Security Compliance
Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.
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.
Both Newton and VirgoCX prioritize security. Newton leverages 2FA and utilizes regular third-party security audits to ensure the safety of user assets. VirgoCX also offers 2FA, and in addition, provides insurance coverage with Coinbase Custody, with most of its crypto assets held in cold storage.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
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 exchanges are compliant with Canadian regulations. Newton is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). VirgoCX is also registered with FINTRAC and PIPEDA and conducts regular audits, demonstrating its commitment to regulatory compliance.
Customer support
Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live support.
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.
Newton provides customer support primarily through email, and users have reported responsive and helpful interactions.
VirgoCX stands out in this area, offering 24/7 customer support through both email and live chat, and provides multi-language support.
Conclusion
Both exchanges offer unique benefits to Canadian users, with Newton providing a straightforward and low-cost trading experience, and VirgoCX offering a broader feature set including an NFT marketplace and OTC trading. However, considering the overall user experience, security, compliance, and customer support, the winner in this comparison would be Newton, primarily for its user-friendly interface and low fees, making it a great choice for both new and experienced investors.
We recommend choosing Newton over VirgoCX for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Newton 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.
