Security Compliance
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
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.
The digital landscape of cryptocurrency demands robust security. Bitcoin Well rises to the occasion with multi-factor authentication, cold storage solutions, and relentless monitoring, encapsulating a fortress of security. On the other side, VirgoCX projects confidence by insuring up to $1 million with Coinbase Custody. Their majority assets in cold storage and additional layers, like two-factor authentication and email verification for logins, further fortify its defense. It's challenging to declare a definitive victor on this front, but both platforms project an aura of safety.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal 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.
Canada’s regulatory landscape ensures crypto exchanges adhere to stringent standards. Bitcoin Well proudly aligns with Canadian legal benchmarks, embodying a platform of trust. VirgoCX also stands tall, being registered with FINTRAC and PIPEDA, reinforcing its commitment to Canadian compliance. Both exchanges, through their unwavering adherence to federal laws, underscore their dedication to providing a lawful and transparent trading environment.
Customer support
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
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.
Behind every robust platform is a team of committed professionals. Bitcoin Well's ethos centers around its users, reflecting in their swift and knowledgeable support system. VirgoCX, meanwhile, pushes the envelope with 24/7 support, accessible via email and live chat, and even offers multilingual assistance. Their emphasis on client satisfaction is palpable, ensuring users always find a guiding hand.
Conclusion
Drawing a line between two titans is never straightforward. Both Bitcoin Well and VirgoCX shine as beacons of excellence in the Canadian crypto domain, each with its unique flair. However, diving deep, Bitcoin Well slightly edges out, not just for its stalwart security and user-centric approach but also for its unwavering commitment to Canadian regulations. It’s not just a crypto exchange; it’s a statement of trust.
Bitcoin Well stands out from VirgoCX with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
VirgoCX now boasts support for over 60 cryptocurrencies, giving Canadian traders a wider variety of options. The exchange has also introduced a tiered rewards program, allowing users to enjoy up to 90% off on spreads, making trading more affordable. Furthermore, VirgoCX enhances security by utilizing Coinbase Custody for safeguarding assets and offering insurance coverage. These updates make it a strong contender in the Canadian market, appealing to both novice and experienced traders when compared to other exchanges.
We recommend choosing Bitcoin Well over VirgoCX for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitcoin Well 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.
