Security Compliance
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
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.
In terms of security, both exchanges demonstrate robust measures. Bitvo utilizes advanced cybersecurity techniques and holds 95% of its assets in cold storage, while also conducting regular third-party audits. VirgoCX also places a strong emphasis on security, offering $1 million in crime insurance coverage with Coinbase Custody, maintaining most assets in cold storage, and implementing regular audits. VirgoCX further ensures account safety with Two-Factor Authentication and email verification codes at each login
Regulatory Compliance
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
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.
Bitvo is registered with FINTRAC, conforming to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), while VirgoCX is also registered with FINTRAC and adheres to PIPEDA. Therefore, both exchanges are under the scrutiny of Canadian federal organizations, ensuring adherence to financial laws and regulations.
Customer support
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
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.
Bitvo and VirgoCX excel in their client support services. Bitvo offers a 24/7 customer support team accessible through various channels, including a support hotline, email, and live chat. VirgoCX mirrors this with its own 24/7 support, offering assistance via email or live chat in multiple languages.
Conclusion
Both Bitvo and VirgoCX stand as formidable Canadian crypto exchanges, offering robust security measures, a variety of cryptocurrencies, and round-the-clock customer support. Despite the intense competition, Bitvo edges out as the winner due to its unique same-day guarantee for account activation, deposits, and withdrawals, creating a seamless and efficient trading experience, thereby making it a preferred choice for Canadian traders.
We recommend choosing Bitvo over VirgoCX for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitvo 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.
