Security Compliance
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.
Both Coinsmart and VirgoCX take security seriously and have implemented various measures to protect their users' funds and personal information.
Coinsmart uses two-factor authentication (2FA) to secure accounts, as well as SSL encryption to protect sensitive data during transmission. To provide users with enhanced security, Coinsmart stores most of their user funds in cold storage - a secure offline storage method that is less vulnerable to hacking attempts. Coinsmart is additionally regulated by FINTRAC, which instills an extra layer of security and trust for users. On the other hand, VirgoCX secures accounts with 2FA and encrypts sensitive data using SSL.. The exchange also has insurance and conducts regular audits of its reserves to ensure that user funds are protected. Additionally, VirgoCX's crypto assets are held in cold storage with Coinbase Custody, which adds another layer of security to user funds. VirgoCX is also registered with FINTRAC and PIPEDA, which means it is fully compliant with Canadian regulations and has to follow certain security protocols.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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.
Both Coinsmart and VirgoCX are fully regulated Canadian cryptocurrency exchanges. Coinsmart is registered with FINTRAC, the financial intelligence unit of Canada, which is responsible for enforcing Canadian federal laws and regulations related to money laundering, terrorist financing, and other threats to the country's security. VirgoCX is registered with FINTRAC and PIPEDA (Personal Information Protection and Electronic Documents Act), which ensures that the exchange is fully compliant with Canadian laws and regulations related to the protection of personal information.
In addition to these federal regulations, Coinsmart and VirgoCX also comply with other international standards and requirements, such as anti-money laundering (AML) and KYC policies. This means that users need to verify their identities before trading on both exchanges, and the exchanges keep records of all transactions to ensure compliance with these policies.
Overall, Coinsmart and VirgoCX are fully compliant with Canadian laws and regulations related to cryptocurrencies and have implemented measures to ensure the safety and security of their users' funds and information.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
Coinsmart and VirgoCX both offer customer support via email and have a comprehensive FAQ section on their websites. Coinsmart, however, offers additional support via chat. VirgoCX offers 24/7 customer support via email and live chat in multiple languages, which is a great advantage for users who need help at any time.
Conclusion
Both Coinsmart and VirgoCX are reputable Canadian crypto exchanges with solid security measures and compliance with federal regulations. However, Coinsmart is the winner overall due to its additional regulation by the OSC and its chat support feature, making it a more convenient and secure option for Canadian crypto traders.
We recommend choosing Coinsmart over VirgoCX for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
