Security Compliance
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
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.
NDAX keeps roughly 95% of digital assets in cold storage via BitGo Trust and Tetra Trust, two institutional-grade custodians, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, which we appreciate since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX keeps client CAD balances in segregated accounts protected under the Canadian Investor Protection Fund (CIPF) in the event of insolvency. Crypto assets themselves are not covered by CIPF, which is worth knowing.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto at all. The coins you buy are delivered directly to your own wallet within roughly 10 minutes of purchase, so there is no pool of customer funds on the exchange for hackers to target. This is actually the approach we always recommend: holding your own coins in your own Canadian crypto wallet. The trade-off is that you take on full responsibility for your own wallet security. Fiat balances remain with Canadian banking partners.
Regulatory Compliance
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
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.
NDAX is one of the most compliant platforms in Canada. It became a registered investment dealer and CIRO member on December 19, 2024, approved across all provinces and territories by the Canadian Securities Administrators. It is also registered with FINTRAC and the AMF, and has received CIRO approval to offer staking services, which very few Canadian platforms can claim.
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 to use. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration. That is why it pivoted to the non-custodial model in April 2025 — a move that let it exit the securities dealer framework while continuing to serve Canadians legally under its FINTRAC registration.
Both NDAX and VirgoCX are registered with FINTRAC, demonstrating their commitment to financial transparency and anti-money-laundering compliance. VirgoCX is also compliant with PIPEDA, ensuring the protection of users' personal information.
Customer support
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, response times were strong. Their team also responds publicly to negative reviews, which speaks well of how seriously they take customer feedback.
VirgoCX offers support via email and live chat, with multi-language support available. Live chat is not something many Canadian exchanges offer, which is a genuine plus, especially for newer users who need help setting up a wallet under the non-custodial model.
Both platforms are reasonably responsive, though NDAX has broader support hours and an additional phone channel that VirgoCX does not currently offer.
Conclusion
Both NDAX and VirgoCX are solid, legitimate options for Canadians. The right choice depends on what you actually want from an exchange.
NDAX is the stronger pick if regulatory protection matters to you. As a full CIRO investment dealer, it offers the highest compliance tier of any Canadian crypto exchange right now. The fixed 0.2% fee is genuinely competitive, staking is available on 12+ coins, and the app is excellent. The coin selection is smaller, but everything listed trades directly in CAD.
VirgoCX suits users who want access to a wider range of coins — over 90 at last count — and are comfortable managing their own wallet. The non-custodial model introduced in April 2025 means your crypto is never sitting on the platform, which is a real security benefit. The spreads are a bit higher, and you do need to sort out a wallet before trading, but the Quick Trade feature keeps things accessible for beginners once you are set up.
We recommend choosing NDAX for most Canadians, particularly those who value regulation, transparent flat fees, and staking. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If neither NDAX nor VirgoCX meets your needs, check our monthly-updated list of the best exchanges for Canadians for more options.
