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Wealthsimple Crypto vs. VirgoCX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated September 20, 2024

In this comparison, we delve into the nuances of Wealthsimple Crypto and VirgoCX, two prominent crypto exchanges in Canada. While Wealthsimple Crypto emphasizes simplicity and user-friendliness, VirgoCX provides a broader range of cryptocurrencies and more advanced trading features.

Description

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.

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

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.

 

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

  • Free CAD deposits and withdrawals
  • Free crypto deposits
  • High spreads

Pros

  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals
  • 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 trading fees
  • Cannot move crypto to a private wallet yet
  • 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)

Methods to buy

CAD Bank transfer

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

Security

  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID
  • $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

Both Wealthsimple Crypto and VirgoCX have intuitive mobile and desktop trading platforms. Wealthsimple Crypto's app enjoys higher ratings on the App Store (4.7 stars) and Google Play (4.5 stars), pointing to a better user experience. VirgoCX's app, although rated lower on iOS (3.6 stars) and currently unrated on Android, is appreciated for its simplicity and reliability. Both exchanges offer a pleasant desktop trading experience with user-friendly interfaces and features.

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

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

Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

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 exchanges take security seriously. Wealthsimple Crypto uses cold storage for crypto assets and has pooled crime insurance coverage of $200 million. On the other hand, VirgoCX also utilizes cold storage with Coinbase Custody, holds fiat assets with a Canadian bank, and offers $1 million in crime insurance. However, Wealthsimple Crypto offers more comprehensive insurance coverage, making it slightly safer.

Regulatory Compliance

Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform 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. 

Wealthsimple Crypto is monitored by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). VirgoCX is registered with FINTRAC and the Personal Information Protection and Electronic Documents Act (PIPEDA). Thus, both exchanges adhere to the necessary Canadian federal laws and are fully compliant in Canada.

Customer support

Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly. 

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.

Both exchanges offer solid customer support. Wealthsimple Crypto provides a detailed FAQ section and a responsive customer service team. VirgoCX offers round-the-clock assistance via email or live chat, providing a more immediate response to client queries.

Conclusion

While both Wealthsimple Crypto and VirgoCX have their strengths, Wealthsimple Crypto emerges as the winner, owing to its higher app ratings, more extensive insurance coverage, and user-friendliness. However, VirgoCX's wider crypto variety and advanced trading features should not be overlooked.

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

If you find that neither Wealthsimple Crypto 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 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.