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Crypto.com vs. VirgoCX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In this comparison, we delve into the unique features, security protocols, and user interfaces of Crypto.com and VirgoCX, two well-established cryptocurrency exchanges. Despite the many similarities in their services, the nuances in their regulatory compliance in Canada, security measures, and overall user experience significantly set them apart.

Description

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

VirgoCX is based in Ontario, and offers Canadians an easy way to trade crypto. They have an NFT marketplace, OTC services to trade large amounts of crypto, and a foreign currency exchange should you wish to convert your fiat.

Coins

150+

VirgoCX offers Canadians the ability to trade over 50 cryptocurrencies.

Fees

Free deposits
Variable Withdrawal fees
Send crypto to other crypto.com users for free
0.04 to 0.4% maker/taker fees

Free CAD deposits and withdrawals
Free crypto deposits
High spreads

Pros

Wide range of coins available
Suitable for beginners and pro traders
Interac e-Transfer available
Deposits take up to one day to process
Visa cards
Staking
NFT marketplace
20+ fiat currencies supported
Free deposits

Free deposits and withdrawals
Interac e-Transfer available
OTC Desk
NFT marketplace
Insurance for crypto assets
Fully regulated in Canada
USD and CAD accepted
Crypto education portal
Advanced trading features
Quick Trade available

Cons

No crypto education articles
Poor customer service

Advanced trading platforms can be confusing for beginners
Relatively higher spreads than other exchanges

Account Limits

Low

Interac e-Transfer deposit maximum is $10000/day (same for withdrawals)

App

Methods to buy

Interac e-Transfer

Interac e-Transfer
Wire Transfer
Bill Payment
Credit & Debit card

Security

100% coins held in cold storage
Ledger Vault partnership
Multi-factor authentication
Mandatory whitelisting of withdrawal addresses

$1 Million in crime insurance coverage
Cold storage
All fiat assets are held with their Canadian banking partner
FINTRAC and PIPEDA compliant

Mobile and Desktop Trading

Crypto.com has a highly-rated mobile app on both the App Store and Google Play, scoring 4.5. The user interface is intuitive, and it offers a range of functionalities such as trading, staking, and earning interest. Its desktop version, however, is less robust, mainly focusing on trading services. On the other hand, VirgoCX offers a well-structured mobile app with a 3.6-star rating on the App Store, and many positive reviews on Google Play. The app provides market information, quick trade options, and the ability to fund your account in CAD or USD. Their desktop platform also offers a clean and easy-to-navigate interface with access to advanced trading features for experienced traders.

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types.

Advanced Desktop Trade

List of coins

Crypto.com app interface

Crypto.com app interface while trading

VirgoCX

VirgoCX has a mobile app for both iPhone and Android users. On iOS, the VirgoCX app has a 3.6-star rating with over 50 reviews. On Google Play it does not currently have a rating but has many positive reviews. Some reviewers say the verification process takes a long time, but others say the app is easy to use and reliable.

Advanced trading with VirgoCX

Main dashboard on VirgoCX

Quick trade on VirgoCX app

VirgoCX mobile app view

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.

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.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.