Security Compliance
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
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.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen. Eligible fiat balances are covered by CIPF.
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.
Both Wealthsimple Crypto and VirgoCX take security seriously but through fundamentally different models. Wealthsimple holds client crypto in insured cold storage with Gemini Trust and adds a Coincover recovery partnership, with CIPF coverage on fiat as Canada's only CIRO-registered crypto investment dealer. VirgoCX's non-custodial model means it never holds your crypto at all, eliminating exchange-hack risk for coins entirely — though you take on full responsibility for your own wallet security.
Regulatory Compliance
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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.
Wealthsimple Crypto is registered with FINTRAC and operates as Canada's only CIRO-registered crypto investment dealer with CIPF coverage on fiat. VirgoCX is registered with FINTRAC and PIPEDA compliant, and is on the CSA's authorized list — fully legal in Canada.
Customer support
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
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.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is generally well regarded. One useful perk: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software, saving time at year end.
VirgoCX offers support via email and live chat with multi-language support. Not many Canadian exchanges offer live chat at all, which is a genuine plus for newer users navigating the wallet setup process for the first time.
Both platforms offer live chat support, which is rare in Canadian crypto. Wealthsimple's integrated tax reporting is a practical advantage at year end. VirgoCX's multi-language support is a plus for non-English speaking users.
Conclusion
Both Wealthsimple Crypto and VirgoCX are strong, fully legal options for Canadians, and the right choice depends on what you need.
Wealthsimple Crypto is the stronger pick if regulatory protection, all-in-one convenience and integrated investing matter most. As Canada's only CIRO-registered crypto investment dealer, it offers CIPF coverage on fiat balances, free Interac deposits and withdrawals, staking on ETH/SOL/ADA/DOT, crypto-to-crypto swaps, limit orders and 140+ coins — all in the same app as your TFSA and RRSP. The 2% Core-tier fee is the main trade-off for active traders. If you are buying frequently, the spread on VirgoCX or the flat fees on NDAX will serve you better on volume.
VirgoCX suits Canadians who want access to over 90 cryptocurrencies with zero trading commissions and are comfortable managing their own wallet. Its April 2025 non-custodial pivot means your crypto is never on the exchange — it goes straight to your own wallet, which eliminates custodial hack risk entirely. The spreads are a bit higher on altcoins and you need to set up a wallet first, but Quick Trade and live chat support keep things accessible once you are ready.
We recommend choosing Wealthsimple Crypto for most Canadians due to its unmatched regulatory standing, CIPF coverage and all-in-one Canadian investing experience. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither Wealthsimple Crypto nor VirgoCX meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
