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Bull Bitcoin vs VirgoCX: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated March 14, 2024

In comparing Bull Bitcoin and VirgoCX, we’re examining two distinct Canadian cryptocurrency trading platforms that cater to different aspects of the crypto sphere. Bull Bitcoin focuses on facilitating bitcoin purchases with a strong emphasis on self-custody and simple transactions, whereas VirgoCX offers a broader array of over 50 cryptocurrencies for trading, along with additional features like an NFT marketplace and OTC services.

Description

Bull Bitcoin is a unique Canadian Bitcoin trading platform with ability to pay bills with bitcoin (cellphone, electricity even taxes to CRA) and that allows you to take self-custody immediately. 

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

BTC only

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. When paying via debit or cash at Canada Post, you’ll pay a 2% fee. 

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

Pros

  • Immediate self-custody of assets
  • Send funds via e-Transfer or wire
  • Pay anonymously with cash
  • No withdrawal fees or wait times
  • Recurring buys directly from your bank account
  • Pay bills with bitcoin
  • 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

Only bitcoin available 

  • Advanced trading platforms can be confusing for beginners
  • Relatively higher spreads than other exchanges

Account Limits

  • $10,000,000.00 CAD deposit / day via wire trasnfer
  • $10,000.00 CAD deposit / day via Interac E-transfer
  •  $1,000.00 CAD deposit / day via Cash or Debit at Canada Post
  • Buy & Sell transfer are almost unlimited ( $1,000,000.00 CAD a day)
  • Interac e-Transfer deposit maximum is $10000/day (same for withdrawals)

Methods to buy

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account. 

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

Security

  • Full custody of your bitcoin.
  • $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

Bull Bitcoin offers a streamlined web interface designed primarily for buying bitcoin and paying bills with BTC. Although its website is functional, the platform does not have a dedicated mobile app, focusing instead on simplicity and direct transactions.

VirgoCX, on the other hand, provides a comprehensive trading experience both on desktop and mobile devices. Its platform is accessible through a well-rated app available on the App Store and Google Play, offering quick trades, advanced trading options, and easy portfolio management. VirgoCX's mobile app ratings reflect a positive user experience, underscoring its commitment to accessible trading on the go.

Bull Bitcoin

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.

UI of Bull Bitcoin platform

Major Screen

Buying bitcoin with interac e-transfer on Bull Bitcoin platform

Buying Bitcoin via Bull Bitcoin

Transaction screen on the mobile app

Transaction screen on the mobile app

Bull Bitcoin app screenshot

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

Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet

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.

Bull Bitcoin ensures safety through immediate self-custody of bitcoin, meaning users maintain control over their assets without the platform holding them. This approach significantly minimizes risk from online threats.

VirgoCX highlights its security with $1 million in crime insurance coverage and a majority of assets held in cold storage. Regular audits and compliance with Canadian financial regulations contribute to its robust security framework, making it a secure option for traders.

Regulatory Compliance

Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations. 

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. 

Both Bull Bitcoin and VirgoCX are fully compliant with Canadian laws. Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to necessary KYC procedures. VirgoCX also boasts registration with FINTRAC and compliance with PIPEDA, offering additional security through regular audits and insurance.

Customer support

Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service. 

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.

Bull Bitcoin offers support mainly through email, with a commitment to addressing client queries. Its smaller scale allows for personalized service but may lead to longer response times during peak periods.

VirgoCX boasts 24/7 support with multi-language options and live chat, providing a more responsive and accessible support system for its users.

Conclusion

While both Bull Bitcoin and VirgoCX offer valuable services tailored to their audiences, Bull Bitcoin stands out for those prioritizing bitcoin transactions with an emphasis on self-custody and direct purchases. Its focus on bitcoin specifically and the immediate transfer of ownership to the user's wallet presents a straightforward and secure approach to cryptocurrency trading. However, VirgoCX's broader range of services, extensive cryptocurrency options, and advanced trading features make it a versatile platform. In this comparison, Bull Bitcoin wins for users seeking a dedicated bitcoin purchasing experience with simplicity and self-custody at its core.

Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).

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.