Security Compliance
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition doesn't change these protections, since Robinhood stepped into Canada's existing regulatory structure rather than around it. As always, crypto itself isn't covered by CIPF, so long-term holdings belong in your own wallet.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered to your own wallet, so there is no pool of customer funds on the exchange for hackers to steal. This replaces the old model, where assets were held in cold storage with third-party custody and covered by crime insurance. The new approach is actually closer to what we always recommend anyway: holding your own coins in your own Canadian crypto wallet. Fiat balances are held with Canadian banking partners.
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition, completed June 1, 2026, doesn't change these protections — Robinhood stepped into Canada's existing regulatory structure rather than around it, and C$2.1 billion in Canadian client assets under custody remain subject to the same CIRO requirements. Crypto assets aren't covered by CIPF, so long-term holdings belong in your own wallet.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered to your own wallet, so there is no pool of customer funds on the exchange for hackers to steal. This replaces the old custodial model entirely. The approach is actually closer to what we always recommend anyway: holding your own coins in your own Canadian crypto wallet. Fiat balances are held with Canadian banking partners.
Both Bitbuy and VirgoCX prioritize security but through different models. Bitbuy uses insured cold storage with BitGo and CIRO-mandated quarterly proof-of-reserves. VirgoCX's non-custodial model means it never holds your crypto at all, eliminating exchange-hack risk for your coins entirely — though it also means you take on full responsibility for your own wallet security.
Regulatory Compliance
Bitbuy's regulatory pedigree is among the best in Canada: it was the country's first registered crypto marketplace back in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi group's registered dealer. In June 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, making Bitbuy part of a Nasdaq-listed company while keeping all Canadian registrations in place. The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
VirgoCX is registered with FINTRAC as a money services business (MSB M19955733) and appears on the Canadian Securities Administrators' list of crypto platforms authorized to do business with Canadians, so it is fully legal in Canada. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration, which is why it pivoted to the non-custodial model in April 2025.
Bitbuy's regulatory pedigree is among the best in Canada. It was the country's first registered crypto marketplace in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi/Robinhood group's registered dealer structure. On June 1, 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control of Coinsquare Capital Markets on May 20, 2026, bringing Bitbuy under Robinhood's international operations while keeping all Canadian registrations intact.
VirgoCX is registered with FINTRAC as a money services business (MSB M19955733) and appears on the Canadian Securities Administrators' list of crypto platforms authorized to do business with Canadians, so it is fully legal in Canada. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration, which is why it pivoted to the non-custodial model in April 2025.
Both Bitbuy and VirgoCX are registered with FINTRAC and fully compliant with Canadian law. VirgoCX is also compliant with PIPEDA, ensuring protection of users' personal information. Bitbuy operates under the higher regulatory tier as a CIRO-supervised registered dealer, while VirgoCX operates as a FINTRAC-registered non-custodial MSB.
Customer support
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues, which is a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should also watch their inbox for Robinhood migration communications and review new terms carefully before accepting them.
If you need help, you can contact VirgoCX's support team via email or live chat, and they offer multi-language support. Not many exchanges offer live chat.
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues — a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should watch their inbox closely for Robinhood migration communications and review any new terms carefully before accepting them.
VirgoCX offers support via email and live chat with multi-language support. Not many Canadian exchanges offer live chat at all, which is a genuine plus for newer users navigating the wallet setup process for the first time.
VirgoCX's live chat is a clear advantage over Bitbuy's email-only model, especially for beginners who need help setting up their wallet before they can place their first trade.
Conclusion
Both Bitbuy and VirgoCX are solid, fully compliant Canadian platforms, and the right choice depends on what you need.
Bitbuy is the stronger pick if you want one of Canada's most deeply regulated platforms, with CIRO-supervised custody, insured cold storage with BitGo, staking on nine coins, and a decade-long clean security record. The Robinhood acquisition, which closed June 1, 2026, adds financial backing and a long-term product roadmap. The near-term trade-off is migration uncertainty — new fees, a new interface and new terms are coming, so read those communications carefully before accepting any changes. The 39% staking cut is also worth factoring in if staking yields matter to you.
VirgoCX suits Canadians who want access to over 90 cryptocurrencies with zero trading commissions and are comfortable managing their own wallet. The non-custodial model introduced in April 2025 means your crypto is never on the exchange, which removes custodial hack risk entirely. The spreads are a bit higher on altcoins and you need to set up a wallet first, but the Quick Trade feature and live chat support keep things accessible once you are ready.
We recommend choosing Bitbuy for Canadians who want the deeper regulatory protection of a CIRO-supervised platform. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If neither Bitbuy nor VirgoCX meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
