VirgoCX Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

VirgoCX, a Canadian cryptocurrency exchange founded in 2018 and based in Ontario, provides a straightforward platform for Canadians to trade crypto. Having tested over 50 exchanges since 2016, I decided to test VirgoCX to see if it’s worth using in 2025. Read on for my detailed review of what this exchange has to offer.

 

VirgoCX Quick Summary

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies, making it a versatile platform. What I appreciate most is the free Interac e-Transfer and wire deposits and withdrawals from both Canadian and US banks. In my experience, Interac deposits and withdrawals being processed instantly is a huge convenience, while wire transfers taking up to 24 hours is still quite reasonable.

As a fully regulated Canadian exchange, VirgoCX feels secure. Its insurance coverage and regular reserve audits give me confidence in its reliability.

Another feature I like is the variety of tools VirgoCX offers beyond basic crypto trading. Whether you’re exploring its NFT marketplace, using OTC services for large trades, or converting fiat with their foreign currency exchange, VirgoCX has something for every type of user.

Features

VirgoCX offers a range of features to suit both beginners and advanced traders. I’ve found the Quick Trade option particularly useful for those looking to buy or sell crypto quickly at market price—it’s simple and beginner-friendly. For more experienced traders, the advanced trading platform provides additional order types and tools.

For large trades over $30,000, VirgoCX Wealth (their OTC Desk) is a great option. What I like most about this feature is the personalized service—you get your own account manager to guide you through the process, making big transactions feel seamless.

Another standout feature is VirgoCX’s NFT marketplace. You can browse, buy, sell, and even mint NFTs, with Ethereum as the primary payment method.

VirgoCX also makes it easy to exchange fiat currencies, offering a converter for CAD, USD, and other fiat options.

For those just starting with crypto, the platform includes a helpful learning centre filled with educational articles and guides, which I think is a nice touch for building confidence in new users.

Registration & Verification Process

Registering on VirgoCX is a fairly simple process. First, you need to enter your email address and password and verify your email.

To trade on VirgoCX you will need to verify your account, which is a much longer process.

You will need to enter quite a lot of personal details including your name, address, phone number, salary and employment information and source of funds. 

After completing these fields, you’ll need to provide images of your government-issued ID.

Once you have completed these steps, a member of the compliance team will manually check your documents. You will receive an email when your account has been verified. 

Fees

VirgoCX offers free CAD deposits and withdrawals, along with free crypto deposits, which makes it an appealing option for Canadians. However, it’s important to note that while fiat transactions are free, the trading fees might be higher compared to some other exchanges.

Like Wealthsimple Crypto and Shakepay, VirgoCX operates as a broker. This means you’re not trading directly with other users but with VirgoCX itself. The platform buys crypto and sells it to users at a slightly higher price than the market rate. This difference, known as the spread, is how VirgoCX generates revenue.

What I appreciate is that the spread is displayed before you confirm a trade, giving you transparency about the cost. The spread can vary based on the asset’s price at the time of the trade, so it’s always good to check before proceeding.

Currencies & deposit methods

VirgoCX makes funding your account simple by offering free CAD deposits via Interac e-Transfer and wire transfer. For those dealing with US dollars, you can also deposit funds from US banks using wire transfers, which is a convenient option. I also like that fiat withdrawals are completely free, keeping costs low.

One downside, however, is that credit and debit cards aren’t accepted for deposits, which might be a limitation for some users.

Security and safety

Is VirgoCX safe to use? Based on my experience and research, I’d say yes. VirgoCX provides $1 million in crime insurance coverage through Coinbase Custody. This means that if the exchange were compromised, there’s a potential for customers to be reimbursed for any stolen crypto.

Most of VirgoCX’s crypto assets are securely held in cold storage with Coinbase Custody, while only a small portion is kept online for trading. Fiat assets are stored with a Canadian banking partner, though the specific institution isn’t disclosed. That said, I always recommend transferring your funds to your own Canadian crypto wallet—after all, Not Your Keys, Not Your Coins.

VirgoCX is fully compliant in Canada, being registered with FINTRAC and adhering to PIPEDA regulations. The exchange also undergoes regular audits to confirm its reserves and actively monitors for suspicious activities.

For added security, VirgoCX requires a verification code sent to your email every time you log in. You can enhance this further by enabling Two-Factor Authentication (like Google Authenticator) and setting a trade-specific password for extra peace of mind.

Mobile and Desktop App

I find VirgoCX’s Quick Trade feature incredibly convenient for buying crypto quickly at market price. It’s easy to spot right on the homepage of their website, so you won’t have to dig around to find it. This feature makes trading straightforward, especially if you’re in a hurry.

For more experienced users, VirgoCX’s advanced trading platform is just a click away. By selecting the “Trade” button at the top of the website, you can access advanced charting tools and additional order types, such as limit orders. It’s a great option for those who want more control over their trades.

Trading pairs for both CAD and USD are easy to locate in the top-left corner of the platform, keeping everything accessible at a glance.

Once you’re logged in, the dashboard provides quick access to all the platform’s features, making it simple to manage your trading activities.

On the VirgoCX dashboard, you can manage your portfolio, view transaction history, fund your account, and even export your data with ease.

For quick trades, the platform’s Quick Trade feature makes buying and selling crypto straightforward and hassle-free.

VirgoCX also offers a mobile app for both iPhone and Android users. The iOS app has a 3.8-star rating from 48 reviews, while the Google Play version currently lacks a star rating but has received many positive comments. Some users mention that the verification process can take a while, but others highlight the app’s ease of use and reliability, which is always a plus.

I find the VirgoCX mobile app simple and intuitive to use. It provides quick access to market information and allows you to take advantage of both the Quick Trade and Advanced Trade options. You can also fund your account directly through the app, supporting both CAD and USD, making it a convenient all-in-one solution for trading on the go.

The VirgoCX mobile app makes it easy to keep track of your holdings by displaying your portfolio right on the homepage. I appreciate how straightforward and user-friendly the app is—definitely one of the simplest I’ve used for managing crypto on the go.

Latest Updates on VirgoCX for Canadians

VirgoCX has expanded its offerings to over 60 cryptocurrencies, giving Canadian traders more options than ever. I like that they’ve also introduced a tiered rewards program, which can save users up to 90% on spreads—making trading much more cost-efficient.

Their commitment to security stands out, with features like Coinbase Custody and insurance coverage ensuring your assets are well-protected. These updates make VirgoCX a strong contender for both beginners and experienced traders in Canada.

Customer support

If you ever need assistance, VirgoCX’s support team is available 24/7 via email or live chat. I find the live chat feature especially helpful, as it’s something not many exchanges offer. Plus, with multi-language support, VirgoCX ensures accessibility for a diverse range of users.

Conclusion

VirgoCX is a beginner-friendly Canadian crypto exchange with a well-designed platform and app that are simple to navigate. Its advanced features cater to experienced investors, while the OTC Desk is ideal for those looking to make large trades.

The NFT marketplace is a nice addition, but the selection of NFT collections is quite limited. Plus, since the NFTs are listed in Ethereum (ETH), you’ll need to account for high gas fees when purchasing.

In terms of security and compliance, VirgoCX excels, offering peace of mind for users. The free deposits and withdrawals are definitely appealing, but keep an eye on the spreads, which can be on the higher side.

Overall, I think VirgoCX is a solid choice for Canadians who value simplicity and access to a wide range of cryptocurrencies. However, if lower spreads are a priority, there are other options like Bitbuy, which offers fewer coins but more competitive spreads—potentially saving you more in the long run.