Security Compliance
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
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.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance covering hundreds of millions. It undergoes SOC 1 and SOC 2 Type II audits and, as a public company, publishes quarterly audited financials — a level of transparency almost no crypto exchange competitor matches. Coinbase has never suffered a major exchange-level hack. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
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.
Coinbase keeps 98% of assets in cold storage, holds SOC 2 Type II certification and public-company audit credentials. VirgoCX protects users through its non-custodial model — it never holds your crypto at all — along with 2FA and SSL encryption. Both platforms are highly secure, but through fundamentally different models.
Regulatory Compliance
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
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.
Coinbase went from unregistered to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking with the CSA in March 2023, formally launched with free Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024 — the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the full platform, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto. Coinbase is also working toward full CIRO investment dealer registration.
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.
Coinbase is registered with FINTRAC and operates as a CSA Restricted Dealer. VirgoCX is a registered MSB with FINTRAC and is on the CSA's authorized list. Both are fully legal to use for Canadians in every province and territory. Coinbase holds the higher regulatory tier as a CSA Restricted Dealer.
Customer support
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
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.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
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.
Both platforms offer live chat. Coinbase's 24/7 availability gives it the edge for users active outside business hours; VirgoCX's multi-language support is useful for non-English speakers. Neither offers phone support.
Conclusion
Both Coinbase and VirgoCX are strong, fully legal options for Canadians, and the right choice depends on what you need.
Coinbase is the stronger pick for Canadians who want the world's most recognized exchange brand, a polished beginner interface, 200+ coins, and the transparency of a publicly traded S&P 500 company with audited financials. Advanced Trade's fees are competitive for volume traders, and Coinbase One adds zero-fee trading and boosted staking rewards for regular buyers. The main caveats are high simple-interface fees (always use Advanced Trade), inconsistent support, and the Interac name-matching pitfall.
VirgoCX is the stronger pick for Canadians who want zero trading commissions across 90+ cryptocurrencies and are comfortable managing their own wallet. The April 2025 non-custodial pivot means your crypto is never on the exchange — it goes straight to your own wallet — which eliminates custodial hack risk entirely. The spreads on altcoins are a bit higher, and the wallet setup adds one step for beginners, but Quick Trade and live chat keep things accessible.
We recommend choosing Coinbase for most Canadian beginners due to its polished app, world-class brand recognition and S&P 500 transparency. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither Coinbase nor VirgoCX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
