Security Compliance
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
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.
In terms of security, both exchanges demonstrate robust measures. Bitvo utilizes advanced cybersecurity techniques and holds 95% of its assets in cold storage, while also conducting regular third-party audits. VirgoCX also places a strong emphasis on security, offering $1 million in crime insurance coverage with Coinbase Custody, maintaining most assets in cold storage, and implementing regular audits. VirgoCX further ensures account safety with Two-Factor Authentication and email verification codes at each login
Regulatory Compliance
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
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.
Bitvo is registered with FINTRAC, conforming to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), while VirgoCX is also registered with FINTRAC and adheres to PIPEDA. Therefore, both exchanges are under the scrutiny of Canadian federal organizations, ensuring adherence to financial laws and regulations.
Customer support
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
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.
Bitvo and VirgoCX excel in their client support services. Bitvo offers a 24/7 customer support team accessible through various channels, including a support hotline, email, and live chat. VirgoCX mirrors this with its own 24/7 support, offering assistance via email or live chat in multiple languages.
Conclusion
Both Bitvo and VirgoCX stand as formidable Canadian crypto exchanges, offering robust security measures, a variety of cryptocurrencies, and round-the-clock customer support. Despite the intense competition, Bitvo edges out as the winner due to its unique same-day guarantee for account activation, deposits, and withdrawals, creating a seamless and efficient trading experience, thereby making it a preferred choice for Canadian traders.
We recommend choosing Bitvo over VirgoCX for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitvo 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.
