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VirgoCX vs. Gate.io: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

VirgoCX and Gate.io are both popular platforms offering users a myriad of options to trade various cryptocurrencies. VirgoCX, being Canadian-based, offers certain features attractive to Canadian users, while Gate.io, with its global reach, brings a vast range of cryptocurrencies and advanced trading features.

Description

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. 

Launched in 2013, Gate.io is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. However, Canada is on the list of disallowed countries under Gate.io terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Bitget instead or checking our list of the best crypto exchanges in Canada

Coins

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

1000+

Fees

  • Free CAD deposits and withdrawals
  • Free crypto deposits
  • High spreads
  • Free crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments

Pros

  • 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
  • Thousands of altcoins available to trade
  • Advanced trading features and tools
  • Unique features
  • Comprehensive help and data available
  • Low trading fees
  • Get additional benefits by holding GateToken
  • OTC Desk
  • NFT marketplace

Cons

  • Advanced trading platforms can be confusing for beginners
  • Relatively higher spreads than other exchanges
  • Not allowed in Canada
  • CAD bank accounts not supported
  • Must use third-party for card purchases
  • Some trading options not available to Canadians
  • Not beginner-friendly
  • Bad app reviews

Account Limits

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

No major limits

Methods to buy

  • Interac e-Transfer
  • Wire Transfer
  • Bill Payment
  • Credit & Debit card
  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

Security

  • $1 Million in crime insurance coverage
  • Cold storage
  • All fiat assets are held with their Canadian banking partner
  • FINTRAC and PIPEDA compliant
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

For mobile and desktop trading, both VirgoCX and Gate.io offer intuitive and easy-to-navigate platforms. VirgoCX has a user-friendly interface with a seamless experience across its web and mobile platforms, highly rated on the App Store and Google Play Store. Gate.io, on the other hand, caters to both novice and advanced traders with its standard and professional interfaces, also having a strong presence on mobile app platforms.

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

Gate.io App

Gate.io’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app. Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. 

Gate.io desktop app interface

Gate.io desktop app interface

Screenshot of “big data” market tracker on Gate.io

Gate.io data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Gate.io mobile interface

Security Compliance

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.

Gate.io is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges. Gate.io utilizes hot and cold storage to keep customer funds safe. On its website, Gate.io says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulationsThey can block your account at any time.

In terms of security, both exchanges prioritize user protection. VirgoCX utilizes advanced security measures like cold storage, multi-signature wallets, and SSL encryption to protect users' assets. Gate.io uses a combination of cold storage and hot wallets, two-factor authentication, and regular internal audits for enhanced security.

Regulatory Compliance

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. 

Gate.io is not compliant crypto exchange in Canada.

On compliance in Canada, VirgoCX is a registered MSB with FINTRAC and adheres to the compliance standards set by Canadian regulators. Gate.io asserts its full compliance with international regulations, yet it lists Canada among the countries where its services are not permitted.

Customer 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.

There is a helpful help centre and blog on the Gate.io website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, Gate.io has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond. 

When it comes to client support, VirgoCX provides a localized approach with its 24/7 customer service via live chat, email, and phone, providing solutions for customers in English, French, and Chinese. Gate.io, on the other hand, provides customer support primarily via an online ticketing system and offers a comprehensive FAQ section on its website.

Conclusion

Overall, both crypto exchanges offer distinct advantages. However, for Canadian users, VirgoCX's local presence, adherence to Canadian regulations, and localized customer support might provide an extra level of comfort and security.

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

If you find that neither VirgoCX nor Gate.io 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.