Security Compliance
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
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.
Crypto.com employs rigorous security measures, including cold storage for the majority of its user funds, two-factor authentication (2FA), and encryption. The platform also has an ISO/IEC 27001:2013 certification for information security. VirgoCX also prioritizes security with $1 million in crime insurance coverage via Coinbase Custody. The majority of its crypto assets are held in cold storage, with a small fraction available on the platform for trading. They also offer 2FA for enhanced security.
Regulatory Compliance
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
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.
Crypto.com is regulated by Canadian authorities and operates in compliance with international financial regulations. On the other hand, VirgoCX is fully regulated within Canada, registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and compliant with PIPEDA (Personal Information Protection and Electronic Documents Act). This gives VirgoCX a clear edge in regulatory compliance within the Canadian market.
Customer support
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
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.
Crypto.com provides customer support through a live chat function on their app and website. They also have an extensive help center with articles addressing common issues. VirgoCX also offers a robust support system, with 24/7 assistance through live chat and email. Their platform supports multiple languages, and they have an extensive knowledge base in their learning center.
Conclusion
Both Crypto.com and VirgoCX offer reliable and secure platforms for crypto trading. However, considering the strong emphasis on regulatory compliance, VirgoCX's user-friendly interface, and their commitment to customer support, Crypto.com edges out as the winner for its broader range of services, global reach, and a slightly superior mobile trading platform.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
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 Crypto.com over VirgoCX for your cryptocurrency trading needs. By opting for Crypto.com through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Crypto.com 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.
