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Uphold vs. VirgoCX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In this article, we delve into a comprehensive comparison between two notable cryptocurrency exchanges, Uphold and VirgoCX. While Uphold is recognized for its diverse asset offerings and user-friendly experience, VirgoCX stands out with its regulatory compliance and competitive fees, especially for Canadians.

Description

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.

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

70+

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

  • 1.8% spread on crypto for Canadians
  • 3% spread for precious metals
  • 1% spread for US equities
  • 3.99% credit card fee
  • $3.99 withdrawal fee to US/EU/UK banks
  • Free deposits from US/EU/UK banks
  • Free debit card purchases
  • Free CAD deposits and withdrawals
  • Free crypto deposits
  • High spreads

Pros

  • Wide range of cryptocurrencies
  • Trade stocks and precious metals 
  • Swap crypto for stocks or metal in seconds
  • Recurring buy/sell orders
  • 50 simultaneous Limit orders allowed
  • Free debit card purchases
  • 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

  • High spreads
  • Uphold debit card not available to Canadians
  • Bank deposits/withdrawals not available for Canadians 
  • 3.99% credit card processing fee
  • Lack of search filters for equities
  • Advanced trading platforms can be confusing for beginners
  • Relatively higher spreads than other exchanges

Account Limits

Low

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

App

Methods to buy

Debit card

  • Interac e-Transfer
  • Wire Transfer
  • Bill Payment
  • Credit & Debit card

Security

  • $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

Uphold and VirgoCX both offer easy-to-use mobile and desktop platforms. Uphold's mobile application has a robust rating on both iOS and Android, signaling a smooth, user-centric experience. Similarly, VirgoCX provides an intuitively designed mobile app, albeit with a slightly lower rating on iOS but numerous positive reviews. Both exchanges offer a convenient desktop trading experience, with advanced features and interfaces that cater to both beginners and experienced traders.

Uphold

Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks. 

Uphold desktop trading app screenshot

Uphold desktop app

Uphold mobile app screenshot

Uphold mobile app while trading

Reviewing Uphold crypto exchange app and asset types for trading

Uphold main screen app

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

To secure your Uphold account, you can enable two-factor authentication.

Uphold trading platform utilizes cold storage for your safety.

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.

Uphold implements industry-leading security measures, including two-factor authentication and stringent physical and network safeguards. On the other hand, VirgoCX takes security a notch higher by providing a $1 million crime insurance coverage with Coinbase Custody and storing most of its crypto assets in cold storage. Hence, from a security standpoint, VirgoCX appears to have a slight edge over Uphold.

Regulatory Compliance

Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.

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. 

Uphold is is compliant with Canadian laws, being registered with FINTRAC. Conversely, VirgoCX, headquartered in Ontario, is fully compliant with Canadian laws, being registered with FINTRAC and PIPEDA, and offers a secure and regulated platform for Canadians.

Customer support

Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app. 

You can contact Uphold’s customer support via their online ticketing system on their website. 

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.

Uphold provides round-the-clock email support and a comprehensive FAQ section. In contrast, VirgoCX offers 24/7 support via email or live chat and extends multi-language support, providing a more personalized assistance experience.

Conclusion

Both Uphold and VirgoCX offer compelling features to crypto enthusiasts, making this a closely contested comparison. However, taking into account the vast array of supported assets, user-friendly interface, and high mobile app ratings, Uphold slightly edges out as the preferred choice. Still, for Canadian users preferring a local, fully compliant platform, VirgoCX remains a formidable option.

We recommend choosing Uphold over VirgoCX for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Uphold 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 Galeev

Cryptocurrency Specialist

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. 

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