Bitbuy vs VirgoCX: What Works Better For Canadians in 2024

Security Compliance

Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.

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.

Both Bitbuy and VirgoCX prioritize security. Bitbuy has 95% of its assets in cold storage, two-factor authentication (2FA), and partnerships with trusted companies for account verification.

VirgoCX also provides robust security measures such as $1 Million in crime insurance coverage, cold storage of assets with Coinbase Custody, and additional account security features including 2FA. While both platforms offer strong security, VirgoCX's additional insurance coverage may provide a slight edge.

Regulatory Compliance

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

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. 

Bitbuy and VirgoCX are both fully compliant with Canadian regulations. They are registered as money services businesses with FINTRAC, Canada's financial intelligence unit. Furthermore, VirgoCX is also compliant with PIPEDA, ensuring the privacy and protection of customer data. This indicates that both platforms are monitored by federal authorities and are required to comply with Canadian federal laws.

Customer support

Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.

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.

Bitbuy provides customer support through email, phone, and a comprehensive FAQ section on their website. VirgoCX, on the other hand, offers 24/7 support through email and live chat, with multilingual assistance. While both platforms strive to provide timely support, the availability of live chat makes VirgoCX more accessible for immediate assistance.

Conclusion

While both Bitbuy and VirgoCX are excellent choices for cryptocurrency exchanges in Canada, Bitbuy comes out slightly ahead due to its lower fees, extensive selection of cryptocurrencies, and a highly rated mobile app. However, users looking for additional security coverage and 24/7 live chat support might find VirgoCX more appealing.

We recommend choosing Bitbuy over VirgoCX for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitbuy 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.