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).