of 3.6 stars on the Apple App Store. The app is intuitive and allows users to access features such as Quick Trade and Advanced Trade. VirgoCX also offers a desktop trading platform with advanced charting tools and order types for experienced users.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

VirgoCX

VirgoCX has a mobile app for both iPhone and Android users. On iOS, the VirgoCX app has a 3.6-star rating with over 50 reviews. On Google Play it does not currently have a rating but has many positive reviews. Some reviewers say the verification process takes a long time, but others say the app is easy to use and reliable. 

Advanced trading with VirgoCX

Advanced trading with VirgoCX

Main dashboard on VirgoCX

Main dashboard on VirgoCX

Quick trade and Advanced trade on VirgoCX mobile app

Quick trade on VirgoCX app

VirgoCX mobile app

VirgoCX mobile app view

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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.