Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
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.
Safety is paramount in crypto trading. Bitget institutes two-factor authentication, email alerts for significant account actions, and offers an emergency insurance coverage of $300 million to shield customer funds. VirgoCX, being rooted in Canadian operations, promises $1 Million in crime insurance coverage and stores its crypto assets in cold storage with Coinbase Custody, ensuring added layers of protection.
Regulatory Compliance
Not regulated by Canadian financial institutions.
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.
Regulation and compliance stand as pillars in the financial world. VirgoCX is registered with FINTRAC and PIPEDA, ensuring it adheres to Canadian standards. While Bitget is globally recognized, there is an emphasis on its utility for Canadians, especially as some larger exchanges move away from the Canadian market. However, one must always ensure personal due diligence with regards to regulatory compliance.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
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.
Bitget, despite its advanced features, faces criticism for its customer support, as reflected in its 2.8-star rating on Trustpilot. Many users have expressed concerns about its copy trading feature. In contrast, VirgoCX shines in this department by offering 24/7 support through email or live chat, accompanied by multi-language support – a rare feature in the crypto world.
Conclusion
Both Bitget and VirgoCX come with their unique set of strengths, catering to different segments of the crypto trading community. While VirgoCX excels in user-friendliness and dedicated support, Bitget's rich feature set, diverse altcoin offering, and adaptability for the Canadian market make it slightly more appealing for those seeking a comprehensive trading experience. Hence, in this comparative analysis, Bitget emerges as the winner, but only by a slight margin.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from VirgoCX, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
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 Bitget over VirgoCX for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget 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.
