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ByBit vs VirgoCX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In the rapidly expanding world of cryptocurrency, choosing the right exchange can be a challenging task. This comparison aims to delve deep into the features and benefits of two popular crypto exchanges: ByBit and VirgoCX. While ByBit is known for its robust trading infrastructure and derivatives trading, VirgoCX, a Canadian platform, stands out for its user-friendly interface, security measures, and diverse offerings, including an NFT marketplace and fiat currency conversion.

Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over VirgoCX.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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

1000+ crypto coins

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • Free CAD deposits and withdrawals
  • Free crypto deposits
  • High spreads

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • 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

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Advanced trading platforms can be confusing for beginners
  • Relatively higher spreads than other exchanges

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

  • Interac e-Transfer deposit maximum is $10000/day (same for withdrawals)

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Interac e-Transfer
  • Wire Transfer
  • Bill Payment
  • Credit & Debit card

Security

  • ByBit uses cold storage for assets
  • 2FA
  • $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

The ByBit app boasts a rating of 4.2 stars on the App Store and 4.7 stars on Google Play. Users find the app intuitive and easy-to-navigate, appreciating its smooth operations and real-time market data. The desktop version is just as dynamic, providing a user-friendly interface with advanced trading tools.

The VirgoCX app has a rating of 3.6 stars on the App Store. Despite not having a rating on Google Play, it has received positive reviews. Users praise its simplicity, reliability, and easy-to-use interface. Its desktop version offers similar features with easy-to-understand charting tools and a quick trade option.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

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

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

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.

ByBit places heavy emphasis on security, employing multiple measures like two-factor authentication, cold storage, and withdrawal whitelisting. However, specific details about insurance are not readily available.

VirgoCX offers robust security measures including two-factor authentication and holds the majority of its assets in cold storage. It also provides $1 million in crime insurance coverage with Coinbase Custody, assuring its users' funds' safety.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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. 

ByBit faced some issues with Canadian regulators, particularly with the Ontario Securities Commission (OSC), due to the derivatives products it offers.

As a Canadian-based exchange, VirgoCX is fully compliant with Canadian laws and regulations. It's registered with FINTRAC and PIPEDA and undergoes regular audits to ensure transparency and adherence to these regulatory standards.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

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.

ByBit offers 24/7 customer support through live chat and email, with a dedicated team providing quick and professional help. However, there is a room for improvement as per the customer reviews.

VirgoCX's support team is also available 24/7 through email and live chat, offering multi-language support. The general feedback from users points to an efficient and helpful support service.

Conclusion

Both ByBit and VirgoCX present strong offerings as crypto exchanges. VirgoCX's user-friendly interface, regulatory compliance, and security measures make it an appealing choice for Canadian users, especially beginners. However, ByBit's sophisticated platform, wide array of trading options, and its commitment to improving its regulatory standing, places it ahead in this comparison. The final decision might depend on an individual's specific needs and level of trading expertise.

Initially, we recommended choosing ByBit over VirgoCX for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over VirgoCX.

If you find that neither ByBit 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.

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.